v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

14. Segment Reporting

The Company has two reportable segments: the VineBrook Portfolio and the NexPoint Homes Portfolio. These two portfolios serve different strategic purposes and employ different decision-making metrics in managing the respective pools of assets and allocating capital and other resources to the respective pools. The VineBrook Portfolio generally purchases homes to implement a value-add strategy or invests in newly constructed BTR communities, and the NexPoint Homes Portfolio generally purchases newer homes that require less rehabilitation. Based on the foregoing differences, the Company has identified the VineBrook Portfolio and the NexPoint Homes Portfolio as separate and distinct operating segments and has classified the two portfolios as two reportable segments. The Company’s chief operating decision maker is our President and Chief Executive Officer. For a description of the services from which these reportable segments derive their revenues, see Notes 1 and 2.

The accounting policies of both segments are the same as those described in the Summary of Significant Accounting Policies. The chief operating decision maker primarily assesses performance for the segments separate and distinct from each other and decides how to allocate resources based primarily on segment net income (loss). The corporate related costs that support the VineBrook Portfolio and NexPoint Homes Portfolio are included in their respective segment to align with how the financial information is viewed by the chief operating decision maker. The measures of segment assets are based on each segment’s total assets. The chief operating decision maker separately analyzes the operations of each distinct portfolio in the annual budget and forecasting process. Additionally, the chief operating decision maker also regularly monitors budget-to-actual variances, focusing on the major components of each segment’s net income (loss), in deciding whether to reinvest profits into new or existing investments, into other parts of the entity or in deciding whether to dispose of particular investments.

The following table presents the reportable segments measures of profitability, along with significant segment expenses (in thousands):

 

 

 

For the Year Ended December 31, 2025

 

 

For the Year Ended December 31, 2024

 

 

For the Year Ended December 31, 2023

 

 

 

VineBrook
Portfolio

 

 

NexPoint
Homes
Portfolio

 

 

Total Company

 

 

VineBrook
Portfolio

 

 

NexPoint
Homes
Portfolio

 

 

Total Company

 

 

VineBrook
Portfolio

 

 

NexPoint
Homes
Portfolio

 

 

Total Company

 

Total Revenues

 

$

328,194

 

 

$

43,083

 

 

$

371,277

 

 

$

318,463

 

 

$

44,362

 

 

$

362,825

 

 

$

303,774

 

 

$

47,334

 

 

$

351,108

 

Property operating expenses

 

 

77,688

 

 

 

8,526

 

 

 

86,214

 

 

 

74,174

 

 

 

5,996

 

 

 

80,170

 

 

 

73,566

 

 

 

7,675

 

 

 

81,241

 

Real estate taxes and insurance

 

 

57,562

 

 

 

9,281

 

 

 

66,843

 

 

 

57,044

 

 

 

10,756

 

 

 

67,800

 

 

 

56,824

 

 

 

8,849

 

 

 

65,673

 

Property management fees

 

 

1,514

 

 

 

2,487

 

 

 

4,001

 

 

 

—

 

 

 

2,457

 

 

 

2,457

 

 

 

10,325

 

 

 

3,485

 

 

 

13,810

 

Advisory fees

 

 

16,914

 

 

 

3,154

 

 

 

20,068

 

 

 

17,271

 

 

 

3,493

 

 

 

20,764

 

 

 

18,992

 

 

 

2,766

 

 

 

21,758

 

General and administrative expenses

 

 

108,390

 

 

 

8,473

 

 

 

116,863

 

 

 

76,253

 

 

 

5,300

 

 

 

81,553

 

 

 

50,478

 

 

 

2,730

 

 

 

53,208

 

Depreciation and amortization

 

 

102,730

 

 

 

21,923

 

 

 

124,653

 

 

 

97,413

 

 

 

26,527

 

 

 

123,940

 

 

 

97,794

 

 

 

30,215

 

 

 

128,009

 

Interest expense

 

 

122,380

 

 

 

27,818

 

 

 

150,198

 

 

 

111,822

 

 

 

32,029

 

 

 

143,851

 

 

 

107,088

 

 

 

32,063

 

 

 

139,151

 

Other segment expense/(income) (1)

 

 

(9,488

)

 

 

5,204

 

 

 

(4,284

)

 

 

7,124

 

 

 

29,575

 

 

 

36,699

 

 

 

116,270

 

 

 

12,135

 

 

 

128,405

 

Segment net loss

 

$

(149,496

)

 

$

(43,783

)

 

$

(193,279

)

 

$

(122,638

)

 

$

(71,771

)

 

$

(194,409

)

 

$

(227,563

)

 

$

(52,584

)

 

$

(280,147

)

 

(1)
Other segment expense/(income) includes loss on extinguishment of debt, gain (loss) on sales and impairment of real estate, net, investment income, reversal of (provision for) loan losses, loss on forfeited deposits and internalization costs.

The following table presents measures of each segment’s assets for the reportable segments (in thousands):

 

 

 

As of December 31, 2025

 

 

As of December 31, 2024

 

 

 

VineBrook Portfolio

 

 

NexPoint Homes Portfolio

 

 

Total Company

 

 

VineBrook Portfolio

 

 

NexPoint Homes Portfolio

 

 

Total Company

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

2,589,656

 

 

$

561,086

 

 

$

3,150,742

 

 

$

2,578,820

 

 

$

630,628

 

 

$

3,209,448