| Schedule of Debt |
The following table contains summary information of the Company’s debt for the years ended December 31, 2025 and 2024 (dollars in thousands):
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Outstanding Principal as of |
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Type |
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December 31, 2025 |
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December 31, 2024 |
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Interest Rate (1) |
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Maturity |
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Warehouse Facility |
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Floating |
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$ |
— |
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$ |
457,183 |
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6.69 |
% |
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9/11/2025 |
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JPM Facility |
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Floating |
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|
— |
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97,350 |
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6.72 |
% |
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10/17/2025 |
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JPM Acquisition Facility |
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Floating |
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82,569 |
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|
|
— |
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6.04 |
% |
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7/9/2027 |
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JPM Term Loan |
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Floating |
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474,918 |
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— |
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5.59 |
% |
|
9/10/2027 |
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Barings Term Loan |
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Fixed |
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323,039 |
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— |
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5.44 |
% |
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10/17/2030 |
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ABS I Loan |
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Fixed |
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366,906 |
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389,274 |
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4.92 |
% |
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12/8/2028 |
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ABS II Loan |
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Fixed |
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397,117 |
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402,334 |
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4.65 |
% |
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3/9/2029 |
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MetLife Note |
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Fixed |
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— |
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104,312 |
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3.25 |
% |
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10/17/2025 |
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MetLife Term Loan I |
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Fixed |
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308,910 |
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340,099 |
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4.50 |
% |
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8/22/2029 |
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MetLife Term Loan II |
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Fixed |
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245,008 |
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249,899 |
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4.75 |
% |
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11/4/2029 |
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TrueLane Mortgage |
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Fixed |
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7,422 |
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8,165 |
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5.35 |
% |
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2/1/2028 |
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Crestcore II Note |
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Fixed |
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2,395 |
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2,574 |
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5.12 |
% |
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7/9/2029 |
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Crestcore IV Note |
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Fixed |
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2,228 |
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2,391 |
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5.12 |
% |
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7/9/2029 |
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Total VineBrook Portfolio debt |
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$ |
2,210,512 |
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$ |
2,053,581 |
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NexPoint Homes MetLife Note 1 |
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Fixed |
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$ |
236,604 |
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$ |
237,173 |
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3.72 |
% |
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3/3/2027 |
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NexPoint Homes MetLife Note 2 |
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Fixed |
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171,122 |
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174,590 |
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5.44 |
% |
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8/12/2027 |
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NexPoint Homes OSL Note |
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Fixed |
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2,195 |
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— |
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9.75 |
% |
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5/15/2026 |
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SFR OP Note Payable I |
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Fixed |
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— |
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500 |
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8.80 |
% |
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4/25/2025 |
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SFR OP Note Payable II |
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Fixed |
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— |
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|
500 |
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12.50 |
% |
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3/31/2025 |
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SFR OP Note Payable III |
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Fixed |
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12,500 |
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|
3,500 |
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|
15.00 |
% |
|
7/10/2026 |
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SFR OP Convertible Notes |
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Fixed |
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93,264 |
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102,557 |
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7.50 |
% |
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6/30/2027 |
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Total NexPoint Homes Portfolio debt |
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$ |
515,685 |
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$ |
518,820 |
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Total debt |
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$ |
2,726,197 |
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$ |
2,572,401 |
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Debt premium, net (2) |
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162 |
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234 |
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Debt discount, net (3) |
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(79,822 |
) |
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(89,128 |
) |
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Deferred financing costs, net of accumulated amortization of $14,308 and $32,110, respectively |
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(35,181 |
) |
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(35,620 |
) |
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$ |
2,611,356 |
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$ |
2,447,887 |
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(1)Represents the interest rate as of December 31, 2025. Except for fixed rate debt, the interest rate is 30-day average Secured Overnight Financing Rate (“SOFR”), daily SOFR or one-month term SOFR, plus an applicable margin. The 30-day average SOFR as of December 31, 2025 was 3.78659%, daily SOFR as of December 31, 2025 was 3.87000% and one-month term SOFR as of December 31, 2025 was 3.68751%. (2)The Company reflected valuation adjustments on its assumed fixed rate debt to adjust it to fair market value on the dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the debt. (3)The Company reflected a discount on ABS I Loan, ABS II Loan, Barings Term Loan, MetLife Term Loan I Facilities and MetLife Term Loan II Facility (as defined below), which is amortized into interest expense over the remaining term of the debt.
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| Schedule of Aggregate Scheduled Maturities |
The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2025 are as follows (in thousands):
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Total |
|
2026 |
$ |
39,928 |
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2027 |
|
1,033,849 |
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2028 |
|
374,081 |
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2029 |
|
955,300 |
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2030 |
|
323,039 |
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Total |
$ |
2,726,197 |
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