| Schedule of Segment Reporting Information, by Segment |
The following table presents the reportable segments measures of profitability, along with significant segment expenses (in thousands):
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For the Year Ended December 31, 2025 |
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For the Year Ended December 31, 2024 |
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For the Year Ended December 31, 2023 |
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VineBrook
Portfolio |
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NexPoint
Homes
Portfolio |
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Total Company |
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VineBrook
Portfolio |
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NexPoint
Homes
Portfolio |
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Total Company |
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VineBrook
Portfolio |
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NexPoint
Homes
Portfolio |
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Total Company |
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Total Revenues |
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$ |
328,194 |
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$ |
43,083 |
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$ |
371,277 |
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$ |
318,463 |
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$ |
44,362 |
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$ |
362,825 |
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$ |
303,774 |
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$ |
47,334 |
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$ |
351,108 |
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Property operating expenses |
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77,688 |
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8,526 |
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86,214 |
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74,174 |
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5,996 |
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80,170 |
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73,566 |
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7,675 |
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81,241 |
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Real estate taxes and insurance |
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57,562 |
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9,281 |
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66,843 |
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57,044 |
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10,756 |
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67,800 |
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56,824 |
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8,849 |
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65,673 |
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Property management fees |
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1,514 |
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2,487 |
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4,001 |
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— |
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2,457 |
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2,457 |
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10,325 |
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3,485 |
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13,810 |
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Advisory fees |
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16,914 |
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3,154 |
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20,068 |
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17,271 |
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3,493 |
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20,764 |
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18,992 |
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2,766 |
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21,758 |
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General and administrative expenses |
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108,390 |
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8,473 |
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116,863 |
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76,253 |
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5,300 |
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81,553 |
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50,478 |
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2,730 |
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53,208 |
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Depreciation and amortization |
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102,730 |
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21,923 |
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124,653 |
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97,413 |
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26,527 |
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123,940 |
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97,794 |
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30,215 |
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128,009 |
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Interest expense |
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122,380 |
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27,818 |
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150,198 |
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111,822 |
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32,029 |
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143,851 |
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107,088 |
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32,063 |
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139,151 |
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Other segment expense/(income) (1) |
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(9,488 |
) |
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5,204 |
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(4,284 |
) |
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7,124 |
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29,575 |
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36,699 |
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116,270 |
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12,135 |
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|
128,405 |
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Segment net loss |
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$ |
(149,496 |
) |
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$ |
(43,783 |
) |
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$ |
(193,279 |
) |
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$ |
(122,638 |
) |
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$ |
(71,771 |
) |
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$ |
(194,409 |
) |
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$ |
(227,563 |
) |
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$ |
(52,584 |
) |
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$ |
(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):
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As of December 31, 2025 |
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As of December 31, 2024 |
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VineBrook Portfolio |
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NexPoint Homes Portfolio |
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Total Company |
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VineBrook Portfolio |
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NexPoint Homes Portfolio |
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Total Company |
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Assets |
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Total assets |
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$ |
2,589,656 |
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$ |
561,086 |
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$ |
3,150,742 |
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$ |
2,578,820 |
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$ |
630,628 |
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$ |
3,209,448 |
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