v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net loss $ (193,279) $ (194,409) $ (280,147)
Adjustments to reconcile net loss to net cash provided by operating activities:      
(Gain) loss on sales and impairment of real estate, net (3,255) 32,455 72,539
Change in fair value of investment in unconsolidated entity (1,012) 0 0
Depreciation and amortization 124,653 123,940 128,009
Non-cash interest expense 30,179 24,577 9,729
Change in fair value of interest rate derivatives (17,012) (36,638) (35,224)
Provision for (reversal of) loan losses (500) 4,605 0
Net cash received on derivative settlements 26,485 47,503 43,183
Loss on extinguishment of debt 2,083 3,881 993
Equity-based compensation 53,103 20,087 14,048
Loss on forfeited deposits 1,468 0 54,135
Changes in operating assets and liabilities, net of effects of sales and acquisitions:      
Accounts receivable (3,239) 4,513 (5,742)
Prepaids and other assets (3,393) (3,317) (4,336)
Accounts payable and other accrued liabilities (6,120) (9,694) 5,486
Accrued real estate taxes payable (47) (2,397) 1,532
Accrued interest payable 2,739 7,054 8,177
Net cash provided by (used in) operating activities 12,853 22,160 12,382
Cash flows from investing activities      
Net proceeds from sales of investment 302 0 0
Additions to internal use software (10,381) (2,580) 0
Internalization of the Manager 0 0 (1,174)
Net proceeds from sales of real estate 162,204 178,191 268,321
Prepaid deposits 0 76 (10)
Insurance proceeds received 4,025 2,457 8,686
Acquisitions of real estate investments (125,725) 0 0
Additions to real estate investments (48,940) (71,788) (118,949)
Acquisition of preferred equity interests 0 (16,302) 0
Net cash provided by (used in) investing activities (18,515) 90,054 156,874
Cash flows from financing activities      
Notes payable proceeds received 860,992 897,612 334,295
Notes payable payments (235,231) (250,914) (35,622)
Credit facilities proceeds received 82,569 2,758 35,158
Credit facilities principal payments (554,534) (671,498) (462,384)
Bridge facilities proceeds received 0 0 25,000
Bridge facilities principal payments 0 0 (100,000)
Financing costs paid (20,506) (30,478) (14,385)
Payment penalties on extinguished debt (2,083) 0 0
Redemptions of Class A common stock paid (4,110) (6,675) (17,934)
Dividends paid to common stockholders (34,497) (34,927) (19,416)
Payments for taxes related to net share settlement of stock-based compensation (5,869) (1,187) (1,239)
Redemptions of Series A Preferred stock paid 0 (86) (140)
Net cash provided by (used in) financing activities 66,215 (113,202) (198,385)
Change in cash and restricted cash 60,553 (988) (29,129)
Cash and restricted cash, beginning of period 84,632 85,620 114,749
Cash and restricted cash, end of period 145,185 84,632 85,620
Supplemental Disclosure of Cash Flow Information      
Interest paid, net of amount capitalized 117,280 124,736 146,666
Cash paid for income and franchise taxes 387 575 652
Supplemental Disclosure of Noncash Activities      
Accrued insurance proceeds 83 900 1,270
Assumed liabilities in asset acquisitions 872 0 0
Accrued distributions payable to redeemable noncontrolling interests in the OP 0 615 1,315
Accrued redemptions payable to common stockholders 2,573 1,187 488
Accrued capital expenditures 1,751 0 106
Accretion to redemption value of Redeemable Series A preferred stock 674 681 703
Asset backed securitization certificates 0 39,868 39,096
Assumed debt on acquisitions 0 0 (565)
Offering costs accrued (7,044) 0 0
Write off of fully amortized deferred financing costs 28,995 1,965 0
Issuance of Class A common stock related to DRIP dividends 22,136 24,239 19,974
DRIP dividends to common stockholders (22,136) (24,239) (19,974)
VineBrook Homes OP, LP      
Cash flows from financing activities      
Contributions from redeemable noncontrolling interests in the OP 6,634 6,805 2,247
Distributions to redeemable noncontrolling interests in the OP (10,855) (9,058) (1,020)
Redemptions by redeemable noncontrolling interests 0 (457) 0
Supplemental Disclosure of Noncash Activities      
Contributions from redeemable noncontrolling interests in related to DRIP distributions 837 3,728 5,242
DRIP distributions to redeemable noncontrolling interests (837) (3,728) (5,242)
Variable Interest Entity, Primary Beneficiary      
Cash flows from financing activities      
Redemptions by redeemable noncontrolling interests (256) 0 0
Distributions to redeemable noncontrolling interests in consolidated VIEs 0 0 (602)
Contributions from noncontrolling interests in consolidated VIEs 223 1,559 8,037
Distributions to noncontrolling interests in consolidated VIEs (813) (907) (540)
Redemptions by noncontrolling interests in consolidated VIEs (1,278) (1,577) (4)
Supplemental Disclosure of Noncash Activities      
Contributions from redeemable noncontrolling interests in related to DRIP distributions 345 370 228
DRIP distributions to redeemable noncontrolling interests (5,647) (5,351) (3,244)
Contributions from noncontrolling interests in consolidated VIEs related to DRIP distributions 5,647 5,351 3,244
DRIP distributions to noncontrolling interests in consolidated VIEs (345) (370) (228)
Common Class A      
Supplemental Disclosure of Noncash Activities      
Accrued dividends payable to common stockholders 1,460 1,462 832
Series B Preferred Stock      
Cash flows from financing activities      
Payments dividends, preferred stock (6,052) (6,052) (2,539)
Proceeds from issuance of redeemable stock, net of offering costs 0 0 60,828
Series A Preferred Stock      
Cash flows from financing activities      
Payments dividends, preferred stock (8,119) (8,120) (8,125)
Supplemental Disclosure of Noncash Activities      
Accrued dividends payable to common stockholders $ 2,030 $ 2,030 $ 2,031