As of June 30, 2026, the Company, through the OP and its SPE subsidiaries, owned 21,560 homes, including 19,689 homes in the VineBrook Portfolio and 1,871 homes in the NexPoint Homes Portfolio. As of December 31, 2025, the Company through the OP and its SPE subsidiaries, owned 22,390 homes, including 20,355 homes in the VineBrook Portfolio

and 2,035 homes in the NexPoint Homes Portfolio. The components of the Company’s real estate investments in homes were as follows (in thousands):


	Land			Buildings and improvements (1)				Intangible lease assets		Real estate held for sale, net			Total gross real estate			Accumulated depreciation and amortization
Real Estate Balances, December 31, 2025	$	518,724		$	2,696,799			$	759	$	91,540		$	3,307,822		$	(463,531	)
Acquisitions		15,754			62,234				81		—			78,069			—
Additions		—			39,324		(2)		—		3,864			43,188			(55,073	)	(3)
Transfers to held for sale		(59,557	)		(331,270	)			—		331,338			(59,489	)		59,489
Reclasses		(30	)		—				—		(2,450	)		(2,480	)		—
Write-offs		—			(34	)			—		—			(34	)		—
Dispositions		(1,446	)		(8,301	)			—		(139,049	)		(148,796	)		1,324
Impairment		—			(9,385	)			—		(20,861	)		(30,246	)		—
Real Estate Balances, June 30, 2026	$	473,445		$	2,449,367			$	840	$	264,382		$	3,188,034		$	(457,791	)

(1)

Includes capitalized interest, real estate taxes, insurance and other costs incurred during rehabilitation of the properties.

(2)

Includes capitalized interest of approximately $0.3 million and other capitalizable costs outlined in (1) above of approximately $0.2 million.

(3)

Accumulated depreciation and amortization activity excludes approximately $2.1 million of depreciation and amortization related to assets not classified as real estate investments.

During the three months ended June 30, 2026 and 2025, the Company recognized depreciation and amortization expense of approximately $27.8 million and $32.2 million, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized depreciation and amortization expense of approximately $57.2 million and $62.2 million, respectively.

During the three months ended June 30, 2026 and 2025, the Company acquired 119 and zero homes located in BTR communities within the VineBrook Portfolio. During the six months ended June 30, 2026 and 2025, the Company acquired 261 and zero homes located in BTR communities within the VineBrook Portfolio. During the three and six months ended June 30, 2026 and 2025, the Company acquired no additional homes within the NexPoint Homes Portfolio.

During the three months ended June 30, 2026 and 2025, the Company, through the OP, disposed of 638 and 229 homes within the VineBrook Portfolio, respectively. During the six months ended June 30, 2026 and 2025, the Company, through the OP, disposed of 927 and 432 homes within the VineBrook Portfolio, respectively. During the three months ended June 30, 2026 and 2025, the Company, through its consolidated investment in NexPoint Homes, disposed of 112 and 48 homes, respectively. During the six months ended June 30, 2026 and 2025, the Company, through its consolidated investment in NexPoint Homes, disposed of 164 and 144 homes, respectively. The Company strategically identified those homes for disposal and expects the disposal of these properties to be accretive to the Portfolio's results of operations and overall performance.