v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting

13. 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 Three Months Ended June 30, 2026

 

 

For the Three Months Ended June 30, 2025

 

 

 

VineBrook Portfolio

 

 

NexPoint Homes Portfolio

 

 

Total Company

 

 

VineBrook Portfolio

 

 

NexPoint Homes Portfolio

 

 

Total Company

 

Total Revenues

 

$

71,978

 

 

$

9,367

 

 

$

81,345

 

 

$

83,483

 

 

$

10,721

 

 

$

94,204

 

Property operating expenses

 

 

21,002

 

 

 

2,681

 

 

 

23,683

 

 

 

19,380

 

 

 

2,022

 

 

 

21,402

 

Real estate taxes and insurance

 

 

14,677

 

 

 

2,059

 

 

 

16,736

 

 

 

14,893

 

 

 

3,019

 

 

 

17,912

 

Property management fees

 

 

1,824

 

 

 

525

 

 

 

2,349

 

 

 

—

 

 

 

633

 

 

 

633

 

Advisory fees

 

 

4,218

 

 

 

728

 

 

 

4,946

 

 

 

4,182

 

 

 

788

 

 

 

4,970

 

General and administrative expenses

 

 

12,571

 

 

 

782

 

 

 

13,353

 

 

 

54,147

 

 

 

1,155

 

 

 

55,302

 

Depreciation and amortization

 

 

22,874

 

 

 

4,939

 

 

 

27,813

 

 

 

26,696

 

 

 

5,496

 

 

 

32,192

 

Interest expense

 

 

34,942

 

 

 

6,667

 

 

 

41,609

 

 

 

28,244

 

 

 

6,873

 

 

 

35,117

 

Other segment expense/(income) (1)

 

 

(9,883

)

 

 

1,926

 

 

 

(7,957

)

 

 

(3,284

)

 

 

(76

)

 

 

(3,360

)

Segment net loss

 

$

(30,247

)

 

$

(10,940

)

 

$

(41,187

)

 

$

(60,775

)

 

$

(9,189

)

 

$

(69,964

)

 

 

 

For the Six Months Ended June 30, 2026

 

 

For the Six Months Ended June 30, 2025

 

 

 

VineBrook Portfolio

 

 

NexPoint Homes Portfolio

 

 

Total Company

 

 

VineBrook Portfolio

 

 

NexPoint Homes Portfolio

 

 

Total Company

 

Total Revenues

 

$

149,194

 

 

$

19,560

 

 

$

168,754

 

 

$

166,011

 

 

$

20,954

 

 

$

186,965

 

Property operating expenses

 

 

37,920

 

 

 

4,963

 

 

 

42,883

 

 

 

39,016

 

 

 

4,139

 

 

 

43,155

 

Real estate taxes and insurance

 

 

29,699

 

 

 

4,189

 

 

 

33,888

 

 

 

30,063

 

 

 

5,048

 

 

 

35,111

 

Property management fees

 

 

3,740

 

 

 

1,103

 

 

 

4,843

 

 

 

—

 

 

 

1,243

 

 

 

1,243

 

Advisory fees

 

 

8,437

 

 

 

1,489

 

 

 

9,926

 

 

 

8,383

 

 

 

1,571

 

 

 

9,954

 

General and administrative expenses

 

 

25,298

 

 

 

1,701

 

 

 

26,999

 

 

 

70,108

 

 

 

6,243

 

 

 

76,351

 

Depreciation and amortization

 

 

47,034

 

 

 

10,161

 

 

 

57,195

 

 

 

51,173

 

 

 

11,024

 

 

 

62,197

 

Interest expense

 

 

69,605

 

 

 

13,559

 

 

 

83,164

 

 

 

56,849

 

 

 

13,610

 

 

 

70,459

 

Other segment expense/(income) (1)

 

 

(8,873

)

 

 

3,277

 

 

 

(5,596

)

 

 

(2,922

)

 

 

532

 

 

 

(2,390

)

Segment net loss

 

$

(63,666

)

 

$

(20,882

)

 

$

(84,548

)

 

$

(86,659

)

 

$

(22,456

)

 

$

(109,115

)

 

(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 June 30, 2026

 

 

As of December 31, 2025

 

 

 

VineBrook Portfolio

 

 

NexPoint Homes Portfolio

 

 

Total Company

 

 

VineBrook Portfolio

 

 

NexPoint Homes Portfolio

 

 

Total Company

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

2,501,877

 

 

$

505,253

 

 

$

3,007,130

 

 

$

2,589,656

 

 

$

561,086

 

 

$

3,150,742