VineBrook Ends Hardship Redemptions, Flags $651M in Debt Due Within a Year

VineBrook Homes Trust Inc. has stopped processing all share repurchase requests, including those tied to a stockholder’s death, disability, or other hardship, the nontraded real estate investment trust disclosed this week.

The board approved the change Oct. 26, three weeks after VineBrook completed a $30 million tender offer at $33 a share that drew about three times the shares it sought. The board had suspended the share repurchase plan for an indefinite period in July 2025, subject to extenuating circumstances, according to VineBrook. The company said it will continue to evaluate potential liquidity opportunities for stockholders.

VineBrook’s pricing committee set the REIT’s net asset value at $50.03 per share as of Sept. 30, down about 5% from the $52.68 per-share NAV as of June 30 that the company cited when it launched the tender. The $33 tender price was about 34% below the new figure.

VineBrook also reported about $650.8 million of debt coming due within 12 months, including two MetLife notes maturing in March and August 2027, a JPMorgan acquisition facility maturing in July 2027, and convertible notes maturing June 30, 2027. The company said it does not currently have sufficient liquidity to satisfy those obligations.

To meet them, management said it may make partial loan paydowns, use extension options, refinance the MetLife notes, and sell homes. The company said it is in active discussions with potential lenders and has concluded that the MetLife refinancings are probable before maturity, though it said there can be no assurance financing can be obtained. It also said it intends to exercise a one-year extension option on the JPMorgan facility.

VineBrook said it intends to sell about 2,725 homes in its main VineBrook portfolio over the next 12 months for net proceeds of about $348 million and about 1,050 homes in its NexPoint Homes portfolio for about $284 million. In the first nine months of 2026, it sold 2,033 VineBrook homes and 305 NexPoint Homes properties for net proceeds of about $275.8 million and $75.2 million, respectively.

VineBrook reported two different figures for VineBrook-portfolio sales after Sept. 30: 398 homes for net proceeds of about $44.7 million and 162 homes for about $19.4 million.

The convertible notes, which carry a 7.5% rate and had about $93.3 million of principal outstanding as of Sept. 30, are loans from affiliates of the REIT’s adviser, NexPoint Real Estate Advisors V LP, according to VineBrook. About $26.7 million of interest on the notes had accrued and remained unpaid as of that date. VineBrook funded part of the October tender with $21 million drawn on a 10% loan from The Ohio State Life Insurance Co., a lender the company said may be deemed an affiliate of its adviser.

As of Sept. 30, VineBrook owned 20,581 single-family rental homes in 21 states. Occupancy in the VineBrook portfolio fell to 93.5% from 94.7% a year earlier, while average monthly effective rent rose to $1,460 from $1,339. The REIT reported a third-quarter net loss attributable to stockholders of $29.4 million, compared with $33.9 million a year earlier. Adjusted funds from operations for the VineBrook portfolio were negative 33 cents per diluted share, against a quarterly dividend of about 53 cents, which the company declared again Nov. 10.

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