VineBrook ends all share repurchases as $651M debt comes due

VineBrook Homes Trust has stopped processing all share repurchase requests, including those tied to a stockholder's death, disability or other hardship, under a board decision dated Oct. 26.

The decision came three weeks after the nontraded REIT closed a $30 million tender offer at $33 a share that drew about three times the shares it sought, AltsWire reported Nov. 11. The board had suspended the repurchase plan for an indefinite period in July 2025, subject to extenuating circumstances.

Shareholders now have no repurchase option: the scheduled repurchase plan was suspended in July 2025 and the hardship exception closed with the Oct. 26 vote.

The most recent transaction price is the $33 a share the tender paid, about 34% below the $50.03 net asset value the pricing committee set for Sept. 30.

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

Management said its options include partial loan paydowns, extensions, refinancing the MetLife notes and home sales. It is in active discussions with potential lenders and expects to exercise a one-year extension option on the JPMorgan facility. It called the MetLife refinancings probable before maturity, but said there can be no assurance financing will be obtained.

The sale plan covers about 2,725 VineBrook homes for roughly $348 million of net proceeds and about 1,050 NexPoint Homes properties for about $284 million over the next 12 months. Those proceeds total about $632 million, below the $650.8 million due.

In the first nine months of 2026, VineBrook sold 2,033 homes for about $275.8 million of net proceeds and 305 NexPoint Homes properties for about $75.2 million. The 12-month plan calls for about 3,775 sales, compared with 2,338 in the first three quarters.

VineBrook funded part of the October tender with $21 million drawn on a 10% loan from The Ohio State Life Insurance Co., which the company said may be deemed an affiliate of its adviser. The convertible notes due June 2027 carry a 7.5% rate and had about $93.3 million of principal outstanding at Sept. 30. They are loans from affiliates of adviser NexPoint Real Estate Advisors V LP, and about $26.7 million of interest had accrued and remained unpaid at that date.

The first maturity is a MetLife note in March 2027, ahead of the JPMorgan extension and the June 2027 convertible notes.