false 0001755755 0001755755 2025-02-25 2025-02-25

 

 

 

 

 

 

 

 

Registrant’s telephone number, including area code: (214) 276-6300

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

 

 

 

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

☒          Emerging growth company.

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

On February 25, 2025, VineBrook Homes Operating Partnership, L.P. (the “Borrower”), the operating partnership of VineBrook Homes Trust, Inc. (the “Company”), as borrower, entered into a secured $10.0 million revolving credit loan agreement with The Ohio State Life Insurance Company (“OSL”), as administrative agent, sole lead arranger, sole bookrunner and lender (the “Credit Agreement”).

 

The Credit Agreement bears interest at 9.0% per annum, is secured by certain equity interests of the Borrower, is guaranteed by the Company and has a maturity date of February 25, 2027, with three one-year extension options subject to meeting certain criteria and payment of an extension fee.

 

The Credit Agreement includes an unused line fee at a rate of 0.50% per annum on the unused borrowing capacity under the Credit Agreement. Amounts owed under the Credit Agreement may be prepaid at any time without premium or penalty.

 

Amounts outstanding under the Credit Agreement may not exceed the borrowing base and the Borrower also has the option to increase the amount available for borrowing under the Credit Agreement to $15.0 million for an increase fee equal to 1.0% of the amount of the increase.

 

The Credit Agreement also contains representations and warranties, affirmative and negative covenants and events of default that the Company considers customary for an agreement of this type, including covenants setting a maximum debt to capital ratio, a minimum net asset value and a minimum net operating income level. If an event of default occurs, OSL may require the immediate repayment of all outstanding borrowings and accrued and unpaid interest thereon.

 

This description of the material terms of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the Credit Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 1.01.

 

OSL may be deemed to be an affiliate of NexPoint Real Estate Advisors V, L.P., the Company’s external Adviser, through common beneficial ownership.

 

 

The information contained in Item 1.01 of this Current Report on Form 8-K regarding the Credit Agreement is incorporated by reference in this Item 2.03.

 

 

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: March 3, 2025