# EDGAR Filing Document

**Accession Number:** 0001755755
**File Stem:** 0001755755-25-000018
**Filing Date:** 2025-11
**Character Count:** 812823
**Document Hash:** 1d73f766d9926bf7c8c43fb9b1883ced
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001755755-25-000018.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001755755-25-000018

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 89

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VINEBROOK HOMES TRUST, INC.
- **CENTRAL INDEX KEY:** 0001755755
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 831268857
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56274
- **FILM NUMBER:** 251462281

**BUSINESS ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-276-6300

**MAIL ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

?xml version='1.0' encoding='ASCII'? vhti-20250930

<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**____________________________________________________________**

**FORM 10-Q**

**____________________________________________________________**

**(Mark One)**

⌧ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025**

**OR**

□ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from __________to __________**

**Commission File Number 000-56274**

**____________________________________________________________**

**VINEBROOK HOMES TRUST, INC.**

**(Exact Name of Registrant as Specified in Its Charter)**

**____________________________________________________________**

---

| | |
|:---|:---|
| **Maryland** | **83-1268857** |
| **(State or other Jurisdiction of**<br>**Incorporation or Organization)** | **(I.R.S. Employer<br>Identification No.)** |

---

---

| | |
|:---|:---|
| **300 Crescent Court, Suite 700, Dallas, Texas** | **75201** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**(214) 276-6300**

**(Telephone Number, Including Area Code)**

**____________________________________________________________**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| **N/A** | **N/A** | **N/A** |

---

**____________________________________________________________**

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large Accelerated Filer | □ | Accelerated Filer | □ |
| Non-Accelerated Filer | ⌧ | Smaller reporting company | □ |
| 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. □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes □ No ⌧

As of November 4, 2025, the registrant had 25,959,574 shares of its Class A Common Stock, par value $0.01 per share, and no shares of its Class I Common Stock, par value $0.01 per share, outstanding.

------

<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**VineBrook Homes Trust, Inc.**

**Form 10-Q**

**Quarter Ended September 30, 2025**

**INDEX**

---

| | |
|:---|:---|
| | **Page** |
| <u>[Cautionary Note Regarding Forward-Looking Statements](#i40b0275c9d0248c5ad13012440bb7f57_10)</u> | <u>[ii](#i40b0275c9d0248c5ad13012440bb7f57_10)</u> |
| [Part I](#i40b0275c9d0248c5ad13012440bb7f57_13) | [Part I](#i40b0275c9d0248c5ad13012440bb7f57_13) |
| <u>[Item 1. Financial Statements](#i40b0275c9d0248c5ad13012440bb7f57_16)</u> | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i40b0275c9d0248c5ad13012440bb7f57_22)</u> | <u>[1](#i40b0275c9d0248c5ad13012440bb7f57_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Unaudited Statements of Operations and Comprehensive Income (Loss)](#i40b0275c9d0248c5ad13012440bb7f57_25)</u> | <u>[2](#i40b0275c9d0248c5ad13012440bb7f57_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Unaudited Statements of Stockholders' Equity](#i40b0275c9d0248c5ad13012440bb7f57_28)</u> | <u>[3](#i40b0275c9d0248c5ad13012440bb7f57_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Unaudited Statements of Cash Flows](#i40b0275c9d0248c5ad13012440bb7f57_31)</u> | <u>[4](#i40b0275c9d0248c5ad13012440bb7f57_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Unaudited Financial Statements](#i40b0275c9d0248c5ad13012440bb7f57_34)</u> | <u>[5](#i40b0275c9d0248c5ad13012440bb7f57_34)</u> |
| <u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i40b0275c9d0248c5ad13012440bb7f57_115)</u> | <u>[19](#i40b0275c9d0248c5ad13012440bb7f57_115)</u> |
| <u>[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i40b0275c9d0248c5ad13012440bb7f57_187)</u> | <u>[39](#i40b0275c9d0248c5ad13012440bb7f57_187)</u> |
| <u>[Item 4. Controls and Procedures](#i40b0275c9d0248c5ad13012440bb7f57_190)</u> | <u>[40](#i40b0275c9d0248c5ad13012440bb7f57_190)</u> |
| [Part II](#i40b0275c9d0248c5ad13012440bb7f57_31) | [Part II](#i40b0275c9d0248c5ad13012440bb7f57_31) |
| <u>[Item 1. Legal Proceedings](#i40b0275c9d0248c5ad13012440bb7f57_235)</u> | <u>[41](#i40b0275c9d0248c5ad13012440bb7f57_235)</u> |
| <u>[Item 1A. Risk Factors](#i40b0275c9d0248c5ad13012440bb7f57_238)</u> | <u>[41](#i40b0275c9d0248c5ad13012440bb7f57_100)</u> |
| <u>[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i40b0275c9d0248c5ad13012440bb7f57_241)</u> | <u>[41](#i40b0275c9d0248c5ad13012440bb7f57_241)</u> |
| <u>[Item 3. Defaults Upon Senior Securities](#i40b0275c9d0248c5ad13012440bb7f57_244)</u> | <u>[41](#i40b0275c9d0248c5ad13012440bb7f57_244)</u> |
| <u>[Item 4. Mine Safety Disclosures](#i40b0275c9d0248c5ad13012440bb7f57_247)</u> | <u>[41](#i40b0275c9d0248c5ad13012440bb7f57_247)</u> |
| <u>[Item 5. Other Information](#i40b0275c9d0248c5ad13012440bb7f57_250)</u> | <u>[41](#i40b0275c9d0248c5ad13012440bb7f57_250)</u> |
| <u>[Item 6. Exhibits](#i40b0275c9d0248c5ad13012440bb7f57_253)</u> | <u>[42](#i40b0275c9d0248c5ad13012440bb7f57_253)</u> |
| <u>[Signatures](#i40b0275c9d0248c5ad13012440bb7f57_256)</u> | <u>[43](#i40b0275c9d0248c5ad13012440bb7f57_256)</u> |

---

i

------

<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Certain statements contained in this Quarterly Report on Form 10-Q (this "Form 10-Q") of VineBrook Homes Trust, Inc. ("VineBrook", "we", "us", "our", or the "Company") other than historical facts may be considered forward-looking statements. In particular, statements relating to our business and investment strategies, plans or intentions, our liquidity and capital resources, our performance and results of operations and our intent to invest in newer homes in BTR (as defined below) communities in higher growth markets contain forward-looking information and disclosures. Furthermore, all statements regarding future financial performance (including market conditions) are forward-looking statements. We caution investors that any forward-looking statements presented in this Form 10-Q are based on management's beliefs and assumptions made by, and information currently available to, management. When used, the words "anticipate," "believe," "could," "expect," "intend," "may," "might," "plan," "estimate," "project," "should," "will," "would," "result," the negative version of these words and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements.

Forward-looking statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you against relying on any of these forward-looking statements.

Some of the risks and uncertainties that may cause our actual results, performance, liquidity or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable changes in economic conditions and their effects on the real estate industry generally and our operations and financial condition, including our ability to access funding and generate returns for stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• macroeconomic trends including inflation and high interest rates may continue to, and other trends such as tariffs may, adversely affect our financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possibility that we may not replicate the historical results achieved by other entities managed or sponsored by affiliates of NexPoint Real Estate Advisors V, L.P. (our "Adviser");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on our Adviser and its affiliates and personnel to conduct our day-to-day operations and potential conflicts of interest with our Adviser and its affiliates and personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the fluctuation in the net asset value ("NAV") per share amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of key personnel of our Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk we make significant changes to our strategies in a market downturn, or fail to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with ownership of real estate, including properties in transition, subjectivity of valuation, environmental matters and lack of liquidity in our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the Evergreen Manager's ability to terminate the Management Agreements and with any potential internalization of our management functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the Evergreen Manager's limited operating history and/or the transition of property management of the entire VineBrook Portfolio to the Evergreen Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with acquisitions, including the risk of expanding our scale of operations and acquisitions, which could adversely impact anticipated yields;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to increasing property taxes, homeowner's associations ("HOAs") fees and insurance costs may negatively affect our financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with our ability to identify, lease to and retain quality residents, including those relating to housing market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with leasing real estate, including the risks that rents do not increase sufficiently to keep pace with inflation and other rising costs of operations and loss of residents to competitive pressures from other types of properties or market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to governmental laws, executive orders, regulations and rules applicable to our properties or that may be passed in the future which may impact operations, costs, revenue or growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks relating to the timing and costs of the renovation of properties, which have the potential to adversely affect our operating results and ability to make distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with pandemics, including the future outbreak of other highly infectious or contagious diseases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our ability to change our major policies, operations and targeted investments without stockholder consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to climate change and natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our use of leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with our substantial current indebtedness and indebtedness we may incur in the future, rising interest rates and the availability of sufficient financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to failure to maintain our status as a real estate investment trust ("REIT");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to failure of our OP (as defined below) to be taxable as a partnership for U.S. federal income tax purposes, possibly causing us to fail to qualify for or to maintain REIT status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to compliance with REIT requirements, which may limit our ability to hedge our liabilities effectively and cause us to forgo otherwise attractive opportunities, liquidate certain of our investments or incur tax liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that the Internal Revenue Service ("IRS") may consider certain sales of properties to be prohibited transactions, resulting in a 100% penalty tax on any taxable gain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ineligibility of dividends payable by REITs for the reduced tax rates available for some dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the stock ownership restrictions of the Internal Revenue Code of 1986, as amended (the "Code") for REITs and the stock ownership limits imposed by our charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recent and potential legislative or regulatory tax changes or other actions affecting REITs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to generate sufficient cash flows to service our outstanding indebtedness or pay distributions at expected levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the Highland Bankruptcy (as defined below), including related litigation and potential conflicts of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of the other risks included under Item 1A, "Risk Factors" in our Form 10-K, filed with the U.S. Securities and Exchange Commission ("SEC") on March 28, 2025 (our "Annual Report").

While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. They are based on estimates and assumptions only as of the date of this Form 10-Q. We undertake no obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law.

ii

------

<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

**(in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(unaudited)** | |
| **ASSETS** | | |
| Operating real estate investments |  |  |
| &nbsp;&nbsp;&nbsp;Land | $511114 | $527422 |
| &nbsp;&nbsp;&nbsp;Buildings and improvements | 2682475 | 2739977 |
| &nbsp;&nbsp;&nbsp;Intangible lease assets | 360 |  |
| Total gross operating real estate investments | 3193949 | 3267399 |
| &nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (442114) | (373964) |
| Total net operating real estate investments | 2751835 | 2893435 |
| &nbsp;&nbsp;&nbsp;Real estate held for sale, net | 81654 | 55592 |
| Total net real estate investments | 2833489 | 2949027 |
| &nbsp;&nbsp;&nbsp;Investments, at fair value | 2416 | 2500 |
| &nbsp;&nbsp;&nbsp;Cash | 38457 | 40738 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 59651 | 43894 |
| &nbsp;&nbsp;&nbsp;Accounts and other receivables, net | 12173 | 11231 |
| &nbsp;&nbsp;&nbsp;Prepaid and other assets | 44997 | 35497 |
| &nbsp;&nbsp;&nbsp;Interest rate derivatives, at fair value | 2173 | 21289 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 2378 | 5786 |
| &nbsp;&nbsp;&nbsp;Asset-backed securitization certificates | 78964 | 78964 |
| &nbsp;&nbsp;&nbsp;Goodwill | 20522 | 20522 |
| **TOTAL ASSETS** | $3095220 | $3209448 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Notes payable, net | $2365641 | $1893752 |
| &nbsp;&nbsp;&nbsp;Credit facilities, net | 129927 | 554135 |
| &nbsp;&nbsp;&nbsp;Accounts payable and other accrued liabilities | 39719 | 43847 |
| &nbsp;&nbsp;&nbsp;Accrued real estate taxes payable | 46435 | 37235 |
| &nbsp;&nbsp;&nbsp;Accrued interest payable | 28887 | 30176 |
| &nbsp;&nbsp;&nbsp;Security deposit liability | 26812 | 26063 |
| &nbsp;&nbsp;&nbsp;Prepaid rents | 2920 | 2891 |
| **Total Liabilities** | 2640341 | 2588099 |
| Redeemable Series A Preferred stock, $0.01 par value: 16,000,000 shares authorized; 4,996,000 and 4,996,000 shares issued and outstanding, respectively | 123326 | 122820 |
| Redeemable noncontrolling interests in the OP | 258525 | 257454 |
| Redeemable noncontrolling interests in consolidated VIEs | 84210 | 80711 |
| Stockholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Common stock, $0.01 par value: 300,000,000 shares authorized; 25,857,938 and 25,377,421 shares issued and outstanding, respectively | 260 | 256 |
| &nbsp;&nbsp;&nbsp;Redeemable Series B Preferred stock, $0.01 par value: 2,548,240 shares authorized; 2,548,240 and 2,548,240 shares issued and outstanding, respectively | 25 | 25 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 770033 | 762904 |
| &nbsp;&nbsp;&nbsp;Distributions in excess of retained earnings | (788292) | (623403) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 3879 | 14499 |
| **Total Stockholders' Equity** | (14095) | 154281 |
| Noncontrolling interests in consolidated VIEs | 2913 | 6083 |
| **TOTAL LIABILITIES AND EQUITY** | $3095220 | $3209448 |

---

See Accompanying Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)**

**(in thousands, except per share amounts)** 

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $89421 | $88556 | $270645 | $268115 |
| &nbsp;&nbsp;&nbsp;Other income | 4608 | 2100 | 10349 | 4571 |
| Total revenues | 94029 | 90656 | 280994 | 272686 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operating expenses | 22893 | 19919 | 66048 | 59313 |
| &nbsp;&nbsp;&nbsp;Real estate taxes and insurance | 16866 | 16673 | 51977 | 50929 |
| &nbsp;&nbsp;&nbsp;Property management fees | 689 | 212 | 1932 | 1841 |
| &nbsp;&nbsp;&nbsp;Advisory fees | 5011 | 5218 | 14965 | 15664 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 20904 | 21374 | 97256 | 60631 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 31199 | 31354 | 93396 | 94788 |
| &nbsp;&nbsp;&nbsp;Interest expense | 37544 | 42368 | 108003 | 110030 |
| Total expenses | 135106 | 137118 | 433577 | 393196 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | (533) | (114) | (886) | (1488) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on sales and impairment of real estate, net | 582 | (10652) | 2963 | (19773) |
| &nbsp;&nbsp;&nbsp;Investment income | 695 | 882 | 1966 | 2973 |
| &nbsp;&nbsp;&nbsp;Change in unrealized loss on investments |  | 255 |  |  |
| &nbsp;&nbsp;&nbsp;Reversal of (provision for) loan losses |  |  | 500 |  |
| &nbsp;&nbsp;&nbsp;Loss on forfeited deposits | (31) |  | (1440) |  |
| **Net loss** | (40364) | (56091) | (149480) | (138798) |
| **Dividends on and accretion to redemption value of Redeemable Series A Preferred stock** | 2198 | 2023 | 6595 | 6260 |
| **Net income attributable to Redeemable Series B Preferred stock** | 1513 |  | 4539 |  |
| **Net loss attributable to redeemable noncontrolling interests in the OP** | (6057) | (8413) | (22426) | (20820) |
| **Net loss attributable to redeemable noncontrolling interests in consolidated VIEs** | (3657) | (8482) | (13328) | (19997) |
| **Net loss attributable to noncontrolling interests in consolidated VIEs** | (482) | (940) | (1825) | (2754) |
| **Net loss attributable to stockholders** | $(33879) | $(40279) | $(123035) | $(101487) |
| **Other comprehensive loss** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized loss on interest rate hedges | (4298) | (14823) | (12495) | (18055) |
| **Total comprehensive loss** | (44662) | (70914) | (161975) | (156853) |
| **Dividends on and accretion to redemption value of Redeemable Series A Preferred stock** | 2198 | 2023 | 6595 | 6260 |
| **Comprehensive income attributable to Redeemable Series B Preferred stock** | 1513 |  | 4539 |  |
| **Comprehensive loss attributable to redeemable noncontrolling interests in the OP** | (6701) | (10636) | (24300) | (23527) |
| **Comprehensive loss attributable to redeemable noncontrolling interests in consolidated VIEs** | (3657) | (8482) | (13328) | (19997) |
| **Comprehensive loss attributable to noncontrolling interests in consolidated VIEs** | (482) | (940) | (1825) | (2754) |
| **Comprehensive loss attributable to stockholders** | $(37533) | $(52879) | $(133656) | $(116835) |
| **Weighted average common shares outstanding - basic** | 25821 | 25329 | 25670 | 25221 |
| **Weighted average common shares outstanding - diluted** | 25821 | 25329 | 25670 | 25221 |
| **Loss per share - basic** | $(1.31) | $(1.59) | $(4.79) | $(4.02) |
| **Loss per share - diluted** | $(1.31) | $(1.59) | $(4.79) | $(4.02) |

---

See Accompanying Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**(dollars in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Series B Preferred Stock** | **Series B Preferred Stock** | **Class A Common Stock** | **Class A Common Stock** | | | | |
| **Three Months Ended September 30, 2025** | **Number of Shares** | **Par Value** | **Number of Shares** | **Par Value** |<br>**Additional Paid-in Capital** |<br>**Distributions in Excess of<br>Retained Earnings** |<br>**Accumulated Other<br>Comprehensive Income (Loss)** |<br>**Total** |
| **Balances, June 30, 2025** | 2548240 | $25 | 25753592 | $260 | $778793 | $(740419) | $7533 | $46192 |
| &nbsp;&nbsp;&nbsp;Net loss attributable to stockholders |  |  |  |  |  | (33879) |  | (33879) |
| &nbsp;&nbsp;&nbsp;Net income attributable to Series B preferred stockholders |  |  |  |  |  | 1513 |  | 1513 |
| &nbsp;&nbsp;&nbsp;Issuance of Class A common stock |  |  | 102239 |  | 3990 |  |  | 3990 |
| &nbsp;&nbsp;&nbsp;Redemptions of Class A common stock |  |  | (22357) |  | (1213) |  |  | (1213) |
| &nbsp;&nbsp;&nbsp;Equity-based compensation |  |  | 24464 |  | 4280 |  |  | 4280 |
| &nbsp;&nbsp;&nbsp;Common stock dividends declared ($0.5301 per share) |  |  |  |  |  | (13994) |  | (13994) |
| &nbsp;&nbsp;&nbsp;Series B Preferred stock dividends declared ($0.59375 per share) |  |  |  |  |  | (1513) |  | (1513) |
| &nbsp;&nbsp;&nbsp;Other comprehensive loss attributable to stockholders |  |  |  |  |  |  | (3654) | (3654) |
| &nbsp;&nbsp;&nbsp;Adjustments to reflect redemption value of redeemable noncontrolling interests in the OP |  |  |  |  | (10698) |  |  | (10698) |
| &nbsp;&nbsp;&nbsp;Adjustments to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs |  |  |  |  | (5119) |  |  | (5119) |
| **Balances, September 30, 2025** | 2548240 | $25 | 25857938 | $260 | $770033 | $(788292) | $3879 | $(14095) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Series B Preferred Stock** | **Series B Preferred Stock** | **Class A Common Stock** | **Class A Common Stock** | | | | |
| **Nine Months Ended September 30, 2025** | **Number of Shares** | **Par Value** | **Number of Shares** | **Par Value** |<br>**Additional Paid-in Capital** |<br>**Distributions in Excess of<br>Retained Earnings** |<br>**Accumulated Other<br>Comprehensive Income (Loss)** |<br>**Total** |
| **Balances, December 31, 2024** | 2548240 | $25 | 25377421 | $256 | $762903 | $(623403) | $14500 | $154281 |
| &nbsp;&nbsp;&nbsp;Net loss attributable to stockholders |  |  |  |  |  | (123035) |  | (123035) |
| &nbsp;&nbsp;&nbsp;Net income attributable to Series B preferred stockholders |  |  |  |  |  | 4539 |  | 4539 |
| &nbsp;&nbsp;&nbsp;Issuance of Class A common stock |  |  | 316166 | 3 | 10988 |  |  | 10991 |
| &nbsp;&nbsp;&nbsp;Redemptions of Class A common stock |  |  | (53710) | (1) | (2922) |  |  | (2923) |
| &nbsp;&nbsp;&nbsp;Equity-based compensation |  |  | 218061 | 2 | 21529 |  |  | 21531 |
| &nbsp;&nbsp;&nbsp;Common stock dividends declared ($1.59030 per share) |  |  |  |  |  | (41854) |  | (41854) |
| &nbsp;&nbsp;&nbsp;Series B Preferred stock dividends declared ($1.78125 per share) |  |  |  |  |  | (4539) |  | (4539) |
| &nbsp;&nbsp;&nbsp;Other comprehensive loss attributable to stockholders |  |  |  |  |  |  | (10621) | (10621) |
| &nbsp;&nbsp;&nbsp;Adjustments to reflect redemption value of redeemable noncontrolling interests in the OP |  |  |  |  | (5385) |  |  | (5385) |
| &nbsp;&nbsp;&nbsp;Adjustments to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs |  |  |  |  | (17080) |  |  | (17080) |
| **Balances, September 30, 2025** | 2548240 | $25 | 25857938 | $260 | $770033 | $(788292) | $3879 | $(14095) |

---

See Accompanying Notes to Consolidated Financial Statements

**VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

**(dollars in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Series B Preferred Stock** | **Series B Preferred Stock** | **Class A Common Stock** | **Class A Common Stock** | | | | |
| **Three Months Ended September 30, 2024** | **Number of Shares** | **Par Value** | **Number of Shares** | **Par Value** |<br>**Additional Paid-in Capital** |<br>**Distributions in Excess of<br>Retained Earnings** |<br>**Accumulated Other<br>Comprehensive Income (Loss)** |<br>**Total** |
| **Balances, June 30, 2024** | 2548240 | $25 | 25252565 | $255 | $757662 | $(515420) | $28460 | $270957 |
| &nbsp;&nbsp;&nbsp;Net loss attributable to stockholders |  |  |  |  |  | (40279) |  | (40279) |
| &nbsp;&nbsp;&nbsp;Issuance of Class A common stock |  |  | 104007 | 1 | 5866 |  |  | 5867 |
| &nbsp;&nbsp;&nbsp;Redemptions of Class A common stock |  |  | (17184) | (1) | (989) |  |  | (990) |
| &nbsp;&nbsp;&nbsp;Equity-based compensation |  |  |  |  | 1486 |  |  | 1486 |
| &nbsp;&nbsp;&nbsp;Common stock dividends declared ($0.5301 per share) |  |  |  |  |  | (13778) |  | (13778) |
| &nbsp;&nbsp;&nbsp;Series B Preferred stock dividends declared ($0.59375 per share) |  |  |  |  |  | (1513) |  | (1513) |
| &nbsp;&nbsp;&nbsp;Other comprehensive loss attributable to stockholders |  |  |  |  |  |  | (12600) | (12600) |
| &nbsp;&nbsp;&nbsp;Adjustments to reflect redemption value of redeemable noncontrolling interests in the OP |  |  |  |  | 288 |  |  | 288 |
| &nbsp;&nbsp;&nbsp;Adjustments to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs |  |  |  |  | (9850) |  |  | (9850) |
| **Balances, September 30, 2024** | 2548240 | $25 | 25339388 | $255 | $754463 | $(570990) | $15860 | $199613 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Series B Preferred Stock** | **Series B Preferred Stock** | **Class A Common Stock** | **Class A Common Stock** | | | | |
| **Nine Months Ended September 30, 2024** | **Number of Shares** | **Par Value** | **Number of Shares** | **Par Value** |<br>**Additional Paid-in Capital** |<br>**Distributions in Excess of<br>Retained Earnings** |<br>**Accumulated Other<br>Comprehensive Income (Loss)** |<br>**Total** |
| **Balances, December 31, 2023** | 2548240 | $25 | 25006237 | $252 | $776755 | $(423769) | $31208 | $384471 |
| &nbsp;&nbsp;&nbsp;Net loss attributable to stockholders |  |  |  |  |  | (101487) |  | (101487) |
| &nbsp;&nbsp;&nbsp;Issuance of Class A common stock |  |  | 321642 | 3 | 17261 |  |  | 17264 |
| &nbsp;&nbsp;&nbsp;Redemptions of Class A common stock |  |  | (62011) | (1) | (3605) |  |  | (3606) |
| &nbsp;&nbsp;&nbsp;Equity-based compensation |  |  | 73520 | 1 | 4394 |  |  | 4395 |
| &nbsp;&nbsp;&nbsp;Common stock dividends declared ($1.59030 per share) |  |  |  |  |  | (41195) |  | (41195) |
| &nbsp;&nbsp;&nbsp;Series B Preferred stock dividends declared ($1.78125 per share) |  |  |  |  |  | (4539) |  | (4539) |
| &nbsp;&nbsp;&nbsp;Other comprehensive loss attributable to stockholders |  |  |  |  |  |  | (15348) | (15348) |
| &nbsp;&nbsp;&nbsp;Adjustments to reflect redemption value of redeemable noncontrolling interests in the OP |  |  |  |  | (25549) |  |  | (25549) |
| &nbsp;&nbsp;&nbsp;Adjustments to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs |  |  |  |  | (14793) |  |  | (14793) |
| **Balances, September 30, 2024** | 2548240 | $25 | 25339388 | $255 | $754463 | $(570990) | $15860 | $199613 |

---

See Accompanying Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(dollars in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net loss | $(149480) | $(138798) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sales and impairment of real estate, net | (2963) | 19773 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 93396 | 94788 |
| &nbsp;&nbsp;&nbsp;Non-cash interest expense | 28955 | 15597 |
| &nbsp;&nbsp;&nbsp;Change in fair value of interest rate derivatives | (14955) | (27020) |
| &nbsp;&nbsp;&nbsp;Provision for (reversal of) loan losses | (500) |  |
| &nbsp;&nbsp;&nbsp;Net cash received on derivative settlements | 22770 | 35949 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 886 | 1488 |
| &nbsp;&nbsp;&nbsp;Equity-based compensation | 48542 | 15542 |
| &nbsp;&nbsp;&nbsp;Loss on forfeited deposits | 1440 |  |
| Changes in operating assets and liabilities, net of effects of sales and acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (2136) | 3370 |
| &nbsp;&nbsp;&nbsp;Prepaids and other assets | (17778) | (4861) |
| &nbsp;&nbsp;&nbsp;Accounts payable and other accrued liabilities | (1577) | (9493) |
| &nbsp;&nbsp;&nbsp;Accrued real estate taxes payable | 9200 | 3536 |
| &nbsp;&nbsp;&nbsp;Accrued interest payable | (1289) | 5612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 14511 | 15483 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of investment | 302 |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of real estate | 117421 | 125390 |
| &nbsp;&nbsp;&nbsp;Prepaid deposits |  | 76 |
| &nbsp;&nbsp;&nbsp;Insurance proceeds received | 3973 | 1095 |
| &nbsp;&nbsp;&nbsp;Acquisitions of real estate investments | (51722) |  |
| &nbsp;&nbsp;&nbsp;Additions to real estate investments | (37447) | (42755) |
| &nbsp;&nbsp;&nbsp;Acquisition of preferred equity interests |  | (15858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 32527 | 67948 |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Notes payable proceeds received | 535992 | 650185 |
| &nbsp;&nbsp;&nbsp;Notes payable payments | (77702) | (60522) |
| &nbsp;&nbsp;&nbsp;Credit facilities proceeds received | 35654 | 2758 |
| &nbsp;&nbsp;&nbsp;Credit facilities principal payments | (460100) | (605743) |
| &nbsp;&nbsp;&nbsp;Financing costs paid | (16004) | (19611) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of Class A common stock |  | 43 |
| &nbsp;&nbsp;&nbsp;Redemptions of Class A common stock paid | (3887) | (4094) |
| &nbsp;&nbsp;&nbsp;Dividends paid to common stockholders | (23932) | (21666) |
| &nbsp;&nbsp;&nbsp;Series B Preferred stock dividends paid | (4539) | (4539) |
| &nbsp;&nbsp;&nbsp;Payments for taxes related to net share settlement of stock-based compensation | (5800) | (1187) |
| &nbsp;&nbsp;&nbsp;Redemptions of Series A Preferred stock paid |  | (86) |
| &nbsp;&nbsp;&nbsp;Series A Preferred stock dividends paid | (6089) | (6091) |
| &nbsp;&nbsp;&nbsp;Contributions from redeemable noncontrolling interests in the OP | 1478 | 1445 |
| &nbsp;&nbsp;&nbsp;Distributions to redeemable noncontrolling interests in the OP | (6668) | (2566) |
| &nbsp;&nbsp;&nbsp;Redemptions by redeemable noncontrolling interests in the OP |  | (457) |
| &nbsp;&nbsp;&nbsp;Redemptions by redeemable noncontrolling interests in consolidated VIEs | (253) |  |
| &nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests in consolidated VIEs | 136 | 563 |
| &nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests in consolidated VIEs | (618) | (680) |
| &nbsp;&nbsp;&nbsp;Redemptions by noncontrolling interests in consolidated VIEs | (1230) | (210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (33562) | (72458) |
| Change in cash and restricted cash | 13476 | 10973 |
| Cash and restricted cash, beginning of period | 84632 | 85620 |
| Cash and restricted cash, end of period | $98108 | $96593 |
| **Supplemental Disclosure of Cash Flow Information** |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid, net of amount capitalized | $80337 | $89660 |
| **Supplemental Disclosure of Noncash Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Accrued dividends payable to common stockholders | 1131 | 1118 |
| &nbsp;&nbsp;&nbsp;Accrued distributions payable to redeemable noncontrolling interests in the OP | 1468 | 1846 |
| &nbsp;&nbsp;&nbsp;Accrued dividends payable to Series A Preferred stockholders | 6089 | 6091 |
| &nbsp;&nbsp;&nbsp;Accrued redemptions payable to common stockholders | 1213 | 3606 |
| &nbsp;&nbsp;&nbsp;Accrued capital expenditures | 445 |  |
| &nbsp;&nbsp;&nbsp;Accretion to redemption value of Redeemable Series A Preferred stock | 506 | 169 |
| &nbsp;&nbsp;&nbsp;Asset backed securitization certificates |  | 39868 |
| &nbsp;&nbsp;&nbsp;Write off of fully amortized deferred financing costs |  | 1965 |
| &nbsp;&nbsp;&nbsp;Issuance of Class A common stock related to DRIP dividends | 16791 | 18412 |
| &nbsp;&nbsp;&nbsp;DRIP dividends to common stockholders | (16791) | (18412) |
| &nbsp;&nbsp;&nbsp;Contributions from redeemable noncontrolling interests in the OP related to DRIP distributions | 628 | 3529 |
| &nbsp;&nbsp;&nbsp;DRIP distributions to redeemable noncontrolling interests in the OP | (628) | (3529) |
| &nbsp;&nbsp;&nbsp;Conversion of PI Units to OP Units by redeemable noncontrolling interests in the OP | 17796 |  |
| &nbsp;&nbsp;&nbsp;Contributions from redeemable noncontrolling interests in consolidated VIEs related to DRIP distributions | 4204 | 3987 |
| &nbsp;&nbsp;&nbsp;DRIP distributions to redeemable noncontrolling interests in consolidated VIEs | (4204) | (3987) |
| &nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests in consolidated VIEs related to DRIP distributions | 258 | 277 |
| &nbsp;&nbsp;&nbsp;DRIP distributions to noncontrolling interests in consolidated VIEs | (258) | (277) |

---

See Accompanying Notes to Consolidated Financial Statements

------

<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**VINEBROOK HOMES TRUST, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1*.* Organization and Description of Business**

VineBrook Homes Trust, Inc. (the "Company", "VineBrook", "we", "us", "our") was incorporated in Maryland on July 16, 2018 and has elected to be taxed as a REIT, and the Company believes the current organization and method of operation will enable it to maintain its status as a REIT. The Company is focused on acquiring, renovating, leasing, maintaining and otherwise managing single family rental ("SFR") home investments primarily located in large to medium size cities and suburbs located in the midwestern, heartland and southeastern United States and providing our residents with affordable, safe and clean dwellings with a high level of service. Substantially all of the Company's business is conducted through VineBrook Homes Operating Partnership, L.P. (the "OP"), the Company's operating partnership, as the Company owns its properties indirectly through the OP. As of September 30, 2025, there were a combined 24,028,162 Class A, Class B and Class C units of the OP (collectively, "OP Units"), of which 19,313,987 Class A OP Units, or 80.4%, were owned by the Company, 2,814,062 Class B OP Units, or 11.7%, were owned by NexPoint Real Estate Opportunities, LLC ("NREO"), 98,584 Class C OP Units, or 0.4%, were owned by NRESF REIT Sub, LLC ("NRESF"), 155,576 Class C OP Units, or 0.6%, were owned by GAF REIT, LLC ("GAF REIT") and 1,645,952 Class C OP Units, or 6.9%, were owned by limited partners that were sellers in the Formation Transaction (as defined below) (the "VineBrook Contributors") or other Company insiders. NREO, NRESF and GAF REIT are noncontrolling limited partners unaffiliated with the Company but are affiliates of the Adviser (as defined below). The Third Amended and Restated Limited Partnership Agreement of the OP (as amended, the "OP LPA") generally provides that Class A OP Units and Class B OP Units each have 50.0% of the voting power of the OP Units, including with respect to the election of directors to the board of directors of the OP whose sole responsibility is appointment and removal of the general partner of the OP, and the Class C OP Units have no voting power. Each Class A OP Unit, Class B OP Unit and Class C OP Unit otherwise represents substantially the same economic interest in the OP. VineBrook Homes OP GP, LLC (the "OP GP"), is the general partner of the OP with exclusive management powers over the business and affairs of the OP and as of August 3, 2023, is a wholly owned subsidiary of the Company. The Company determined it must consolidate the OP under the VIE model as it was determined the Company both controls the direct activities of the OP and has the right to receive benefits that could potentially be significant to the OP.

The Company's mission is to provide our residents with affordable, safe, clean and functional homes with a high level of service through institutional, quality management. Our investment objective is to acquire properties with cash flow growth potential, renovate (when appropriate) and maintain our homes to deliver a high-quality resident experience, while providing quarterly cash distributions and seeking long-term capital appreciation for our stockholders

The Company began operations on November 1, 2018 as a result of the acquisition of various partnerships and limited liability companies owned and operated by the VineBrook Contributors and other third parties, which owned 4,129 SFR assets located in Ohio, Kentucky and Indiana (the "Initial Portfolio") for a total purchase price of approximately $330.2 million, including closing and financing costs of $6.0 million (the "Formation Transaction"). On November 1, 2018, the Company accepted subscriptions for 1,097,367 shares of its Class A common stock, par value $0.01 ("Common Stock"), for gross proceeds of approximately $27.4 million in connection with the Formation Transaction. The proceeds from the issuance of Common Stock were used to acquire OP Units. The OP used the capital contribution from the Company to fund a portion of the purchase price for the Initial Portfolio. The remaining purchase price and closing costs were funded by a capital contribution totaling $70.7 million from NREO, $8.6 million of equity rolled over from VineBrook Contributors, and $241.4 million from a Federal Home Loan Mortgage Corporation ("Freddie Mac") mortgage (the "Initial Mortgage") provided by KeyBank N.A. ("KeyBank").

On August 28, 2018, the Company commenced the offering of 40,000,000 shares of Common Stock through a continuous private placement (the "Private Offering"), under Regulation D of the Securities Act of 1933, as amended (the "Securities Act") for a maximum of $1.0 billion of its Common Stock. The Private Offering closed on September 14, 2022. The initial offering price for shares of Common Stock sold through the Private Offering was $25.00 per share. The Company conducted periodic closings and sold Common Stock shares at the prior NAV per share as recommended by the Adviser and approved by the pricing committee (the "Pricing Committee") of the Company's board of directors (the "Board") pursuant to the valuation methodology approved by the Board (the "Valuation Methodology"), plus applicable fees and commissions. The NAV per share is calculated on a fully diluted basis and is unaudited. NAV may differ from the values of our real estate assets as calculated in accordance with the generally accepted accounting principles in the United States ("GAAP").

Between November 1, 2018 and September 30, 2025, the Company, through special purpose limited liability companies ("SPEs") owned by the OP, purchased 20,946 additional homes and sold 4,710 homes within the VineBrook Portfolio (as defined below) (see Note 3), and through the OP's consolidated investment in NexPoint Homes (as defined in Note 2) purchased 2,573 additional homes and sold 497 homes. Together with the Initial Portfolio, the Company, through the OP's SPEs, indirectly owned an interest in 20,365 homes (the "VineBrook Portfolio") in 18 states, and with its consolidation of NexPoint Homes, indirectly owned an interest in an additional 2,076 homes (the "NexPoint Homes Portfolio"), for a total of 22,441 homes in 20 states as of September 30, 2025. We refer to the VineBrook Portfolio and the NexPoint Homes Portfolio collectively as our Portfolio. The acquisitions of the additional homes in the VineBrook Portfolio were funded by loans (see Note 5), proceeds from the sale of Common Stock and Preferred Stock (as defined below) and excess cash generated from operations.

The Company is externally managed by the Adviser through an agreement dated November 1, 2018, which was subsequently amended and restated on May 4, 2020, and further amended on October 25, 2022 and February 27, 2024 (the "Advisory Agreement"). The Advisory Agreement will automatically renew on the anniversary of the renewal date for one-year terms hereafter, unless otherwise terminated. The Adviser provides asset management and other corporate-level services to the Company. Prior to the OP acquiring all of the outstanding equity interests of VineBrook Homes, LLC (the "Legacy VineBrook Manager"), which was completed on August 3, 2023 (the "Internalization"), the OP caused the SPEs to retain the Legacy VineBrook Manager, an affiliate of certain VineBrook Contributors, to renovate, lease, maintain, and operate the VineBrook properties under management agreements (as amended, the "Legacy VineBrook Management Agreements") that generally had an initial three-year term with one-year automatic renewals, unless otherwise terminated. The Legacy VineBrook Management Agreements were supplemented by a side letter (as amended and restated, the "Legacy VineBrook Side Letter") by and among the Company, the OP, the OP GP, the Legacy VineBrook Manager and certain of its affiliates. After the Internalization, but prior to the transition to the Evergreen Manager (as defined below), all of the Company's investment decisions were made by employees of the Company and Adviser, subject to general oversight by the OP's investment committee and the Board.

On June 10, 2025, the OP caused certain of its subsidiaries to enter into property management agreements (the "Management Agreements") with Evergreen Residential Management, LLC (the "Evergreen Manager") to renovate, lease, maintain, and generally operate the Company's properties within the VineBrook Portfolio. Pursuant to the Management Agreements, responsibility for the day-to-day management of the properties, leasing the properties, managing resident situations, collecting rents, paying operating expenses, managing maintenance issues, accounting for each property using GAAP and other responsibilities customary for the management of single-family rental properties will transition to the Evergreen Manager (the "Externalization") by the end of 2025. We refer to the date that the last property in the VineBrook Portfolio is transitioned to the Management Agreements as the "Transition Effective Date." On the Transition Effective Date, all of the Legacy VineBrook Management Agreements will have terminated. As a result of the Management Agreements, on the Transition Effective Date the VineBrook Portfolio will be externally managed by the Evergreen Manager. Under the Management Agreements, monthly in arrears, the Evergreen Manager is entitled to (1) a property management fee equal to 2.5% of collected rents, (2) a shared services agreement fee that shall not exceed the greater of 6.0% of collected rents and $75 per property, less any property management fee paid, (3) a major repair and maintenance fee of 10% of expenses for projects with an individual expense equal to or greater than $5,000 or an aggregate expense equal or greater than $10,000, subject to a maximum of $3,500, (4) new lease commissions equal to the greater of 40% of first-month's rent or $600, and (5) renewal lease commission equal to the greater of 40% of first-month's rent and $600. The Evergreen Manager is also entitled to other repair, maintenance, vacancy and turnover fees on a per property basis. The Management Agreements have an initial seven-year term with one-year automatic renewals, unless otherwise terminated. Either party may choose not to renew the Management Agreement at the end of any term by providing at least 90 days' prior notice and, if terminated by the Owner, with a payment to the Evergreen Manager equal to fees under the Management Agreement for 90 days after termination. Certain SPEs from time to time may have property management agreements with independent third parties. These are typically the result of maintaining legacy property managers after an acquisition to help transition the properties to the Company or, in the case of a future sale, to manage the properties until they are sold. Management of all properties within the VineBrook Portfolio was transferred to the Evergreen Manager effective October 23, 2025, which is the Transition Effective Date under the Management Agreements.

On June 10, 2025, the SPEs entered into asset management agreements (the "Asset Management Agreements") with Evergreen Asset Management, LLC (the "Asset Manager") to provide asset management, operation, accounting support, leasing, repair and turnover scope of work and property accounting services as well as disposition services. Under each Asset Management Agreement, the Asset Manager is entitled to an annual fee equal to 0.24% of the NAV of the properties subject to the Asset Management Agreement, to be paid monthly in arrears. The NAV of the properties subject to the Asset Management Agreement will be calculated by prorating the Company's NAV based on the value of those properties relative to the Company's overall NAV. In addition, the Asset Manager shall be reimbursed for all reasonable, documented out-of-pocket expenses incurred in performance of its services. The Asset Manager will also receive a disposition fee of 1.0%, payable at the closing of such sale, of the gross sales price for each property for which the Asset Manager provides disposition services.

On June 10, 2025, the OP and Evergreen Development Services, LLC (the "Service Provider") entered into a real estate development services agreement (the "Development Services Agreement") to provide for the identification, sourcing, inspection and acquisition of properties on behalf of the OP. Under the Development Services Agreement, the Service Provider is entitled to an acquisition fee of (1) 2.0% of the price paid to acquire the property if the acquired property is not part of a broadly marketed process, (2) 1.375% of the price paid to acquire the property if it is part of a broadly marketed process from a third party with structured bid timelines or (3) 0.75% of the price paid to acquire the property if the acquired property is acquired solely as a result of a non-broadly marketed process and neither Service Provider nor its affiliates received or accessed information regarding such property prior to the OP. In addition, the Service Provider is entitled to (1) a due diligence inspection fee of $450 for the completion of diligence on a target property, (2) a clean and secure fee for cleaning and secure services after a property is acquired of $450 per property and (3) a project administration services fee for project administration services prior to occupation of (A) $1,000 if related to new-build homes already completed upon closing that require make-ready repairs or (B) $3,500 if related to contracted forward home deliveries requiring project oversight for construction and punch list completion.

Also on June 10, 2025, the OP, the Evergreen Manager and the Service Provider entered into a letter agreement (the "Letter Agreement" and, together with the Property Management Agreements, the Asset Management Agreements and the Development Services Agreement, the "Externalization Agreements") to set forth certain agreements among the parties related to the Externalization, including certain termination rights and fees in the Management Agreements and the Development Services Agreement described above. Pursuant to the Letter Agreement, the OP paid $1.75 million to the Evergreen Manager on the date the first property was transitioned to a Management Agreement and paid an additional $1.75 million to the Evergreen Manager 45 days after such date. In addition, the OP will issue Class C OP Units with a value of $5.0 million on the earlier of December 31, 2025 and the Transition Effective Date.

Additionally, the Service Provider is also entitled to a measurement period service fee for any measurement period in which the Service Provider presents the OP with qualified target properties with an aggregate fair market value of $600.0 million and the OP, directly or indirectly, fails to acquire properties with an aggregate purchase price of at least the lesser of $250.0 million and 41.7% of the aggregate fair value of the target properties presented during the measurement period (the lesser, the "Minimum Spend Amount"). The measurement period service fee ("Measurement Period Service Fee") for any measurement period is equal to 2% of the positive difference between the Minimum Spend Amount in the applicable measurement period and the aggregate purchase price for acquired properties during the applicable measurement period. If, during any measurement period, the OP, directly or indirectly, acquires properties with an aggregate purchase price over the minimum spend amount, such additional amount may be used to satisfy the Minimum Spend Amount in any subsequent measurement period. A measurement period is each consecutive 12-month period within the first 36 months after the date of the Development Services Agreement.

In connection with the Externalization, on June 10, 2025, the Company announced it has committed to a reduction in force involving approximately 500 employees, representing 100% of our full-time employees. These actions are part of a Company restructuring that is intended to externalize management of the VineBrook Portfolio and under which the Evergreen Manager intends to assume broad responsibility for the renovation, lease, maintenance, and operation of the VineBrook Portfolio. The Company expects to complete the reduction in force by the end of 2025. As part of this restructuring, the Evergreen Manager and its affiliates have hired a significant number of legacy VineBrook employees as of and subsequent to September 30, 2025. Severance may be available to eligible employees if, among other things, they do not accept alternative employment prior to their designated end date. As of September 30, 2025, the Company has $1.9 million relating to separation benefits accrued, which is included within accounts payable and other accrued liabilities on the consolidated balance sheets. For the three and nine months ended September 30, 2025, the Company incurred restructuring charges of $4.4 million and $17.2 million, respectively, included within general and administrative expenses on the consolidated statements of operations and comprehensive income (loss), of which $0.1 million and $10.4 million was related to non-cash stock-based compensation expense due to accelerated vesting of awards from terminated employees, respectively (see Notes 7 and 8). The Company also incurred $2.0 million included within depreciation and amortization expense on the consolidated statements of operations and comprehensive income (loss) relating to the write off of certain internally developed software and also revised the estimated amortization for other internally developed software (see Note 2). There were no similar restructuring charges incurred during fiscal year 2024.

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**2. Summary of Significant Accounting Policies**

*Basis of Accounting and Use of Estimates*

Readers of this Form 10-Q should refer to the audited financial statements and notes to consolidated financial statements of the Company for the year ended December 31, 2024, which are included in our Annual Report, filed with the SEC on March 28, 2025, since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 2, Summary of Significant Accounting Policies, in the notes to consolidated financial statements in our Annual Report for further discussion of our significant accounting policies and estimates.

The accompanying unaudited consolidated financial statements are presented in accordance with GAAP and the rules and regulations of the SEC. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates.

In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company's financial position as of September 30, 2025 and December 31, 2024 and results of operations for the three and nine months ended September 30, 2025 and 2024 have been included. The unaudited information included in these interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2024 and 2023 included in our Annual Report. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, or any other future period.

*Principles of Consolidation*

The Company accounts for subsidiary partnerships, limited liability companies, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, *Consolidation*. The Company first evaluates whether each entity is a variable interest entity ("VIE"). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If the Company determines the entity is not a VIE, it evaluates whether the entity should be consolidated under the voting model. The Company consolidates an entity when it controls the entity through ownership of a majority voting interest. As of September 30, 2025, the Company determined it must consolidate the OP, its subsidiaries and the OP's investment in NexPoint Homes Trust, Inc. ("NexPoint Homes") (see Note 4) under the VIE model as it was determined the Company both controls the direct activities of the OP and its investments, including NexPoint Homes, and has the right to receive benefits that could potentially be significant to the OP, its subsidiaries and its investment in NexPoint Homes. The Company has control to direct the activities of the OP and its subsidiaries because the OP GP is a wholly-owned subsidiary of the Company, and the Company determined it was the party most closely associated with the OP. The Company has control to direct the activities of NexPoint Homes because the OP owns approximately 83% of the outstanding equity of NexPoint Homes and the parties that beneficially own over 99% of the operating partnership of NexPoint Homes are related parties to the Company as of September 30, 2025. The Company will continue to evaluate whether the NexPoint Homes entity is a VIE and whether the Company is the primary beneficiary of the VIE and should consolidate the NexPoint Homes entity. The consolidated financial statements include the accounts of the Company and its subsidiaries, including the OP, its subsidiaries, and NexPoint Homes. All significant intercompany accounts and transactions have been eliminated in consolidation. OP Units and equity interests in consolidated VIEs that are not owned by the Company are presented as noncontrolling interests in the consolidated financial statements, and income or loss generated is allocated between the Company and the noncontrolling interests based upon their relative ownership percentages. In these consolidated financial statements, redeemable noncontrolling interests in the OP are exclusive of any interests in NexPoint Homes and its SFR OP (as defined in Note 4). Noncontrolling interests in consolidated VIEs are representative of interests in NexPoint Homes and redeemable noncontrolling interests in consolidated VIEs are representative of interests in the SFR OP (as defined in Note 4).

*Real Estate Investments*

Upon acquisition, we evaluate our acquired SFR properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Since substantially all of the fair value of our acquired properties is concentrated in a single identifiable asset or group of similar identifiable assets and the acquisitions do not include a substantive process, our purchases of homes or portfolios of homes qualify as asset acquisitions. Accordingly, upon acquisition of a property, the purchase price and related acquisition costs ("Total Consideration") are allocated to land, buildings, improvements, fixtures, and intangible lease assets based upon their relative fair values.

The allocation of Total Consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, *Fair Value Measurement* ("ASC 820") (see Note 6), is based on an independent third-party valuation firm's estimate of the fair value of the tangible and intangible assets and liabilities acquired or management's internal analysis based on market knowledge obtained from historical transactions. The valuation methodology utilizes market comparable information, depreciated replacement cost and other estimates in allocating value to the tangible assets. The allocation of the Total Consideration to intangible lease assets represents the value associated with the in-place leases, as one month's worth of effective gross income (rental revenue, less credit loss allowance, plus other income) as the average downtime of the assets in the portfolio is approximately one month and the assets in the portfolio are leased on a gross rental structure. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized or accreted as interest expense over the life of the debt assumed.

Real estate assets, including land, buildings, improvements, fixtures, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. The Company also incurs indirect costs to prepare acquired properties for rental. These costs are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest, real estate taxes, insurance, utilities and other indirect costs as costs of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and the costs have been incurred. After completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred, unless the renovation meets the Company's capitalization criteria. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table:

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| | |
|:---|:---|
| Land | Not depreciated |
| Buildings | 27.5 years |
| Improvements and other assets | 2.5 - 15 years |
| Acquired improvements and fixtures | 1 - 8 years |
| Intangible lease assets | 6 months |

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As of September 30, 2025, the gross balance and accumulated amortization related to the intangible lease assets was $0.4 million and $0.1 million, respectively. As of December 31, 2024, the gross balance and accumulated amortization related to the intangible lease assets were both zero. For the three months ended September 30, 2025 and 2024, the Company recognized $0.1 million and zero amortization expense related to the intangible lease assets, respectively, which was included in depreciation and amortization expense on the consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2025 and 2024, the Company recognized $0.1 million and zero amortization expense related to the intangible lease assets, respectively, which was included in depreciation and amortization expense on the consolidated statements of operations and comprehensive income (loss).

Real estate assets are reviewed for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values and rental rates, changes in hold periods and occupancy percentages, as well as significant changes in the economy. In such cases, the Company will evaluate the recoverability of the assets by comparing the estimated future cash flows expected to result from the use and eventual disposition of each asset to its carrying amount and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount. If impaired, the real estate asset will be written down to its estimated fair value. The process whereby we assess our single-family rental homes for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty. For the three months ended September 30, 2025 and 2024, the Company recorded approximately $4.9 million and $3.8 million, respectively, of impairment charges on real estate assets, mostly related to assets that were held for sale, which are included in Gain (loss) on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2025 and 2024, the Company recorded approximately $13.3 million and $12.4 million, respectively, of impairment charges on real estate assets, mostly related to assets that were held for sale, which are included in Gain (loss) on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss). During the three months ended September 30, 2025 and 2024, $1.5 million and zero impairments on operating properties not held for sale were recorded, respectively, which are included in Gain (loss) on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss). During the nine months ended September 30, 2025 and 2024, $2.5 million and zero of impairments on operating properties not held for sale were recorded, respectively, which are included in Gain (loss) on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss).

Intangible assets primarily include internally developed software and are amortized on a straight-line basis over the estimated useful lives as described in the following table:

Internally developed software 5 years

In connection with the Externalization, the Company re-assessed the useful life and service potential of the intangible assets. As of September 30, 2025, the remaining net carrying amount of the intangible IT platform asset acquired related to the Internalization of the Legacy VineBrook Manager was $1.0 million, and is included within Intangible assets, net on the consolidated balance sheet. The IT platform is currently still in use and is expected to be utilized until the Externalization is complete at the end of the fiscal year. The Company has determined to shorten the remaining useful life of the previously acquired IT platform intangible asset, and accelerate the remaining amortization through December 31, 2025, which will be included in depreciation and amortization expense on the consolidated statements of operations and comprehensive income (loss). During the nine months ended September 30, 2025, the Company determined that $2.0 million of previously capitalized internal software was still in development and would not have any future use, and therefore immediately wrote off the balance in full. The $2.0 million write off is included within depreciation and amortization expense on the consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2025. As of September 30, 2025, the remaining net carrying amount of the intangible assets internally developed and still in use was $0.7 million, and is included within Intangible assets, net on the consolidated balance sheet. The software is expected to have existing service potential through the end of the fiscal year, aligning with the complete execution of the Externalization. The Company has revised the estimated amortization over the remaining useful life through December 31, 2025, which will be included in depreciation and amortization expense on the consolidated statements of operations and comprehensive income (loss).

Intangible assets subject to amortization are reviewed for impairment, wherein an impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. No impairment losses on intangible assets have been recognized for the three and nine months ended September 30, 2025 and 2024.

*Goodwill*

Goodwill has an indefinite life and therefore is not amortized under the provisions of *ASC 350, Intangibles – Goodwill and Other*. Goodwill is tested at least annually for impairment to ensure that the carrying amount of goodwill exceeds its implied fair value. We assess goodwill for impairment annually on October 1<sup>st</sup>, or more frequently if there are indicators of impairment. We completed the annual impairment testing on October 1, 2024 and determined there was no impairment of goodwill. No impairment losses on goodwill have been recognized for the three and nine months ended September 30, 2025 and 2024.

*Held to Maturity Investments*

Investments in debt securities that we have a positive intent and ability to hold to maturity are classified as held to maturity and are presented within asset-backed securitization certificates on our consolidated balance sheets. These investments are recorded at amortized cost. Interest income, including amortization of any premium or discount, is classified as investment income in the consolidated statements of operations.

In connection with the Company's asset-backed securitization transactions (as discussed in Note 5), we have retained and purchased certificates totaling approximately $79.0 million. These investments in debt securities are classified as held to maturity investments, and our retained certificates are scheduled to mature within the next four years. For the three and nine months ended September 30, 2025 and 2024, we have not recognized any credit losses with respect to these investments in debt securities.

*Cash and Restricted Cash*

The Company maintains cash at multiple financial institutions and, at times, these balances exceed federally insurable limits. As a result, there is a concentration of credit risk related to amounts on deposit. We believe any risks are mitigated through the size of the financial institutions at which our cash balances are held.

Restricted cash represents cash deposited in accounts related to security deposits, property taxes, insurance premiums, deductibles and other lender-required escrows. Amounts deposited in the reserve accounts associated with the loans can only be used as provided for in the respective loan agreements, and security deposits held pursuant to lease agreements are required to be segregated.

The following table provides a reconciliation of cash and restricted cash reported on the consolidated balance sheets that sum to the total of such amount shown in the consolidated statements of cash flows (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| | **2025** | **2024** |
| Cash | $38457 | $54903 |
| Restricted cash | 59651 | 41690 |
| &nbsp;&nbsp;&nbsp;Total cash and restricted cash | $98108 | $96593 |

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*Reclassification of Prior Year Activity on the Consolidated Statements of Cash Flows*

Certain reclassifications have been made within the consolidated statements of cash flows to the non-cash interest amortization, net cash received on derivative settlements, and the changes in operating assets and liabilities, net of effects of sales and acquisitions for the nine months ended September 30, 2024 to be comparative to the consolidated statement of cash flows for the nine months ended September 30, 2025.

*Revenue Recognition*

The Company's primary operations consist of rental income earned from its residents under lease agreements typically with terms of one year or less. In accordance with ASC 842, *Leases*, the Company classifies the SFR property leases as operating leases and elects to not separate the lease component, comprised of rents from SFR properties, from the associated non-lease component, comprised of fees from SFR properties and resident charge-backs. The combined component is accounted for under the lease accounting standard while certain resident reimbursements are accounted for as variable payments under the revenue accounting guidance. Rental income is recognized when earned. This policy effectively results in income recognition on a straight-line basis over the related terms of the leases. Resident reimbursements and other income consist of charges billed to residents for utilities, resident-caused damages, pets, and administrative, application and other fees and are recognized when earned. Historically, the Company has used a direct write-off method for uncollectible rents; wherein uncollectible rents are netted against rental income. For the three months ended September 30, 2025 and 2024, rental income includes $3.9 million and $4.0 million of variable lease payments, respectively. For the nine months ended September 30, 2025 and 2024, rental income includes $12.1 million and $11.8 million of variable lease payments, respectively.

Gains on sales of properties are recognized pursuant to the provisions included in ASC 610-20, Other Income. We recognize a full gain on sale when the derecognition criteria under ASC 610-20 have been met, which is included in gain (loss) on sales and impairment of real estate on the consolidated statements of operations and comprehensive income (loss).

*Redeemable Securities*

Included in the Company's consolidated balance sheets are redeemable noncontrolling interests in the OP, redeemable noncontrolling interests in consolidated VIEs, and 6.50% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock"). These interests are presented in the "mezzanine" section of the consolidated balance sheets because they do not meet the functional definition of a liability or permanent equity under current accounting literature. The Company accounts for these under the provisions of ASC Topic 480-10-S99-3A, paragraph 15(b).

In accordance with ASC Topic 480-10-S99, since the redeemable noncontrolling interests in the OP and redeemable noncontrolling interests in consolidated VIEs have a redemption feature, they are measured at their redemption value if such value exceeds the carrying value of interests. The redemption value is based on the NAV per unit at the measurement date. The offset to the adjustment to the carrying amount of the redeemable noncontrolling interests in the OP and redeemable noncontrolling interests in consolidated VIEs is reflected in the Company's additional paid-in capital on the consolidated balance sheets. In accordance with ASC Topic 480-10-S99, the Series A Preferred Stock is measured at its carrying value plus the accretion to its future redemption value on the balance sheet. The accretion is reflected in the Company's dividends on and accretion to redemption value of Series A Redeemable Preferred stock on the consolidated statements of operations and comprehensive income (loss).

*Segment Reporting*

We adopted Accounting Standards Update ("ASU") ASU 2023-07, *Segment Reporting – Improvements to Reportable Segment Disclosures* ("ASU 2023-07"), which requires a public entity to disclose significant segment expenses and other segment items in interim and annual periods and expands the GAAP disclosure requirements for interim periods. ASU 2023-07 also explicitly requires public entities with a single reportable segment to provide all segment disclosures under GAAP. The Company identifies and discloses its reporting segment(s) in accordance with ASC 280, *Segment Reporting*. In applying this guidance, the Company first identifies its operating segment(s) from the component(s) where: (1) it engages in business activities from which it may recognize revenue and incur expenses, (2) its operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (3) its discrete financial information is available. Reportable segments are generally those operating segments that meet certain quantitative thresholds. The Company has determined it has two reportable segments: the VineBrook Portfolio and the NexPoint Homes Portfolio.

*Recent Accounting Pronouncements*

In March 2024, the FASB issued ASU 2024-01, *Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards* ("ASU 2024-01"), to clarify the scope application of profits interest and similar awards by adding illustrative guidance in ASC 718, *Compensation-Stock Compensation* ("ASC 718"). ASU 2024-01 clarifies how to determine whether profits interest and similar awards should be accounted for as a share-based payment arrangement (ASC 718) or as a cash bonus or profit-sharing arrangement (ASC 710, *Compensation-General*, or other guidance) and applies to all reporting entities that account for profits interest awards as compensation to employees or non-employees. In addition to adding the illustrative guidance, ASU 2024-01 modified the language in paragraph 718-10-15-3 to improve its clarity and operability without changing the guidance. ASU 2024-01 is effective for fiscal years beginning after December 15, 2024, including interim periods within those annual periods. Early adoption is permitted. The amendments should be applied either retrospectively to all prior periods presented in the financial statements, or prospectively to profits interests and similar awards granted or modified on or after the adoption date. The adoption of ASU 2024-01, beginning on January 1, 2025, did not have an impact on the consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, *Disaggregation of Income Statement Expenses* ("ASU 2024-03"). ASU 2024-03 requires disclosures of disaggregated information about certain income statement expense line items on an annual and interim basis. The amendments are effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and should be applied prospectively, with the option to apply retrospectively. The Company is currently evaluating the impact of adopting the amendments on its disclosures.

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**3. Real Estate Investments**

As of September 30, 2025, the Company, through the OP and its SPE subsidiaries, owned 22,441 homes, including 20,365 homes in the VineBrook Portfolio and 2,076 homes in the NexPoint Homes Portfolio. As of December 31, 2024, the Company through the OP and its SPE subsidiaries, owned 23,051 homes, including 20,804 homes in the VineBrook Portfolio and 2,247 homes in the NexPoint Homes Portfolio. The components of the Company's real estate investments in homes were as follows (in thousands):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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, 2024 | $527422 | $2739977 |  | $— | $55592 | $3322991 | $(373964) |  |
| Additions (2) | 9560 | 76570 | (3) | 360 | 4052 | 90542 | (85975) | (4) |
| Transfers to held for sale | (25081) | (126322) |  |  | 134026 | (17377) | 17377 |  |
| Reclasses | 156 | 622 |  |  | (1914) | (1136) | (83) |  |
| Write-offs | (40) | (370) |  |  |  | (410) |  |  |
| Dispositions | (903) | (5508) |  |  | (99292) | (105703) | 531 |  |
| Impairment |  | (2494) |  |  | (10810) | (13304) |  |  |
| Real Estate Balances, September 30, 2025 | $511114 | $2682475 |  | $360 | $81654 | $3275603 | $(442114) |  |

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

(2)Includes acquisition additions of approximately $9.3 million in land, $42.0 million in buildings and improvements, and $0.4 million in intangible assets related to property acquisitions.

(3)Includes capitalized interest of approximately $0.6 million and other capitalizable costs outlined in (1) above of approximately $0.5 million.

(4)Accumulated depreciation and amortization activity excludes approximately $7.4 million of depreciation and amortization related to assets not classified as real estate investments.

During the three months ended September 30, 2025 and 2024, the Company recognized depreciation expense of approximately $29.2 million and $30.9 million, respectively. During the nine months ended September 30, 2025 and 2024, the Company recognized depreciation expense of approximately $87.9 million and $93.6 million, respectively.

*Real estate acquisitions and dispositions*

During the three months ended September 30, 2025 and 2024, the Company acquired 119 and zero additional homes within the VineBrook Portfolio, respectively. During the nine months ended September 30, 2025 and 2024, the Company acquired 196 and zero additional homes within the VineBrook Portfolio, respectively. During both the three months ended September 30, 2025 and 2024, the Company acquired zero additional homes within the NexPoint Homes Portfolio. During both the nine months ended September 30, 2025 and 2024, the Company acquired zero additional homes within the NexPoint Homes Portfolio. See Note 4 for additional information about NexPoint Homes.

During the three months ended September 30, 2025 and 2024, the Company, through the OP, disposed of 203 and 145 homes within the VineBrook Portfolio, respectively. During the nine months ended September 30, 2025 and 2024, the Company, through the OP, disposed of 635 and 884 homes within the VineBrook Portfolio, respectively. During the three months ended September 30, 2025 and 2024, the Company, through its consolidated investment in NexPoint Homes, disposed of 27 and 143 homes, respectively. During the nine months ended September 30, 2025 and 2024, the Company, through its consolidated investment in NexPoint Homes, disposed of 171 and 226 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.

*Held for sale properties*

The Company periodically classifies real estate assets as held for sale when the held for sale criteria are met in accordance with GAAP. At that time, the Company presents the net real estate assets separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to any property classified as held for sale. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. Where the carrying amount of a property exceeds its estimated fair value less estimated costs to sell, the Company records an impairment charge with respect to such property. For the three months ended September 30, 2025 and 2024, the Company recorded approximately $4.1 million and $3.8 million of impairment charges on real estate assets held for sale, respectively. The impairment charges recorded include approximately $0.8 million and $0.5 million of casualty related impairment for the three months ended September 30, 2025 and 2024, respectively, and are included in Gain (loss) on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2025 and 2024, the Company recorded approximately $11.8 million and $12.4 million of impairment charges on real estate assets held for sale, respectively. The impairment charges recorded include approximately $1.5 million and $1.4 million of casualty related impairment for the nine months ended September 30, 2025 and 2024, respectively, and are included in Gain (loss) on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss). As of September 30, 2025 and 2024, there were 604 and 271 homes that were classified as held for sale, respectively. These held for sale properties had a carrying amount of approximately $81.7 million and $39.7 million, respectively. As of September 30, 2025 and 2024, the total impairment charges on these held for sale properties was approximately $4.9 million and $5.4 million, respectively.

*Hurricane Helene*

During September 2024, Hurricane Helene hit the southeastern seaboard of the United States, generally affecting Florida, Georgia, South Carolina, North Carolina, Virginia and Tennessee. In total, over 800 properties in the VineBrook Portfolio were impacted by Hurricane Helene across the following ten markets: Augusta, Cincinnati, Columbia, Atlanta, Triad, Huntsville, Indianapolis, Greenville, Dayton and Montgomery. The NexPoint Homes Portfolio saw minimal damage related to Hurricane Helene as it only affected 12 homes in the NexPoint Homes Portfolio. As of September 30, 2025, all markets impacted by Hurricane Helene have had repairs completed. For the three and nine months ended September 30, 2025, there were no impairment charges recorded due to property damage related to Hurricane Helene. For the three and nine months ended September 30, 2025, there was zero and $2.3 million gain on insurance repairs recorded, respectively. Total insurance recoveries were $6.2 million, of which $6.2 million has been received as of September 30, 2025. These amounts are included in the Gain (loss) on sales and impairment of real estate, net, on the consolidated statements of operations and comprehensive income (loss).

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**4. NexPoint Homes Investment**

Substantially all of NexPoint Homes' business is conducted through NexPoint SFR Operating Partnership, L.P. (the "SFR OP"), the operating partnership of NexPoint Homes.

On September 19, 2024, certain subsidiaries of the SFR OP entered into property management agreements with Mynd Management, Inc. ("Mynd") to manage the NexPoint Homes Portfolio (the "Mynd Management Agreements"). Mynd is now responsible for the day-to-day management of the NexPoint Homes Portfolio, paying operating expenses, managing maintenance issues, accounting for each property using GAAP, overseeing third-party property managers and other responsibilities customary for the management of SFR properties. Under the Mynd Management Agreements, Mynd is entitled to a property management fee, an asset management services fee, a disposition fee and a construction management fee, in addition to leasing, onboarding and certain inspection fees. The fees are generally paid monthly in arrears. Mynd is not a related party of the Company.

During the three months ended September 30, 2025, $1.0 million in fees were earned by Mynd in connection with the Mynd Management Agreements. Related to the fees earned by Mynd, $0.6 million and $0.4 million were expensed and included within property management fees and general and administrative expenses, respectively, on the consolidated statements of operations and comprehensive income (loss) for the three months ended September 30, 2025, and no fees were capitalized to the property basis based on the nature of the fee for the three months ended September 30, 2025.

During the nine months ended September 30, 2025, $3.1 million in fees were earned by Mynd in connection with the Mynd Management Agreements. Related to the fees earned by Mynd, $1.9 million and $1.2 million were expensed and included within property management fees and general and administrative expenses, respectively, on the consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2025, and no fees were capitalized to the property basis based on the nature of the fee for the nine months ended September 30, 2025.

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**5. Debt**

As of September 30, 2025, the VineBrook Portfolio had approximately $2.1 billion of debt outstanding, and the NexPoint Homes Portfolio had $522.5 million of debt outstanding. The following table contains summary information of the Company's debt as of September 30, 2025 and December 31, 2024 (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Outstanding Principal as of** | **Outstanding Principal as of** | | | |
| | **Type** | **September 30, 2025** | **December 31, 2024** | **Interest Rate (1)** | **Maturity** | |
| Warehouse Facility | Floating | $— | $457183 | 7.13% | 11/3/2025 |  |
| JPM Facility | Floating | 94433 | 97350 | 7.09% | 10/31/2025 | (2) |
| JPM Acquisition Facility | Floating | 35654 |  | 6.48% | 7/9/2027 |  |
| JPM Term Loan | Floating | 484080 |  | 6.03% | 9/10/2027 |  |
| ABS I Loan | Fixed | 373771 | 389274 | 4.92% | 12/8/2028 |  |
| ABS II Loan | Fixed | 398775 | 402334 | 4.65% | 3/9/2029 |  |
| MetLife Note | Fixed | 100328 | 104312 | 3.25% | 1/31/2026 | (3) |
| MetLife Term Loan I | Fixed | 322531 | 340099 | 4.50% | 8/22/2029 |  |
| MetLife Term Loan II | Fixed | 246843 | 249899 | 4.75% | 11/4/2029 |  |
| OSL Loan | Fixed | 15000 |  | 9.00% | 2/25/2027 |  |
| TrueLane Mortgage | Fixed | 7688 | 8165 | 5.35% | 2/1/2028 |  |
| Crestcore II Note | Fixed | 2408 | 2574 | 5.12% | 7/9/2029 |  |
| Crestcore IV Note | Fixed | 2240 | 2391 | 5.12% | 7/9/2029 |  |
| Total VineBrook Portfolio debt |  | $2083751 | $2053581 |  |  |  |
| NexPoint Homes MetLife Note 1 | Fixed | 236604 | 237173 | 3.73% | 3/3/2027 |  |
| NexPoint Homes MetLife Note 2 | Fixed | 173839 | 174590 | 5.44% | 8/12/2027 |  |
| NexPoint Homes OSL Note | Fixed | 6287 |  | 9.75% | 5/15/2026 |  |
| SFR OP Note Payable I | Fixed |  | 500 | 8.80% | 4/25/2025 |  |
| SFR OP Note Payable II | Fixed |  | 500 | 12.50% | 3/31/2025 |  |
| SFR OP Note Payable III | Fixed | 12500 | 3500 | 15.00% | 7/10/2026 |  |
| SFR OP Convertible Notes | Fixed | 93264 | 102557 | 7.50% | 6/30/2027 |  |
| Total NexPoint Homes Portfolio debt |  | $522494 | $518820 |  |  |  |
| Total debt |  | $2606245 | $2572401 |  |  |  |
| Debt premium, net (4) |  | 180 | 234 |  |  |  |
| Debt discount, net (5) |  | (75258) | (89128) |  |  |  |
| Deferred financing costs, net of accumulated amortization of $38,457 and $32,110, respectively |  | (35599) | (35620) |  |  |  |
|  |  | $2495568 | $2447887 |  |  |  |

---

(1)Represents the interest rate as of September 30, 2025. Except for fixed rate debt, the interest rate is 30-day average Secured Overnight Financing Rate ("SOFR"), daily SOFR or one-month term SOFR, plus an applicable margin. The 30-day average SOFR as of September 30, 2025 was 4.3076%, daily SOFR as of September 30, 2025 was 4.2400% and one-month term SOFR as of September 30, 2025 was 4.1292%.

(2)Subsequent to September 30, 2025, the Company fully paid off the outstanding principal balance and interest on JPM Facility (as defined below). See Note 14 to the consolidated financial statements.

(3)Subsequent to September 30, 2025, the Company fully paid off the outstanding principal balance and interest on MetLife Note (as defined below). See Note 14 to the consolidated financial statements.

(4)The Company reflected valuation adjustments on its assumed fixed rate debt to adjust it to fair market value on the dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the debt.

(5)The Company reflected a discount on ABS I Loan, ABS II Loan, MetLife Term Loan I Facilities and MetLife Term Loan II Facility (as defined below), which is amortized into interest expense over the remaining term of the debt.

Additionally, we have included a summary of debt agreements and significant changes to the agreements during the nine months ended September 30, 2025 below.

*JPM Facility*

On March 1, 2021, the Company entered into a non-recourse carveout guaranty and certain wholly owned subsidiaries of VB Three, LLC (as borrowers) entered into a $500.0 million credit agreement (the "JPM Facility") with JPMorgan Chase Bank, National Association ("JPM"). The JPM Facility was secured by equity pledges in VB Three, LLC ("VB Three") and its wholly owned subsidiaries and bore interest at a variable rate equal to one-month London Interbank Offered Rate ("LIBOR") plus 2.75%. The JPM Facility was interest-only and was due in full on March 1, 2023. On March 10, 2022, the Company entered into Amendment No. 1 to the JPM Facility, wherein each advance under the JPM Facility would bear interest at the daily SOFR plus 2.85%. On January 31, 2023, the Company entered into Amendment No. 2 to the JPM Facility, wherein the total facility amount was updated to $350.0 million, and the maturity date was extended to January 31, 2025, which could be extended for 12 months upon submission of an extension request, subject to approval. On March 15, 2023, the Company entered into Amendment No. 3 to the JPM Facility to give the Company credit for pledging an interest rate cap by reducing the interest reserve requirements under the JPM Facility based on the capped rate. On December 26, 2024, the Company entered into Amendment No. 4 to the JPM Facility, wherein the maturity date was extended to April 30, 2025. On April 24, 2025, the Company entered into Amendment No. 5 to the JPM Facility, wherein the maturity date was extended to July 31, 2025. On July 28, 2025, the Company entered into Amendment No. 6 to the JPM Facility, wherein the maturity date was extended to October 31, 2025, and the commitment was reduced to the amount equal to the advances outstanding as of the Amendment No. 6 effective date and all repayments permanently reduced the commitment.

During the nine months ended September 30, 2025, the Company paid down approximately $2.9 million on the JPM Facility. The outstanding balance on the JPM Facility as of September 30, 2025, was approximately $94.4 million. The balance of the JPM Facility, net of unamortized deferred financing costs, is included in credit facilities on the consolidated balance sheets. Subsequent to September 30, 2025, the JPM Facility was paid off in full on October 17, 2025 (see Note 14).

*JPM Acquisition Facility*

On June 25, 2025, VB Twelve, LLC, an indirect subsidiary of the Company, entered into a loan and security agreement with JPM, as lender, providing for an uncommitted facility for up to $500.0 million (the "JPM Acquisition Facility"). The JPM Acquisition Facility bears interest at the greater of (i) one-month term SOFR or (ii) 3.00% plus 2.35% per annum. The JPM Acquisition Facility is interest-only and matures on July 9, 2027 with a one-year extension option subject to meeting certain criteria, payment of an extension fee and increases in the interest rate spread. The outstanding balance on the JPM Acquisition Facility as of September 30, 2025 is approximately $35.7 million. The JPM Acquisition Facility, net of unamortized deferred financing costs, is included in credit facilities on the consolidated balance sheets.

*MetLife Note*

On January 26, 2021, the Company (as guarantor) and VB Two, LLC (as borrower) ("VB Two") entered into a $125.0 million note with Metropolitan Life Insurance (the "MetLife Note"). The MetLife Note was secured by equity pledges in VB Two and its wholly owned subsidiaries and bore interest at a fixed rate of 3.25%. The MetLife Note is interest-only and had a maturity date and was due in full on January 31, 2026. The outstanding balance on the MetLife Note as of September 30, 2025 was approximately $100.3 million. The MetLife Note, net of unamortized deferred financing costs, is included in notes payable on the consolidated balance sheets. Subsequent to September 30, 2025, the MetLife Note was paid off in full on October 17, 2025 (see Note 14).

*Asset Backed Securitization I*

On December 6, 2023, the OP completed an asset backed securitization ("ABS") transaction, in connection with which VineBrook Homes Borrower 1, LLC, an indirect special purpose subsidiary of the OP (the "ABS I Borrower") entered into a loan agreement (the "ABS I Loan Agreement") with Bank of America, National Association, as lender (the "ABS I Lender"), providing for a 5-year, fixed-rate, interest-only loan with a total principal balance of $392.2 million (the "ABS I Loan").

Concurrent with the execution of the ABS I Loan Agreement, the ABS I Lender sold the ABS I Loan to VineBrook Homes Depositor A, LLC (the "Depositor"), an indirect subsidiary of the OP, which, in turn, transferred the ABS I Loan to

a trust in exchange for (i) $178.4 million principal amount of Class A pass-through certificates (the "Class A Certificates"), (ii) $38.6 million principal amount of Class B pass-through certificates (the "Class B Certificates"), (iii) $30.8 million principal amount of Class C pass-through certificates (the "Class C Certificates"), (iv) $43.0 million principal amount of Class D pass-through certificates (the "Class D Certificates"), (v) $50.1 million principal amount of Class E pass-through certificates (the "Class E1 Certificates"), (vi) $12.2 million principal amount of Class E pass-through certificates (the "Class E2 Certificates," and collectively with the Class A Certificates, Class B Certificates, Class C Certificates, Class D Certificates and Class E1 Certificates, the "Regular Certificates"), and (vii) $39.1 million Class R pass-through certificates (the "Class R Certificates," and together with the Regular Certificates, the "Certificates"). The Certificates represent beneficial ownership interests in the trust and its assets, including the ABS I Loan.

The Depositor sold the Certificates, acquired by the Depositor in the manner described above, to placement agents who resold the Certificates to investors in a private offering. The Regular Certificates are exempt from registration under the Securities Act and are "exempted securities" under the Securities Exchange Act of 1934 (the "Exchange Act"). To satisfy applicable risk retention rules, the OP completed a securitization transaction, VINE 2023-SFR1, providing for a 5-year, fixed-rate, interest-only loan of Class F certificates ("Class F Certificates") with a total principal amount of $39.1 million. The Company evaluated the purchased Class F Certificates as a variable interest in the trust and concluded that the Class F Certificates do not provide the Company with an ability to direct activities that could impact the trust's economic performance. The Company does not consolidate the trust and the $39.1 million of purchased Class F Certificates are reflected as asset-backed securitization certificates in the Company's consolidated balance sheets. The Depositor used the proceeds from the sale of the Certificates to purchase the ABS I Loan from the ABS I Lender, as described above. The Regular Certificates were sold to investors at a discount and the OP retained the Class F Certificate (as described above), with the result that the proceeds, before closing costs, from the ABS I Loan to the ABS I Borrower were approximately $314.0 million. The net proceeds of $300.6 million were used to partially pay down the Warehouse Facility.

The balance of the ABS I Loan, net of unamortized deferred financing costs and debt discount, is included in notes payable on the consolidated balance sheets. The ABS I Loan is collateralized by 2,682 single family rental homes, and as of September 30, 2025, approximately 11.95% of the Portfolio served as collateral for outstanding borrowings under the ABS I Loan. The ABS I Loan is segregated into six tranches, all of which accrue interest at 4.9235% and have a maturity date of December 8, 2028.

*Asset Backed Securitization II*

On February 29, 2024, the OP, via its indirect special purpose subsidiary, VineBrook Homes Borrower 2, LLC (the "ABS II Borrower"), completed an asset backed securitization ("ABS II") and entered into a loan agreement (the "ABS II Loan Agreement") with BofA Securities, Inc., as sole structuring agent, joint bookrunner and co-lead manager, Mizuho Securities USA LLC, as joint bookrunner and co-lead manager and Citizens JMP Securities, LLC, J.P. Morgan Securities LLC, Raymond James & Associates, Inc., and Truist Securities, Inc., as co-managers (the "ABS II Loan").

Concurrent with the execution of the ABS II Loan Agreement, the lender sold the ABS II Loan to the Depositor, an indirect subsidiary of the OP, which, in turn, transferred the loan to a trust in exchange for (i) $176.9 million principal amount of Class A pass-through certificates (the "ABS II Class A Certificates"), (ii) $38.6 million principal amount of Class B pass-through certificates (the "ABS II Class B Certificates"), (iii) $30.6 million principal amount of Class C pass-through certificates (the "ABS II Class C Certificates"), (iv) $42.9 million principal amount of Class D pass-through certificates (the "ABS II Class D Certificates"), (v) $63.5 million principal amount of Class E pass-through certificates (the "ABS II Class E1 Certificates"), (vi) $11.2 million principal amount of Class E pass-through certificates (the "ABS II Class E2 Certificates," and collectively with the ABS II Class A Certificates, ABS II Class B Certificates, ABS II Class C Certificates, ABS II Class D Certificates and ABS II Class E1 Certificates, the "ABS II Regular Certificates"), and (vii) $39.9 million ABS II Class R pass-through certificates (the "ABS II Class R Certificates," and together with the ABS II Regular Certificates, the "ABS II Certificates"). Initially, the OP retained $19.5 million of the ABS II Class A Certificates, $10.5 million of the ABS II Class B Certificates, and $2.0 million of the ABS II Class C Certificates. On July 11, 2024, the OP sold $10.5 million of the ABS II Class B Certificates. On July 24, 2024, the OP sold $19.5 million of the ABS II Class A Certificates. On September 25, 2024, the OP sold $2.0 million of the ABS II Class C Certificates.

The Depositor sold the ABS II Certificates, acquired by the Depositor in the manner described above, to placement agents who resold the Certificates to investors in a private offering. The ABS II Regular Certificates are exempt from registration under the Securities Act and are "exempted securities" under the Exchange Act. To satisfy applicable risk retention rules, the OP purchased and retained the ABS II Class F component, totaling $39.9 million. Additionally, the OP purchased and retained a portion of the ABS II Class A, Class B and Class C components, totaling $19.5 million, $10.5 million and $2.0 million, respectively. The Company evaluated the purchased ABS II Class A, Class B, Class C and Class F certificates as a variable interest in the trust and concluded that the ABS II Class A, Class B, Class C and Class F certificates do not provide the Company with an ability to direct activities that could impact the trust's economic performance. The Company does not consolidate the trust and the remaining $39.9 million of the ABS II Certificates are reflected as asset-backed securitization certificates on the Company's consolidated balance sheets. For the retained ABS II Class F certificate, the Company determined to classify the debt security as a held to maturity investment (see Note 2). The Depositor used the proceeds from the sale of the ABS II Certificates to purchase the ABS II Loan from the lender, as described above. The ABS II Regular Certificates were sold to investors at a discount and the OP retained the entire Class F certificate (as described above), with the result that the proceeds, before closing costs, from the ABS II Loan to the ABS II Borrower were approximately $331.8 million. A portion of the net proceeds from the ABS II were used to pay down $242.4 million on the JPM Facility and fund reserves per the credit agreement.

The balance of the ABS II Loan, net of unamortized deferred financing costs and debt discount, is included in notes payable on the consolidated balance sheets. The ABS II Loan is collateralized by 2,433 single family rental homes, and as of September 30, 2025, approximately 10.84% of the Portfolio served as collateral for outstanding borrowings under the ABS II Loan. The ABS II Loan is segregated into seven tranches, Components A through F, providing for a 5-year, fixed-rate, interest-only loan with a total principal balance of $403.7 million. The weighted average interest rate of the ABS II Regular Certificates (Class A through E2) is 4.6495% and have a maturity date of March 9, 2029.

*Warehouse Facility*

On September 20, 2019, the OP (as guarantor) and VB One, LLC (as borrower) entered into a credit facility (the "Warehouse Facility") with KeyBank. On August 14, 2024, the OP entered into a Seventh Amendment to the Warehouse Facility (the "Warehouse Seventh Amendment") with KeyBank, as administrative agent, and the lenders party thereto. The Warehouse Seventh Amendment, among other things, provided for (1) a reduction in the maximum commitment of the Warehouse Facility; (2) reduced unused facility fees; (3) modifications and additions of certain covenants, including adjusting the minimum fixed charge coverage ratio to not less than 1.40 to 1.0, effective as of January 1, 2024; (4) in connection with sales of assets to unaffiliated third parties, the prepayment of the commitment amount with 100% of such proceeds until the commitment under the Warehouse Facility is reduced to $475.0 million and with 75% of such proceeds thereafter; provided that certain additional amounts may be required to be prepaid if the outstanding principal balance would exceed the value of the assets in the borrowing base following such sale; (5) the reduction of the outstanding principal balance to be no more than $475.0 million by October 31, 2024.

On September 11, 2025, the Company fully paid off the outstanding principal balance and interest on the Warehouse Facility.

*MetLife Term Loan I Facilities*

On August 22, 2024, VB Nine, LLC ("VB Nine") and VB Ten, LLC ("VB Ten"), indirect subsidiaries of the Company, as borrowers, entered into two credit agreements for term loan credit facilities (collectively, the "MetLife Term Loan I Facilities") with Metropolitan Life Insurance Company and Metropolitan Tower Life Insurance Company, and the lenders party thereto from time to time, which provided a total commitment of $343.2 million. Borrowings under the MetLife Term Loan I Facilities are secured by an equity pledge by VB Nine Equity and VB Ten Equity of their equity interests in VB Nine and VB Ten, respectively, and the property and assets held by VB Nine and VB Ten, respectively, and bear interest at a fixed rate equal to 4.5%. The MetLife Term Loan I Facilities are full-term, interest-only facilities that mature on August 22, 2029. The Company used $282.0 million of the proceeds to pay down a portion of the outstanding amounts under the Warehouse Facility. As of September 30, 2025, the outstanding balance of the MetLife Term Loan I Facilities was approximately $322.5 million.

*MetLife Term Loan II Facility*

On November 4, 2024, VB Eleven, LLC, an indirect subsidiary of the Company, as borrower, entered into a $250.0 million credit agreement for a term loan credit facility (the "MetLife Term Loan II Facility") with Metropolitan Life Insurance Company and Metropolitan Tower Life Insurance Company, and the lenders party thereto from time to time. Borrowings under the MetLife Term Loan II Facility are secured by an equity pledge by VB Eleven Equity of its equity interests in VB Eleven and the property and assets held by VB Eleven, and bear interest at a fixed rate equal to 4.75%. The MetLife Term Loan II Facility is a full-term, interest-only facility that matures on November 4, 2029. As of September 30, 2025, the outstanding balance of the MetLife Term Loan II Facility was approximately $246.8 million.

*The OSL Loan*

On February 25, 2025, the OP, as borrower, entered into a $10.0 million credit agreement (the "OSL Loan") with The Ohio State Life Insurance Company ("OSL"). OSL is an entity that may be deemed an affiliate of the Company's Adviser through common beneficial ownership. The OSL Loan provides for a 2-year, interest-only loan at a 9.0% fixed interest rate and is guaranteed by the Company. On May 5, 2025, the OP used its option to draw an additional $5.0 million on the OSL Loan. As of September 30, 2025, the outstanding balance of the OSL Loan was approximately $15.0 million.

Subsequent to September 30, 2025, the OSL Loan was paid off in full on October 30, 2025 (see Note 14).

*The OSL Loan II*

On August 7, 2025, the OP, as borrower, entered into a secured $10.0 million revolving credit agreement (the "OSL Loan II") with OSL. The OSL Loan II provides for a 2-year, interest-only loan at a 9.0% fixed interest rate and is guaranteed by the Company. On September 11, 2025, the Company fully paid off the outstanding principal balance and interest on OSL Loan II. As of September 30, 2025, the outstanding balance of the OSL Loan II was zero.

*JPM Term Loan*

On September 11, 2025, the OP, as borrower, entered into a credit agreement (the "JPM Term Loan") with JPM, and the lenders party thereto from time to time, including OSL. The JPM Term Loan provides for term loans of $485.0 million, all of which were drawn on September 11, 2025. Borrowings under the JPM Term Loan will generally bear interest at term secured overnight financing rate ("Term SOFR") for the interest period plus 1.90%, provided that the Company may elect for the JPM Term Loan to bear interest at (i) the greater of the prime rate, the federal funds effective rate plus 0.5%, and one-month Term SOFR plus 1.0%, in each case, plus 0.90% or (ii) adjusted daily effective SOFR plus 1.90%. The JPM Term Loan is interest-only and matures on September 10, 2027. The Company used the proceeds from the JPM Term Loan to fully repay the outstanding balances of the Warehouse Facility and the OSL Loan II. As of September 30, 2025, the outstanding balance was approximately $484.1 million. The JPM Term Loan, net of unamortized deferred financing costs, is included in notes payable on the consolidated balance sheets.

*NexPoint Homes*

In addition to the debt agreements discussed above for the VineBrook Portfolio, as of September 30, 2025, the NexPoint Homes Portfolio had $522.5 million of debt outstanding included in notes payable on the consolidated balance sheets, which is comprised of two consolidated notes with Metropolitan Life Insurance Company (the "NexPoint Homes MetLife Note 1" and "NexPoint Homes MetLife Note 2"), the NexPoint Homes OSL Note (as defined below), the SFR OP Note Payable I (as defined below), the SFR OP Note Payable II (as defined below), the SFR OP Note Payable III (as defined below) and the SFR OP Convertible Notes (as defined in Note 10). See the summary table above for further information on the debt of the NexPoint Homes Portfolio.

*NexPoint Homes OSL Note*

On May 15, 2025, NexPoint SFR SPE 2, LLC, a wholly owned subsidiary of SFR OP, as borrower, entered into a promissory note with OSL, as lender, providing for a maximum principal amount of $17.3 million (the "NexPoint Homes OSL Note"). The NexPoint Homes OSL Note matures on May 15, 2026 and bears interest at a fixed rate of 9.75%. As of September 30, 2025, the outstanding balance of the NexPoint Homes OSL Note is $6.3 million.

*SFR OP Note Payable I*

On October 25, 2023, the SFR OP as borrower entered into a promissory note with NexPoint Diversified Real Estate Trust Operating Partnership, L.P., the parent of which is advised by an affiliate of our Adviser, as lender (the "SFR OP

Note Payable I") for $0.5 million. The SFR OP Note Payable I bore interest at a fixed rate of 8.80% and had an original maturity date of April 25, 2024. On April 25, 2024, the SFR OP Note Payable I was amended to modify the maturity date to be April 25, 2025. On February 27, 2025, the SFR OP fully paid off the outstanding principal balance and interest on SFR OP Note Payable I.

*SFR OP Note Payable II*

On March 31, 2024, the SFR OP as borrower entered into a promissory note with NexPoint Real Estate Finance, Inc. ("NREF") as lender (the "SFR OP Note Payable II"). The SFR OP Note Payable II had an original maturity date of March 31, 2025 and bore interest at a fixed rate of 12.50%. On March 12, 2025, the SFR OP fully paid off the outstanding principal balance and interest on SFR OP Note Payable II.

*SFR OP Note Payable III*

On July 10, 2024, the SFR OP as borrower entered into a promissory note with NREF as lender (the "SFR OP Note Payable III"). The SFR OP Note Payable III bears interest at a fixed rate of 15.00% and had an original maturity date of July 10, 2025. On July 9, 2025, the SFR OP entered into Amendment No. 1 to the SFR OP Note Payable III, wherein the maturity date was extended to July 10, 2026. On August 25, 2025, the SFR OP entered into a Second Amendment and Restatement to the SFR OP Note Payable III, wherein the maximum commitment was increased to $15.0 million. As of September 30, 2025, the outstanding balance of the SFR OP Note Payable III is $12.5 million.

As of September 30, 2025, the Company is in compliance with all debt covenants in all of its debt agreements.

*Weighted Average Interest*

The weighted average interest rate of the Company's debt was 5.1565% as of September 30, 2025 and 5.2779% as of December 31, 2024. As of September 30, 2025 and December 31, 2024, the adjusted weighted average interest rate of the Company's debt, including the effect of derivative financial instruments, was 4.4582% and 4.0576%, respectively. For purposes of calculating the adjusted weighted average interest rate of the Company's debt as of September 30, 2025, including the effect of derivative financial instruments, the Company has included the weighted average fixed rate of 1.7397% on its combined $0.7 billion notional amount of interest rate swap and cap agreements, representing a weighted average fixed rate for daily SOFR and one-month term SOFR, which effectively fixes the interest rate on the entirety of the $614.2 million of the Company's floating rate indebtedness.

*Schedule of Debt Maturities*

The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to September 30, 2025 are as follows (in thousands):

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| | |
|:---|:---|
| | **Total** |
| 2025 | $194830 |
| 2026 | 53150 |
| 2027 | 1004658 |
| 2028 | 374083 |
| 2029 | 972657 |
| Thereafter | 6867 |
| Total | $2606245 |

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Subsequent to September 30, 2025, the Company paid off $198.0 million of the debt obligations coming due, including the full repayment of the JPM Facility, which had a maturity of October 31, 2025, and the MetLife Note, which had a maturity of January 31, 2026 (see Note 14). The Company has sufficient liquidity to satisfy the remaining $50.0 million of the obligations coming due within 12 months of the financial statement issuance date.

*Deferred Financing Costs*

The Company defers costs incurred in obtaining financing and amortizes the costs over the term of the related debt using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company's consolidated balance sheets. Upon repayment of, or in conjunction with, a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt. For the three months ended September 30, 2025 and 2024,

amortization of deferred financing costs of approximately $3.0 million and $6.3 million, respectively, and amortization of loan discounts of approximately $4.8 million and $6.4 million, respectively, are included in interest expense on the consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2025 and 2024, amortization of deferred financing costs of approximately $7.8 million and $8.9 million, respectively, and amortization of loan discounts of approximately $13.9 million and $9.0 million, respectively, are included in interest expense on the consolidated statements of operations and comprehensive income (loss).

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<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**6. Fair Value of Derivatives and Financial Instruments**

*Derivative Financial Instruments and Hedging Activities*

In the normal course of business, our operations are exposed to market risks, including the effect of changes in interest rates. We have entered into, and from time to time in the future may enter into derivative financial instruments to hedge or offset this underlying market risk. There have been no significant changes in our policy and strategy from what was disclosed in our Annual Report.

As of September 30, 2025, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk at inception (dollars in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Effective Date** | **Expiration Date** | **Counterparty** | **Index (1)** | | **Notional** | **Fixed Rate** | |
| 9/1/2019 | 12/21/2025 | KeyBank | Daily SOFR | (2) | 100000 | 1.4180% |  |
| 9/1/2019 | 12/21/2025 | KeyBank | Daily SOFR | (2) | 50000 | 1.4190% |  |
| 3/31/2022 | 11/1/2025 | KeyBank | Daily SOFR |  | 100000 | 1.5110% |  |
| 3/31/2022 | 11/1/2025 | KeyBank | Daily SOFR |  | 100000 | 1.9190% |  |
| 3/31/2022 | 11/1/2025 | KeyBank | Daily SOFR |  | 50000 | 2.4410% |  |
|  |  |  |  |  | $400000 | 1.6945% | (3) |

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(1)As of September 30, 2025, daily SOFR was 4.2400%.

(2)These interest rate swaps previously referenced one-month LIBOR, which ceased publication on June 30, 2023. Beginning July 1, 2023, these interest rate swaps transitioned to daily SOFR plus 0.1145% for the floating rate.

(3)Represents the weighted average fixed rate of the interest rate swaps which have a combined weighted average fixed rate of 1.6945%.

On September 15, 2025, interest rate swaps with a total notional of $650.0 million were terminated early at the discretion of the Mizuho counterparty. In connection with the early terminations, the Company received approximately $1.3 million, which is included within cash on the consolidated balance sheets and recognized a gain of approximately $0.1 million, which is included within interest expense on the consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2025.

Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. On June 27, 2025, the Company, through the OP, paid a premium of approximately $0.1 million and entered into an interest rate cap transaction with Royal Bank of Canada with a notional amount of $31.9 million (the "RBC Cap"). On September 29, 2025, the Company, through the OP, paid a premium of less than $0.1 million and modified the RBC Cap, wherein the notional amount was increased to $35.9 million. The interest rate caps effectively cap one-month term SOFR at 1.50% on $300.0 million and at 4.25% on $35.9 million on floating rate debts. The interest rate caps expire on November 1, 2025 and July 9, 2027, respectively.

As of September 30, 2025, the Company had the following outstanding interest rate caps that were not designated as hedges in qualifying hedging relationships (dollars in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative** | **Notional** | **Expiration Date** | **Index** | **Index as of September 30, 2025** | **Strike Rate** |
| Interest Rate Cap | $300000 | 11/1/2025 | One-Month Term SOFR | 4.1292% | 1.50% |
| Interest Rate Cap | $35860 | 7/9/2027 | One-Month Term SOFR | 4.1292% | 4.25% |

---

The table below presents the fair value of the Company's derivative financial instruments, which are presented on the consolidated balance sheets as of September 30, 2025 and December 31, 2024 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | | **Asset Derivatives** | **Asset Derivatives** |
| |<br>**Balance Sheet Location** | **September 30, 2025** | **December 31, 2024** |
| Derivatives designated as hedging instruments: |  |  |  |
| &nbsp;&nbsp;Interest rate swaps | Interest rate derivatives, at fair value | $1431 | $11276 |
| Derivatives not designated as hedging instruments: |  |  |  |
| &nbsp;&nbsp;Interest rate swaps | Interest rate derivatives, at fair value |  | 3450 |
| &nbsp;&nbsp;Interest rate caps | Interest rate derivatives, at fair value | 742 | 6563 |
| Total |  | $2173 | $21289 |

---

Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements but either do not meet the strict requirements to apply hedge accounting in accordance with FASB ASC 815, *Derivatives and Hedging*, or the Company has elected not to designate such derivatives as hedges. Changes in the fair value of derivatives not designated in hedging relationships are recognized as either increases or decrease to interest expense. The tables below present the effect of the Company's derivative financial instruments on the consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2025 and 2024 (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Amount of gain (loss) recognized in OCI** | **Amount of gain (loss) recognized in OCI** | | **Amount of gain (loss) reclassified from OCI into income** | **Amount of gain (loss) reclassified from OCI into income** |
| | **2025** | **2024** |<br>**Location of gain (loss) reclassified from OCI into income** | **2025** | **2024** |
| Derivatives designated as hedging instruments: |  |  |  |  |  |
| &nbsp;&nbsp;For the Three Months Ended September 30, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $(1547) | $(8516) | Interest expense | $2750 | $7210 |
| &nbsp;&nbsp;For the Nine Months Ended September 30, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $(4093) | $6434 | Interest expense | $8403 | $24489 |
|  |  |  |  | **Amount of gain (loss) recognized in income** | **Amount of gain (loss) recognized in income** |
|  |  |  | **Location of gain (loss) recognized in income** | **2025** | **2024** |
| Derivatives not designated as hedging instruments: |  |  |  |  |  |
| &nbsp;&nbsp;For the Three Months Ended September 30, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  |  | Interest expense | $1758 | $(1144) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate cap |  |  | Interest expense | $27 | $(2591) |
| &nbsp;&nbsp;For the Nine Months Ended September 30, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  |  | Interest expense | $6025 | $759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate cap |  |  | Interest expense | $524 | $1772 |

---

*ABS Class F Retention Certificates*

The Class F Certificates that the Company purchased and retained as part of the ABS I and ABS II transactions, are classified as held to maturity and are valued at amortized cost. As of September 30, 2025 and December 31, 2024, the carrying value of the ABS I and ABS II Class F Certificates was $79.0 million and $79.0 million, respectively.

The table below presents the outstanding principal balance and estimated fair value of our debt as of September 30, 2025 and December 31, 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Outstanding Principal Balance** | **Estimated Fair Value** | **Outstanding Principal Balance** | **Estimated Fair Value** |
| Debt | $2606245 | $2576469 | $2572401 | $2500760 |

---

The following table sets forth a summary of the Company's held for sale assets, held and used real estate assets that underwent impairment and real estate assets that underwent a casualty related impairment that were accounted for at fair value on a nonrecurring basis as of their respective measurement date (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair Value Hierarchy Level** | **Fair Value Hierarchy Level** | **Fair Value Hierarchy Level** |
|<br>**Description** |<br>**Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| Assets held at September 30, 2025 |  |  |  |  |
| &nbsp;&nbsp;Fair value of real estate assets - impaired at March 31, 2025 | $3129 | $— | $— | $3129 |
| &nbsp;&nbsp;Fair value of real estate assets - impaired at June 30, 2025 | $4192 | $— | $— | $4192 |
| &nbsp;&nbsp;Fair value of real estate assets - impaired at September 30, 2025 | $16133 | $— | $— | $16133 |

---

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<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**7. Stockholders**' **Equity**

The Company issued shares under the Company's distribution reinvestment program (the "DRIP") during the nine months ended September 30, 2025. Common Stock shares issued under the DRIP are issued at a 3% discount to the then-current NAV per share and the Company does not receive any cash for DRIP issuances as those dividends are instead reinvested into the Company. During the three months ended September 30, 2025 and 2024, the Company issued 102,239 and 104,007 shares of Common Stock, respectively, for equity contributions of $5.4 million and $5.9 million, respectively. During the nine months ended September 30, 2025 and 2024, the Company issued 316,166 and 321,642 shares of Common Stock, respectively, for equity contributions of $16.8 million and $17.3 million, respectively.

*2018 Long-Term Incentive Plan*

The Company adopted the 2018 Long Term Incentive Plan (the "2018 LTIP") whereby the Board, or a committee thereof, granted awards of restricted stock units ("RSUs") or profits interest units in the OP ("PI Units") to certain employees of the Company and the Adviser, or others at the discretion of the Board (including the directors and officers of the Company or other service providers of the Company or the OP). Under the terms of the 2018 LTIP, 426,307 shares of Common Stock were initially reserved, subject to automatic increase on January 1st of each year beginning with January 1, 2019 by a number equal to 10% of the total number of OP Units and vested PI Units outstanding on December 31st of the preceding year (the "2018 LTIP Share Reserve"), provided that the Board could act prior to each such January 1st to determine that there would be no increase for such year or that the increase would be less than the number of shares by which the 2018 LTIP Share Reserve would otherwise increase. In addition, the shares of Common Stock available under the 2018 LTIP could not exceed in the aggregate 10% of the number of OP Units and vested PI Units outstanding at the time of measurement. Grants could be made annually by the Board, or more or less frequently in the Board's sole discretion. Vesting of grants made under the 2018 LTIP occur ratably over a period of time as determined by the Board and could include the achievement of performance metrics, also as determined by the Board in its sole discretion.

*2023 Long-Term Incentive Plan*

On July 11, 2023, the Company's stockholders approved the 2023 Long Term Incentive Plan (the "2023 LTIP") to replace the 2018 LTIP and on July 20, 2023, the Company filed a registration statement on Form S-8 registering 1,000,000 shares of Common Stock which the Company may issue pursuant to the 2023 LTIP. Under the 2023 LTIP, the compensation committee of the Board ("Compensation Committee") may grant awards of option rights, stock appreciation rights, restricted stock, RSUs, performance shares, performance share units or cash incentive awards, or PI Units to directors and officers of the Company or other service providers of the Company and the OP, including employees of the Adviser. Under the terms of the 2023 LTIP, 1,000,000 shares of Common Stock were initially reserved, subject to automatic increase on January 1st of each year beginning with January 1, 2024 by a number equal to 10% of the total number of OP Units and vested PI Units outstanding on December 31st of the preceding year (the "Share Reserve"), provided that the Board may act prior to each such January 1st to determine that there will be no increase for such year or that the increase will be less than the number of shares by which the Share Reserve would otherwise increase. Vesting of grants made under the 2023 LTIP will occur over a period of time as determined by the Compensation Committee and may include the achievement of performance metrics, also as determined by the Compensation Committee in its sole discretion.

*RSU Grants Under the 2018 LTIP and 2023 LTIP*

On May 11, 2020, a total of 179,858 RSUs were granted to certain employees of the Adviser, officers of the Company and independent Board members. On February 15, 2021, a total of 191,506 RSUs were granted to certain employees of the Adviser, officers of the Company and independent Board members. On February 17, 2022, a total of 185,111 RSUs were granted to certain employees of the Adviser, officers of the Company and independent Board members. On April 11, 2023, a total of 186,770 RSUs were granted to certain employees of the Adviser, officers of the Company, and independent Board members. On April 3, 2024, a total of 191,937 RSUs were granted to certain employees of the Adviser, officers of the Company, and non-employee Board members. On April 4, 2025, a total of 229,371 RSUs were granted to certain employees of the Adviser, officers of the Company, and non-employee Board members. The RSUs granted to certain employees of the Adviser and officers of the Company on April 11, 2023, February 17, 2022, February 15, 2021 and May 11, 2020 vest 50% ratably over four years and 50% at the successful completion of an initial public offering ("IPO"). The RSUs granted to certain employees of the Adviser and officers of the Company on April 3, 2024 vest 50% ratably over four years and 50% at the successful completion of an initial public offering or the listing of the Company's Common Stock on a national securities exchange. The RSUs granted to certain employees of the Adviser and officers of the Company on April 4, 2025 vest 100% ratably over four years.

On April 4, 2025, the Compensation Committee (i) accelerated the vesting of the May 11, 2020 and February 15, 2021 RSU awards that were dependent upon the successful completion of an IPO, and as such the remaining outstanding RSUs under those respective awards vested on April 4, 2025 and (ii) revised the vesting schedule for the February 17, 2022, April 11, 2023 and April 3, 2024 RSU awards such that the awards vest 50% ratably over four years and 50% upon the earlier to occur: the date of a successful completion of an IPO, the listing of the Company's Common Stock on a national securities exchange (together, a "Company Listing Event") or the final time vesting date. During the three and nine months ended September 30, 2025, the Company recognized approximately $2.4 million and $13.8 million, respectively, of non-cash compensation expense related to the accelerated RSU award vesting, which is based on the fair value of the modified awards at the date of modification. The non-cash compensation expense is included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). The RSUs granted to non-employee Board members fully vest on the first anniversary of the grant date. Forfeitures are recognized as they occur. RSUs are valued at fair value (which is the NAV per share in effect) on the date of grant, with compensation expense recorded in accordance with the applicable vesting schedule that approximates a straight-line basis. Beginning on the date of grant, RSUs accrue dividends that are payable in cash on the vesting date. Once vested, the RSUs convert on a one-for-one basis into Common Stock. The estimated fair values of the RSUs that fully vested during the nine months ended September 30, 2025 and 2024 were an aggregate of $14.5 million and $5.5 million, respectively.

As of September 30, 2025, the number of RSUs granted that are outstanding was as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Dates** | **Number of RSUs** | | **Value (1)** |
| Outstanding December 31, 2024 | 663530 |  | $34071 |
| Granted | 229371 |  | 12510 |
| Vested | (268446) | (2) | (10972) |
| Forfeited | (3371) |  | (197) |
| Outstanding September 30, 2025 | 621084 |  | $35412 |

---

(1)Value is based on the number of RSUs granted multiplied by the most recent NAV per share on the date of grant, which was $54.54 for the April 4, 2025 grant, $58.95 for the April 3, 2024 grant, $63.04 for the April 11, 2023 grant, $54.14 for the February 17, 2022 grant, $36.56 for the February 15, 2021 grant, $30.82 for the May 11, 2020 grant, and $29.85 for the December 10, 2019 grant.

(2)Certain grantees elected to net the taxes owed upon vesting against the shares of Common Stock issued resulting in 191,340 shares of Common Stock being issued for the nine months ended September 30, 2025, and 73,520 shares of Common Stock being issued for nine months ended September 30, 2024, as shown on the consolidated statements of stockholders' equity.

The vesting schedule for the outstanding RSUs is as follows:

---

| | |
|:---|:---|
| **Vest Date** | **RSUs Vesting (1)** |
| February 17, 2026 | 105189 |
| April 3, 2026 | 22451 |
| April 4, 2026 | 67252 |
| April 11, 2026 | 21561 |
| April 3, 2027 | 22451 |
| April 4, 2027 | 54040 |
| April 11, 2027 | 107804 |
| April 3, 2028 | 112256 |
| April 4, 2028 | 54040 |
| April 4, 2029 | 54040 |
|  | 621084 |

---

(1)As of September 30, 2025, upon the successful completion of a Company Listing Event or change of control of the Company, 260,200 RSUs would vest immediately, instead of vesting on the final time vesting date according to the schedule above.

For the three months ended September 30, 2025 and 2024, the Company recognized approximately $4.3 million and $1.5 million, respectively, of non-cash compensation expense related to the RSUs, which is included in corporate general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2025 and 2024, the Company recognized approximately $21.5 million and $4.4 million, respectively, of non-cash compensation expense related to the RSUs, which is included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). As of September 30, 2025, total unrecognized compensation expense on RSUs was approximately $26.0 million, and the expense is expected to be recognized over a weighted average vesting period of 1.59 years.

*Performance Share Grants under the 2023 LTIP*

In connection with the Internalization of the Legacy VineBrook Manager and under the 2023 LTIP, on August 3, 2023, performance shares were granted to certain executives with an aggregate target of 63,452 performance shares. Vesting of 31,726 of the performance shares was based on the achievement of annual Portfolio growth and annual growth of rehabilitations of properties in the Portfolio (the "One Year Performance Shares"), and the vesting of 31,726 of the performance shares was based on the net operating income growth from 2023 through 2025 and core funds from operations per share growth from 2023 through 2025 (the "Three Year Performance Shares"). The achievement of the respective metrics would increase or decrease the number of shares which the grantee earns and therefore receives upon vesting. As of December 31, 2024, it was determined that 23,794 One Year Performance Shares were earned by executives based on annual Portfolio growth and annual growth of rehabilitations of properties in the Portfolio. The One Year Performance Shares vest 25% ratably over four years. The Three Year Performance Shares are based on the achievement of net operating income growth from 2023 through 2025 and core funds from operations per share growth from 2023 through 2025, and if the performance metrics are met when the performance period ends on January 1, 2026, the Three Year Performance Shares vest 50% ratably over two years. Forfeitures are recognized as they occur. Beginning on the date of grant, performance shares accrue dividends that are payable in cash on the vesting date. Once vested, the performance shares convert on a one-for-one basis into Common Stock. On June 10, 2025, certain executives granted performance shares were terminated whereby 31,726 Three Year Performance Shares, representing target performance, were deemed to be earned. In connection with the separation and release agreements, a total of 49,572 outstanding and earned performance shares, representing the remaining earned One Year Performance Shares and the Three Year Performance Shares deemed earned, vested on August 4, 2025. During the three and nine months ended September 30, 2025, the Company recognized none and approximately $2.5 million of non-cash compensation expense related to the accelerated performance share vestings, respectively, which is included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss).

As of September 30, 2025, the number of performance shares earned was as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Dates** | **Number of performance shares** | | **Value (1)** |
| Outstanding December 31, 2024 | 23794 |  | $1433 |
| Earned | 31726 |  | 1911 |
| Vested | (55520) | (2) | (3344) |
| Forfeited |  |  |  |
| Outstanding September 30, 2025 |  |  | $— |

---

(1)Value is based on the number of performance shares granted multiplied by the most recent NAV per share on the date the share is earned, which was $60.23 for the shares earned during the year ended December 31, 2023.

(2)Certain grantees elected to net the taxes owed upon vesting against the shares of Common Stock issued resulting in 26,721 shares of Common Stock being issued for the nine months ended September 30, 2025, as shown on the consolidated statements of stockholders' equity.

*Series B Preferred Stock*

On July 31, 2023, the Company issued 2,548,240 shares of 9.50% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share (the "Series B Preferred Stock"), of the Company in a private offering for gross proceeds of approximately $63.7 million (the "Series B Preferred Offering"). Beginning on the day after the fourth anniversary of the original issuance date, the Series B Preferred Stock dividend rate will increase to 10.00% per annum; beginning on the day after the fifth anniversary of the original issuance date, the Series B Preferred Stock dividend rate will increase to 11.00% per annum; and beginning on the day after the sixth anniversary of the original issuance date and each anniversary thereafter, the Series B Preferred Stock dividend rate will increase an additional 2.00% per annum, with a maximum Series B Preferred Stock dividend rate of 17.00% per annum. The dividend rate will also increase upon the occurrence of certain default circumstances, as defined in the Articles Supplementary setting forth the terms of the Series B Preferred Stock. The Company has the option to redeem, in whole or in part, the Series B Preferred Stock at any time, from time to time, subject to certain redemption premiums if redeemed prior to the second anniversary of the original issuance date. The Company currently intends to exercise its option to redeem all of the outstanding Series B Preferred Stock on or prior to the fourth anniversary of the original issuance date. With respect to priority of payment of dividends, the Series B Preferred Stock ranks senior to all classes of Common Stock, and the Series B Preferred Stock and Series A Preferred Stock rank on parity with each other. Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the Series B Preferred stockholders are entitled to be paid out, at a price equal to $25.00 per share plus any accrued and unpaid distributions (whether or not declared), after payment of the Company's debts and other liabilities. An aggregate of approximately $2.9 million in selling commissions and fees were paid in connection therewith. OSL purchased shares of Series B Preferred Stock in the Series B Preferred Offering.

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<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**8. Noncontrolling Interests**

*Redeemable Noncontrolling Interests in the OP*

The following table presents the capital contributions, distributions, and profits and losses allocated to PI Units and OP Units not held by the Company (the "noncontrolling interests") in the OP (in thousands):

---

| | |
|:---|:---|
| | **Balances** |
| **Redeemable noncontrolling interests in the OP, December 31, 2024** | $257454 |
| Net loss attributable to redeemable noncontrolling interests in the OP | (22426) |
| Contributions by redeemable noncontrolling interests in the OP | 2106 |
| Distributions to redeemable noncontrolling interests in the OP | (8764) |
| Equity-based compensation | 26644 |
| Other comprehensive loss attributable to redeemable noncontrolling interests in the OP | (1874) |
| Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP | 5385 |
| **Redeemable noncontrolling interests in the OP, September 30, 2025** | $258525 |

---

As of September 30, 2025, the Company held 19,313,987 Class A OP Units, NREO held 2,814,062 Class B OP Units, NRESF held 98,584 Class C OP Units, GAF REIT held 155,576 Class C OP Units and the VineBrook Contributors and other Company insiders held 1,645,952 Class C OP Units. As of September 30, 2025, the Company held all outstanding 6.50% Series A Cumulative Redeemable Preferred Units and 9.50% Series B Cumulative Redeemable Preferred Units of the OP.

*PI Unit Grants Under the 2018 LTIP*

In connection with the 2018 LTIP, PI Units have been issued to key personnel and senior management. On May 11, 2020, a total of 219,826 PI Units were granted; on November 30, 2020, a total of 11,764 PI Units were granted; on May 31, 2021, a total of 246,169 PI Units were granted; on August 10, 2022, a total of 27,849 PI Units were granted; and on February 22, 2023, a total of 79,304 PI Units were granted. The PI Units are a special class of partnership interests in the OP with certain restrictions, which are convertible into Class C OP Units, subject to satisfying vesting and other conditions. PI Unit holders are entitled to receive the same distributions as holders of our OP Units (only if we declare and pay such distributions). The PI Units granted on May 11, 2020 and May 31, 2021 vest 50% ratably over four years and 50% at the successful completion of an IPO and the PI Units granted on November 30, 2020 vest 100% ratably over four years. The PI Units granted on August 10, 2022 and February 22, 2023 generally vest ratably over five years.

On April 4, 2025, the Compensation Committee (i) accelerated the vesting of the May 11, 2020 and November 30, 2020 PI Unit grants that were dependent upon the successful completion of an IPO, and as such the remaining outstanding PI Units under those respective awards vested on April 4, 2025 and (ii) revised the vesting schedule for the May 31, 2021 PI Unit grants such that the awards vested 50% ratably over four years and 50% upon the earlier to occur: the date of the successful completion of an IPO or the final time vesting date. During the three and nine months ended September 30, 2025, the Company recognized approximately zero and $12.0 million of non-cash compensation expense, respectively, related to the accelerated vestings of PI Units, which is included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). Once vested and converted into Class C OP Units in accordance with the OP LPA, the PI Units will then be fully recognized as Class C OP Units, which, without the OP's consent, may not be redeemed for cash or Common Stock (at the OP's election) within three years of issuance. Forfeitures are recognized as they occur. PI Units are valued at fair value on the date of grant, with compensation expense recorded in accordance with the applicable vesting schedule over the periods in which the restrictions lapse, that approximates a straight-line basis. We valued the PI Units at a per-unit value equivalent to the per-share offering price of our OP Units less discounts estimated by a third-party consultant. Beginning on the date of grant, PI Units accrue dividends that are payable in cash quarterly (if we declare and pay distributions to holders of our OP Units).

*PI Unit Grants Under the 2023 LTIP*

In connection with the Internalization of the Legacy VineBrook Manager and under the 2023 LTIP, PI Units have been issued to executives of the Legacy VineBrook Manager. On August 3, 2023, a total of 475,888 PI Units were granted. The PI Units granted on August 3, 2023 were originally scheduled to vest 100% on February 28, 2026. On June 10, 2025, certain executives were terminated by the Company, whereby 100% of the PI Units granted on August 3, 2023 vested on August 4, 2025. During the three and nine months ended September 30, 2025, the Company recognized approximately zero and $7.6 million of non-cash compensation expense, respectively, related to the accelerated vesting of August 3, 2023 PI Unit award, which is included in general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). Once vested and converted into Class C OP Units in accordance with the OP LPA, the PI Units will then be fully recognized as Class C OP Units, which, without the OP's consent, may not be redeemed for cash or Common Stock (at the OP's election) within three years of issuance. Forfeitures are recognized as they occur. PI Units are valued at fair value on the date of grant, with compensation expense recorded in accordance with the applicable vesting schedule over the periods in which the restrictions lapse, that approximates a straight-line basis. We valued the PI Units at a per-unit value equivalent to the per-share offering price of our OP Units less a discount for lack of marketability and other discounts estimated by a third-party consultant. Beginning on the date of grant, PI Units accrue dividends that are payable in cash quarterly (if we declare and pay distributions to holders of our OP Units).

As of September 30, 2025, the number of PI Units granted that are outstanding and unvested was as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
| **Dates** | **Number of PI Units** | **Value (1)** |
| Outstanding December 31, 2024 | 813840 | $44113 |
| Granted |  |  |
| Vested | (753697) | (39774) |
| Forfeited | (32439) | (1790) |
| Outstanding September 30, 2025 | 27704 | $2549 |

---

(1)Value is based on the number of PI Units granted multiplied by the estimated per unit fair value on the date of grant, which was $29.12 for the November 21, 2019 grant, $30.16 for the May 11, 2020 grant, $33.45 for the November 30, 2020 grant, $38.29 for the May 31, 2021 grant, $61.74 for the August 10, 2022 grant, $63.04 for the February 22, 2023 grant and $61.63 for the August 3, 2023 grant.

The vesting schedule for the PI Units is as follows:

---

| | |
|:---|:---|
| **Vest Date** | **PI Units Vesting** |
| December 25, 2025 | 1,744 |
| February 22, 2026 | 7,772 |
| April 25, 2026 | 1,322 |
| February 22, 2027 | 7,772 |
| April 25, 2027 | 1,322 |
| February 22, 2028 | 7,772 |
| | 27,704 |

---

For the three months ended September 30, 2025 and 2024, the OP recognized approximately $0.3 million and $3.5 million, respectively, of non-cash compensation expense related to the PI Units, which is included in general and administrative expenses on the Company's consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2025 and 2024, the OP recognized approximately $26.6 million and $10.8 million, respectively, of non-cash compensation expense related to the PI Units, which is included in general and administrative expenses on the Company's consolidated statements of operations and comprehensive income (loss). As of September 30, 2025, total unrecognized compensation expense on PI Units was approximately $1.3 million, and the expense is expected to be recognized over a weighted average vesting period of 1.29 years.

The table below presents the consolidated Common Stock and OP Units outstanding held by the noncontrolling interests ("NCI"), as the OP Units held by the Company are eliminated in consolidation.

---

| | | | |
|:---|:---|:---|:---|
| **Period End** | **Common Stock Shares Outstanding** | **OP Units Held by NCI** | **Consolidated Common Stock Shares and NCI OP Units Outstanding** |
| December 31, 2024 | 25377421 | 4720458 | 30097879 |
| March 31, 2025 | 25508642 | 4708089 | 30216731 |
| June 30, 2025 | 25753592 | 4701870 | 30455462 |
| September 30, 2025 | 25857938 | 4714175 | 30572113 |

---

*Redeemable Noncontrolling Interests in Consolidated VIEs*

As of September 30, 2025, approximately 5,131,636 limited partnership units of the SFR OP ("SFR OP Units") were held by affiliates of the Company. The following table presents the capital contributions, distributions, and profits and losses allocated to SFR OP Units not held by the Company (the "redeemable noncontrolling interests in consolidated VIEs") (in thousands):

---

| | |
|:---|:---|
| | **Balances** |
| **Redeemable noncontrolling interests in consolidated VIEs, December 31, 2024** | $80711 |
| Net loss attributable to redeemable noncontrolling interests in consolidated VIEs | (13328) |
| Contributions by redeemable noncontrolling interests in consolidated VIEs | 4204 |
| Distributions to redeemable noncontrolling interests in consolidated VIEs | (4204) |
| Redemptions by redeemable noncontrolling interests in consolidated VIEs | (253) |
| Adjustment to reflect redemption value of redeemable noncontrolling interests in consolidated VIEs | 17080 |
| **Redeemable noncontrolling interests in consolidated VIEs, September 30, 2025** | $84210 |

---

*Noncontrolling Interests in Consolidated VIEs*

The following table presents the capital contributions, distributions, and profits and losses allocated to NexPoint Homes Class A common stock, par value $0.01 per share and NexPoint Homes Class I common stock, par value $0.01 not held by the Company (the "noncontrolling interests in consolidated VIEs") (in thousands):

---

| | |
|:---|:---|
| | **Balances** |
| **Noncontrolling interests in consolidated VIEs, December 31, 2024** | $6083 |
| Net loss attributable to noncontrolling interests in consolidated VIEs | (1825) |
| Contributions by noncontrolling interests in consolidated VIEs | 503 |
| Distributions to noncontrolling interests in consolidated VIEs | (618) |
| Redemptions by noncontrolling interests in consolidated VIEs | (1230) |
| **Noncontrolling interests in consolidated VIEs, September 30, 2025** | $2913 |

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**9. Redeemable Series A Preferred Stock**

The Company has issued 5,000,000 shares of Series A Preferred Stock as of September 30, 2025. The Series A Preferred Stock has a redemption value of $25.00 per share and is mandatorily redeemable on October 7, 2027 unless a Listing Event is effectuated as defined in the Articles of Amendment and Restatement, subject to certain extensions. With respect to priority of payment of dividends, the Series A Preferred Stock ranks senior to all classes of Common Stock, and the Series A Preferred Stock and Series B Preferred Stock rank on parity with each other. Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the Series A Preferred stockholders are entitled to be paid out, at a price equal to $25.00 per share, plus an amount equal to any accrued and unpaid dividends (whether or not earned, authorized or declared), after payment of the Company's debts and other liabilities.

The following table presents the redeemable Series A Preferred Stock (dollars in thousands):

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| | | |
|:---|:---|:---|
| | **Series A Preferred Stock shares** | **Balances** |
| **Redeemable Series A Preferred stock, December 31, 2024** | 4996000 | $122820 |
| Net income attributable to Redeemable Series A Preferred stockholders |  | 6089 |
| Dividends declared to Redeemable Series A Preferred stockholders |  | (6089) |
| Accretion to redemption value |  | 506 |
| **Redeemable Series A Preferred stock, September 30, 2025** | 4996000 | $123326 |

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**10. Related Party Transactions**

*VineBrook Advisory Fee*

Pursuant to the Advisory Agreement, the Company will pay the Adviser, on a monthly basis in arrears, an advisory fee at an annualized rate of 0.75% of the gross asset value of the Company (as calculated pursuant to the terms of the Advisory Agreement). The Adviser will manage the Company's business including, among other duties, advising the Board to issue distributions, preparing our quarterly and annual consolidated financial statements prepared under GAAP, development and maintenance of internal accounting controls, management and conduct of maintaining our REIT status, calculation of our NAV and recommending the appropriate NAV to be set by the Board, reporting to holders of Common Stock, our tax filings, and other responsibilities customary for an external advisor to a business similar to ours. With certain specified exceptions, the advisory fee together with reimbursement of operating and offering expenses may not exceed 1.5% of average total assets of the Company and the OP, as determined in accordance with GAAP on a consolidated basis, at the end of each month (or partial month) (i) for which any advisory fee is calculated or (ii) during the year for which any expense reimbursement is calculated.

For the three months ended September 30, 2025 and 2024, the Company expensed advisory fees of approximately $4.2 million and $4.4 million, respectively, in the VineBrook Portfolio which are included in advisory fees on the consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2025 and 2024, the Company expensed advisory fees of approximately $12.6 million and $13.0 million, respectively, in the VineBrook Portfolio which are included in advisory fees on the consolidated statements of operations and comprehensive income (loss). As of September 30, 2025 and 2024, the Company had $3.3 million and $11.9 million of accrued advisory fees payable, respectively, which are included in accounts payable and other accrued liabilities on the consolidated balance sheets.

*Internalization of the Adviser*

The Company may acquire all of the outstanding equity interests of the Adviser (an "Adviser Internalization") under certain provisions (a "Purchase Provision") of the Advisory Agreement to effect an Adviser Internalization upon the payment of a certain fee (an "Adviser Internalization Fee"). If the Company determines to acquire the equity interests of the Adviser, the applicable Purchase Provision of the Advisory Agreement provides that the Adviser must first agree to such acquisition and that the Company will pay the Adviser an Adviser Internalization Fee equal to three times the total of the prior 12 months' advisory fee, payable only in capital stock of the Company.

*NexBank*

The Company and the OP maintain bank accounts with NexBank, a Texas state chartered bank ("NexBank"). NexBank charges no recurring maintenance fees on the accounts. The following table provides a reconciliation of cash and restricted cash reported on the consolidated balance sheets that is held at NexBank (in thousands):

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| | | |
|:---|:---|:---|
| | **Cash at NexBank** | **Cash at NexBank** |
| | **September 30, 2025** | **December 31, 2024** |
| VineBrook Portfolio | $19281 | $90 |
| NexPoint Homes Portfolio | 1180 | 3727 |
| &nbsp;&nbsp;&nbsp;Total cash at NexBank | $20461 | $3817 |

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A director of the Company (i) is the beneficiary of a trust that indirectly owns 100% of the limited partnership interests in the parent of Adviser and directly owns 100% of the general partnership interests in the parent of the Adviser and (ii) is a director of the holding company of NexBank, directly owns a minority of the common stock of NexBank, and is the beneficiary of a trust that directly owns a substantial portion of the common stock of NexBank.

*NexPoint Homes Transactions*

In connection with the Company's consolidated investment in NexPoint Homes, the Company consolidated non-controlling interests in NexPoint Homes that were contributed by affiliates of the Adviser. As of September 30, 2025, these affiliates had contributed approximately $125.7 million of equity to NexPoint Homes. Additionally, the Company has consolidated five SFR OP convertible notes that are loans from affiliates of the Adviser to the SFR OP that bear interest at 7.50% and mature on June 30, 2027 (the "SFR OP Convertible Notes"). The holders of the SFR OP Convertible Notes may elect to convert all or part of the outstanding principal and accrued but unpaid interest into SFR OP Units, as calculated based on the current NAV at time of conversion. The SFR OP may prohibit conversion if certain conditions exist, including if the conversion would result in a negative impact to the REIT status of NexPoint Homes. As of September 30, 2025, the total principal outstanding on the SFR OP Convertible Notes was approximately $93.3 million which is included in notes payable on the consolidated balance sheets. For the three months ended September 30, 2025 and 2024, the SFR OP recorded approximately $1.8 million and $2.0 million of interest expense related to the SFR OP Convertible Notes, respectively. For the nine months ended September 30, 2025 and 2024, the SFR OP recorded approximately $5.6 million and $5.8 million of interest expense related to the SFR OP Convertible Notes, respectively. As of September 30, 2025 and December 31, 2024, approximately $19.6 million and $7.8 million of interest expense, respectively, related to the SFR OP Convertible Notes remained accrued within accrued interest payable on the consolidated balance sheets.

As of December 31, 2024, the Company consolidated an approximately $1.1 million loan, net of the provision for loan losses, from the SFR OP to the NexPoint Homes Manager (as defined below) (the "HomeSource Note"). The HomeSource Note bore interest at daily SOFR plus 2.00% and would have matured on February 1, 2027. In connection with the HomeSource Note, the SFR OP received a 9.99% non-voting interest in the HomeSource Operations, LLC (the "HomeSource Investment"). During the year ended December 31, 2024, the NexPoint Homes Manager (as defined below) notified the SFR OP that the NexPoint Homes Manager intended to cease business operations. As such, NexPoint Homes wrote off the entirety of its HomeSource Investment, and the $0.7 million loss was included in Gain (loss) on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2024 . During the nine months ended September 30, 2025, the Company received $1.6 million on the HomeSource Note and the $0.5 million reversal of the provision for loan losses is included on the consolidated statements of operations and comprehensive income (loss).

On June 8, 2022, NexPoint Homes entered into an advisory agreement (the "NexPoint Homes Advisory Agreement") with NexPoint Real Estate Advisors XI, LP (the "NexPoint Homes Adviser"), an affiliate of the Adviser. Under the terms of the NexPoint Homes Advisory Agreement, the NexPoint Homes Adviser manages the day-to-day affairs of NexPoint Homes for a fee equal to 0.75% of the consolidated enterprise value of NexPoint Homes. Additionally, the NexPoint Homes Adviser charges a fee equal to 0.25% of each transaction in connection with the procurement of debt or equity capital for NexPoint Homes. For the three months ended September 30, 2025 and 2024, NexPoint Homes incurred advisory fees of approximately $0.8 million and $0.9 million in connection with the NexPoint Homes Advisory Agreement, respectively, which is included in advisory fees on the consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2025 and 2024, NexPoint Homes incurred advisory fees of approximately $2.4 million and $2.7 million in connection with the NexPoint Homes Advisory Agreement, respectively, which is included in advisory fees on the consolidated statements of operations and comprehensive income (loss). As of September 30, 2025 and December 31, 2024, NexPoint Homes has $8.7 million and $6.3 million of accrued advisory fees payable, respectively, which are included in accounts payable and other accrued liabilities on the consolidated balance sheets.

Prior to September 19, 2024, the NexPoint Homes Portfolio was generally managed by HomeSource Operations, LLC, a Delaware limited liability company (the "NexPoint Homes Manager" or "HomeSource"), pursuant to the terms of a management agreement between the SFR OP and the NexPoint Homes Manager dated June 8, 2022 (the "NexPoint Homes Management Agreement"). In July 2024, the NexPoint Homes Manager notified the SFR OP that the NexPoint Homes Manager intended to cease business operations. On November 22, 2024, the SFR OP sent the NexPoint Homes Manager a termination notice to formally terminate the NexPoint Homes Management Agreement and related side letter. Management fees under the NexPoint Homes Management Agreement ceased accruing as of September 14, 2024 when the NexPoint Homes Manager ceased providing property management and related services to the SFR OP.

During the year ended December 31, 2024, approximately $3.4 million in fees were earned by the NexPoint Homes Manager in connection with the NexPoint Homes Management Agreement. Related to the fees earned by the NexPoint Homes Manager, approximately $1.8 million and $1.4 million were expensed and included within property management fees and general and administrative expenses, respectively, on the consolidated statements of operations and comprehensive income (loss), and $0.2 million were capitalized to the property basis and included within buildings and improvements on the consolidated balance sheets based on the nature of the fee for the year ended December 31, 2024.

*SFR OP Note Payable*

On July 10, 2024, the SFR OP as borrower entered into the SFR OP Note Payable III with NREF, an entity that is advised by an affiliate of our Adviser. See Note 5.

*The OSL Loan*

On February 25, 2025, the OP, as borrower, entered into the OSL Loan with OSL See Note 5.

*The OSL Loan II*

On August 7, 2025, the OP, as borrower, entered into the OSL Loan II with OSL. On September 11, 2025, the Company fully paid off the outstanding principal balance and interest on OSL Loan II. See Note 5.

*NexPoint Homes OSL Note*

On May 15, 2025, NexPoint SFR SPE 2, LLC, a wholly owned subsidiary of SFR OP, entered into the NexPoint Homes OSL Note with OSL, as lender. See Note 5.

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**11. Commitments and Contingencies**

*Commitments*

In the normal course of business, the Company enters into various construction related purchase commitments with parties that provide these goods and services. In the event the Company were to terminate construction services prior to the completion of projects, the Company could potentially be committed to satisfy outstanding or uncompleted purchase orders with such parties. As of September 30, 2025, management does not anticipate any material deviations from schedule or budget related to rehabilitation projects currently in process.

*Contingencies*

In the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings. While it is not possible to ascertain the ultimate outcome of all such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated balance sheets or consolidated statements of operations and comprehensive income (loss) of the Company. The Company is not involved in any material litigation nor, to management's knowledge, is any material litigation currently threatened against the Company or its properties or subsidiaries.

The Company is not aware of any environmental liability with respect to the properties it owns that could have a material adverse effect on the Company's business, assets, or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Company's results of operations and cash flows.

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**12. Earnings (Loss) Per Share**

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to stockholders by the weighted average number of shares of the Company's Common Stock outstanding, which excludes any unvested RSUs, earned performance shares and PI Units issued pursuant to the 2018 LTIP or 2023 LTIP. Diluted earnings (loss) per share is computed by adjusting basic earnings (loss) per share for the dilutive effects of the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock. During periods of net loss, the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock is anti-dilutive and is not included in the calculation of diluted earnings (loss) per share. The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Numerator for loss per share:** |  |  |  |  |
| Net loss | $(40364) | $(56091) | $(149480) | $(138798) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends on and accretion to redemption value of Redeemable Series A Preferred stock | 2198 | 2023 | 6595 | 6260 |
| &nbsp;&nbsp;&nbsp;Net income attributable to Redeemable Series B Preferred stock | 1513 |  | 4539 |  |
| &nbsp;&nbsp;&nbsp;Net loss attributable to redeemable noncontrolling interests in the OP | (6057) | (8413) | (22426) | (20820) |
| &nbsp;&nbsp;&nbsp;Net loss attributable to redeemable noncontrolling interests in consolidated VIEs | (3657) | (8482) | (13328) | (19997) |
| &nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interests in consolidated VIEs | (482) | (940) | (1825) | (2754) |
| **Net loss attributable to common stockholders** | $(33879) | $(40279) | $(123035) | $(101487) |
| **Denominator for earnings (loss) per share:** |  |  |  |  |
| Weighted average common shares outstanding - basic | 25821 | 25329 | 25670 | 25221 |
| &nbsp;&nbsp;&nbsp;Weighted average unvested RSUs, PI Units, Earned Performance Shares and OP Units (1) |  |  |  |  |
| Weighted average common shares outstanding - diluted | 25821 | 25329 | 25670 | 25221 |
| **Earnings (loss) per weighted average common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(1.31) | $(1.59) | $(4.79) | $(4.02) |
| &nbsp;&nbsp;&nbsp;Diluted | $(1.31) | $(1.59) | $(4.79) | $(4.02) |

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(1)For the three months ended September 30, 2025 and 2024, excludes approximately 6,500,318 shares and 5,525,424 shares, respectively, related to the assumed vesting of RSUs and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive. For the nine months ended September 30, 2025 and 2024, excludes approximately 6,180,166 shares and 5,493,766 shares, respectively, related to the assumed vesting of RSUs, earned performance shares and PI Units and the conversion of OP Units and vested PI Units to Common Stock, as the effect would have been anti-dilutive.

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**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, 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):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2024** | **For the Three Months Ended September 30, 2024** | **For the Three Months Ended September 30, 2024** |
| | **VineBrook Portfolio** | **NexPoint Homes Portfolio** | **Total Company** | **VineBrook Portfolio** | **NexPoint Homes Portfolio** | **Total Company** |
| Total Revenues | $82417 | $11612 | $94029 | $80130 | $10526 | $90656 |
| &nbsp;&nbsp;Property operating expenses | 20567 | 2326 | 22893 | 19770 | 149 | 19919 |
| &nbsp;&nbsp;Real estate taxes and insurance | 14796 | 2070 | 16866 | 14643 | 2030 | 16673 |
| &nbsp;&nbsp;Advisory fees | 4217 | 794 | 5011 | 4355 | 863 | 5218 |
| &nbsp;&nbsp;General and administrative expenses | 19974 | 930 | 20904 | 18582 | 2792 | 21374 |
| &nbsp;&nbsp;Depreciation and amortization | 25685 | 5514 | 31199 | 24013 | 7341 | 31354 |
| &nbsp;&nbsp;Interest expense | 30445 | 7099 | 37544 | 34287 | 8081 | 42368 |
| &nbsp;&nbsp;Other segment expense/(income) (1) | (2010) | 1986 | (24) | 683 | 9158 | 9841 |
| Segment net loss | $(31257) | $(9107) | $(40364) | $(36203) | $(19888) | $(56091) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** |
| | **VineBrook Portfolio** | **NexPoint Homes Portfolio** | **Total Company** | **VineBrook Portfolio** | **NexPoint Homes Portfolio** | **Total Company** |
| Total Revenues | $248428 | $32566 | $280994 | $238412 | $34274 | $272686 |
| &nbsp;&nbsp;Property operating expenses | 59583 | 6465 | 66048 | 55614 | 3699 | 59313 |
| &nbsp;&nbsp;Real estate taxes and insurance | 44859 | 7118 | 51977 | 43567 | 7362 | 50929 |
| &nbsp;&nbsp;Advisory fees | 12600 | 2365 | 14965 | 12988 | 2676 | 15664 |
| &nbsp;&nbsp;General and administrative expenses | 90083 | 7173 | 97256 | 57136 | 3495 | 60631 |
| &nbsp;&nbsp;Depreciation and amortization | 76858 | 16538 | 93396 | 72029 | 22759 | 94788 |
| &nbsp;&nbsp;Interest expense | 87294 | 20709 | 108003 | 85698 | 24332 | 110030 |
| &nbsp;&nbsp;Other segment expense/(income) (1) | (4932) | 3761 | (1171) | 3331 | 16798 | 20129 |
| Segment net loss | $(117917) | $(31563) | $(149480) | $(91951) | $(46847) | $(138798) |

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(1)Other segment expense/(income) includes property management fees, 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 and select balance sheet data for the reportable segments (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **VineBrook Portfolio** | **NexPoint Homes Portfolio** | **Total Company** | **VineBrook Portfolio** | **NexPoint Homes Portfolio** | **Total Company** |
| **Assets** | | | | | | |
| Total assets | $2514720 | $580500 | $3095220 | $2578820 | $630628 | $3209448 |

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**14. Subsequent Events**

The Company evaluated subsequent events through the date the consolidated financial statements were issued, to determine if any significant events occurred subsequent to the balance sheet date that would have a material impact on these consolidated financial statements and determined the following events were material:

*Dispositions*

Subsequent to September 30, 2025, the Company disposed of 77 homes in the VineBrook Portfolio that were classified as held for sale as of September 30, 2025 for net proceeds of approximately $10.3 million.

*Acquisitions*

Subsequent to September 30, 2025, the Company acquired 10 homes in the VineBrook Portfolio for a total purchase price of $2.7 million.

*Common and Preferred Dividends*

On October 30, 2025, the Company approved a Common Stock dividend of $0.5301 per share for stockholders of record as of October 31, 2025 that was paid on November 3, 2025.

On October 27, 2025, the Company approved a Series A Preferred Stock dividend of $0.40625 per share for stockholders of record as of December 24, 2025, to be paid on January 12, 2026.

On October 27, 2025, the Company approved a Series B Preferred Stock dividend of $0.59375 per share for stockholders of record as of December 26, 2025, to be paid on January 12, 2026.

*Homes Classified as Held For Sale Subsequent to September 30, 2025*

Subsequent to September 30, 2025, the Company moved 100 homes in the VineBrook Portfolio to held for sale and as of November 4, 2025, 559 homes in total were classified as held for sale.

*Barings Loan*

On October 17, 2025, the OP, via its indirect subsidiaries, as borrowers, and the Company, as parent guarantor, entered into a loan agreement that provided for a $325.0 million loan (the "Barings Loan") with Massachusetts Mutual Life Insurance Company, MassMutual Ascend Life Insurance Company and Martello Re Limited, as lenders, which has been fully funded at an original issue discount of 3.0% of the Barings Loan. The Barings Loan is interest-only and matures on October 17, 2030. The Loan bears interest at 5.44% per annum, payable monthly. As of November 4, 2025, the outstanding balance of the Barings Loan was approximately $325.0 million.

*JPM Facility*

On October 17, 2025, approximately $89.5 million of the proceeds from the Barings Loan was used to fully pay down the JPM Facility.

*MetLife Note*

On October 17, 2025, approximately $98.3 million of the proceeds from the Barings Loan was used to fully pay down the MetLife Note.

*OSL Loan*

On October 30, 2025, the Company fully paid off the outstanding principal balance and interest on the OSL Loan.

*NAV Determination*

On November 7, 2025, in accordance with the Valuation Methodology, the Pricing Committee determined that the Company's NAV per share calculated on a fully diluted basis was $54.84 as of September 30, 2025. Common Stock and OP Units issued under the respective DRIPs will be issued a 3.0% discount to the NAV per share in effect.

*RBC Cap*

Subsequent to September 30, 2025, the Company, through the OP, paid a premium of less than $0.1 million and modified the RBC Cap, wherein the notional amount was increased to $81.9 million.

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**Item 2. Management**'**s Discussion and Analysis of Financial Condition and Results of Operations**

*The following is a discussion and analysis of our financial condition and our historical results of operations. The following should be read in conjunction with our financial statements and accompanying notes included herein and with our Annual Report on Form 10-K, filed with the SEC on March 28, 2025. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those projected, forecasted, or expected in these forward-looking statements as a result of various factors, including, but not limited to, those discussed below and elsewhere in this Form 10-Q. See "Cautionary Note Regarding Forward-Looking Statements" in this report and the information under the heading "Risk Factors" in Part I, Item IA, "Risk Factors" of our Annual Report. Our management believes the assumptions underlying the Company's financial statements and accompanying notes are reasonable. However, the Company's financial statements and accompanying notes may not be an indication of our financial condition and results of operations in the future.*

**Overview** 

The Company is an owner and operator of single-family rental homes that are rented to residents under leases with typical durations of one year. The Company's mission is to provide our residents with affordable, safe, clean and functional homes with a high level of service through institutional, quality management. Our investment objective is to acquire properties with cash flow growth potential, renovate (when appropriate) and maintain our homes to deliver a high-quality resident experience, while providing quarterly cash distributions and seeking long-term capital appreciation for our stockholders. Our investment focus has historically been on the affordable and workforce segments of the housing industry, but we are not precluded from investing in homes in the higher-cost segments of the housing industry.

The Company has two reportable segments, the VineBrook Portfolio and the NexPoint Homes Portfolio. The VineBrook Portfolio is the Company's primary reportable segment comprised of 20,365 homes as of September 30, 2025 which represents a significant majority of the Company's consolidated portfolio and operations. The VineBrook Portfolio generally purchases homes to implement a value-add strategy where we acquire, renovate (when appropriate), lease, maintain and otherwise manage single family rental homes primarily located in large to medium size cities and suburbs located in the midwestern, heartland and southeastern United States. Through this strategy, we seek to improve rental rates and net operating income ("NOI") at our homes. In addition to our value-add strategy, Company management has begun to underwrite acquisitions of, and the Company has begun to acquire, newer homes in "built-to-rent" ("BTR") communities in higher growth submarkets within or complementary to our existing geographic footprint. The NexPoint Homes Portfolio is a reportable segment comprised of 2,076 homes as of September 30, 2025 and represents a minority of the Company's consolidated portfolio and operations. The NexPoint Homes Portfolio is a reportable segment that generally purchases newer homes that require less rehabilitation compared to the VineBrook Portfolio. As of September 30, 2025, we, through our OP and its consolidated subsidiaries, owned and operated 22,441 single family rental homes located in 20 states. We are externally advised by the Adviser through the Advisory Agreement, which will automatically renew on the anniversary of the renewal date for one-year terms thereafter, unless otherwise terminated.

On June 10, 2025, the OP entered into the Externalization Agreements with the Evergreen Manager. Pursuant to the Externalization Agreements, the Evergreen Manager will provide property management services to and generally operate the VineBrook Portfolio as well as provide certain asset management, acquisition, disposition and other services previously provided by a subsidiary of the OP. On July 18, 2025, the initial group of properties within the VineBrook Portfolio was transitioned to the Evergreen Manager platform, a second group of properties was transitioned on September 17, 2025 and the final group was transitioned after quarter-end on October 22, 2025. On the Transition Effective Date, all of the Legacy VineBrook Management Agreements will have terminated. As a result of the Management Agreements, on the Transition Effective Date the VineBrook Portfolio will be externally managed by the Evergreen Manager.

The NexPoint Homes Portfolio has transitioned property management to Mynd, as discussed in Note 4 of our consolidated financial statements.

On October 16, 2019, Highland Capital Management, L.P. ("Highland"), a former affiliate of our Adviser, filed for Chapter 11 bankruptcy protection with the United States Bankruptcy Court for the District of Delaware (the "Highland Bankruptcy"), which was subsequently transferred to the United States Bankruptcy Court for the Northern District of Texas (the "Bankruptcy Court"). On October 15, 2021, Marc S. Kirschner, as litigation trustee of a litigation subtrust formed pursuant to the plan of reorganization and disclosure statement which became effective on August 11, 2021, filed a lawsuit (the "Bankruptcy Trust Lawsuit") against various persons and entities, including NexPoint Advisors, L.P. ("NexPoint") and James Dondero. On March 24, 2023, the litigation trustee filed a motion for leave to stay the Bankruptcy Trust Lawsuit, which was granted by the Bankruptcy Court on April 4, 2023. On June 30, 2025, the bankruptcy court approved a

settlement agreement between Highland and Hunter Mountain Investment Trust ("HMIT") pursuant to which the claims asserted in the Bankruptcy Trust Lawsuit were assigned to HMIT. HMIT subsequently filed a motion to lift the stay of the Bankruptcy Trust Lawsuit, which was granted and became effective on October 3, 2025. As of the date of this filing, the Bankruptcy Trust Lawsuit bankruptcy court has requested briefing from the parties regarding whether the court continues to have jurisdiction over the Bankruptcy Trust Lawsuit given the assignment of claims from Highland to HMIT. Briefs on this matter are due on November 18, 2025. On February 8, 2023, UBS Securities LLC and UBS AG London (collectively, "UBS") filed a lawsuit in the Supreme Court of the State of New York, County of New York related to a default that occurred in 2009 on a warehouse facility between UBS and funds affiliated with Highland. The lawsuit makes claims against several persons and entities, including Mr. Dondero, the President of the Adviser, seeking to collect on $1.3 billion in judgments UBS obtained against entities that were managed indirectly by Highland (the "UBS Lawsuit"). On March 7, 2023, the matter was removed to the United States District Court for the Southern District of New York. On April 6, 2023, UBS moved to have the case remanded to New York state court. The federal court remanded the state-law causes of action and retained and stayed the federal cause of action. On February 26, 2024, several of the respondents, including Mr. Dondero, filed motions in state court to dismiss the UBS Lawsuit on various grounds. A hearing was held on July 8, 2024. The court dismissed the claims against one respondent, CLO HoldCo, Ltd., for lack of personal jurisdiction in a July 12, 2024 order. On March 26, 2025, the court entered an order denying the remaining motions to dismiss and directed the respondents to file an answer to the UBS Lawsuit within 20 days, which they did. Mr. Dondero is appealing the denial of the motion to dismiss to the Appellate Division of the Supreme Court of the State of New York. Neither the Bankruptcy Trust Lawsuit nor the UBS Lawsuit include claims related to our business or our assets. Our Adviser and Mr. Dondero have informed us they believe the Bankruptcy Trust Lawsuit has no merit, and Mr. Dondero has informed us he believes the UBS Lawsuit has no merit; we have been advised that the defendants named in each of the lawsuits intend to vigorously defend against the claims. We do not expect the Bankruptcy Trust Lawsuit or the UBS Lawsuit will have a material effect on our business, results of operations or financial condition.

The United States government announced a comprehensive set of tariffs in the second quarter of 2025. Following the pause of certain of these tariffs, the majority of the previously announced tariffs have been implemented. The United States government has indicated that it could impose additional tariffs on particular countries and impose global tariffs on certain goods. Such tariffs could impact our results of operations by increasing the costs of various goods, including construction materials. Management is actively engaged with vendors and business partners to reduce financial risks of tariffs; however, the impact of such tariffs is subject to uncertainties regarding the timing of their implementation, the magnitude of such tariffs and possible exemptions for certain goods, among other uncertainties.

Our website is located at www.vinebrookhomes.com. From time to time, we may use our website as a distribution channel for material Company information.

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*Pathway to Homeownership Program*

In 2024, we began our "Pathway to Homeownership" program, providing qualified residents with opportunities for home ownership. This initiative empowers individuals and families residing in a VineBrook Portfolio home to purchase their home outright by securing a conventional mortgage, enabling them to build equity in an affordable property. Residents of VineBrook Portfolio homes also have access to nationally recognized financial counseling and literacy resources at no additional cost to them through VineBrook's partnership with Operation Hope. These services include workshops that focus on topics such as money management, credit and homeownership, all geared to help residents attain financial freedom. VineBrook is one of the only large single-family rental companies dedicated to providing affordable and workforce housing. Through the Pathway to Homeownership, we have added yet another option for affordable, accessible single-family living that otherwise might not be available in a supply-challenged market.

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**Our VineBrook Portfolio** 

Since our formation, we have significantly grown our VineBrook Portfolio. When the Company began operations on November 1, 2018, the Initial Portfolio consisted of 4,129 homes located in Ohio, Kentucky and Indiana. As of September 30, 2025 and 2024, the VineBrook Portfolio consisted of 20,365 and 20,959 homes, respectively, in 18 states. As of September 30, 2025 and 2024, the VineBrook Portfolio had an occupancy of 94.7% and 95.4%, respectively, and a weighted average monthly effective rent of $1,339 and $1,279, respectively, per occupied home. As of September 30, 2025 and 2024, the occupancy of stabilized homes in our VineBrook Portfolio was 94.6% and 94.9%, respectively, and the weighted average monthly effective rent of occupied stabilized homes was $1,357 and $1,293, respectively. As of September 30, 2025 and 2024, 23.4% and 25.9%, respectively, of homes in our VineBrook Portfolio were excluded from being stabilized either because the homes were in rehabilitation or were purchased with residents in place or were classified as held for sale. The table below provides summary information regarding our VineBrook Portfolio as of September 30, 2025.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market** | **State** | **# of Homes** | **Portfolio Occupancy** | **Average Effective Rent** | **# of Stabilized Homes** | **Stabilized Occupancy** | **Stabilized Average Monthly Rent** |
| Cincinnati | OH, KY | 2722 | 95.4% | $1450 | 2310 | 94.8% | $1471 |
| Dayton | OH | 2694 | 96.1% | 1344 | 2557 | 96.1% | 1338 |
| St. Louis | MO | 1683 | 96.1% | 1282 | 1138 | 95.4% | 1308 |
| Columbus | OH | 1597 | 95.5% | 1404 | 1469 | 95.1% | 1408 |
| Indianapolis | IN | 1396 | 92.4% | 1268 | 1099 | 93.4% | 1295 |
| Memphis | TN, MS | 1272 | 92.0% | 1060 | 913 | 91.1% | 1063 |
| Kansas City | MO, KS | 1069 | 95.0% | 1342 | 832 | 94.8% | 1351 |
| Birmingham | AL | 1016 | 95.9% | 1294 | 668 | 96.0% | 1306 |
| Columbia | SC | 932 | 90.9% | 1354 | 611 | 90.3% | 1372 |
| Jackson | MS | 762 | 96.3% | 1356 | 630 | 95.7% | 1365 |
| Milwaukee | WI | 744 | 96.8% | 1423 | 572 | 96.0% | 1465 |
| Augusta | GA, SC | 618 | 95.5% | 1312 | 446 | 94.8% | 1366 |
| Pensacola | FL | 377 | 91.8% | 1474 | 215 | 93.0% | 1424 |
| Greenville | SC | 360 | 96.7% | 1441 | 265 | 96.2% | 1503 |
| Portales | NM | 350 | 94.6% | 1230 | 137 | 93.4% | 1239 |
| Pittsburgh | PA | 318 | 95.9% | 1237 | 259 | 95.0% | 1269 |
| Atlanta | GA | 309 | 90.0% | 1488 | 117 | 88.9% | 1541 |
| Montgomery | AL | 285 | 94.4% | 1337 | 243 | 93.8% | 1346 |
| Huntsville | AL | 272 | 93.4% | 1339 | 202 | 92.6% | 1348 |
| Little Rock | AR | 254 | 91.7% | 1019 | 240 | 91.3% | 1018 |
| Omaha | NE, IA | 252 | 96.4% | 1414 | 235 | 96.2% | 1421 |
| Raeford | NC | 250 | 94.4% | 1339 | 167 | 93.4% | 1367 |
| Triad | NC | 216 | 93.1% | 1402 | 175 | 92.0% | 1404 |
| Myrtle Beach | SC | 97 | 93.8% | 2111 | 91 | 100.0% | 2250 |
| **Sub-Total/Average** |  | **19845** | **94.7%** | $**1339** | **15591** | **94.6%** | $**1357** |
| Held for Sale |  | 520 | n/a | n/a | n/a | n/a | n/a |
| **Total/Average** |  | **20365** | **94.7%** | $**1339** | **15591** | **94.6%** | $**1357** |

---

As of December 31, 2024, the VineBrook Portfolio consisted of 20,804 homes in 18 states with an occupancy of 96.3% and a weighted average monthly effective rent of $1,296 per occupied home. As of December 31, 2024, the occupancy of stabilized homes in our VineBrook Portfolio was 95.7% and the weighted average monthly effective rent of occupied stabilized homes was $1,309. As of December 31, 2024, 22.7% of homes in our VineBrook Portfolio were excluded from being stabilized either because the homes were in rehabilitation or were purchased with residents in place. The table below provides summary information regarding our VineBrook Portfolio as of December 31, 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market** | **State** | **# of Homes** | **Portfolio Occupancy** | **Average Effective Rent** | **# of Stabilized Homes** | **Stabilized Occupancy** | **Stabilized Average Monthly Rent** |
| Cincinnati | OH, KY | 2866 | 96.2% | $1360 | 2367 | 95.8% | $1376 |
| Dayton | OH | 2717 | 97.1% | 1268 | 2559 | 97.1% | 1264 |
| St. Louis | MO | 1773 | 94.9% | 1195 | 1134 | 93.5% | 1217 |
| Columbus | OH | 1626 | 96.0% | 1317 | 1488 | 95.6% | 1319 |
| Indianapolis | IN | 1403 | 96.7% | 1302 | 1087 | 96.2% | 1318 |
| Memphis | TN, MS | 1331 | 94.4% | 1080 | 897 | 92.9% | 1093 |
| Kansas City | MO, KS | 1086 | 96.9% | 1338 | 813 | 96.4% | 1350 |
| Birmingham | AL | 1035 | 96.3% | 1290 | 635 | 95.3% | 1301 |
| Columbia | SC | 949 | 95.9% | 1418 | 581 | 94.7% | 1453 |
| Jackson | MS | 802 | 96.5% | 1255 | 646 | 96.1% | 1259 |
| Milwaukee | WI | 770 | 96.4% | 1332 | 557 | 95.5% | 1387 |
| Atlanta | GA | 655 | 96.5% | 1631 | 265 | 92.8% | 1681 |
| Augusta | GA, SC | 635 | 97.5% | 1237 | 433 | 97.0% | 1308 |
| Greenville | SC | 376 | 96.8% | 1356 | 266 | 95.9% | 1418 |
| Portales | NM | 350 | 96.0% | 1171 | 137 | 91.2% | 1185 |
| Pittsburgh | PA | 340 | 97.4% | 1159 | 267 | 97.4% | 1187 |
| Pensacola | FL | 300 | 95.0% | 1461 | 200 | 92.5% | 1479 |
| Montgomery | AL | 295 | 94.9% | 1272 | 242 | 94.6% | 1290 |
| Huntsville | AL | 274 | 98.5% | 1416 | 195 | 97.9% | 1430 |
| Omaha | NE, IA | 272 | 98.9% | 1322 | 252 | 99.2% | 1334 |
| Little Rock | AR | 260 | 96.9% | 1072 | 243 | 97.1% | 1076 |
| Raeford | NC | 250 | 98.0% | 1272 | 151 | 97.4% | 1318 |
| Triad | NC | 219 | 96.8% | 1432 | 174 | 96.0% | 1461 |
| **Sub-Total/Average** |  | **20584** | **96.3%** | $**1296** | **15589** | **95.7%** | $**1309** |
| Held for Sale |  | 220 | n/a | n/a | n/a | n/a | n/a |
| **Total/Average** |  | **20804** | **96.3%** | $**1296** | **15589** | **95.7%** | $**1309** |

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**NexPoint Homes Portfolio**

NexPoint Homes is an owner and operator of single-family rental homes. As of September 30, 2025 and 2024, the NexPoint Homes Portfolio consisted of 2,076 and 2,343 single-family rental homes, respectively, primarily located in the midwestern and southeastern United States. As of September 30, 2025 and 2024, the NexPoint Homes Portfolio had an occupancy of approximately 94.7% and 92.4%, respectively, and a weighted average monthly effective rent of $1,797 and $1,713, respectively, per occupied home. Lease durations are typically one year. NexPoint Homes' activities include acquiring, renovating, developing, leasing and operating single-family rental homes. For the NexPoint Homes Portfolio, a home is classified as stabilized once it has been rented or has been rehabilitated by the Company and available for rent for a period of greater than 30 days. Additionally, because stabilized homes are expected to be held for at least one year, stabilized homes also exclude any assets held for sale. As of September 30, 2025 and 2024, the number of stabilized homes in the NexPoint Homes Portfolio was 1,992 and 2,158, respectively, the occupancy of stabilized homes was 95.3% and 97.8%, and the weighted average monthly effective rent of stabilized occupied homes was $1,797 and $1,713, respectively. As of September 30, 2025 and 2024, 4.0% and 6.9% of homes in our NexPoint Homes Portfolio were excluded from being stabilized, respectively, because the homes were classified as held for sale.

The table below provides summary information regarding the NexPoint Homes Portfolio as of September 30, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market** | **State** | **# of Homes** | **Portfolio Occupancy** | **Average Effective Rent** | **# of Stabilized Homes** | **Stabilized Occupancy** | **Stabilized Average Monthly Rent** |
| Oklahoma City | OK | 325 | 95.4% | $1748 | 325 | 95.4% | $1748 |
| Fayetteville | AR | 301 | 92.7% | 1748 | 301 | 92.7% | 1748 |
| Little Rock | AR | 210 | 95.2% | $1497 | 210 | 95.2% | $1497 |
| Atlanta | GA | 201 | 94.5% | 2079 | 201 | 94.5% | 2079 |
| San Antonio | TX | 190 | 94.7% | $1714 | 190 | 94.7% | $1714 |
| Tulsa | OK | 153 | 96.7% | 1717 | 153 | 96.7% | 1717 |
| Kansas City | MO, KS | 130 | 97.7% | $2008 | 130 | 97.7% | $2007 |
| Birmingham | AL | 119 | 94.1% | 1649 | 119 | 94.1% | 1649 |
| Huntsville | AL | 68 | 94.1% | $1914 | 68 | 94.1% | $1914 |
| Charlotte | NC | 52 | 100.0% | 1992 | 52 | 100.0% | 1992 |
| Other (1) | AL,FL,KS,TX | 243 | 77.0% | $1858 | 243 | 77.0% | $1858 |
| **Sub-Total/Average** |  | **1992** | **94.7%** | $**1797** | **1992** | **95.3%** | $**1797** |
| Held for Sale |  | 84 | n/a | n/a | n/a | n/a | n/a |
| **Total/Average** |  | **2076** | **94.7%** | $**1797** | **1992** | **95.3%** | $**1797** |

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(1) Contains markets that have less than 50 homes which include Dallas/Fort Worth, Mobile, Jacksonville, Orlando, Tampa, Wichita, Austin and Houston.

The table below provides summary information regarding the NexPoint Homes Portfolio as of December 31, 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market** | **State** | **# of Homes** | **Portfolio Occupancy** | **Average Effective Rent** | **# of Stabilized Homes** | **Stabilized Occupancy** | **Stabilized Average Monthly Rent** |
| Oklahoma City | OK | 341 | 90.9% | $1677 | 341 | 90.9% | $1677 |
| Fayetteville | AR | 317 | 91.5% | 1688 | 317 | 91.5% | 1688 |
| Little Rock | AR | 210 | 91.4% | 1433 | 210 | 91.4% | 1433 |
| San Antonio | TX | 199 | 91.5% | 1709 | 199 | 91.5% | 1709 |
| Atlanta | GA | 198 | 88.9% | 2027 | 198 | 88.9% | 2027 |
| Tulsa | OK | 158 | 92.4% | 1652 | 158 | 92.4% | 1652 |
| Kansas City | MO, KS | 146 | 96.6% | 1928 | 146 | 96.6% | 1928 |
| Birmingham | AL | 120 | 89.2% | 1576 | 120 | 89.2% | 1576 |
| Huntsville | AL | 70 | 88.6% | 1828 | 70 | 88.6% | 1828 |
| Charlotte | NC | 56 | 98.2% | 1934 | 56 | 98.2% | 1934 |
| Memphis | TN, MS | 56 | 92.9% | 1792 | 56 | 92.9% | 1792 |
| Dallas/Ft Worth | TX | 51 | 90.2% | 2328 | 51 | 90.2% | 2328 |
| Other (1) | AL,FL,KS,TX | 169 | 89.9% | 1804 | 169 | 89.9% | 1804 |
| **Sub-Total/Average** |  | **2091** | **91.4%** | $**1741** | **2091** | **91.4%** | $**1741** |
| Held for Sale |  | 156 | n/a | n/a | n/a | n/a | n/a |
| **Total/Average** |  | **2247** | **91.4%** | $**1741** | **2091** | **91.4%** | $**1741** |

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(1) Contains markets that have less than 50 homes which include Mobile, Jacksonville, Orlando, Tampa, Wichita, Austin and Houston.

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<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**Components of Revenues and Expenses**

The following is a description of the components of our revenues and expenses.

***Revenues***

<u>Rental Income</u>*.* Our revenues are derived primarily from rental revenue, net of any concessions and uncollectible amounts, collected from residents of our single-family rental homes under lease agreements which typically have a term of one year. Also included are utility reimbursements, late fees, pet fees, and other rental fees charged to residents.

<u>Other income</u>*.* Other income includes ancillary income earned from residents such as non-refundable fees, application fees, move-out fees, and other miscellaneous fees charged to residents.

***Expenses***

<u>Property operating expenses</u>*.* Property operating expenses include property maintenance costs, turn costs (costs incurred in making a home ready for the next resident after the prior resident vacates the home), leasing costs and the associated salary and employee benefit costs, utilities, vehicle leases and HOA fees. Certain property operating costs are capitalized in accordance with our capitalization policy. Certain turn costs are capitalized to buildings and improvements if they improve the condition of the home or return it to its original condition and exceed $1,500 in cost. Upon being occupied, expenditures up to $1,500 for ordinary repairs and maintenance thereafter are expensed as incurred, and we capitalize expenditures that improve the condition of the home in excess of $1,500.

<u>Real estate taxes and insurance</u>*.* Real estate taxes include the property taxes assessed by local and state authorities depending on the location of each home. Insurance includes the cost of property, general liability, and other needed insurance for each property. Certain real estate taxes and insurance costs are capitalized in accordance with our capitalization policy.

<u>Property management fees</u>*.* Property management fees include fees paid to Mynd for managing each property in the NexPoint Homes Portfolio. Following the Internalization of the Legacy VineBrook Manager in 2023, property management fees were eliminated in consolidation for the VineBrook Portfolio until the Externalization occurred in June 2025. Going forward, property management fees will include fees paid to Evergreen Manager for managing each property in the VineBrook Portfolio.

<u>Advisory fees</u>*.* Advisory fees include the fees paid to our Adviser pursuant to the Advisory Agreement and the NexPoint Homes Adviser pursuant to the NexPoint Homes Advisory Agreement (see Note 10 to our consolidated financial statements).

<u>General and administrative expenses</u>*.* General and administrative expenses include, but are not limited to, equity-based compensation expense, legal fees, corporate payroll and personnel costs, tax preparation fees, corporate taxes, Board fees, costs of marketing, professional fees, audit fees, general office supplies, centralized technology support and other expenses associated with our corporate and administrative functions. After the Externalization, shared-services fees will also be included in general and administrative expenses.

<u>Depreciation and amortization</u>*.* Depreciation and amortization costs primarily include depreciation of our homes and amortization of right of use assets, recognized over their respective useful lives.

<u>Interest expense</u>*.* Interest expense primarily includes the cost of interest expense on debt, payments and receipts related to our interest rate derivatives, the change (which may be positive or negative) in fair value of interest rate derivatives not designated as hedges, the amortization of deferred financing costs and the amortization of bond discounts. Certain interest costs are capitalized in accordance with our capitalization policy.

<u>Loss on extinguishment of debt.</u> Loss on extinguishment of debt includes prepayment penalties and defeasance costs, the write-off of unamortized deferred financing costs and fair market value adjustments of assumed debt related to the early repayment of debt and other costs incurred in a debt extinguishment.

<u>Gain/(loss) on sales and impairment of real estate, net</u>*.* Gain/(loss) on sales and impairment of real estate, net, includes the gain or loss recognized upon sales of homes and impairment charges recorded on real estate assets, including casualty gains or losses incurred on homes. Gain/(loss) on sales of real estate is calculated by deducting the carrying value of the real estate and costs incurred to sell the properties from the sales prices of the homes. Impairment of real estate assets is calculated by calculating the lower of the carrying amount or estimated fair value less estimated costs to sell for held for sale properties. Casualty gains and losses include gains or losses incurred on homes, net of insurance proceeds received, that experience an event such as a natural disaster or fire.

<u>Investment income.</u> Investment income includes interest income from the retained ABS I and ABS II certificates, interest income from money market accounts and interest income from preferred equity investments. See Notes 5, 6 and 10 to our consolidated financial statements.

<u>Loss on forfeited deposits</u>. Loss on forfeited deposits includes forfeitures of deposits related to the termination of acquisition agreements in the NexPoint Homes Portfolio.

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**Consolidated Results of Operations for the Three Months Ended September 30, 2025 and 2024**

The following table sets forth a summary of our consolidated operating results for the three months ended September 30, 2025 and 2024 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | |
| | **2025** | **2024** |<br>**$ Change** |
| Total revenues | $94029 | $90656 | $3373 |
| Total expenses | (135106) | (137118) | 2012 |
| Loss on extinguishment of debt | (533) | (114) | (419) |
| Gain/(loss) on sales and impairment of real estate, net | 582 | (10652) | 11234 |
| Investment income | 695 | 882 | (187) |
| Change in unrealized loss on investments |  | 255 | (255) |
| Loss on forfeited deposits | (31) |  | (31) |
| Net loss | (40364) | (56091) | 15727 |
| Dividends on and accretion to redemption value of Redeemable Series A Preferred stock | 2198 | 2023 | 175 |
| Net income attributable to redeemable Series B Preferred stock | 1513 |  | 1513 |
| Net loss attributable to redeemable noncontrolling interests in the OP | (6057) | (8413) | 2356 |
| Net loss attributable to redeemable noncontrolling interests in consolidated VIEs | (3657) | (8482) | 4825 |
| Net loss attributable to noncontrolling interests in consolidated VIEs | (482) | (940) | 458 |
| Net loss attributable to stockholders | $(33879) | $(40279) | $6400 |

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The change in our net loss between the periods primarily relates to an increase in rental income and decreases in general and administrative expenses, advisory fees, interest expense, depreciation and amortization and gain on sales and impairment of real estate, partially offset by increases in property operating expenses, real estate taxes and insurance and property management fees.

***Revenues***

<u>Rental income</u>*.* Rental income was $89.4 million for the three months ended September 30, 2025 compared to $88.6 million for the three months ended September 30, 2024, which was an increase of $0.8 million. The increase between the periods was primarily due to an increase in stabilized homes and an increase in rental rates over the past year.

<u>Other income</u>. Other income was $4.6 million for the three months ended September 30, 2025 compared to $2.1 million for the three months ended September 30, 2024, which was an increase of $2.5 million. The increase between the periods was primarily due to the increased adoption of Conservice, a third party utility billing and management company, providing more consistent and better collection of utility fees in the current year.

***Expenses*** 

<u>Property operating expenses</u>. Property operating expenses were $22.9 million for the three months ended September 30, 2025 compared to $19.9 million for the three months ended September 30, 2024, which was an increase of $3.0 million. The increase between the periods was primarily due to an increase in utilities and maintenance costs in the three months ended September 30, 2025 associated with the growth in stabilized homes and transition to Conservice for utilities. For the three months ended September 30, 2025 and 2024, turn costs represented approximately 17% and 22%, respectively, of our property operating expenses.

<u>Real estate taxes and insurance</u>*.* Real estate taxes and insurance were $16.9 million for the three months ended September 30, 2025 compared to $16.7 million for the three months ended September 30, 2024, which was an increase of $0.2 million. The increase between the periods was primarily due to increases in real estate tax assessments as a result of increases in property valuations, partially offset by dispositions in the VineBrook Portfolio and NexPoint Homes Portfolio.

<u>Property management fees</u>*.* Property management fees were $0.7 million for the three months ended September 30, 2025 compared to $0.2 million for the three months ended September 30, 2024, which was an increase of $0.5 million. The increase between the periods was primarily due to the Externalization of the Legacy VineBrook Manager to the Evergreen Manager on June 10, 2025, and the transition of property management of the NexPoint Homes Portfolio to Mynd on September 19, 2024.

<u>Advisory fees</u>*.* Advisory fees were $5.0 million for the three months ended September 30, 2025 compared to $5.2 million for the three months ended September 30, 2024, which was a decrease of $0.2 million. The decrease between the

periods was primarily due to the decrease in fee earning assets under management for the VineBrook Portfolio and NexPoint Homes Portfolio.

<u>General and administrative expenses</u>*.* General and administrative expenses were $20.9 million for the three months ended September 30, 2025 compared to $21.4 million for the three months ended September 30, 2024, which was a decrease of $0.5 million. The decrease between the periods was primarily due to decreased salary and payroll related expenses in connection with the reduction in force from the Externalization, partially offset by one-time Externalization transition fees, shared service fees and severance costs. The decrease was also due to a decrease in equity-based compensation costs after the acceleration of PIU vestings, partially offset by increases in equity-based compensation costs related to RSU award grants.

<u>Depreciation and amortization</u>*.* Depreciation and amortization costs were $31.2 million for the three months ended September 30, 2025 compared to $31.4 million for the three months ended September 30, 2024, which was a decrease of $0.2 million. The decrease between the periods was primarily due to the disposition of homes and movement of homes to be classified as held for sale over the past year, partially offset by the acquisition of homes within the VineBrook Portfolio.

<u>Interest expense</u>*.* Interest expense was $37.5 million for the three months ended September 30, 2025 compared to $42.4 million for the three months ended September 30, 2024, which was a decrease of $4.9 million. The decrease between the periods was primarily due to decreases in interest on debt as we made pay downs on debt outstanding over the past year and non-cash interest expense related to the change in fair value of derivatives not designated as hedging instruments, partially offset by an increase in non-cash discount amortization. The following table details the various costs included in interest expense for the three months ended September 30, 2025 and 2024 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | |
| | **2025** | **2024** |<br>**$ Change** |
| Gross interest cost | $37775 | $42972 | $(5197) |
| Capitalized interest | (231) | (604) | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $37544 | $42368 | $(4824) |

---

<u>Loss on extinguishment of debt.</u> Loss on extinguishment of debt was $0.5 million for the three months ended September 30, 2025 compared to $0.1 million for the three months ended September 30, 2024, which was an increase of $0.4 million. The increase between the periods was primarily due to an increase in debt extinguishment activity for the three months ended September 30, 2025.

<u>Gain/(loss) on sales and impairment of real estate, net</u>*.* Gain on sales and impairment of real estate was $0.6 million for the three months ended September 30, 2025 compared to a loss of $10.7 million for the three months ended September 30, 2024, which was an increase of $11.3 million. The increase between the periods was primarily due to a decrease in the homes sold for a loss within the NexPoint Homes Portfolio, an increase in proceeds from homes sold within the VineBrook Portfolio, specifically within the Atlanta market, and a decrease in the number of homes classified as held for sale that had impairment charges booked. The Company strategically identifies homes for disposal and expects the disposal of these properties to be accretive to the Portfolio's results of operation and overall performance.

<u>Investment income</u>*.* Investment income was $0.7 million for the three months ended September 30, 2025 compared to $0.9 million for the three months ended September 30, 2024, which was a decrease of $0.2 million. The decrease between the periods was primarily due to a decrease in interest income from money market accounts, partially offset by the increase in interest income from preferred equity investments.

<u>Loss on forfeited deposits</u>. Loss on forfeited deposits was less than $0.1 million for the three months ended September 30, 2025 compared to no loss on forfeited deposits for the three months ended September 30, 2024, which was an increase of less than $0.1 million. The increase between the periods was primarily due to legal fees and other transaction costs associated with the termination of an acquisition agreement within the VineBrook Portfolio during the three months ended September 30, 2025.

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<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**Consolidated Results of Operations for the Nine Months Ended September 30, 2025 and 2024**

***The nine months ended September 30, 2025 compared to the nine months ended September 30, 2024***

The following table sets forth a summary of our consolidated operating results for the nine months ended September 30, 2025 and 2024 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | |
| | **2025** | **2024** |<br>**$ Change** |
| Total revenues | $280994 | $272686 | $8308 |
| Total expenses | (433577) | (393196) | (40381) |
| Loss on extinguishment of debt | (886) | (1488) | 602 |
| Gain/(loss) on sales and impairment of real estate, net | 2963 | (19773) | 22736 |
| Investment income | 1966 | 2973 | (1007) |
| Reversal of (provision for) loan losses | 500 |  | 500 |
| Loss on forfeited deposits | (1440) |  | (1440) |
| Net loss | (149480) | (138798) | (10682) |
| Dividends on and accretion to redemption value of Redeemable Series A Preferred stock | 6595 | 6260 | 335 |
| Net income attributable to Redeemable Series B Preferred stock | 4539 |  | 4539 |
| Net loss attributable to redeemable noncontrolling interests in the OP | (22426) | (20820) | (1606) |
| Net loss attributable to redeemable noncontrolling interests in consolidated VIEs | (13328) | (19997) | 6669 |
| Net loss attributable to noncontrolling interests in consolidated VIEs | (1825) | (2754) | 929 |
| Net loss attributable to stockholders | $(123035) | $(101487) | $(21548) |

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The change in our net loss between the periods primarily relates to increases in property operating expenses, real estate taxes and insurance, property management fees, loss on forfeited deposits, general and administrative expenses and investment income, partially offset by increases in rental income and gains on sales and impairment of real estate, as well as decreases in interest expense, depreciation and amortization, advisory fees, and investment income.

***Revenues***

<u>Rental income</u>*.* Rental income was $270.6 million for the nine months ended September 30, 2025 compared to $268.1 million for the nine months ended September 30, 2024, which was an increase of $2.5 million. The increase between the periods was primarily due to an increase in stabilized homes and an increase in rental rates over the past year, partially offset by property dispositions.

<u>Other income</u>. Other income was $10.3 million for the nine months ended September 30, 2025 compared to $4.6 million for the nine months ended September 30, 2024, which was an increase of $5.7 million. The increase between the periods was primarily due to the adoption of Conservice, a third party utility billing and management company, providing more consistent and better collection of utility fees in the current year.

***Expenses*** 

<u>Property operating expenses</u>. Property operating expenses were $66.0 million for the nine months ended September 30, 2025 compared to $59.3 million for the nine months ended September 30, 2024, which was an increase of $6.7 million. The increase between the periods was primarily due to an increase in turnover, utilities and maintenance costs in the nine months ended September 30, 2025, associated with the growth in stabilized homes and transition to Conservice for utilities. For the nine months ended September 30, 2025 and 2024, turn costs represented approximately 18% and 21%, respectively, of our property operating expenses.

<u>Real estate taxes and insurance</u>*.* Real estate taxes and insurance were $52.0 million for the nine months ended September 30, 2025 compared to $50.9 million for the nine months ended September 30, 2024, which was an increase of $1.1 million. The increase between the periods was primarily due to increases in real estate tax assessments as a result of increases in property valuations, partially offset by dispositions in the VineBrook Portfolio and NexPoint Homes Portfolio.

<u>Property management fees</u>*.* Property management fees were $1.9 million for the nine months ended September 30, 2025 compared to $1.8 million for the nine months ended September 30, 2024, which was an increase of $0.1 million. The increase between the periods was primarily due to the Externalization and transition of the VineBrook Portfolio property management to the Evergreen Manager on June 10, 2025, and the transition of property management of the NexPoint Homes Portfolio to Mynd on September 19, 2024.

<u>Advisory fees</u>*.* Advisory fees were $15.0 million for the nine months ended September 30, 2025 compared to $15.7 million for the nine months ended September 30, 2024, which was a decrease of $0.7 million. The decrease between the periods was primarily due to the decrease in fee earning assets under management for the VineBrook Portfolio and the NexPoint Homes Portfolio.

<u>General and administrative expenses</u>*.* General and administrative expenses were $97.3 million for the nine months ended September 30, 2025 compared to $60.6 million for the nine months ended September 30, 2024, which was an increase of $36.7 million. The increase between the periods was primarily due to increases in equity-based compensation costs related to the acceleration of RSU and PIU vestings, and an increase in legal fees following the Externalization and transition of the VineBrook Portfolio property management to the Evergreen Manager on June 10, 2025. Of the $97.3 million of general and administrative expenses, $17.2 million is related to the Externalization and $13.8 million is related to accelerated RSU award vestings.

<u>Depreciation and amortization</u>*.* Depreciation and amortization costs were $93.4 million for the nine months ended September 30, 2025 compared to $94.8 million for the nine months ended September 30, 2024, which was a decrease of $1.4 million. The decrease between the periods was primarily due to the disposition of homes and movement of homes to held for sale over the past year, partially offset by the acquisition of homes within the VineBrook Portfolio.

<u>Interest expense</u>*.* Interest expense was $108.0 million for the nine months ended September 30, 2025 compared to $110.0 million for the nine months ended September 30, 2024, which was a decrease of $2.0 million. The decrease between the periods was primarily due to a decrease in interest on debt as we made pay downs on debt outstanding over the past year, partially offset by an increase in non-cash discount amortization and a decrease in interest rate derivative proceeds. The following table details the various costs included in interest expense for the nine months ended September 30, 2025 and 2024 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | |
| | **2025** | **2024** |<br>**$ Change** |
| Gross interest cost | $108576 | $110867 | $(2291) |
| Capitalized interest | (573) | (837) | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $108003 | $110030 | $(2027) |

---

<u>Loss on extinguishment of debt.</u> Loss on extinguishment of debt was $0.9 million for the nine months ended September 30, 2025 compared to $1.5 million for the nine months ended September 30, 2024, which was a decrease of $0.6 million. The decrease between the periods was primarily due to a decrease in debt extinguishment activity for the nine months ended September 30, 2025.

<u>Gain/(loss) on sales and impairment of real estate, net</u>*.* Gain on sales and impairment of real estate was $3.0 million for the nine months ended September 30, 2025 compared to a loss of $19.8 million for the nine months ended September 30, 2024, which was an increase of $22.8 million. The increase between the periods was primarily due to a decrease in the homes sold for a loss within the NexPoint Homes Portfolio, an increase in proceeds from homes sold within the VineBrook Portfolio, specifically within the Atlanta market, a decrease in the number of homes classified as held for sale that had impairment charges booked and an increase in gain on insurance repairs. The Company strategically identifies homes for disposal and expects the disposal of these properties to be accretive to the Portfolio's results of operation and overall performance.

<u>Investment income</u>*.* Investment income was $2.0 million for the nine months ended September 30, 2025 compared to $3.0 million for the nine months ended September 30, 2024, which was a decrease of $1.0 million. The decrease between the periods was primarily due to a decrease in interest income from money market accounts, partially offset by the increase in interest income from preferred equity investments.

<u>Loss on forfeited deposits</u>. Loss on forfeited deposits was $1.4 million for the nine months ended September 30, 2025 compared to no loss on forfeited deposits for the nine months ended September 30, 2024, which was an increase of $1.4 million. The increase between the periods was primarily due to legal fees and other transaction costs associated with the termination of an acquisition agreement within the VineBrook Portfolio and writing off earnest money deposits within the NexPoint Homes Portfolio during the nine months ended September 30, 2025.

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<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**Non-GAAP Measurements** 

***Net Operating Income***

NOI is a non-GAAP financial measure of performance. NOI is used by our management to evaluate and compare the performance of our properties to other comparable properties, to determine trends in earnings and to compute the fair value of our properties as NOI is not affected by (1) interest expense, (2) advisory fees, (3) the impact of depreciation and amortization expenses, (4) gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP or impairment charges, including casualty gains or losses (5) general and administrative expenses, (6) investment income, (7) change in unrealized loss on investments, (8) reversal of loan losses, (9) loss on forfeited deposits and (10) other gains and losses that are specific to us, including loss on extinguishment of debt. The cost of funds is eliminated from net income (loss) because it is specific to our particular financing capabilities and constraints. We believe that eliminating these items from net income is useful because the resulting measure captures the actual ongoing revenue generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs.

However, the usefulness of NOI is limited because it excludes the items discussed above. NOI may fail to capture significant trends in these components of net income, which further limits its usefulness.

NOI is a measure of the operating performance of our properties but does not measure our performance as a whole. NOI is therefore not a substitute for net income (loss) as computed in accordance with GAAP. This measure should be analyzed in conjunction with net income (loss) computed in accordance with GAAP and discussions elsewhere regarding the components of net income (loss) that are eliminated in the calculation of NOI. Other companies may use different methods for calculating NOI or similarly entitled measures and, accordingly, our NOI may not be comparable to similarly entitled measures reported by other companies that do not define the measure exactly as we do.

The following table, which has not been adjusted for the effects of NCI, reconciles our consolidated NOI for the three and nine months ended September 30, 2025 and 2024 to net loss, the most directly comparable GAAP financial measure on a consolidated basis (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(40364) | $(56091) | $(149480) | $(138798) |
| &nbsp;&nbsp;Adjustments to reconcile net loss to NOI: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 5011 | 5218 | 14965 | 15664 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 20904 | 21374 | 97256 | 60631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 31199 | 31354 | 93396 | 94788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 37544 | 42368 | 108003 | 110030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 533 | 114 | 886 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain)/loss on sales and impairment of real estate, net | (582) | 10652 | (2963) | 19773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income | (695) | (882) | (1966) | (2973) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized loss on investments |  | (255) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of loan losses |  |  | (500) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on forfeited deposits | 31 |  | 1440 |  |
| NOI | $53581 | $53852 | $161037 | $160603 |

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The following table, which has not been adjusted for the effects of NCI, reconciles our NOI for each of our segments for the three and nine months ended September 30, 2025 and 2024 to net loss, the most directly comparable GAAP financial measure by Portfolio (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2024** | **For the Three Months Ended September 30, 2024** | **For the Three Months Ended September 30, 2024** |
| | **VineBrook Portfolio** | **NexPoint Homes Portfolio** | **Total** | **VineBrook Portfolio** | **NexPoint Homes Portfolio** | **Total** |
| Net loss | $(31257) | $(9107) | $(40364) | $(36203) | $(19888) | $(56091) |
| &nbsp;&nbsp;Adjustments to reconcile net loss to NOI: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 4217 | 794 | 5011 | 4355 | 863 | 5218 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 19974 | 930 | 20904 | 18582 | 2792 | 21374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 25685 | 5514 | 31199 | 24013 | 7341 | 31354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 30445 | 7099 | 37544 | 34287 | 8081 | 42368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 445 | 88 | 533 | 114 |  | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain)/loss on sales and impairment of real estate, net | (1955) | 1373 | (582) | 1616 | 9036 | 10652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income | (582) | (113) | (695) | (792) | (90) | (882) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized loss on investments |  |  |  | (255) |  | (255) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on forfeited deposits | 31 |  | 31 |  |  |  |
| NOI | $47003 | $6578 | $53581 | $45717 | $8135 | $53852 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** |
| | **VineBrook Portfolio** | **NexPoint Homes Portfolio** | **Total** | **VineBrook** | **NexPoint Homes** | **Total** |
| Net loss | $(117917) | $(31563) | $(149480) | $(91951) | $(46847) | $(138798) |
| &nbsp;&nbsp;Adjustments to reconcile net loss to NOI: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 12600 | 2365 | 14965 | 12988 | 2676 | 15664 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 90083 | 7173 | 97256 | 57136 | 3495 | 60631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 76858 | 16538 | 93396 | 72029 | 22759 | 94788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 87294 | 20709 | 108003 | 85698 | 24332 | 110030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 798 | 88 | 886 | 1488 |  | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain)/loss on sales and impairment of real estate, net | (4062) | 1099 | (2963) | 4547 | 15226 | 19773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income | (1756) | (210) | (1966) | (2704) | (269) | (2973) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reversal of loan losses |  | (500) | (500) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on forfeited deposits | 37 | 1403 | 1440 |  |  |  |
| NOI | $143935 | $17102 | $161037 | $139231 | $21372 | $160603 |

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***Net Operating Income for Our 2024-2025 Same Home and Non-Same Home Properties for the Three Months Ended September 30, 2025 and 2024***

There are 17,390 homes in our 2024-2025 same home pool (our "2024-2025 Same Home" properties). To be included as a "2024-2025 Same Home," homes must be in the VineBrook Portfolio and must have been stabilized for at least 90 days in advance of the first day of the previous fiscal year and be held through the current reporting period-end. Same Home properties for the quarter and nine months ended September 30, 2025 and September 30, 2024 were stabilized by October 1, 2023 and held through September 30, 2025. 2024-2025 Same Home properties do not include homes held for sale. Homes that are stabilized are included as 2024-2025 Same Home properties, whether occupied or vacant. See Item 1 "Business—Our Portfolio" in our Annual Report for a discussion of the definition of stabilized. We view 2024-2025 Same Home NOI as an important measure of the operating performance of our homes because it allows us to compare operating results of homes owned for the entirety of the current and comparable periods and therefore eliminate variations caused by acquisitions or dispositions during the periods.

The following table reflects the revenues, property operating expenses and NOI for the three months ended September 30, 2025 and 2024 for our 2024-2025 Same Home and Non-Same Home properties (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | | |
| | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| **Revenues** |  |  |  |  |
| Same Home |  |  |  |  |
| &nbsp;&nbsp;Rental income (1) | $67006 | $63602 | $3404 | 5.4% |
| &nbsp;&nbsp;Other income (1) | 550 | 820 | (270) | -32.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Same Home revenues | 67556 | 64422 | 3134 | 4.9% |
| Non-Same Home |  |  |  |  |
| &nbsp;&nbsp;Rental income (1) | 22700 | 21637 | 1063 | 4.9% |
| &nbsp;&nbsp;Other income (1) | 3727 | 849 | 2878 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Same Home revenues | 26427 | 22486 | 3941 | 17.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 93983 | 86908 | 7075 | 8.1% |
| **Operating expenses** |  |  |  |  |
| Same Home |  |  |  |  |
| &nbsp;&nbsp;Property operating expenses (1) | 12076 | 12866 | (790) | -6.1% |
| &nbsp;&nbsp;Real estate taxes and insurance | 12864 | 12018 | 846 | 7.0% |
| &nbsp;&nbsp;Property management fees (2) | 163 |  | 163 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;Same Home operating expenses | 25103 | 24884 | 219 | 0.9% |
| Non-Same Home |  |  |  |  |
| &nbsp;&nbsp;Property operating expenses (1) | 10771 | 3305 | 7466 | N/M |
| &nbsp;&nbsp;Real estate taxes and insurance | 4002 | 4655 | (653) | -14.0% |
| &nbsp;&nbsp;Property management fees (2) | 526 | 212 | 314 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Same Home operating expenses | 15299 | 8172 | 7127 | 87.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 40402 | 33056 | 7346 | 22.2% |
| **NOI** |  |  |  |  |
| &nbsp;&nbsp;Same Home | 42453 | 39538 | 2915 | 7.4% |
| &nbsp;&nbsp;Non-Same Home | 11128 | 14314 | (3186) | -22.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total NOI** | $53581 | $53852 | $(271) | -0.5% |

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(1)Presented net of resident chargebacks.

(2)Fees incurred to the Manager; following the Internalization, property management fees were eliminated in consolidation for the VineBrook Portfolio until the Externalization, which occurred in June 2025.

See reconciliation of net income (loss) to NOI above under "—Net Operating Income."

<u>2024-2025 Same Home Results of Operations for the Three Months Ended September 30, 2025 and 2024</u>

As of September 30, 2025, our 2024-2025 Same Home properties were approximately 94.9% occupied with a weighted average monthly effective rent per occupied home of $1,382. As of September 30, 2024, our 2024-2025 Same Home properties were approximately 95.0% occupied with a weighted average monthly effective rent per occupied home of $1,293. For our 2024-2025 Same Home properties, we recorded the following operating results for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024:

<u>Revenues</u>

*Rental income*. Rental income was $67.0 million for the three months ended September 30, 2025 compared to $63.6 million for the three months ended September 30, 2024, which was an increase of approximately $3.4 million, or 5.4%. The increase is related to a 6.9% increase in the weighted average monthly effective rent per occupied home.

*Other income.* Other income was approximately $0.6 million for the three months ended September 30, 2025 compared to approximately $0.8 million for the three months ended September 30, 2024, which was a decrease of approximately $0.2 million, or 32.9%. This decrease was primarily due to the decrease in overall fees charged to single family properties of $0.3 million, partially offset by an increase in overall move out charges of $0.1 million.

<u>Expenses</u>

*Property operating expenses.* Property operating expenses were $12.1 million for the three months ended September 30, 2025 compared to $12.9 million for the three months ended September 30, 2024, which was a decrease of approximately $0.8 million, or 6.1%. The decrease is primarily related to an increase in resident chargebacks of $2.3 million and decreases in repair and maintenance expense of $0.4 million, in-house turn staff of $0.3 million and payroll expense of $0.3 million, partially offset by an increase in utility expense of $2.5 million.

*Real estate taxes and insurance.* Real estate taxes and insurance costs were $12.9 million for the three months ended September 30, 2025 compared to $12.0 million for the three months ended September 30, 2024, which was an increase of approximately $0.9 million, or 7.0%. The increase is primarily related to an increase in property insurance costs of $0.2 million and an increase in real estate taxes of $0.7 million.

*Property management fees.* Property management fees were $0.2 million for the three months ended September 30, 2025 compared to no fees for the three months ended September 30, 2024, which was an increase of approximately $0.2 million. The increase is primarily related to an increase in property management fees of $0.2 million related to the Externalization.

The following table reflects a reconciliation of Same Home and Non-Same Home revenues and operating expenses to total revenues and operating expenses, including resident chargebacks, for the three months ended September 30, 2025 and 2024 (dollars in thousands):

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
| | **2025** | **2024** |
| Same Home revenues | $67556 | $64422 |
| Non-Same Home revenues | 26427 | 22486 |
| Chargebacks | 46 | 3748 |
| &nbsp;&nbsp;Total revenues | 94029 | 90656 |
| Same Home operating expenses | 25103 | 24884 |
| Non-Same Home operating expenses | 15299 | 8172 |
| Chargebacks | 46 | 3748 |
| &nbsp;&nbsp;Total operating expenses | $40448 | $36804 |

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<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

***Net Operating Income for Our Same Home and Non-Same Home Properties for the Nine Months Ended September 30, 2025 and 2024***

The following table reflects the revenues, property operating expenses and NOI for the nine months ended September 30, 2025 and 2024 for our Same Home and Non-Same Home properties (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | | |
| | **2025** | **2024** |<br>**$ Change** |<br>**% Change** |
| **Revenues** |  |  |  |  |
| Same Home |  |  |  |  |
| &nbsp;&nbsp;Rental income (1) | $199842 | $188919 | $10923 | 5.8% |
| &nbsp;&nbsp;Other income (1) | 1996 | 2527 | (531) | -21.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Same Home revenues | 201838 | 191446 | 10392 | 5.4% |
| Non-Same Home |  |  |  |  |
| &nbsp;&nbsp;Rental income (1) | 71129 | 74150 | (3021) | -4.1% |
| &nbsp;&nbsp;Other income (1) | 7560 | 1373 | 6187 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Same Home revenues | 78689 | 75523 | 3166 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 280527 | 266969 | 13558 | 5.1% |
| **Operating expenses** |  |  |  |  |
| Same Home |  |  |  |  |
| &nbsp;&nbsp;Property operating expenses (1) | 36265 | 35537 | 728 | 2.0% |
| &nbsp;&nbsp;Real estate taxes and insurance | 38672 | 35499 | 3173 | 8.9% |
| &nbsp;&nbsp;Property management fees (2) | 163 |  | 163 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;Same Home operating expenses | 75100 | 71036 | 4064 | 5.7% |
| Non-Same Home |  |  |  |  |
| &nbsp;&nbsp;Property operating expenses (1) | 29316 | 18059 | 11257 | 62.3% |
| &nbsp;&nbsp;Real estate taxes and insurance | 13305 | 15430 | (2125) | -13.8% |
| &nbsp;&nbsp;Property management fees (2) | 1769 | 1841 | (72) | -3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Same Home operating expenses | 44390 | 35330 | 9060 | 25.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 119490 | 106366 | 13124 | 12.3% |
| **NOI** |  |  |  |  |
| &nbsp;&nbsp;Same Home | 126738 | 120410 | 6328 | 5.3% |
| &nbsp;&nbsp;Non-Same Home | 34299 | 40193 | (5894) | -14.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total NOI** | $161037 | $160603 | $434 | 0.3% |

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(1)Presented net of resident chargebacks.

(2)Fees incurred to the Manager; following the Internalization, property management fees were eliminated in consolidation for the VineBrook Portfolio until the Externalization, which occurred in June 2025.

See reconciliation of net income (loss) to NOI above under "—Net Operating Income."

<u>Same Home Results of Operations for the Nine Months Ended September 30, 2025 and 2024</u>

For our Same Home properties, we recorded the following operating results for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024:

<u>Revenues</u>

*Rental income*. Rental income was $199.8 million for the nine months ended September 30, 2025 compared to $188.9 million for the nine months ended September 30, 2024, which was an increase of approximately $10.9 million, or 5.8%. The increase is related to a 6.9% increase in the weighted average monthly effective rent per occupied home, partially offset by a 57% increase in total chargebacks to residents and a 0.1% decrease in occupancy.

*Other income.* Other income was approximately $2.0 million for the nine months ended September 30, 2025 compared to approximately $2.5 million for the nine months ended September 30, 2024, which was a decrease of

approximately $0.5 million. This decrease was primarily due to the decrease in overall fees charged to single family properties of $0.6 million, partially offset by an increase in overall move out charges of $0.1 million.

<u>Expenses</u>

*Property operating expenses.* Property operating expenses were $36.3 million for the nine months ended September 30, 2025 compared to $35.5 million for the nine months ended September 30, 2024, which was an increase of approximately $0.8 million, or 2.0%. The increase is primarily related to an increase in repair and maintenance expense of $0.3 million, an increase in utility expense of $5.6 million, an increase in in-house turn staff of $0.1 million, and an increase in other miscellaneous expense of $0.3 million, partially offset by an increase in resident chargebacks of $5.5 million.

*Real estate taxes and insurance.* Real estate taxes and insurance costs were $38.7 million for the nine months ended September 30, 2025 compared to $35.5 million for the nine months ended September 30, 2024, which was an increase of approximately $3.2 million, or 8.9%. The increase is primarily related to an increase in property insurance costs of $0.7 million and an increase in real estate taxes of $2.5 million.

*Property management fees.* Property management fees were $0.2 million for the nine months ended September 30, 2025 compared to no fees for the nine months ended September 30, 2024, which was an increase of approximately $0.2 million. The increase is primarily related to an increase in property management fee of $0.2 million related to the Externalization.

The following table reflects a reconciliation of Same Home and Non-Same Home revenues and operating expenses to total revenues and operating expenses, including resident chargebacks, for the nine months ended September 30, 2025 and 2024 (dollars in thousands):

---

| | | |
|:---|:---|:---|
| | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Same Home revenues | $201838 | $191446 |
| Non-Same Home revenues | 78689 | 75523 |
| Chargebacks | 467 | 5717 |
| &nbsp;&nbsp;Total revenues | 280994 | 272686 |
| Same Home operating expenses | 75100 | 71036 |
| Non-Same Home operating expenses | 44390 | 35330 |
| Chargebacks | 467 | 5717 |
| &nbsp;&nbsp;Total operating expenses | $119957 | $112083 |

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<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

***Consolidated FFO, Core FFO and AFFO***

We believe that net income (loss), as defined by GAAP, is the most appropriate earnings measure. We also believe that funds from operations attributable to stockholders, NCI of the OP, redeemable NCI in consolidated VIEs, and NCI in consolidated VIEs ("FFO") as defined by the National Association of Real Estate Investments Trusts ("NAREIT"), core funds from operations attributable to stockholders, NCI of the OP, redeemable NCI in consolidated VIEs, and NCI in consolidated VIEs ("Core FFO") and adjusted funds from operations attributable to stockholders, NCI of the OP, redeemable NCI in consolidated VIEs, and NCI in consolidated VIEs ("AFFO") are important non-GAAP supplemental measures of operating performance for a REIT.

Since the historical cost accounting convention used for real estate assets requires depreciation except on land, such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a REIT that use historical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other items, from net income (loss), as defined by GAAP. FFO is defined by NAREIT as net income (loss) computed in accordance with GAAP, excluding gains or losses from real estate dispositions and impairment of real estate assets, plus real estate depreciation and amortization. We compute FFO in accordance with NAREIT's definition. Our presentation differs slightly from NAREIT's in that we begin with net income (loss) attributable to stockholders and add net income (loss) attributable to NCI in the OP, net income (loss) attributable to redeemable NCI in consolidated VIEs and net income (loss) attributable to NCI in consolidated VIEs and then make the adjustments to arrive at FFO.

Core FFO makes certain adjustments to FFO, which are not representative of the ongoing operating performance of our Portfolio. Core FFO adjusts FFO to remove items such as (1) losses on forfeited deposits, (2) investment income, (3) gains or losses on extinguishment of debt, (4) non-cash interest expenses, (5) changes in unrealized gains or losses on investments, (6) reversal of (provision for) loan losses, (7) transaction costs incurred in connection with acquisitions, dispositions and issuance of debt and other costs not related to core real estate operations and (8) equity-based compensation expense. We believe Core FFO is useful as a supplemental gauge of our operating performance and is useful in comparing our operating performance with other REITs.

AFFO makes certain adjustments to Core FFO in order to arrive at a more refined measure of the operating performance of our Portfolio. There is no industry standard definition of AFFO and the method of calculating AFFO is divergent across the industry. AFFO adjusts Core FFO to remove recurring capital expenditures, which are costs necessary to help preserve the value and maintain functionality of our homes. We believe AFFO is useful as a supplemental gauge of the operating performance of our Company and is useful in comparing our operating performance with other REITs.

Basic and diluted weighted average shares in our FFO/Core FFO/AFFO table includes both our Common Stock and OP Units.

We believe that the use of FFO, Core FFO and AFFO, combined with the required GAAP presentations, improves the understanding of operating results of REITs and makes comparisons of operating results among such companies more meaningful. While FFO, Core FFO and AFFO are relevant and widely used measures of operating performance of REITs, they do not represent cash flows from operations or net income (loss) as defined by GAAP and should not be considered as an alternative or substitute to those measures in evaluating our liquidity or operating performance. FFO, Core FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements.

The following table reconciles our calculations of FFO, Core FFO and AFFO to net loss attributable to stockholders for the three and nine months ended September 30, 2025 and 2024 (in thousands, except per share amounts):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **Nine Months Ended September 30, 2025 to 2024** |
| | **2025** | **2024** | **2025** | **2024** | **% Change** |
| Net loss attributable to stockholders | $(33879) | $(40279) | $(123035) | $(101487) | 21.2% |
| Net loss attributable to NCI in the OP | (6057) | (8413) | (22426) | (20820) | 7.7% |
| Net loss attributable to redeemable noncontrolling interest in consolidated VIEs | (3657) | (8482) | (13328) | (19997) | -33.4% |
| Net loss attributable to noncontrolling interest in consolidated VIEs | (482) | (940) | (1825) | (2754) | -33.7% |
| Depreciation and amortization | 31199 | 31354 | 93396 | 94788 | -1.5% |
| Loss/(Gain) on sales and impairment of real estate, net | (582) | 10652 | (2963) | 19773 | N/M |
| **FFO attributable to stockholders, NCI in the OP, redeemable noncontrolling interests in consolidated VIEs, and noncontrolling interests in consolidated VIEs** | (13458) | (16108) | (70181) | (30497) | N/M |
| **FFO per share - basic** | $(0.43) | $(0.54) | $(2.27) | $(1.02) | N/M |
| **FFO per share - diluted** | $(0.43) | $(0.54) | $(2.27) | $(1.02) | N/M |
| Loss on forfeited deposits | 31 |  | 1440 |  | N/M |
| Investment income |  | 488 |  | 980 | N/M |
| Loss on extinguishment of debt | 533 | 114 | 886 | 1488 | -40.5% |
| Non-cash interest expense | 9737 | 15112 | 27202 | 26045 | 4.4% |
| Change in unrealized (gain) loss on investments |  | (255) |  |  | N/M |
| Reversal of (provision for) loan losses |  |  | (500) |  | N/M |
| Transaction and other costs | 5039 | 3671 | 12908 | 7236 | 78.4% |
| Equity-based compensation expense | 4656 | 5114 | 48545 | 15614 | N/M |
| **Core FFO attributable to stockholders, NCI in the OP, redeemable noncontrolling interests in consolidated VIEs, and noncontrolling interests in consolidated VIEs** | 6538 | 8136 | 20300 | 20866 | -2.7% |
| **Core FFO per share - basic** | $0.21 | $0.27 | $0.66 | $0.70 | -5.7% |
| **Core FFO per share - diluted** | $0.20 | $0.26 | $0.64 | $0.68 | -5.9% |
| Recurring capital expenditures | (7511) | (6370) | (18767) | (18234) | 2.9% |
| **AFFO attributable to stockholders, NCI in the OP, redeemable noncontrolling interests in consolidated VIEs, and noncontrolling interests in consolidated VIEs** | (973) | 1766 | 1533 | 2632 | -41.8% |
| **AFFO per share - basic** | $(0.03) | $0.06 | $0.05 | $0.09 | -44.4% |
| **AFFO per share - diluted** | $(0.03) | $0.06 | $0.05 | $0.09 | -44.4% |
| **Weighted average shares outstanding - basic** | 31453 | 30012 | 30873 | 29843 |  |
| **Weighted average shares outstanding - diluted (1)** | 32321 | 30854 | 31850 | 30715 |  |
| **Dividends declared per share** | $0.5301 | $0.5301 | $1.5903 | $1.5903 |  |
| **Net loss attributable to stockholders per share/unit - diluted** | $(1.31) | $(1.59) | $(4.79) | $(4.02) |  |
| **Net loss attributable to stockholders Coverage - diluted (2)** | -2.47x | -3.00x | -3.01x | -2.53x |  |
| **FFO Coverage - diluted (3)** | -0.81x | -1.02x | -1.43x | -0.64x |  |
| **Core FFO Coverage - diluted (3)** | 0.38x | 0.49x | 0.40x | 0.43x |  |
| **AFFO Coverage - diluted (3)** | -0.06x | 0.11x | 0.03x | 0.06x |  |

---

(1)For the three and nine months ended September 30, 2025 and 2024, includes approximately 649,000 shares and 841,000 shares, respectively, related to the assumed vesting of RSUs, earned performance shares of the Company and

PI Units not contingent upon an IPO, change in control or listing of the Company's Common Stock on a national securities exchange.

(2)Indicates coverage ratio of net loss attributable to stockholders per share (diluted) over dividends declared per common share during the period.

(3)Indicates coverage ratio of FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period.

***VineBrook FFO, Core FFO and AFFO***

In addition to FFO, Core FFO and AFFO, we present FFO, Core FFO and AFFO for the VineBrook Portfolio ("VineBrook FFO," "VineBrook Core FFO," and "VineBrook AFFO," respectively) as we view the VineBrook Portfolio as the Company's primary reportable segment and believe it is useful to consider the VineBrook FFO, VineBrook Core FFO and VineBrook AFFO as supplemental gauges of our operating performance. We also use VineBrook Core FFO as a performance metric for certain key executives, including under grants of performance shares made in the Internalization.

FFO is defined by NAREIT as net income (loss) computed in accordance with GAAP, excluding gains or losses from real estate dispositions and impairment of real estate assets, plus real estate depreciation and amortization. We compute VineBrook FFO in accordance with NAREIT's definition. Our presentation differs slightly from NAREIT's in that we begin with VineBrook net income (loss) attributable to stockholders and add VineBrook net income (loss) attributable to NCI in the OP and then make the adjustments to arrive at VineBrook FFO.

VineBrook Core FFO makes certain adjustments to VineBrook FFO, which are not representative of the ongoing operating performance of our Portfolio. VineBrook Core FFO adjusts VineBrook FFO to remove or add items such as (1) reportable segment-specific investment income, (2) gains or losses on extinguishment of debt, (3) non-cash interest expenses, (4) changes in unrealized gains or losses on investments, (5) transaction costs incurred in connection with acquisitions, dispositions and issuance of debt and other costs not related to core real estate operations and (6) equity-based compensation expense. We believe VineBrook Core FFO is useful as a supplemental gauge of our operating performance and is useful in comparing our operating performance with other REITs.

VineBrook AFFO makes certain adjustments to VineBrook Core FFO in order to arrive at a more refined measure of the operating performance of our VineBrook Portfolio. There is no industry standard definition of AFFO and the method of calculating AFFO is divergent across the industry. VineBrook AFFO adjusts VineBrook Core FFO to remove recurring capital expenditures, which are costs necessary to help preserve the value and maintain functionality of our homes. We believe VineBrook AFFO is useful as a supplemental gauge of the operating performance of our VineBrook Portfolio and is useful in comparing our operating performance with other REITs.

Basic and diluted weighted average shares in our VineBrook FFO/VineBrook Core FFO/VineBrook AFFO table includes both our Common Stock and OP Units.

We believe that the use of VineBrook FFO, VineBrook Core FFO and VineBrook AFFO, combined with the required GAAP presentations, improves the understanding of operating results of REITs and makes comparisons of operating results among such companies more meaningful. While FFO, Core FFO and AFFO are relevant and widely used measures of operating performance of REITs, they do not represent cash flows from operations or net income (loss) as defined by GAAP and should not be considered as an alternative or substitute to those measures in evaluating our liquidity or operating performance. VineBrook FFO, VineBrook Core FFO and VineBrook AFFO do not purport to be indicative of cash available to fund our future cash requirements. Further, our computation of VineBrook FFO, VineBrook Core FFO and VineBrook AFFO may not be comparable to FFO, Core FFO and AFFO reported by other REITs.

The FFO, Core FFO and AFFO results discussed further below are for the VineBrook Portfolio, and reconcile to net loss for the VineBrook Portfolio for the three and nine months ended September 30, 2025 and 2024. See below for a reconciliation of VineBrook net loss to consolidated net loss for the three and nine months ended September 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2024** | **For the Three Months Ended September 30, 2024** | **For the Three Months Ended September 30, 2024** |
| | **VineBrook Portfolio** | **NexPoint Homes Portfolio** | **Total** | **VineBrook Portfolio** | **NexPoint Homes Portfolio** | **Total** |
| Net loss attributable to stockholders | $(29271) | $(4608) | $(33879) | $(30385) | $(9894) | $(40279) |
| Net loss attributable to redeemable NCI in the OP | (5697) | (360) | (6057) | (7841) | (572) | (8413) |
| Net loss attributable to redeemable NCI in consolidated VIEs |  | (3657) | (3657) |  | (8482) | (8482) |
| Net loss attributable to NCI in consolidated VIEs |  | (482) | (482) |  | (940) | (940) |
| Dividends on and accretion to redemption value of Redeemable Series A preferred stock | 2198 |  | 2198 | 2023 |  | 2023 |
| Net income attributable to Redeemable Series B Preferred stock | 1513 |  | 1513 |  |  |  |
| **Net Loss** | $(31257) | $(9107) | $(40364) | $(36203) | $(19888) | $(56091) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** |
| | **VineBrook** | **NexPoint Homes** | **Total** | **VineBrook** | **NexPoint Homes** | **Total** |
| Net loss attributable to stockholders | $(107934) | $(15101) | $(123035) | $(79094) | $(22393) | $(101487) |
| Net loss attributable to redeemable NCI in the OP | (21117) | (1309) | (22426) | (19117) | (1703) | (20820) |
| Net loss attributable to redeemable NCI in consolidated VIEs |  | (13328) | (13328) |  | (19997) | (19997) |
| Net loss attributable to NCI in consolidated VIEs |  | (1825) | (1825) |  | (2754) | (2754) |
| Dividends on and accretion to redemption value of Redeemable Series A preferred stock | 6595 |  | 6595 | 6260 |  | 6260 |
| Net income attributable to Redeemable Series B Preferred stock | 4539 |  | 4539 |  |  |  |
| **Net Loss** | $(117917) | $(31563) | $(149480) | $(91951) | $(46847) | $(138798) |

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The following table reconciles our calculations of VineBrook FFO, VineBrook Core FFO and VineBrook AFFO to the VineBrook Portfolio's net loss attributable to stockholders for the three and nine months ended September 30, 2025 and 2024, which is reconciled to consolidated net loss above, the most directly comparable GAAP financial measure (in thousands, except per share amounts):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **Nine Months Ended September 30, 2025 to 2024** |
| | **2025** | **2024** | **2025** | **2024** | **% Change** |
| Net loss attributable to stockholders | $(29271) | $(30385) | $(107934) | $(79094) | 36.5% |
| Net loss attributable to NCI in the OP | (5697) | (7841) | (21117) | (19117) | 10.5% |
| Depreciation and amortization | 25685 | 24013 | 76858 | 72029 | 6.7% |
| Loss/(gain) on sales and impairment of real estate, net | (1955) | 1616 | (4062) | 4547 | N/M |
| **VineBrook FFO attributable to stockholders and NCI in the OP** | (11238) | (12597) | (56255) | (21635) | N/M |
| **VineBrook FFO per share - basic** | $(0.36) | $(0.42) | $(1.82) | $(0.72) | N/M |
| **VineBrook FFO per share - diluted** | $(0.36) | $(0.42) | $(1.82) | $(0.72) | N/M |
| Loss on forfeited deposits | 31 |  | 37 |  | N/M |
| Investment income (1) | 1124 | 1321 | 3718 | 3790 | -1.9% |
| Loss on extinguishment of debt | 445 | 114 | 798 | 1488 | -46.4% |
| Non-cash interest expense | 9587 | 14864 | 26847 | 25796 | 4.1% |
| Change in unrealized (gain) loss on investments |  | (255) |  |  | N/M |
| Transaction and other costs | 5039 | 3224 | 8779 | 6789 | 29.3% |
| Equity-based compensation expense | 4547 | 4985 | 48178 | 15225 | N/M |
| **VineBrook Core FFO attributable to stockholders and NCI in the OP** | 9535 | 11656 | 32102 | 31453 | 2.1% |
| **VineBrook Core FFO per share - basic** | $0.30 | $0.39 | $1.04 | $1.05 | -1.0% |
| **VineBrook Core FFO per share - diluted** | $0.30 | $0.38 | $1.01 | $1.02 | -1.0% |
| Recurring capital expenditures | (7511) | (6369) | (18767) | (18234) | 2.9% |
| **VineBrook AFFO attributable to stockholders and NCI in the OP** | 2024 | 5287 | 13335 | 13219 | 0.9% |
| **VineBrook AFFO per share - basic** | $0.06 | $0.18 | $0.43 | $0.44 | -2.3% |
| **VineBrook AFFO per share - diluted** | $0.06 | $0.17 | $0.42 | $0.43 | -2.3% |
| **Weighted average shares outstanding - basic** | 31453 | 30012 | 30873 | 29843 |  |
| **Weighted average shares outstanding - diluted (2)** | 32321 | 30854 | 31850 | 30715 |  |
| **Dividends declared per share** | $0.5301 | $0.5301 | $1.5903 | $1.5903 |  |
| **Net loss attributable to stockholders per share/unit - diluted (3)** | $(1.31) | $(1.59) | $(4.79) | $(4.02) |  |
| **Net loss attributable to stockholders Coverage - diluted (4)** | -2.47x | -3.00x | -3.01x | -2.53x |  |
| **VineBrook FFO Coverage - diluted (5)** | -0.68x | -0.79x | -1.14x | -0.45x |  |
| **VineBrook Core FFO Coverage - diluted (5)** | 0.60x | 0.72x | 0.64x | 0.64x |  |
| **VineBrook AFFO Coverage - diluted (5)** | 0.11x | 0.32x | 0.26x | 0.27x |  |

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(1)Investment income in the table above includes approximately $0.2 million and $0.4 million of interest income from the convertible and promissory notes with NexPoint Homes and the SFR OP, and approximately $0.9 million and $0.9 million of dividend income from the investment in NexPoint Homes for the three months ended September 30, 2025 and 2024, respectively. Additionally, investment income in the table above includes approximately $0.7 million and $1.1 million of interest income from the NexPoint Homes Convertible Notes and approximately $2.8 million and $2.6 million of dividend income from the investment in NexPoint Homes for the nine months ended September 30, 2025 and 2024, respectively. The VineBrook Portfolio interest and dividend income related to NexPoint Homes are eliminated on the consolidated statements of operations and comprehensive income (loss) but are added back to VineBrook Core FFO since these funds are attributable to the standalone VineBrook Portfolio.

(2)For the three and nine months ended September 30, 2025 and 2024, includes approximately 649,000 shares and 841,000 shares respectively, related to the assumed vesting of RSUs, performance shares of the Company and PI Units

not contingent upon an IPO, change in control, or listing of the Company's Common Stock on a national securities exchange.

(3)For the nine months ended September 30, 2025 and 2024, the net loss attributable to stockholders per share/unit (diluted) includes $(0.59) per common share and $(0.16) per common share, respectively, related to the allocated loss per common share attributable to the NexPoint Homes Portfolio.

(4)Indicates coverage ratio of net loss attributable to stockholders for the VineBrook Portfolio per share (diluted) over dividends declared per common share during the period.

(5)Indicates coverage ratio of VineBrook FFO/VineBrook Core FFO/VineBrook AFFO per common share (diluted) over dividends declared per common share during the period.

<u>The nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024</u>

VineBrook FFO was negative $56.3 million for the nine months ended September 30, 2025 compared to negative $21.6 million for the nine months ended September 30, 2024, which was a decrease of approximately $34.7 million. The change in VineBrook FFO between the periods primarily relates to increases in the VineBrook Portfolio's general and administrative expenses of $32.9 million, the VineBrook Portfolio's depreciation and amortization expense of $4.8 million, VineBrook Portfolio's total property operating expenses of $4.0 million and VineBrook Portfolio's interest expense of $1.6 million, partially offset by an increase in the VineBrook Portfolio's rental income of $5.0 million and an increase in the VineBrook Portfolio's other income of $5.1 million.

VineBrook Core FFO was $32.1 million for the nine months ended September 30, 2025 compared to $31.5 million for the nine months ended September 30, 2024, which was an increase of approximately $0.6 million. The change in VineBrook Core FFO between the periods primarily relates to decreases in VineBrook FFO of $34.7 million, loss on extinguishment of debt of $0.7 million and VineBrook Portfolio's transaction and other costs of $2.0 million, partially offset by increases in VineBrook Portfolio's non-cash interest expense of $1.1 million and VineBrook Portfolio's equity based compensation expense of $33.0 million, which are all added back to arrive at VineBrook Core FFO.

VineBrook AFFO was $13.3 million for the nine months ended September 30, 2025 compared to $13.2 million for the nine months ended September 30, 2024, which was an increase of approximately $0.1 million. The change in VineBrook AFFO between the periods primarily relates to an increase to VineBrook Core FFO, partially offset by an increase in the VineBrook Portfolio's recurring capital expenditures of $0.5 million.

The changes in diluted VineBrook FFO per share, VineBrook Core FFO per share and VineBrook AFFO per share were primarily related to an increase of 1.9% in VineBrook interest expense (or 1.8% on a per share basis). The weighted average interest rate of debt decreased from 5.6454% as of September 30, 2024 to 5.1174% as of September 30, 2025 for the VineBrook Portfolio, which has contributed to the increase in our VineBrook FFO and VineBrook Core FFO per share results. The Company has entered into seven interest rate derivative agreements with a combined notional amount of approximately $0.7 billion in order to partially offset the impact of interest rates.

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<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**Net Asset Value**

The purchase price at which Common Stock may be repurchased in accordance with the terms of the Amended Share Repurchase Plan is generally based on the most recent NAV per share in effect at the time of repurchase, and Common Stock or OP Units issued under the applicable DRIP generally reflect a 3% discount to the then-current NAV per share.

NAV is calculated in accordance with the Valuation Methodology approved by our Board. Effective for valuations beginning on September 30, 2025, the Adviser calculates a preliminary NAV range by applying capitalization rates ("cap rates") – low, mid and high – provided by Green Street Advisors, LLC ("Green Street") for each metropolitan statistical area ("MSA") in which the VineBrook Portfolio owns properties. The Adviser will apply these cap rates to each property's projected net operating income over the next twelve months, adjusted for property dispositions and acquisitions ("Forward NOI"), unless the property is a new acquisition (generally acquired within twelve months of the valuation date), in which case the Adviser will apply a discounted cash flow ("DCF") model. Then the Adviser will layer in other assets and liabilities and make any other adjustments deemed necessary to arrive at a preliminary NAV range that it will recommend to the Pricing Committee. Based on this recommendation, the Pricing Committee will then determine NAV based on the midpoint of the range.

Effective for NAV determined on and after December 31, 2021, NAV has been determined as of the end of each quarter. NAV per share is calculated on a fully diluted basis under the treasury stock method. For a description of the previous valuation methodology used to calculate NAV prior to September 30, 2025, see the Company's Annual Report. The table below illustrates the changes in NAV since September 30, 2024:

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| | |
|:---|:---|
| **Date** | **NAV per share** |
| September 30, 2024 | 55.45 |
| December 31, 2024 | 54.54 |
| March 31, 2025 | 54.56 |
| June 30, 2025 | 54.25 |
| September 30, 2025 | 54.84 |

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<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**Liquidity and Capital Resources**

Our short-term liquidity requirements consist primarily of funds necessary to pay for debt maturities, operating expenses and other expenditures directly associated with our homes, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recurring maintenance necessary to maintain our homes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest expense and scheduled principal payments on outstanding indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distributions necessary to qualify for taxation as a REIT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advisory fees payable to our Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• property management fees payable to the Evergreen Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general and administrative expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capital expenditures related to upcoming acquisitions and rehabilitation of owned homes.

We expect to meet our short-term liquidity requirements generally through net cash provided by operations, existing cash balances, sales of homes and debt financing. On October 17, 2025, in connection with the execution of the Barings Loan, we fully paid off the JPM Facility and the MetLife Note, see Notes 5 and 14.

Subsequent to September 30, 2025, the Company paid off $198.0 million of the debt obligations coming due, including the full repayment of the JPM Facility, which had a maturity of October 31, 2025, and the MetLife Note, which had a maturity of January 31, 2026 (see Note 14). The Company has sufficient liquidity to satisfy the remaining $50.0 million of the obligations coming due within 12 months of the financial statement issuance date.

We believe that our available cash, expected operating cash flows, net proceeds from the sale of homes and potential debt or equity financings will provide sufficient funds for our operations, anticipated scheduled debt service payments and dividend requirements for the twelve-month period following the issuance of these financials. We believe that the various sources of long-term capital, which may include public or private issuances of common equity, preferred equity or debt, draws on our revolving credit facilities, existing working capital, net cash provided by operations, long-term mortgage indebtedness and other secured and unsecured borrowings will provide sufficient funds for our operations, anticipated scheduled debt service payments and dividend requirements in the long-term.

There are a number of factors that may have a material adverse effect on our ability to access capital sources, including the state of overall equity and credit markets, our degree of leverage, our unencumbered asset base and borrowing restrictions imposed by lenders (including as a result of any failure to comply with financial covenants in our existing and future indebtedness), general market conditions for REITs, our operating performance and liquidity, market perceptions about us and restrictions on sales of properties under the Code. The success of our business strategy will depend, in part, on our ability to access these various capital sources.

Our homes will require periodic capital expenditures and renovation to remain competitive. Also, acquisitions of new homes will require significant capital outlays. Long-term, we may not be able to fund such capital improvements solely from net cash provided by operations because we must distribute annually at least 90% of our REIT taxable income, determined without regard to the deductions for dividends paid and excluding net capital gains, to qualify and maintain our qualification as a REIT, and we are subject to tax on any retained income and gains. As a result, our ability to fund capital expenditures and acquisitions through retained earnings long-term is limited. Consequently, we expect to rely heavily upon the availability of debt or equity capital for these purposes. If we are unable to obtain the necessary capital on favorable terms, or at all, our financial condition, liquidity, results of operations, and prospects could be materially and adversely affected.

***Cash Flows***

<u>The nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024</u>

The following table presents selected data from our consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024 (in thousands):

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| | | |
|:---|:---|:---|
| | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Net cash provided by operating activities | $14511 | $15483 |
| Net cash provided by investing activities | 32527 | 67948 |
| Net cash used in financing activities | (33562) | (72458) |
| Change in cash and restricted cash | 13476 | 10973 |
| Cash and restricted cash, beginning of period | 84632 | 85620 |
| Cash and restricted cash, end of period | $98108 | $96593 |

---

*Cash flows from operating activities.* During the nine months ended September 30, 2025, net cash provided by operating activities was $14.5 million compared to net cash provided by operating activities of $15.5 million for the nine months ended September 30, 2024. The change in cash flows from operating activities was primarily due to a decrease in accrued interest payable of $6.9 million, partially offset by an increase in real estate taxes payable of $5.7 million.

*Cash flows from investing activities.* During the nine months ended September 30, 2025, net cash provided by investing activities was $32.5 million compared to net cash provided by investing activities of $67.9 million for the nine months ended September 30, 2024. The change in cash flows from investing activities was mainly due to decreases in disposition activity within the VineBrook Portfolio, a decrease in net proceeds from sales and an increase in acquisitions, partially offset by an increase in insurance proceeds received and increases in additions to real estate investments.

*Cash flows from financing activities.* During the nine months ended September 30, 2025, net cash used in financing activities was $33.6 million compared to net cash used in financing activities of $72.5 million for the nine months ended September 30, 2024. The change in cash flows from financing activities was mainly due to a decrease in notes payable proceeds received and an increase in notes payable principal payments made, partially offset by an increase in credit facilities proceeds received and a decrease in credit facilities principal payments made.

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<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**Debt, Derivatives and Hedging Activity** 

***Debt***

As of September 30, 2025, the VineBrook Portfolio had aggregate debt outstanding to third parties of approximately $2.1 billion at a weighted average interest rate of 5.1174% and an adjusted weighted average interest rate of 4.2420%. For purposes of calculating the adjusted weighted average interest rate of our debt outstanding, we have included the weighted average fixed rate of 1.7397%, representing a weighted average fixed rate for Secured Overnight Financing Rate ("SOFR"), which replaced one-month London Interbank Offered Rate ("LIBOR") on July 1, 2023, for the applicable interest period ("one-month term SOFR"), daily SOFR and daily SOFR plus 0.1145%, on our combined $0.7 billion notional amount of interest rate swap agreements and interest rate cap agreement, which effectively fixes the interest rate on $0.7 billion of our floating rate debt. See Notes 5 and 6 to our consolidated financial statements for additional information.

The following table sets forth a summary of our mortgage loan indebtedness for the VineBrook Portfolio as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Type** | **Outstanding Principal as of September 30, 2025** | **Interest Rate (1)** | **Maturity** | |
| Warehouse Facility | Floating |  | 7.13% | 11/3/2025 |  |
| JPM Facility | Floating | 94433 | 7.09% | 10/31/2025 | (2) |
| JPM Acquisition Facility | Floating | 35654 | 6.48% | 7/9/2027 |  |
| JPM Term Loan | Floating | 484080 | 6.03% | 9/10/2027 |  |
| ABS I Loan | Fixed | 373771 | 4.92% | 12/8/2028 |  |
| ABS II Loan | Fixed | 398775 | 4.65% | 3/9/2029 |  |
| MetLife Note | Fixed | 100328 | 3.25% | 1/31/2026 | (2) |
| MetLife Term Loan I | Fixed | 322531 | 4.50% | 8/22/2029 |  |
| MetLife Term Loan II | Fixed | 246843 | 4.75% | 11/4/2029 |  |
| OSL Loan | Fixed | 15000 | 9.00% | 2/25/2027 |  |
| TrueLane Mortgage | Fixed | 7688 | 5.35% | 2/1/2028 |  |
| Crestcore II Note | Fixed | 2408 | 5.12% | 7/9/2029 |  |
| Crestcore IV Note | Fixed | 2240 | 5.12% | 7/9/2029 |  |
| **Total Outstanding Principal** |  | $2083751 |  |  |  |

---

(1)Represents the interest rate as of September 30, 2025. Except for fixed rate debt, the interest rate is 30-day average SOFR, daily SOFR or one-month term SOFR, plus an applicable margin. The 30-day average SOFR as of September 30, 2025 was 4.3076%, daily SOFR as of September 30, 2025 was 4.2400% and one-month term SOFR as of September 30, 2025 was 4.1292%.

(2)Subsequent to September 30, 2025, the JPM Facility and the MetLife Note were paid off in full on October 17, 2025.

In addition to the mortgage loan indebtedness for the VineBrook Portfolio presented above and described below, the NexPoint Homes Portfolio had $522.5 million of debt outstanding at September 30, 2025 (excluding amounts owed to the OP by NexPoint Homes, as these are eliminated in consolidation). See Notes 5 and 10 to the consolidated financial statements.

*<u>Warehouse Facility</u>*

On September 20, 2019, the OP (as guarantor) and VB One, LLC (as borrower) entered into the Warehouse Facility with KeyBank. The Warehouse Facility is secured by an equity pledge in certain assets of VB One, LLC and an equity pledge in the equity of VB One, LLC. On November 3, 2021, the Company (as guarantor), the OP (as parent borrower), and each of (i) VB OP Holdings, LLC and (ii) VB One, LLC and certain of its subsidiaries (as subsidiary borrowers), entered into an amended and restated credit agreement to recast the Warehouse Facility, which was subsequently amended on December 9, 2021, April 8, 2022, May 20, 2022, September 13, 2022 and October 25, 2022, July 31, 2023 and August 14, 2024.

On September 11, 2025, the Company fully paid off the outstanding principal balance and interest on the Warehouse Facility.

*<u>JPM Facility</u>*

On March 1, 2021, the Company entered into a non-recourse carveout guaranty and certain wholly owned subsidiaries of VB Three, LLC (as borrowers) entered into the $500.0 million JPM Facility. The JPM Facility was secured by equity pledges in VB Three, LLC and its wholly owned subsidiaries and bears interest at a variable rate equal to one-month LIBOR plus 2.75%. The JPM Facility was interest-only and originally matured and was due in full on March 1, 2023. On March 10, 2022, the Company entered into Amendment No. 1 to the JPM Facility, wherein each advance under the JPM Facility will bear interest at daily SOFR plus 2.85%. The balance of the JPM Facility, net of unamortized deferred financing costs, is included in credit facilities on the consolidated balance sheets. On January 31, 2023, the Company entered into Amendment No. 2 to the JPM Facility, wherein the total facility amount was updated to $350.0 million, and the maturity date was extended to January 31, 2025, which may be extended for 12 months upon submission of an extension request, subject to approval. On March 15, 2023, the Company entered into Amendment No. 3 to the JPM Facility to give the Company credit for pledging an interest rate cap by reducing the interest reserve requirements under the JPM Facility based on the capped rate. On December 26, 2024, the Company entered into Amendment No. 4 to the JPM Facility, wherein the maturity date was extended to April 30, 2025. On April 24, 2025, the Company entered into Amendment No. 5 to the JPM Facility, wherein the maturity date was extended to July 31, 2025. On July 28, 2025, the Company entered into Amendment No. 6 to the JPM Facility, wherein the maturity date was extended to October 31, 2025, and the commitment was reduced to the amount equal to the advances outstanding as of the Amendment No. 6 effective date and all repayments will permanently reduce the commitment.

The outstanding balance on the JPM Facility as of September 30, 2025, was approximately $94.4 million. The balance of the JPM Facility, net of unamortized deferred financing costs, is included in credit facilities on the consolidated balance sheets. Subsequent to September 30, 2025, the JPM Facility was paid off in full on October 17, 2025.

*<u>JPM Acquisition Facility</u>*

On June 25, 2025, VB Twelve, LLC, an indirect subsidiary of the Company, entered into the JPM Acquisition Facility for up to $500.0 million. The JPM Acquisition Facility bears interest at the greater of (i) one-month term SOFR or (ii) 3.00% plus 2.35% per annum. The JPM Acquisition Facility is interest-only and matures on July 9, 2027 with a one-year extension option subject to meeting certain criteria, payment of an extension fee and increases in the interest rate spread. The outstanding balance on the JPM Acquisition Facility as of September 30, 2025 is approximately $35.7 million. The JPM Acquisition Facility, net of unamortized deferred financing costs, is included in notes payable on the consolidated balance sheets.

*<u>Asset Backed Securitization I</u>*

On December 6, 2023, the OP completed a securitization transaction, in connection with which the ABS I Borrower entered into the ABS I Loan Agreement with the ABS I Lender, providing for the ABS I Loan with a total principal balance of approximately $392.2 million. Concurrent with the execution of the ABS I Loan Agreement, the ABS I Lender sold the ABS I Loan to the Depositor, an indirect subsidiary of the OP, which, in turn, transferred the ABS I Loan to a trust in exchange for (i) $178.4 million principal amount of Class A Certificates, (ii) $38.6 million principal amount of Class B Certificates, (iii) $30.8 million principal amount of Class C Certificates, (iv) $43.0 million principal amount of Class D Certificates, (v) $50.1 million principal amount of Class E1 Certificates, (vi) $12.2 million principal amount of Class E2 Certificates, and (vii) $39.1 million Class R Certificates. The Certificates represent beneficial ownership interests in the trust and its assets, including the ABS I Loan. The Depositor sold the Certificates, acquired by the Depositor in the manner described above, to placement agents who resold the Certificates to investors in a private offering. The Regular Certificates are exempt from registration under the Securities Act of 1933, as amended, and are "exempted securities" under the Exchange Act. To satisfy applicable risk retention rules, the OP purchased and retained the Class F Certificates totaling $39.1 million. The Depositor used the proceeds from the sale of the Certificates to purchase the ABS I Loan from the ABS I Lender, as described above. The Regular Certificates were sold to investors at a discount and the OP retained the Class F Certificate (as described above), with the result that the proceeds, before closing costs, from the ABS I Loan to the ABS I Borrower were approximately $314.0 million. The net proceeds of $300.6 million were used to partially pay down the Warehouse Facility. The balance of the ABS I Loan, net of unamortized deferred financing costs and debt discount, is included in notes payable on the consolidated balance sheets. The ABS I Loan is collateralized by 2,682 SFR homes, and as of September 30, 2025, approximately 11.95% of the Portfolio served as collateral for outstanding borrowings under the ABS I Loan. The ABS I Loan, is segregated into six tranches, all of which accrue interest at 4.9235% and have a maturity date of December 8, 2028.

*<u>Asset Backed Securitization II</u>*

On February 29, 2024, the ABS II Borrower, completed the ABS II and entered into the ABS II Loan Agreement with BofA Securities, Inc., as sole structuring agent, joint bookrunner and co-lead manager, Mizuho Securities USA LLC, as joint bookrunner and co-lead manager and Citizens JMP Securities, LLC, J.P. Morgan Securities LLC, Raymond James & Associates, Inc., and Truist Securities, Inc., as co-managers.

Concurrent with the execution of the ABS II Loan Agreement, the lender sold the ABS II Loan to the Depositor, an indirect subsidiary of the OP, which, in turn, transferred the loan to a trust in exchange for (i) $176.9 million principal amount of ABS II Class A Certificates, (ii) $38.6 million principal amount of ABS II Class B Certificates, (iii) $30.6 million principal amount of ABS II Class C Certificates, (iv) $42.9 million principal amount of ABS II Class D Certificates, (v) $63.5 million principal amount of ABS II Class E1 Certificates, (vi) $11.2 million principal amount of ABS II Class E2 Certificates, and (vii) $39.9 million ABS II Class R Certificates. The Company also retained $19.5 million notional amount of the ABS II Class A, $10.5 million notional amount of the ABS II Class B, and $2.0 million notional amount of the ABS II Class C certificates. The ABS II Certificates represent beneficial ownership interests in the trust and its assets, including the ABS II Loan.

The Depositor sold the ABS II Certificates, acquired by the Depositor in the manner described above, to placement agents who resold the Certificates to investors in a private offering. The ABS II Regular Certificates are exempt from registration under the Securities Act of 1933, as amended, and are "exempted securities" under the Exchange Act. To satisfy applicable risk retention rules, the OP purchased and retained the Class F component, totaling $39.9 million. Additionally, the OP purchased and retained a portion of the ABS II Class A, Class B and Class C components, totaling $19.5 million, $10.5 million and $2.0 million, respectively. The Company evaluated the purchased ABS II Class A, Class B, Class C and Class F certificates as a variable interest in the trust and concluded that the ABS II Class A, Class B, Class C, and Class F certificates will not absorb a majority of the trust's expected losses or receive a majority of the trust's expected residual returns. The Company also concluded that the ABS II Class A, Class B, Class C and Class F certificates do not provide the Company with an ability to direct activities that could impact the trust's economic performance. The Company does not consolidate the trust and the $71.9 million of the ABS II Certificates are reflected as asset-backed securitization certificates on the Company's consolidated balance sheets. The Depositor used the proceeds from the sale of the ABS II Certificates to purchase the ABS II Loan from the lender, as described above. The ABS II Regular Certificates were sold to investors at a discount and the OP retained the entire Class F certificate (as described above), with the result that the proceeds, before closing costs, from the ABS II Loan to the ABS II Borrower were approximately $331.8 million. A portion of the net proceeds from the ABS II were used to pay down $242.4 million on the JPM Facility and fund reserves per the credit agreement.

The balance of the ABS II Loan, net of unamortized deferred financing costs and debt discount, is included in notes payable on the consolidated balance sheets. The ABS II Loan is collateralized by 2,433 SFR homes, and as of September 30, 2025, approximately 10.84% of the Portfolio served as collateral for outstanding borrowings under the ABS II Loan. The ABS II Loan, is segregated into seven tranches, (Components A through F), providing for a 5-year, fixed-rate, interest-only loan with a total principal balance of $403.7 million. The weighted average interest rate of the ABS II Regular Certificates (Class A through E2) is 4.6495% and have a maturity date of March 9, 2029.

*<u>MetLife Note</u>*

On January 26, 2021, the Company as guarantor and VB Two as borrower entered into a $125.0 million note with Metropolitan Life Insurance. The MetLife Note was secured by equity pledges in VB Two and its wholly owned subsidiaries and bore interest at a fixed rate of 3.25%. The MetLife Note was interest-only and matured and was due in full on January 31, 2026. As of September 30, 2025, the outstanding balance of the MetLife Note was approximately $100.3 million. The MetLife Note, net of unamortized deferred financing costs, is included in notes payable on the consolidated balance sheets. Subsequent to September 30, 2025, the MetLife Note was paid off in full on October 17, 2025.

*<u>MetLife Term Loan I Facilities</u>*

On August 22, 2024, VB Nine and VB Ten as borrowers, entered into the MetLife Term Loan I Facilities with Metropolitan Life Insurance Company and Metropolitan Tower Life Insurance Company, and the lenders party thereto from time to time, which provided a total commitment of $343.2 million. Borrowings under the MetLife Term Loan I Facilities are secured by an equity pledge by VB Nine Equity and VB Ten Equity of their equity interests in VB Nine and VB Ten, respectively, and the property and assets held by VB Nine and VB Ten, respectively, and bear interest at a fixed rate equal to 4.5%. The MetLife Term Loan I Facilities are full-term, interest-only facilities that mature on August 22, 2029. The Company used $282.0 million of the proceeds to pay down a portion of the outstanding amounts under the

Warehouse Facility. As of September 30, 2025, the outstanding balance of the MetLife Term Loan I Facilities was approximately $322.5 million.

*<u>MetLife Term Loan II Facility</u>*

On November 4, 2024, VB Eleven, LLC as borrower, entered into MetLife Term Loan II Facility with Metropolitan Life Insurance Company and Metropolitan Tower Life Insurance Company, and the lenders party thereto from time to time. Borrowings under the MetLife Term Loan II Facility are secured by an equity pledge by VB Eleven Equity of its equity interests in VB Eleven and the property and assets held by VB Eleven, and bear interest at a fixed rate equal to 4.75%. The MetLife Term Loan II Facility is a full-term, interest-only facility that matures on November 4, 2029. The Company used $226.8 million of the proceeds to pay down the remaining outstanding amount under the Initial Mortgage. As of September 30, 2025, the outstanding balance of the MetLife Term Loan II Facility was approximately $246.8 million.

*<u>The OSL Loan</u>*

On February 25, 2025, the OP, as borrower, entered into a $10.0 million credit agreement with OSL. The OSL Loan provides for a 2-year, interest-only loan with a total principal balance of $10.0 million at a 9.0% fixed interest rate and is guaranteed by the Company. On May 5, 2025, the OP used its option to draw an additional $5.0 million on the OSL Loan. As of September 30, 2025, the outstanding balance of the OSL Loan was approximately $15.0 million.

Subsequent to September 30, 2025, the OSL Loan was paid off in full on October 30, 2025.

*<u>JPM Term Loan</u>*

On September 11, 2025, the OP, as borrower, entered into a credit agreement with JPM, and the lenders party thereto from time to time, including OSL. The JPM Term Loan provides for term loans of $485.0 million, all of which were drawn on September 11, 2025. Borrowings under the JPM Term Loan will generally bear interest at Term SOFR for the interest period plus 1.90%, provided that the Company may elect for the JPM Term Loan to bear interest at (i) the greater of the prime rate, the federal funds effective rate plus 0.5%, and one-month Term SOFR plus 1.0%, in each case, plus 0.90% or (ii) adjusted daily effective SOFR plus 1.90%. The JPM Term Loan is interest-only and matures on September 10, 2027. The Company used the proceeds from the JPM Term Loan to fully repay the outstanding balances of the Warehouse Facility and the OSL Loan II. As of September 30, 2025, the outstanding balance was approximately $484.1 million. The JPM Term Loan, net of unamortized deferred financing costs, is included in notes payable on the consolidated balance sheets.

*<u>Refinancing of Capital</u>*

We intend to invest in additional homes as suitable opportunities arise and adequate sources of equity and debt financing are available. In the future, while we may continue to buy older homes and renovate them to add value and increase rental rates, we also intend to invest in newer homes in BTR communities in higher growth markets within our geographic footprint. We expect that future investments in properties, including any improvements or renovations of current or newly acquired properties, will depend on and will be financed by, in whole or in part, our existing cash, future borrowings and the proceeds from additional issuances of shares of Common Stock, Preferred Stock or other securities or property dispositions.

Although we expect to be subject to restrictions on our ability to incur indebtedness, we expect that we will be able to refinance existing indebtedness or incur additional indebtedness for acquisitions or other purposes, if needed. However, there can be no assurance that we will be able to refinance our indebtedness, incur additional indebtedness or access additional sources of capital, such as by issuing Common Stock, preferred stock or other debt or equity securities, on terms that are acceptable to us or at all.

Furthermore, following the completion of our renovations and depending on the interest rate environment at the applicable time, we may seek to refinance our floating rate debt into longer-term fixed rate debt at lower leverage levels.

***Interest Rate Derivative Agreements***

We have entered into and expect to continue to enter into interest rate swap and cap agreements with various third parties to fix or cap the floating interest rates on a majority of our floating rate mortgage debt outstanding. The interest rate swap agreements generally have a term of approximately three to six years and effectively establish a fixed interest rate on debt on the underlying notional amounts. In order to fix a portion of, and mitigate the risk associated with, our floating rate indebtedness (without incurring substantial prepayment penalties or defeasance costs typically associated with fixed rate indebtedness when repaid early or refinanced), we, through the OP, have entered into five interest rate swap transactions with KeyBank with a combined notional amount of $0.4 billion. As of September 30, 2025, the interest rate swaps we have entered into effectively replace the floating interest rate (daily SOFR) with respect to $0.4 billion of our floating rate mortgage debt outstanding with a weighted average fixed rate of 1.6945%. As of September 30, 2025, interest rate swap agreements effectively covered $0.4 billion, or 119.8%, of our $0.6 billion of floating rate debt outstanding for the VineBrook Portfolio. During the term of these interest rate swap agreements, we are required to make monthly fixed rate payments of 1.6945%, on a weighted average basis, on the notional amounts, while KeyBank is obligated to make monthly floating rate payments based on daily SOFR to us referencing the same notional amounts. For purposes of hedge accounting under ASC 815, *Derivatives and Hedging,* we have designated some of these interest rate swaps as cash flow hedges of interest rate risk. See Notes 5 and 6 to our consolidated financial statements for additional information.

On April 13, 2022, we paid a premium of approximately $12.7 million and entered into an interest rate cap transaction with Goldman Sachs Bank USA with a notional amount of $300.0 million. The interest rate cap effectively caps one-month term SOFR on $300.0 million of our floating rate debt at 1.50%. The interest rate cap expires on November 1, 2025. On June 27, 2025, we paid a premium of approximately $0.1 million and entered into an interest rate cap transaction with Royal Bank of Canada with a notional amount of $31.9 million (the "RBC Cap"). On September 29, 2025, the Company, through the OP, paid a premium of less than $0.1 million and modified the RBC Cap, wherein the notional amount was increased to $35.9 million. The RBC Cap effectively caps one-month term SOFR on $35.9 million of our floating rate debt at 4.25%. The interest rate caps expire on November 1, 2025 and July 9, 2027, respectively.

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<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**Investments in Subsidiaries**

As of September 30, 2025, the Company, through the OP and its SPE subsidiaries, owned the Portfolio, which consisted of 20,365 properties in the VineBrook Portfolio and 2,076 properties in the NexPoint Homes Portfolio, through 15 SPEs and their various subsidiaries and through the consolidated investment in NexPoint Homes. The following table presents the ownership structure of each SPE group that directly or indirectly owns the title to each real estate asset as of September 30, 2025, the number of assets held, the cost of those assets, the resulting debt allocated to each SPE and whether the debt is a mortgage loan. The table presents the debt allocations to each SPE that collateralize the related debt per the loan agreements. The mortgage loans may be settled from the assets of the below entity or entities to which the loan is made (dollars in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **VIE Name** | **Homes** | **Cost Basis** | **OP Beneficial Ownership %** | **Encumbered by Mortgage** | | **Debt Allocated** | |
| NREA VB I, LLC | 34 | $3400 | 100% | Yes |  | $2226 |  |
| NREA VB II, LLC | 46 | 4656 | 100% | Yes |  | 3011 |  |
| NREA VB III, LLC | 437 | 41713 | 100% | Yes |  | 28606 |  |
| NREA VB IV, LLC | 125 | 12609 | 100% | Yes |  | 8183 |  |
| NREA VB V, LLC | 1085 | 70999 | 100% | Yes |  | 71025 |  |
| NREA VB VI, LLC | 103 | 10630 | 100% | Yes |  | 6742 |  |
| NREA VB VII, LLC | 21 | 1987 | 100% | Yes |  | 1375 |  |
| True FM2017-1, LLC | 171 | 17045 | 100% | Yes |  | 7688 |  |
| VB One, LLC | 5441 | 743248 | 100% | Yes |  | 356170 |  |
| VB Two, LLC | 1546 | 156057 | 100% | No | (1) | 100328 |  |
| VB Three, LLC | 1303 | 196149 | 100% | No | (1) | 94433 |  |
| VB Five, LLC | 113 | 13874 | 100% | Yes |  | 4648 |  |
| VB Eight, LLC | 103 | 15853 | 100% | Yes |  | 6742 |  |
| VB Nine, LLC | 1253 | 184627 | 100% | Yes |  | 162056 |  |
| VB Ten, LLC | 1246 | 183019 | 100% | Yes |  | 160475 |  |
| VB Eleven, LLC | 2027 | 188909 | 100% | Yes |  | 246843 |  |
| VB Twelve, LLC | 196 | 51878 | 100% | Yes |  | 35654 |  |
| VineBrook Homes Borrower 1, LLC | 2682 | 393163 | 100% | Yes |  | 373771 |  |
| VineBrook Homes Borrower 2, LLC | 2433 | 364265 | 100% | Yes |  | 398775 |  |
| NexPoint Homes | 2076 | 621522 | 83% | No |  | 410443 |  |
|  | 22441 | $3275603 |  |  |  | $2479194 | (2) |

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(1)Assets held, directly or indirectly, by VB Two, LLC, VB Three, LLC and NexPoint Homes and its subsidiaries are not encumbered by a mortgage. Instead, the applicable lender has an equity pledge in certain assets of the respective SPEs and an equity pledge in the equity of the respective SPEs.

(2)In addition to the debt allocated to the SPEs noted above, as of September 30, 2025, the OP had approximately $15.0 million of debt not collateralized directly by homes which reflect the amount outstanding on the OSL Loan and NexPoint Homes had approximately $112.1 million of debt not collateralized directly by homes which reflects the amount outstanding on the SFR OP Convertible Notes, the SFR OP Note Payable III and the NexPoint Homes OSL Note as of September 30, 2025.

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**REIT Tax Election and Income Taxes** 

We have elected to be taxed as a REIT under Sections 856 through 860 of the Code commencing with our taxable year ended December 31, 2018 and expect to continue to qualify as a REIT. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our "REIT taxable income," as defined by the Code, to our stockholders. Taxable income from certain non-REIT activities is managed through TRSs and is subject to applicable U.S. federal, state, and local income and margin taxes. We had no significant taxes associated with our TRSs for the three and nine months ended September 30, 2025 and 2024. We believe we qualify for taxation as a REIT under the Code, and we intend to continue to operate in such a manner, but no assurance can be given that we will operate in a manner so as to qualify as a REIT. NexPoint Homes elected to be taxed as a REIT under Sections 856 through 860 of the Code, beginning with the year ended December 31, 2022.

We anticipate that we will continue to qualify to be taxed as a REIT for U.S. federal income tax purposes, and we intend to continue to be organized and to operate in a manner that will permit us to qualify as a REIT. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders. As a REIT, we will be subject to U.S. federal income tax on our undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions we pay with respect to any calendar year are less than the sum of (1) 85% of our ordinary income, (2) 95% of our capital gain net income and (3) 100% of our undistributed income from prior years.

If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate income tax rates, and dividends paid to our stockholders would not be deductible by us in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect our net income and net cash available for distribution to stockholders. Unless we were entitled to relief under certain Code provisions, we also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which we failed to qualify to be taxed as a REIT.

We evaluate the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are "more-likely-than-not" (greater than 50%) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Our management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. We have no examinations in progress and none are expected at this time.

We recognize our tax positions and evaluate them using a two-step process. First, we determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, we will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement.

We had no material unrecognized tax benefit or expense, accrued interest or penalties as of September 30, 2025. We and our subsidiaries are subject to U.S. federal income tax as well as income tax of various state and local jurisdictions. The 2024, 2023 and 2022 tax years remain open to examination by tax jurisdictions to which our subsidiaries and we are subject. When applicable, we recognize interest and/or penalties related to uncertain tax positions on our consolidated statements of operations and comprehensive income (loss).

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**Dividends** 

We intend to make regular quarterly dividend payments to holders of our Common Stock. We also intend to make the accrued dividend payments on the Series A Preferred Stock, which are payable quarterly in arrears as provided in the articles supplementary setting forth the terms of the Series A Preferred Stock, and the accrued dividend payments on the Series B Preferred Stock, which are payable quarterly in arrears as provided in the articles supplementary setting forth the terms of the Series B Preferred Stock. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains. As a REIT, we will be subject to U.S. federal income tax on our undistributed REIT taxable income and net capital gains and to a 4% nondeductible excise tax on any amount by which distributions we pay with respect to any calendar year are less than the sum of (1) 85% of our ordinary income, (2) 95% of our capital gain net income and (3) 100% of our undistributed income from prior years. We intend to make regular quarterly dividend payments of all or substantially all of our taxable income, which is not used to pay dividends on the Series A Preferred Stock and Series B Preferred Stock, to holders of our Common Stock out of assets legally available for this purpose, if and to the extent authorized by our Board. Before we make any dividend payments, whether for U.S. federal income tax purposes or otherwise, we must first meet both our operating requirements and debt service on our debt payable. If our cash available for distribution is less than our taxable income, we could be required to sell assets, borrow funds or raise additional capital to make cash dividends or we may make a portion of the required dividend in the form of a taxable distribution of stock or debt securities.

We will make dividend payments based on our estimate of taxable earnings per share of Common Stock, but not earnings calculated pursuant to GAAP. Our dividends and taxable income and GAAP earnings will typically differ due to items such as depreciation and amortization, fair value adjustments, differences in premium amortization and discount accretion, and non-deductible general and administrative expenses. Our dividends per share may be substantially different than our taxable earnings and GAAP earnings per share.

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**Inflation** 

The real estate market has not been affected significantly by inflation in the past several years due to increases in rents nationwide. The majority of our lease terms are for a period of one year or less and reset to market if renewed. The majority of our leases also contain protection provisions applicable to reimbursement billings for utilities. Due to the short-term nature of our leases, we do not believe our results will be materially affected.

Inflation may also affect the overall cost of debt, as the implied cost of capital increases. The Federal Reserve, in response to or in anticipation of continued inflation concerns, could raise interest rates. We intend to mitigate these risks through long-term fixed interest rate loans and interest rate derivatives, which to date have included interest rate cap and interest rate swap agreements.

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**Seasonality** 

We believe that our business and related operating results will be impacted by seasonal factors throughout the year. We experience higher levels of resident move-outs and move-ins during the late spring and summer months, which impacts both our rental revenues and related turnover costs. Furthermore, our property operating costs are seasonally impacted in certain markets for expenses such as repairs to heating, ventilation and air conditioning systems, turn costs and landscaping expenses during the summer season. Additionally, our SFR properties are at greater risk in certain markets for adverse weather conditions such as extreme cold weather in winter months and hurricanes in late summer months.

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**Off-Balance Sheet Arrangements** 

As of September 30, 2025 and December 31, 2024, we had no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

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**Critical Accounting Policies and Estimates** 

Management's discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires our management to make judgments, assumptions and estimates that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We evaluate these judgments, assumptions and estimates for changes that would affect the reported amounts. These estimates are based on management's historical industry experience and on various other judgments and assumptions that are believed to be reasonable under the circumstances. Actual results may differ from these judgments, assumptions and estimates. Below is a discussion of the accounting policies that we consider critical to understanding our financial condition or results of operations where there is uncertainty or where significant judgment is required. A discussion of recently issued accounting pronouncements and our significant accounting policies, including further discussion of the accounting policies described below, can be found in Note 2 "Summary of Significant Accounting Policies" to our consolidated financial statements included in this report.

***Real Estate Investments***

Upon acquisition, we evaluate our acquired SFR properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Since substantially all of the fair value of our acquired properties is concentrated in a single identifiable asset or group of similar identifiable assets and the acquisitions do not include a substantive process, our purchases of homes or portfolios of homes qualify as asset acquisitions. Accordingly, upon acquisition of a property, the Total Consideration is allocated to land, buildings, improvements, fixtures, and intangible lease assets based upon their relative fair values.

The allocation of Total Consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by ASC 820 (see Note 2 to our consolidated financial statements), is based on an independent third-party valuation firm's estimate of the fair value of the tangible and intangible assets and liabilities acquired, or management's internal analysis based on market knowledge obtained from historical transactions. The valuation methodology utilizes market comparable information, depreciated replacement cost and other estimates in allocating value to the tangible assets. The allocation of the Total Consideration to intangible lease assets represents the value associated with the in-place leases, as one month's worth of effective gross income (rental revenue, less credit loss allowance, plus other income) as the average downtime of the assets in the portfolio is approximately one month and the assets in the portfolio are leased on a gross rental structure. If any debt is assumed in an acquisition, the difference between the fair value, which is estimated using inputs that are classified within Level 2 of the fair value hierarchy, and the face value of debt is recorded as a premium or discount and amortized or accreted as interest expense over the life of the debt assumed.

The allocation of Total Consideration to the various components of properties acquired during the year can have an effect on our net income/(loss) due to the useful depreciable and amortizable lives applicable to each component and the recognition of the related depreciation and amortization expense. For example, if a greater portion of the Total Consideration is allocated to land, which does not depreciate, our net income would be higher. Typically, we allocate between 10% to 30% of the Total Consideration to land.

Real estate assets, including land, buildings, improvements, fixtures, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. The Company also incurs costs to prepare acquired properties for rental. These costs are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest costs as a cost of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and interest costs have been incurred. Upon completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred, unless the renovation meets the Company's capitalization criteria.

***Impairment***

Real estate assets are reviewed for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, changes in hold periods, rental rates or occupancy percentages, as well as significant changes in the economy. In such cases, the Company will evaluate the recoverability of the assets by comparing the estimated future cash flows expected to result from the use and eventual disposition of each asset to its carrying amount and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount. If impaired, the real estate asset will be written down to its estimated fair value. The process whereby we assess our single-family rental homes for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty. During the three and nine months ended September 30, 2025, $1.5 million and $2.5 million of impairments on operating properties not held for sale were recorded, respectively, which are included in loss on sales and impairment of real estate, net on the consolidated statements of operations and comprehensive income (loss), and no significant impairments on operating properties were recorded during the three and nine months ended September 30, 2024.

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**Implications of being an Emerging Growth Company**

We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act (the " JOBS Act") and we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

The JOBS Act permits an emerging growth company such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We have elected to take advantage of this extended transition period. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates for such new or revised standards. We may elect to comply with public company effective dates at any time, and such election would be irrevocable pursuant to Section 107(b) of the JOBS Act.

We could remain an "emerging growth company" until the earliest of (1) the end of the fiscal year following the fifth anniversary of the date of the first sale of shares of our Common Stock pursuant to an effective registration statement, (2) the last day of the fiscal year in which our annual gross revenues exceed $1.235 billion, (3) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our Common Stock that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter, or (4) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three year period.

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

Our future income, cash flows, and fair values relevant to financial instruments are dependent upon prevalent market interest rates. Market risk refers to the adverse effect on the value of assets and liabilities from changes in interest rates, market prices, commodity prices, and inflation. The primary market risk to which we are exposed is interest rate risk. We may in the future use derivative financial instruments to manage, or hedge, interest rate risks related to any borrowings we may have. We may enter into such contracts only with major financial institutions based on their credit ratings and other factors.

**Interest Rate Risk**

A primary market risk to which we believe we are exposed is interest rate risk, which may result from many factors, including government monetary and tax policies, unfavorable global and United States economic conditions (including inflation and interest rates), geopolitical tensions, and other factors that are beyond our control. We may incur additional variable rate debt in the future, including additional amounts that we may borrow under the JPM Acquisition Facility. In addition, decreases in interest rates may lead to additional competition for the acquisition of single-family homes, which may lead to future acquisitions being more costly and resulting in lower yields on single-family homes targeted for acquisition. Significant increases in interest rates may also have an adverse impact on our earnings if we are unable to increase rents on expired leases or acquire single-family homes with rental rates high enough to offset the increase in interest rates on our borrowings.

As of September 30, 2025, we had total indebtedness of $2.6 billion which was comprised of $0.6 billion of outstanding variable-rate debt. As of September 30, 2025, we had effectively converted 119.8% of these variable rate borrowings to a fixed rate through interest rate swap and interest rate cap agreements. Our variable-rate borrowings bear interest at the 30-day average SOFR, daily SOFR or one-month term SOFR plus the applicable spread. Assuming no change in the outstanding balance of our existing debt, the projected effect of a 100 bps increase or decrease in the 30-day average SOFR, daily SOFR or one-month term SOFR, collectively, on our annual interest expense would be an estimated increase or decrease of less than $0.1 million. This estimate considers the impact of our interest rate swap agreements and interest rate cap agreements.

This analysis does not consider the effects of the reduced level of overall economic activity that could exist in such an environment. Further, in the event of a change of such magnitude, we may consider taking actions to further mitigate our exposure to the change. However, because of the uncertainty of the specific actions that would be taken and their possible effects, the sensitivity analysis assumes no changes in our capital structure.

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**Item 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

As required by Rule 13a-15(b) and Rule 15d-15(b) under the Exchange Act, our management, including our President and Chief Executive Officer and our Chief Financial Officer, evaluated, as of September 30, 2025, the effectiveness of our disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) and Rule 15d-15(e). Based on that evaluation, our President and Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2025, to provide reasonable assurance that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Exchange Act and is accumulated and communicated to management, including the President and Chief Executive Officer and the Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures.

We believe, however, that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls systems are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud or error, if any, within a company have been detected.

**Changes in Internal Control over Financial Reporting**

There has been no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings**

From time to time, we are party to legal proceedings that arise in the ordinary course of our business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations or financial condition, nor are we aware of any such legal proceedings contemplated by government agencies (see Note 11).

**Item 1A. Risk Factors**

There have been no material changes to the risk factors previously disclosed under Item 1A, "Risk Factors," of our Annual Report, except as set forth below.

***The purchase price at which the shares of our Common Stock may be repurchased under the Amended Share Repurchase Plan and the Common Stock issuable under the DRIP is based on NAV as calculated in accordance with the Valuation Methodology, which is subject to certain risks and uncertainties and may be changed at any time in the sole discretion of our Board.***

The purchase price at which shares of our Common Stock may be repurchased in accordance with the terms of the Amended Share Repurchase Plan and shares of Common Stock issued under our DRIP is generally based on the most recent NAV in effect at the time of repurchase. NAV is calculated in accordance with the Valuation Methodology approved by our Board. The Valuation Methodology generally applies cap rates for each MSA to each property's Forward NOI to estimate the value of our properties. The Adviser also values our assets and liabilities and makes other adjustments deemed necessary to determine the NAV range recommended to the Pricing Committee. Based on this recommendation, the Pricing Committee will then determine NAV based on the midpoint of the range.

The Valuation Methodology involves a number of estimates and assumptions, including estimates and assumptions underlying the cap rates in each MSA, Forward NOI, the cap rates applied to Forward NOI and that NAV is based on the midpoint of the range. In addition, the Valuation Methodology involves significant judgment regarding such estimates and assumptions, and is subject to certain risks and uncertainties, including that the estimates and assumptions are not accurate or complete and that calculations of Forward NOI and the cap rates in each MSA are estimates and may not incorporate all material information concerning a property's value. In addition, the Valuation Methodology may be amended at any time at the sole discretion of our Board.

For additional information, see "—Calculations of Forward NOI and cap rates in each MSA may not necessarily correspond to realizable value. In addition, our Valuation Methodology and related policies may be changed at any time at the sole discretion of our Board," and "—Our NAV per share amounts may change materially if there is a change in the assumptions underlying the NAV calculation or a material event" below.

***Calculations of Forward NOI and cap rates in each MSA may not necessarily correspond to realizable value. In addition, our Valuation Methodology and related policies may be changed at any time at the sole discretion of our Board.***

In accordance with the Valuation Methodology, Green Street segments each MSA into cap rate bands—low, mid, and high—based on a combination of market data, proprietary analytics, precedent disposition targets, and internal performance benchmarks. Each property's Forward NOI is then applied to the appropriate cap rate band by the Adviser, taking into account factors such as physical condition, tenant profile, rental competitiveness, and operational efficiency. For new build-to-rent and scattered site acquisitions (generally acquired within twelve months of the valuation date), the Adviser will instead apply a discounted cash flow model. In addition to the home valuations that are a result of cap rates and Forward NOI, the Adviser will layer in other assets and liabilities and make any other adjustments deemed necessary to arrive at a preliminary NAV range. Based off this recommendation, the Pricing Committee then determines NAV based on the midpoint of the range.

Within the parameters of the Valuation Methodology, the techniques used to value the properties will involve subjective judgments and projections and may not be accurate. The Valuation Methodology will also involve assumptions and opinions about future events, which may or may not turn out to be correct. Valuations of our properties are only estimates of value. Ultimate realization of the value of an asset depends to a great extent on economic, market and other conditions beyond our control or the control of our Adviser and Green Street.

Further, while Green Street utilizes third-party automated valuation models and proprietary real estate data and calculations, including regarding home values, markets and occupancy, when determining the cap rate bands, and the Adviser considers certain factors about each property when applying Forward NOI of a property with the appropriate cap rate band (low, mid, or high) and in the discounted cash flow model, as applicable, these valuations are estimates and may not necessarily represent the price at which an asset would sell, since market prices of assets can only be determined by negotiation between a willing buyer and seller. To the extent that such valuation models, proprietary data, calculations and property-specific factors include assumptions that are inaccurate or do not capture recent market trends, or to the extent that the Company is not able to negotiate a sales price equal to or in excess of the estimated valuation, the difference between the estimated valuation and sale price could be material. There will be no retroactive adjustment in the valuation of such assets, the price we paid to repurchase shares of our Common Stock, the price used to issue shares of our Common Stock in the DRIP or for other agreements or arrangements that contemplate the use of NAV to the extent such valuations prove to not accurately reflect the realizable value of our assets. Because the price at which such shares of Common Stock may be repurchased by us pursuant to the Amended Share Repurchase Plan and at which shares of Common Stock are issued under the DRIP are generally based on the most recent NAV per share in effect (or, with respect to the DRIP, a percentage thereof),which may be based on a previous calculation period, stockholders may receive less than realizable value for their investment.

Further, our Valuation Methodology and related policies, including frequency of the NAV calculation, may be changed at any time at the sole discretion of our Board.

***Our NAV per share amounts may change materially if there is a change in the assumptions underlying the NAV calculation or a material event.***

Under the Valuation Methodology, the Adviser applies each property's Forward NOI with the appropriate cap rate band or, if a new build-to-rent or scattered site acquisition (generally acquired within twelve months of the valuation date), the Adviser will apply a discounted cash flow model to determinate a property's value.

Actual operating results for a given period may differ from what we originally budgeted for that period or what was included in the Forward NOI or discounted cash flow model used by the Adviser in the Valuation Methodology, which may cause a material increase or decrease in the NAV per share amounts. Further, while we believe the estimates and assumptions used by Green Street and the Adviser, including estimates and assumptions underlying the cap rates in each MSA, Forward NOI, the cap rates applied to Forward NOI and that NAV is based on the midpoint of the range, are reasonable, a change in these assumptions could materially impact the calculation of our NAV. In addition, if there is a material event subsequent to the valuation date but prior to the Pricing Committee's determination of NAV, such material event may not be reflected in NAV until the next NAV determination. There will be no retroactive adjustment to the NAV, the price we paid to repurchase shares of our Common Stock, the price at which shares of Common Stock are issued under the DRIP or for other agreements or arrangements that contemplate the use of NAV to the extent NAV for a period does not accurately reflect a change in the assumptions underlying the NAV calculation or a material event.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

*Sales of Common Stock*

The following table presents information regarding the DRIP that have not been previously disclosed in Current Reports on Form 8-K (dollars in thousands, except per share amounts).

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| | | | |
|:---|:---|:---|:---|
| | **Common Stock DRIP** | **Common Stock DRIP** | **Common Stock DRIP** |
|<br>**Date** | **Shares Reinvested** | **Sale Price (1)** | **Gross Contribution (2)** |
| August 15, 2025 | 102239 | $52.62 | 5380 |

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(1)Common Stock DRIP shares are generally purchased at a discounted rate of 97% of the NAV in effect.

(2)For Common Stock issued under the DRIP, we do not receive any cash proceeds from the transaction as the shareholder receives shares in lieu of the cash dividend. Refer to Note 7 for further discussion.

No underwriting discount or commission is applicable to sales pursuant to the DRIP.

The Company issued the Common Stock noted above to accredited investors in reliance upon the exemptions from registration under the Securities Act Securities Act provided by Rule 506(b) under Regulation D promulgated under the Securities Act and Section 4(a)(2) of the Securities Act.

*Amended and Restated Share Repurchase Plan*

Under the amended and restated share repurchase plan (the "Amended Share Repurchase Plan"), investors may request on a quarterly basis that the Company repurchase all or a portion of their Common Stock. Under the Amended Share Repurchase Plan, Shares will be repurchased at the then-current NAV per share in effect. The total amount of aggregate repurchases of Shares is limited to no more than 5% of the Company's aggregate NAV per calendar quarter. The Company is not obligated to repurchase any Common Stock under the Amended Share Repurchase Plan and may choose to repurchase only some, or even none, of the Common Stock that have been asked to be repurchased in any particular quarter, in the sole discretion of the Board. On July 28, 2025, the Board determined to suspend share repurchases for an indefinite period. Notwithstanding any suspension of the Amended Share Repurchase Plan, the Board may permit the repurchase of Common Stock held by a stockholder who has died, is deemed to have a qualified disability (as such term is defined in Section 72(m)(7) of the Internal Revenue Code) or similar extenuating hardship circumstances, subject to the conditions and limitations in the Amended Share Repurchase Plan.

Under the Amended Share Repurchase Plan, investors may request that the Company repurchase all or a portion of their Common Stock by submitting a repurchase request and required documentation to our transfer agent by 4:00 p.m. (Eastern time) on the last business day of the first month of any quarter. Settlements of share repurchases will be made in cash within three business days of the last calendar day of such quarter (a "repurchase date"). An investor may withdraw his or her repurchase request by notifying the Company's transfer agent, directly or through his or her financial intermediary, on the Company's toll-free automated telephone customer service number by 4:00 p.m. (Eastern time) on the applicable repurchase date (or, if such repurchase date is not a business day, the prior business day). If a repurchase order is received after 4:00 p.m. (Eastern time) on the last business day of the first month of a quarter, the purchase order will not be executed and must be resubmitted after the start of the next quarter.

The table below contains information regarding the repurchases of Common Stock by the Company pursuant to the Share Repurchase Plan during the three months ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** | **Average Price Paid Per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Approximate Dollar Value of Shares that may yet be Purchased under the<br>Plans or Programs (in<br>thousands)** |
| July 1 - July 31 |  | $— |  | $— |
| August 1 - August 31 |  |  |  |  |
| September 1 - September 30 | 22357 | 54.25 | 22357 | 68928 |
| **Total** | **22357** | $**54.25** | **22357** | $**68928** |

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**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

None.

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**Item 6. Exhibits**

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 10.1 | <u>[Credit Agreement, dated August 7, 2025, by and among VineBrook Homes Operating Partnership, L.P., as borrower and The Ohio State Life Insurance Company as administrative agent, sole lead arranger, sole bookrunner and lender (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed by the Company on August 13, 2025).](https://www.sec.gov/Archives/edgar/data/1755755/000143774925026571/ex_852403.htm)</u> |
| 10.2\* | <u>[Second Amendment and Restatement of Promissory Note, dated August 25, 2025, by and between NexPoint SFR Operating Partnership, L.P. and NREF OP IV REIT Sub, LLC.](vhti-2025930x10qxex102.htm)</u> |
| 10.3\* | <u>[Credit Agreement, dated as of September 11, 2025, by and among VineBrook Homes Operating Partnership, L.P., as parent borrower, VineBrook Homes Trust, Inc., as guarantor, certain subsidiaries thereto, as borrowers, JPMorgan Chase Bank, National Association, as administrative agent, and the lenders party thereto from time to time.](vhti-2025930x10qxex103.htm)</u> |
| 31.1\* | <u>[Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](vhti-2025930x10qxex311.htm)</u> |
| 31.2\* | <u>[Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](vhti-2025930x10qxex312.htm)</u> |
| 32.1+ | <u>[Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act.](vhti-2025930x10qxex321.htm)</u> |
| 101.INS\* | Inline XBRL Instance Document (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document) |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase |
| 104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

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\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

+&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith.

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<u>[**Table of Contents**](#i40b0275c9d0248c5ad13012440bb7f57_7)</u>

**SIGNATURES**

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 thereunto duly authorized.

**VINEBROOK HOMES TRUST, INC.**

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ John Good |  | November 7, 2025 |
| John Good | President and Chief Executive Officer |  |
|  | (Principal Executive Officer) |  |
| /s/ Paul Richards |  | November 7, 2025 |
| Paul Richards | Chief Financial Officer, Treasurer and Assistant Secretary |  |
|  | (Principal Financial Officer and Principal Accounting Officer) |  |

---

## Exhibit 10.2

THIS AMENDED AND RESTATED PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND LAWS.

**<u>SECOND</u> <u>AMENDED</u> <u>AND</u> <u>RESTATED</u> <u>PROMISSORY</u> <u>NOTE</u>**

U.S. $10,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;August 25, 2025

FOR VALUE RECEIVED, NexPoint SFR Operating Partnership, L.P., having an address at 300 Crescent Court, Suite 700, Dallas, Texas 75201 (the "<u>Maker</u>"), hereby promises to pay to the order of NREF OP IV REIT Sub, LLC ("<u>Holder</u>"), at its address at 300 Crescent Court, Suite 700, Dallas, Texas 75201 or such other address as it may designate, the principal sum of TEN MILLION AND NO/DOLLARS ($10,000,000.00), or such amount as has been advanced, up to the Maximum Principal Amount (as defined below and with such Advances (as defined below) reflected on Schedule A hereto), and is then outstanding under this Note, together with interest from the Note Date or the date of such Advance on the balance of principal from time to time outstanding, in United States currency, at the rates and at the times hereinafter described.

This Note amends and restates in its entirety that certain Amended and Restated Promissory Note dated as of January 17, 2025 executed by Maker in favor of NREF OP IV REIT Sub, LLC in a maximum principal amount of $5,000,000.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**<u>Interest</u>**. Interest is payable quarterly in arrears on January 1, April 1, July 1 and October 1, commencing October 1, 2024, on said principal sum or such amount as has been advanced from the date such amount has been advanced at a rate of 3.0% per annum, until payment of said principal sum or such amount as has been advanced has been made or duly provided for. Additionally, interest on the principal sum or such amount as has been advanced from the date such amount has been advanced is payable at a rate of 12% per annum on the Maturity Date. Interest shall be calculated for the actual number of days elapsed on the basis of a 360-day year, including the first date of the applicable period or the date of such advance to the applicable interest payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**<u>Maximum</u> <u>Lawful</u> <u>Rate</u>**. It is the intent of Maker and Holder to conform to and contract in strict compliance with applicable usury law from time to time in effect. In no way, nor in any event or contingency (including but not limited to prepayment, default, demand for payment, or acceleration of the maturity of any obligation), shall the rate of interest taken, reserved, contracted for, charged or received under this Note exceed the highest lawful interest rate permitted under applicable law. If Holder shall ever receive anything of value which is characterized as interest under applicable law and which would apart from this provision be in excess of the highest lawful interest rate permitted under applicable law, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Note in the inverse order of its maturity and not to the payment of interest, or refunded to the Maker or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal. All interest paid or agreed to be paid to the Holder hereof shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full stated term (including any renewal or extension) of the Note so that the amount of interest on account of such obligation does not exceed the maximum permitted by applicable law. As used in this Section, the term "<u>applicable law</u>" shall mean the laws of the State of

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Texas or the federal laws of the United States, whichever laws allow the greater interest, as such laws now exist or may be changed or amended or come into effect in the future.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**<u>Definitions.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Maximum Principal Amount</u>" means $15,000,000.00

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Note Date</u>" means July 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Note</u>" means this Second Amended and Restated Promissory Note dated August 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**<u>Payment</u> <u>At</u> <u>Maturity</u> <u>Date</u>**. Maker shall make a payment in full of principal and accrued and unpaid interest on the Maturity Date or Extended Maturity Date, as applicable. Notwithstanding the foregoing, Maker may make repayments from time to time in accordance with Section 7(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**<u>Maturity</u> <u>Date</u>**. The indebtedness evidenced hereby shall mature on July 10, 2026 (the "<u>Maturity Date</u>"). On the Maturity Date, the entire outstanding principal balance hereof, together with accrued and unpaid interest and all other sums evidenced by this Note, shall, if not sooner paid, become due and payable. Notwithstanding the foregoing, Maker may elect to extend the Maturity Date to July 10, 2027 (the "<u>Extended Maturity Date</u>") by providing written notice to Holder one (1) month in advance of the original Maturity Date (or such shorter period as agreed by Holder in its sole discretion). On the Extended Maturity Date, the entire outstanding principal balance hereof, together with accrued and unpaid interest and all other sums evidenced by this Note, shall, if not sooner paid, become due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**<u>Advances</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Maker may, from time to time, request a loan, advance, or other extension of credit (each an "<u>Advance</u>") by Holder in favor of Maker up to the Maximum Principal Amount. Notwithstanding the foregoing, at no time shall Holder be under any obligation to make any Advance to Maker. For the avoidance of doubt, Holder may, in its sole discretion, refuse to make any Advance to Maker without incurring any liability due to such refusal and without affecting Maker's liability under this Note and all amounts advanced under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Maker may, from time to time, repay any Advance and re-request any previously repaid Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Maker may, from time to time, request an Advance hereunder, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Maker shall deliver in each such request in writing to Holder at least one (1) business day prior to the proposed effective date of the requested Advance (or such shorter period as agreed to by Holder in its sole discretion) and (ii) after giving effect to the requested Advance, the aggregate unpaid principal amount of Advances outstanding under this Note shall not exceed the Maximum Principal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The amount and funding date of each Advance and the amount and repayment thereof shall be noted on Schedule A, which shall be conclusive evidence of the foregoing, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**<u>General</u> <u>Provisions</u>**.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Maker agrees that the obligation evidenced by this Note is an exempt transaction under the Truth-in-Lending Act, 15 U.S.C. § 1601, et seq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Note and all provisions hereof shall be binding upon Maker and all persons claiming under or through Maker, and shall inure to the benefit of Holder, together with its successors and assigns, including each owner and holder from time to time of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Time is of the essence as to all dates set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)To the fullest extent permitted by applicable law, Maker agrees that its liability shall not be in any manner affected by any indulgence, extension of time, renewal, waiver, or modification granted or consented to by Holder; and Maker consents to any indulgences and all extensions of time, renewals, waivers, or modifications that may be granted by Holder with respect to the payment or other provisions of this Note, and agrees to the addition or release of any makers, endorsers, guarantors, or sureties, all whether primarily or secondarily liable, without notice to Maker and without affecting its liability hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)To the fullest extent permitted by applicable law, Maker hereby waives and renounces for itself, its successors and assigns, all rights to the benefits of any statute of limitations and any moratorium, reinstatement, marshalling, forbearance, valuation, stay, extension, redemption, appraisement, or exemption and homestead laws now provided, or which may hereafter be provided, by the laws of the United States and of any state thereof against the enforcement and collection of the obligations evidenced by this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)If this Note is placed in the hands of attorneys for collection or is collected through any legal proceedings, Maker promises and agrees to pay, in addition to the principal, interest and other sums due and payable hereon, all costs of collecting or attempting to collect this Note, including all reasonable attorneys' fees and disbursements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)To the fullest extent permitted by applicable law, all parties now or hereafter liable with respect to this Note, whether Maker, principal, surety, guarantor, endorsee or otherwise hereby severally waive presentment for payment, demand, notice of nonpayment or dishonor, protest and notice of protest. No failure to accelerate the indebtedness evidenced hereby, acceptance of past due amounts following the expiration of any cure period provided by this Note, any documents now or in the future executed by Maker or its subsidiaries in connection with any loan provided by any lender which is secured by a mortgage or deed of trust on any property or applicable law, or indulgences granted from time to time shall be construed (i) as a novation of this Note or as a reinstatement of the indebtedness evidenced hereby or as a waiver of such right of acceleration or of the right of Holder thereafter to insist upon strict compliance with the terms of this Note, or (ii) to prevent the exercise of such right of acceleration or any other right granted hereunder or under applicable law. Maker hereby expressly waives the benefit of any statute or rule of law or equity now provided, or which may hereafter be provided, which would produce a result contrary to or in conflict with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Irrespective of the place of execution and/or delivery, this Note shall be governed by, and shall be construed in accordance with, the laws of the State of Texas.

[Signature page follows.]

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Maker has delivered this Note as of the day and year first set forth above.

MAKER:

NEXPOINT SFR OPERATING PARTNERSHIP, L.P.

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Paul Richards&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Paul Richards

Title:&nbsp;&nbsp;&nbsp;&nbsp;President, Secretary and Treasurer

**ACKNOWLEDGED AND AGREED TO BY HOLDER THIS 25**<sup>TH</sup> **DAY OF <u>AUGUST</u> 2025.**

NREF OP IV REIT SUB, LLC

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Paul Richards&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Paul Richards

Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

[Promissory Note]

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**<u>SCHEDULE</u> <u>A</u>**

**Advances**

The initial principal amount of this Note is TEN MILLION AND NO/DOLLARS ($10,000,000.00). The following increases or decreases in the principal balance outstanding under this Note have been made:

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Date of increase/decrease

Amount of decrease in principal amount of this Note

Amount of increase in principal amount of this Note

Principal amount outstanding under this Note following such decrease or increase

<br>Signature of authorized signatory of Holder

[Schedule A to Promissory Note]

## Exhibit 10.3

CREDIT AGREEMENT

dated as of September 11, 2025 among

VINEBROOK HOMES OPERATING PARTNERSHIP, L.P., as Parent Borrower,

CERTAIN OF ITS SUBSIDIARIES, as Subsidiary Borrowers, The Lenders Party Hereto,

and

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

RAYMOND JAMES BANK and ROYAL BANK OF CANADA,

as Syndication Agents

JPMORGAN CHASE BANK, N.A., RAYMOND JAMES BANK and ROYAL BANK OF CANADA,

as Joint Bookrunners and Joint Lead Arrangers

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**TABLE OF CONTENTS**

<u>Page</u>

ARTICLE 1 DEFINITIONS

Section 1.01.&nbsp;&nbsp;&nbsp;&nbsp;Defined Terms&nbsp;&nbsp;&nbsp;&nbsp;6

Section 1.02.&nbsp;&nbsp;&nbsp;&nbsp;Reserved&nbsp;&nbsp;&nbsp;&nbsp;38

Section 1.03.&nbsp;&nbsp;&nbsp;&nbsp;Terms Generally&nbsp;&nbsp;&nbsp;&nbsp;38

Section 1.04.&nbsp;&nbsp;&nbsp;&nbsp;Accounting Terms; GAAP&nbsp;&nbsp;&nbsp;&nbsp;38

Section 1.05.&nbsp;&nbsp;&nbsp;&nbsp;Interest Rates; Benchmark Notification&nbsp;&nbsp;&nbsp;&nbsp;38

Section 1.06.&nbsp;&nbsp;&nbsp;&nbsp;Reserved&nbsp;&nbsp;&nbsp;&nbsp;39

Section 1.07.&nbsp;&nbsp;&nbsp;&nbsp;Divisions&nbsp;&nbsp;&nbsp;&nbsp;39

ARTICLE 2 THE CREDITS

Section 2.01.&nbsp;&nbsp;&nbsp;&nbsp;Commitments&nbsp;&nbsp;&nbsp;&nbsp;39

Section 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Loans&nbsp;&nbsp;&nbsp;&nbsp;39

Section 2.03.&nbsp;&nbsp;&nbsp;&nbsp;Reserved&nbsp;&nbsp;&nbsp;&nbsp;40

Section 2.04.&nbsp;&nbsp;&nbsp;&nbsp;Reserved&nbsp;&nbsp;&nbsp;&nbsp;40

Section 2.05.&nbsp;&nbsp;&nbsp;&nbsp;Reserved&nbsp;&nbsp;&nbsp;&nbsp;40

Section 2.06.&nbsp;&nbsp;&nbsp;&nbsp;Reserved&nbsp;&nbsp;&nbsp;&nbsp;40

Section 2.07.&nbsp;&nbsp;&nbsp;&nbsp;Funding&nbsp;&nbsp;&nbsp;&nbsp;40

Section 2.08.&nbsp;&nbsp;&nbsp;&nbsp;Interest Elections&nbsp;&nbsp;&nbsp;&nbsp;40

Section 2.09.&nbsp;&nbsp;&nbsp;&nbsp;Termination of Commitments&nbsp;&nbsp;&nbsp;&nbsp;41

Section 2.10.&nbsp;&nbsp;&nbsp;&nbsp;Repayment of Loans; Evidence of Debt&nbsp;&nbsp;&nbsp;&nbsp;41

Section 2.11.&nbsp;&nbsp;&nbsp;&nbsp;Prepayment of Loans&nbsp;&nbsp;&nbsp;&nbsp;42

Section 2.12.&nbsp;&nbsp;&nbsp;&nbsp;Fees&nbsp;&nbsp;&nbsp;&nbsp;42

Section 2.13.&nbsp;&nbsp;&nbsp;&nbsp;Interest&nbsp;&nbsp;&nbsp;&nbsp;42

Section 2.14.&nbsp;&nbsp;&nbsp;&nbsp;Alternate Rate of Interest&nbsp;&nbsp;&nbsp;&nbsp;43

Section 2.15.&nbsp;&nbsp;&nbsp;&nbsp;Increased Costs&nbsp;&nbsp;&nbsp;&nbsp;45

Section 2.16.&nbsp;&nbsp;&nbsp;&nbsp;Break Funding Payments&nbsp;&nbsp;&nbsp;&nbsp;46

Section 2.17.&nbsp;&nbsp;&nbsp;&nbsp;Withholding of Taxes; Gross-Up&nbsp;&nbsp;&nbsp;&nbsp;47

Section 2.18.&nbsp;&nbsp;&nbsp;&nbsp;Payments Generally; Pro Rata Treatment; Sharing of Setoffs&nbsp;&nbsp;&nbsp;&nbsp;50

Section 2.19.&nbsp;&nbsp;&nbsp;&nbsp;Mitigation Obligations; Replacement of Lenders&nbsp;&nbsp;&nbsp;&nbsp;51

Section 2.20.&nbsp;&nbsp;&nbsp;&nbsp;Defaulting Lenders&nbsp;&nbsp;&nbsp;&nbsp;52

Section 2.21.&nbsp;&nbsp;&nbsp;&nbsp;Reserved&nbsp;&nbsp;&nbsp;&nbsp;52

Section 2.22.&nbsp;&nbsp;&nbsp;&nbsp;Borrowing Base&nbsp;&nbsp;&nbsp;&nbsp;52

ARTICLE 3 Representations and Warranties

Section 3.01.&nbsp;&nbsp;&nbsp;&nbsp;Organization; Powers&nbsp;&nbsp;&nbsp;&nbsp;55

Section 3.02.&nbsp;&nbsp;&nbsp;&nbsp;Authorization; Enforceability&nbsp;&nbsp;&nbsp;&nbsp;55

Section 3.03.&nbsp;&nbsp;&nbsp;&nbsp;Governmental Approvals; No Conflicts&nbsp;&nbsp;&nbsp;&nbsp;55

Section 3.04.&nbsp;&nbsp;&nbsp;&nbsp;Financial Condition; No Material Adverse Change&nbsp;&nbsp;&nbsp;&nbsp;55

Section 3.05.&nbsp;&nbsp;&nbsp;&nbsp;Properties&nbsp;&nbsp;&nbsp;&nbsp;56

Section 3.06.&nbsp;&nbsp;&nbsp;&nbsp;Litigation and Environmental Matters&nbsp;&nbsp;&nbsp;&nbsp;56

Section 3.07.&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Laws and Agreements&nbsp;&nbsp;&nbsp;&nbsp;57

Section 3.08.&nbsp;&nbsp;&nbsp;&nbsp;Investment Company Status&nbsp;&nbsp;&nbsp;&nbsp;57

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Section 3.09.&nbsp;&nbsp;&nbsp;&nbsp;Taxes&nbsp;&nbsp;&nbsp;&nbsp;57

Section 3.10.&nbsp;&nbsp;&nbsp;&nbsp;ERISA&nbsp;&nbsp;&nbsp;&nbsp;58

Section 3.11.&nbsp;&nbsp;&nbsp;&nbsp;Disclosure&nbsp;&nbsp;&nbsp;&nbsp;58

Section 3.12.&nbsp;&nbsp;&nbsp;&nbsp;Anti-Corruption Laws and Sanctions&nbsp;&nbsp;&nbsp;&nbsp;58

Section 3.13.&nbsp;&nbsp;&nbsp;&nbsp;Affected Financial Institutions&nbsp;&nbsp;&nbsp;&nbsp;58

Section 3.14.&nbsp;&nbsp;&nbsp;&nbsp;Plan Assets; Prohibited Transactions&nbsp;&nbsp;&nbsp;&nbsp;58

Section 3.15.&nbsp;&nbsp;&nbsp;&nbsp;Margin Regulations&nbsp;&nbsp;&nbsp;&nbsp;58

Section 3.16.&nbsp;&nbsp;&nbsp;&nbsp;Solvency&nbsp;&nbsp;&nbsp;&nbsp;59

Section 3.17.&nbsp;&nbsp;&nbsp;&nbsp;Outbound Investment Rules&nbsp;&nbsp;&nbsp;&nbsp;59

Section 3.18.&nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries; REIT Qualification&nbsp;&nbsp;&nbsp;&nbsp;59

ARTICLE 4 CONDITIONS

Section 4.01.&nbsp;&nbsp;&nbsp;&nbsp;Effective Date&nbsp;&nbsp;&nbsp;&nbsp;59

ARTICLE 5 Affirmative Covenants

Section 5.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements; Ratings Change and Other Information&nbsp;&nbsp;&nbsp;&nbsp;61

Section 5.02.&nbsp;&nbsp;&nbsp;&nbsp;Notices of Material Events&nbsp;&nbsp;&nbsp;&nbsp;63

Section 5.03.&nbsp;&nbsp;&nbsp;&nbsp;Existence; Conduct of Business&nbsp;&nbsp;&nbsp;&nbsp;64

Section 5.04.&nbsp;&nbsp;&nbsp;&nbsp;Payment of Obligations&nbsp;&nbsp;&nbsp;&nbsp;64

Section 5.05.&nbsp;&nbsp;&nbsp;&nbsp;Maintenance of Properties; Insurance&nbsp;&nbsp;&nbsp;&nbsp;64

Section 5.06.&nbsp;&nbsp;&nbsp;&nbsp;Books and Records; Inspection Rights&nbsp;&nbsp;&nbsp;&nbsp;65

Section 5.07.&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Laws&nbsp;&nbsp;&nbsp;&nbsp;65

Section 5.08.&nbsp;&nbsp;&nbsp;&nbsp;Use of Proceeds&nbsp;&nbsp;&nbsp;&nbsp;65

Section 5.09.&nbsp;&nbsp;&nbsp;&nbsp;Accuracy of Information&nbsp;&nbsp;&nbsp;&nbsp;65

Section 5.10.&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year&nbsp;&nbsp;&nbsp;&nbsp;65

Section 5.11.&nbsp;&nbsp;&nbsp;&nbsp;Environmental Matters&nbsp;&nbsp;&nbsp;&nbsp;65

Section 5.12.&nbsp;&nbsp;&nbsp;&nbsp;Collateral Requirement and Release&nbsp;&nbsp;&nbsp;&nbsp;65

Section 5.13.&nbsp;&nbsp;&nbsp;&nbsp;Further Assurances&nbsp;&nbsp;&nbsp;&nbsp;66

Section 5.14.&nbsp;&nbsp;&nbsp;&nbsp;Pledge of Interests&nbsp;&nbsp;&nbsp;&nbsp;66

Section 5.15.&nbsp;&nbsp;&nbsp;&nbsp;Financial Tests&nbsp;&nbsp;&nbsp;&nbsp;66

Section 5.16.&nbsp;&nbsp;&nbsp;&nbsp;Application of Sales Proceeds&nbsp;&nbsp;&nbsp;&nbsp;67

Section 5.17.&nbsp;&nbsp;&nbsp;&nbsp;Parent Covenants&nbsp;&nbsp;&nbsp;&nbsp;67

Section 5.18.&nbsp;&nbsp;&nbsp;&nbsp;Total Outstanding Indebtedness&nbsp;&nbsp;&nbsp;&nbsp;67

ARTICLE 6 Negative Covenants

Section 6.01.&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness&nbsp;&nbsp;&nbsp;&nbsp;67

Section 6.02.&nbsp;&nbsp;&nbsp;&nbsp;Liens&nbsp;&nbsp;&nbsp;&nbsp;68

Section 6.03.&nbsp;&nbsp;&nbsp;&nbsp;Fundamental Changes&nbsp;&nbsp;&nbsp;&nbsp;68

Section 6.04.&nbsp;&nbsp;&nbsp;&nbsp;Dispositions&nbsp;&nbsp;&nbsp;&nbsp;68

Section 6.05.&nbsp;&nbsp;&nbsp;&nbsp;Investments, Loans, Advances, Guarantees and Acquisitions&nbsp;&nbsp;&nbsp;&nbsp;69

Section 6.06.&nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements&nbsp;&nbsp;&nbsp;&nbsp;69

Section 6.07.&nbsp;&nbsp;&nbsp;&nbsp;Restricted Payments&nbsp;&nbsp;&nbsp;&nbsp;69

Section 6.08.&nbsp;&nbsp;&nbsp;&nbsp;Transactions with Affiliates&nbsp;&nbsp;&nbsp;&nbsp;70

Section 6.09.&nbsp;&nbsp;&nbsp;&nbsp;Restrictive Agreements&nbsp;&nbsp;&nbsp;&nbsp;70

Section 6.10.&nbsp;&nbsp;&nbsp;&nbsp;Outbound Investment Rules&nbsp;&nbsp;&nbsp;&nbsp;70

Section 6.11.&nbsp;&nbsp;&nbsp;&nbsp;Amendment to Organizational Documents&nbsp;&nbsp;&nbsp;&nbsp;70

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Section 6.12.&nbsp;&nbsp;&nbsp;&nbsp;Fees&nbsp;&nbsp;&nbsp;&nbsp;71

ARTICLE 7

Events of Default

Section 7.01.&nbsp;&nbsp;&nbsp;&nbsp;Events of Default&nbsp;&nbsp;&nbsp;&nbsp;71

Section 7.02.&nbsp;&nbsp;&nbsp;&nbsp;Remedies upon an Event of Default&nbsp;&nbsp;&nbsp;&nbsp;73

Section 7.03.&nbsp;&nbsp;&nbsp;&nbsp;Application of Payments&nbsp;&nbsp;&nbsp;&nbsp;74

ARTICLE 8

The Administrative Agent

Section 8.01.&nbsp;&nbsp;&nbsp;&nbsp;Authorization and Action&nbsp;&nbsp;&nbsp;&nbsp;75

Section 8.02.&nbsp;&nbsp;&nbsp;&nbsp;Administrative Agent's Reliance, Limitation of Liability, Etc&nbsp;&nbsp;&nbsp;&nbsp;77

Section 8.03.&nbsp;&nbsp;&nbsp;&nbsp;Posting of Communications&nbsp;&nbsp;&nbsp;&nbsp;78

Section 8.04.&nbsp;&nbsp;&nbsp;&nbsp;Administrative Agent Individually&nbsp;&nbsp;&nbsp;&nbsp;79

Section 8.05.&nbsp;&nbsp;&nbsp;&nbsp;Successor Administrative Agent&nbsp;&nbsp;&nbsp;&nbsp;79

Section 8.06.&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgements of Lenders&nbsp;&nbsp;&nbsp;&nbsp;80

Section 8.07.&nbsp;&nbsp;&nbsp;&nbsp;Collateral Matters&nbsp;&nbsp;&nbsp;&nbsp;82

Section 8.08.&nbsp;&nbsp;&nbsp;&nbsp;Credit Bidding&nbsp;&nbsp;&nbsp;&nbsp;82

Section 8.09.&nbsp;&nbsp;&nbsp;&nbsp;Certain ERISA Matters&nbsp;&nbsp;&nbsp;&nbsp;83

Section 8.10.&nbsp;&nbsp;&nbsp;&nbsp;Borrower Communications&nbsp;&nbsp;&nbsp;&nbsp;84

ARTICLE 9 Miscellaneous

Section 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Notices&nbsp;&nbsp;&nbsp;&nbsp;85

Section 9.02.&nbsp;&nbsp;&nbsp;&nbsp;Waivers; Amendments&nbsp;&nbsp;&nbsp;&nbsp;86

Section 9.03.&nbsp;&nbsp;&nbsp;&nbsp;Expenses; Limitation of Liability; Indemnity, Etc&nbsp;&nbsp;&nbsp;&nbsp;87

Section 9.04.&nbsp;&nbsp;&nbsp;&nbsp;Successors and Assigns&nbsp;&nbsp;&nbsp;&nbsp;88

Section 9.05.&nbsp;&nbsp;&nbsp;&nbsp;Survival&nbsp;&nbsp;&nbsp;&nbsp;92

Section 9.06.&nbsp;&nbsp;&nbsp;&nbsp;Counterparts; Integration; Effectiveness; Electronic Execution&nbsp;&nbsp;&nbsp;&nbsp;92

Section 9.07.&nbsp;&nbsp;&nbsp;&nbsp;Severability&nbsp;&nbsp;&nbsp;&nbsp;93

Section 9.08.&nbsp;&nbsp;&nbsp;&nbsp;Right of Setoff&nbsp;&nbsp;&nbsp;&nbsp;94

Section 9.09.&nbsp;&nbsp;&nbsp;&nbsp;Governing Law; Jurisdiction; Consent to Service of Process&nbsp;&nbsp;&nbsp;&nbsp;94

Section 9.10.&nbsp;&nbsp;&nbsp;&nbsp;WAIVER OF JURY TRIAL&nbsp;&nbsp;&nbsp;&nbsp;95

Section 9.11.&nbsp;&nbsp;&nbsp;&nbsp;Headings&nbsp;&nbsp;&nbsp;&nbsp;95

Section 9.12.&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality&nbsp;&nbsp;&nbsp;&nbsp;95

Section 9.13.&nbsp;&nbsp;&nbsp;&nbsp;Material Non-Public Information&nbsp;&nbsp;&nbsp;&nbsp;96

Section 9.14.&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Limitation&nbsp;&nbsp;&nbsp;&nbsp;96

Section 9.15.&nbsp;&nbsp;&nbsp;&nbsp;No Fiduciary Duty, etc&nbsp;&nbsp;&nbsp;&nbsp;96

Section 9.16.&nbsp;&nbsp;&nbsp;&nbsp;USA PATRIOT Act&nbsp;&nbsp;&nbsp;&nbsp;97

Section 9.17.&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement & Consent to Bail-In of Affected Financial Institutions . 97 Section 9.18.&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement Regarding Any Supported QFCs&nbsp;&nbsp;&nbsp;&nbsp;98

Section 9.19.&nbsp;&nbsp;&nbsp;&nbsp;Judgment Currency&nbsp;&nbsp;&nbsp;&nbsp;98

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<u>SCHEDULES</u>:

Schedule 2.01 – Commitments

Schedule 2.22 – Initial Borrowing Base Properties Schedule 3.06 – Disclosed Matters

Schedule 6.02 – Existing Liens Schedule 6.09 – Existing Restrictions Schedule SB – Subsidiary Borrowers

<u>EXHIBITS</u>:

Exhibit A – Form of Assignment and Assumption Exhibit B – Form of Borrowing Base Report

Exhibit C-1 – Form of U.S. Tax Certificate (For Non-U.S. Lenders that are <u>not</u> Partnerships for U.S. Federal Income Tax Purposes)

Exhibit C-2 – Form of U.S. Tax Certificate (For Non-U.S. Lenders that <u>are</u> Partnerships for U.S. Federal Income Tax Purposes)

Exhibit C-3 – Form of U.S. Tax Certificate (For Non-U.S. Participants that are not Partnerships for U.S. Federal Income Tax Purposes)

Exhibit C-4 – Form of U.S. Tax Certificate (For Non-U.S. Participants that <u>are</u> Partnerships for U.S. Federal Income Tax Purposes)

Exhibit D – Form of Compliance Certificate

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CREDIT AGREEMENT dated as of September 11, 2025 (this "***Agreement***"), among VINEBROOK HOMES OPERATING PARTNERSHIP, L.P., a Delaware limited partnership ("***Parent Borrower***"), and certain of its subsidiaries, as "***Subsidiary Borrowers,***" the "Lenders" party hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent.

The parties hereto agree as follows:

ARTICLE 1 DEFINITIONS

Section 1.01. *Defined Terms*. As used in this Agreement, the following terms have the meanings specified below:

"***ABR***," when used in reference to any Term Loan, refers to whether such Term Loan bears interest at a rate determined by reference to the Alternate Base Rate.

"***Acceptable Appraisal***" means, with respect to any Real Property (whether one or more), a BPO or written appraisal of such Real Property by an MAI appraiser reasonably satisfactory to Administrative Agent. Each Acceptable Appraisal must comply with all Legal Requirements and, unless specifically provided to the contrary in this Agreement, must be in form and substance reasonably satisfactory to Administrative Agent. BPOs from Green Street Advisors are deemed to be "Acceptable Appraisals."

"***Additional Borrower***" means each Subsidiary of the Parent Borrower that is required to and becomes a Subsidiary Borrower hereunder after the Effective Date in accordance with <u>Section 2.22.</u>

"***Adjusted Daily Effective SOFR***" means an interest rate per annum equal to the Daily Effective SOFR; *provided* that if the Adjusted Daily Effective SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

"***Adjusted EBITDA***" means (a) EBITDA for the most recently ended fiscal quarter, annualized, *less* (b) the Capital Expenditure Reserve. Adjusted EBITDA for any period may be adjusted on a pro forma basis to account for real properties acquired or sold during such period as reasonably approved by the Administrative Agent.

"***Adjusted NOI***" means, (a) the Net Operating Income from the Borrowing Base Properties for the most recently ended fiscal quarter, annualized, *less* (b) the Capital Expenditure Reserve for such Borrowing Base Properties for such period. Adjusted NOI for any period may be adjusted on a pro forma basis to account for real properties acquired or sold during such period as reasonably approved by the Administrative Agent; *provided* that with respect to real properties that were vacant at the time of acquisition or any initial Borrowing Base Properties that were vacant on the Effective Date, Adjusted NOI for any such real property for the fiscal quarter when it is first leased will be calculated based on the most recently ended calendar month, annualized, with such adjustments requested by, and subject to the reasonable approval of, Administrative Agent, and until the earlier of (i) the date such Borrowing Base Property is actually leased or (ii) six (6) months after the date when such Borrowing Base Property was first acquired, Adjusted NOI for such Borrowing Base Property shall be deemed to be $0.

"***Adjusted Term SOFR Rate***" means, for any Interest Period, an interest rate per annum equal to the Term SOFR Rate for such Interest Period; *provided* that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

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"***Administrative Agent***" means JPMorgan Chase Bank, N.A. (or any of its designated branch offices or affiliates), in its capacity as administrative agent for the Lenders hereunder.

"***Administrative Questionnaire***" means an Administrative Questionnaire in a form supplied by the Administrative Agent to the Borrower or any Lender, as the context requires.

***"Advisor"*** means NexPoint Real Estate Advisors V, L.P.

***"Advisory Agreement"*** means that certain Amended and Restated Advisory Agreement dated May 4, 2020, by and between Parent and Adviser, as amended from time to time.

***"Advisory Fee"*** means the fees and other compensation payable to Advisor by Parent under the Advisory Agreement in the ordinary course of business, which such Advisory Fee shall be subordinate to the Term Loans.

"***Affected Financial Institution***" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"***Affiliate***" means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

"***Agent-Related Person***" has the meaning assigned to it in Section 9.03(d). "***Agreement***" has the meaning specified in introductory paragraph hereof.

"***Alternate Base Rate***" means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus ½ of 1%, and (c) the Adjusted Term SOFR Rate for a one month Interest Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day) plus 1%; *provided* that, for the purpose of this definition, the Adjusted Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology). Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.14(b)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause

(c) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 1.0%, such rate shall be deemed to be 1.0% for purposes of this Agreement.

"***Ancillary Document***" has the meaning assigned to it in Section 9.06(b).

"***Anti-Corruption Laws***" means all laws, rules, and regulations of any jurisdiction applicable to the Guarantor, the Borrower or any of their Subsidiaries from time to time concerning or relating to money- laundering, bribery, or corruption.

"***Applicable Margin***" means (a) 0.90% for Term Loans which are ABR Loans, (b) 1.90%, for Term Loans which are Term Benchmark Loans, and (c) 1.90%, for Term Loans which are RFR Loans.

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"***Applicable Parties***" has the meaning assigned to it in Section 8.03(c).

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"***Applicable Percentage***" means, with respect to any Lender, the percentage of the total Term Loans held by such Lender; *provided* that, in the case of Section 2.20 when a Defaulting Lender shall exist, "Applicable Percentage" means the percentage of the total Term Loans (disregarding any Defaulting Lender's Term Loan) held by such Lender.

"***Approved Borrower Portal***" has the meaning assigned to it in Section 8.10(a). "***Approved Electronic Platform***" has the meaning assigned to it in Section 8.03(a). "***Approved Fund***" has the meaning assigned to it in Section 9.04(b).

"***Arranger***" means, individually and collectively as the context may require, JPMorgan Chase Bank, N.A., Raymond James Bank and Royal Bank of Canada, each in such capacity as joint bookrunners and joint lead arrangers hereunder.

"***Assignment and Assumption***" means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form (including electronic records generated by the use of an electronic platform) approved by the Administrative Agent.

"***Available Tenor***" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to clause (e) of Section 2.14.

"***Bail-In Action***" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"***Bail-In Legislation***" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"***Bank Product Obligations***" mean, collectively, all obligations and other liabilities of any Loan Party to any Bank Product Provider arising with respect to any Bank Products.

"***Bank Product Provider***" means any Person that, at the time it provides any Bank Product to any Loan Party, (i) is a Lender or an Affiliate of a Lender and (ii) except when the Bank Product Provider is JPMorgan and its Affiliates, has provided prior written notice to the Administrative Agent which has been acknowledged by the Borrower of (x) the existence of such Bank Product, (y) the maximum dollar amount of obligations arising thereunder (the "***Bank Product Amount***") and (z) the methodology to be used by such parties in determining the obligations under such Bank Product from time to time. In no event shall any Bank Product Provider acting in such capacity be deemed a Lender for purposes hereof to the extent of and as to Bank Products except that each reference to the term "Lender" in Article 8 and

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Section 9.03(c) shall be deemed to include such Bank Product Provider and in no event shall the approval of any such person in its capacity as Bank Product Provider be required in connection with the release or termination

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of any security interest or Lien of the Administrative Agent. The Bank Product Amount may be changed from time to time upon written notice to the Administrative Agent by the applicable Bank Product Provider. No Bank Product Amount may be established at any time that a Default or Event of Default exists.

"***Bank Products***" means any of the following services provided to any Loan Party by any Bank Product Provider: (a) any treasury or other cash management services, including deposit accounts, automated clearing house (ACH) origination and other funds transfer, depository (including cash vault and check deposit), zero balance accounts and sweeps, return items processing, controlled disbursement accounts, positive pay, lockboxes and lockbox accounts, account reconciliation and information reporting, payables outsourcing, payroll processing, trade finance services, investment accounts and securities accounts, and (b) card services, including credit cards (including purchasing cards and commercial cards), prepaid cards, including payroll, stored value and gift cards, merchant services processing, and debit card services.

"***Bankruptcy Code***" means Title 11 of the United States Code entitled "Bankruptcy," as now and hereafter in effect, or any successor statute.

"***Bankruptcy Event***" means, with respect to any Person, such Person becomes the subject of a voluntary or involuntary bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding entered in respect thereof; *provided* that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

"***Benchmark***" means, initially, with respect to any (i) RFR Loan, the Daily Effective SOFR or (ii) Term Benchmark Loan, the Term SOFR Rate; *provided* that if a Benchmark Transition Event, and the related Benchmark Replacement Date have occurred with respect to the Daily Effective SOFR or Term SOFR Rate, as applicable, or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 2.14.

"***Benchmark Replacement***" means, means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: (1) the Adjusted Daily Effective SOFR; or (2) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then- current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment. If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor,

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the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

"***Benchmark Replacement Adjustment***" means, with respect to any replacement of the then- current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and

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Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities at such time.

"***Benchmark Replacement Conforming Changes***" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Alternate Base Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"***Benchmark Replacement Date***" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)in the case of clause (3) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or component thereof) have been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; *provided*, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if such Benchmark (or component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and

(ii) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein

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with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

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"***Benchmark Transition Event***" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"***Benchmark Unavailability Period***" means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14 and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14.

"***Beneficial Ownership Certification***" means a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation.

"***Beneficial Ownership Regulation***" means 31 C.F.R. § 1010.230.

"***Benefit Plan***" means any of (a) an "employee benefit plan" (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset

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Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan."

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"***BHC Act Affiliate***" of a party means an "affiliate' (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"***Borrower***" means the Parent Borrower and each Subsidiary Borrower, including any Additional Borrowers, jointly and severally.

"***Borrower Appraisal***" means an appraisal provided by Green Street Advisors or another valuation firm selected by the Parent Borrower to serve as the Parent Borrower's independent valuation advisor, which appraisal shall be reasonably satisfactory to Administrative Agent and conducted in accordance with the valuation guidelines adopted by the Parent Borrower; it being understood that any material changes to such valuation guidelines after the Effective Date shall be subject to the approval of the Administrative Agent and the Required Lenders, such approval not to be unreasonably withheld, conditioned or delayed.

"***Borrower Appraised Value***" means, as of any date and with respect to any Real Property, the current fair market value of such Real Property as determined based on the most recent Borrower Appraisal of such Real Property, which shall be no more than ninety (90) days old as of such day; *provided* that if a Borrower Appraisal that is no less than ninety (90) days old is not available with respect to any Real Property as of such date, the Borrower Appraised Value of such Real Property as of such date shall be the undepreciated cost basis of such Real Property.

"***Borrowing Base***" means, as of any date of determination, the <u>lesser</u> of (i) the product of (x) sixty percent (60%) (*provided* that such percentage may increase to sixty-five percent (65%) not more than twice during the term of the Term Loans, each time for a period of four (4) quarters following a material acquisition identified in writing by the Parent Borrower) times (y) the aggregate Borrowing Base Value of the Borrowing Base Properties, and (ii) an amount of presumed Term Loans which would result in a DSCR (calculated in accordance with the definition thereof) equal to 1.35 to 1.00, in each case, as of such date; *provided* that, in each case, to the extent that the aggregate Borrowing Base attributable to one or more Borrowing Base Properties located in a single MSA exceeds twenty-five percent (25%) (*provided* that such percentage may increase to thirty-five percent (35%) twice during the term of the Facility, each time for four quarters following a material acquisition or disposition identified in writing by the Parent Borrower) of the aggregate Borrowing Base from all Borrowing Base Properties, the Borrowing Base attributable to such Borrowing Base Properties (whether the Borrowing Base Value or the Adjusted NOI included in the calculation of the DSCR from, such Borrowing Base Properties) in excess of such limit shall be excluded from the calculation of the Borrowing Base.

"***Borrowing Base Properties***" means each Eligible Property that either (a) is an Initial Borrowing Base Property or (b) becomes a Borrowing Base Property pursuant to Section 2.22, but excluding any Eligible Properties that are subject to an Exclusion Event or have been released from the Borrowing Base pursuant to Section 2.22, and ***"Borrowing Base Property"*** means any one of the Borrowing Base Properties.

"***Borrowing Base Property Owner***" means each direct or indirect Wholly Owned Subsidiary (which Subsidiary shall be an entity formed under the laws of the United States of America or one of the several states thereof) of the Parent Borrower that owns a Borrowing Base Property.

"***Borrowing Base Report***" means a report in substantially the form of Exhibit B (or such other form approved by the Administrative Agent) certified by a Financial Officer of the Parent.

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"***Borrowing Base Value***" means, as of any date of calculation, the sum for each Borrowing Base Property (including any Real Property being acquired and added to the Borrowing Base on such date) of (i) if no Borrower Appraisal has been obtained for such Borrowing Base Property, the "as is" Appraised Value of such Borrowing Base Property, which shall have been determined pursuant to an Acceptable Appraisal no more than twelve (12) months old as of such date, or (ii) from and after the date when the first Borrower

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Appraisal for such Borrowing Base Property is obtained (including if obtained in connection with the acquisition thereof), the Borrower Appraised Value of such Borrowing Base Property.

"***BPO***" means a broker's price opinion of the estimated value of any Real Property given by a licensed real estate agent or broker familiar with the real estate market in which the applicable Real Property is located and that is reasonably acceptable to Administrative Agent in conformity with customary and usual business practices for appraisals.

"***Business Day***" means, any day (other than a Saturday or a Sunday) on which banks are open for business in New York City; *provided* that, in addition to the foregoing, a Business Day shall be any such day that is only a U.S. Government Securities Business Day (a) in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings of such RFR Loan and (b) in relation to Term Loans referencing the Adjusted Term SOFR Rate and any interest rate settings, fundings, disbursements, settlements or payments of any such Term Loans referencing the Adjusted Term SOFR Rate or any other dealings of such Term Loans referencing the Adjusted Term SOFR Rate.

**"*Capital Expenditure Reserve*"** means, on an annual basis for each Borrowing Base Property, an amount equal to (i) for single family residential properties, $350 per unit, and (ii) for multifamily properties,

$250 per unit.

"***Capital Lease Obligations***" of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases or financing leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

"***Capital Stock***" means all shares, options, warrants, general or limited partnership interests, membership interests or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred stock or any other "equity security" (as such term is defined in Rule 3a11 1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Exchange Act).

"***Change in Control***" means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of Equity Interests representing more than thirty percent (30%) of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Parent; (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Parent by Persons who were neither (i) nominated by the board of directors of the Parent nor (ii) appointed by directors so nominated; (c) the acquisition of direct or indirect Control of the Parent by any Person or group; (d) the failure of the Parent to own at least ninety percent (90%) of the Equity Interests in the Parent Borrower and to serve as its general partner or own one hundred percent (100%) of the equity in the general partner, (e) the failure of any Borrower to own, directly or indirectly, free and clear of any Liens except those granted in favor of the Administrative Agent, at least ninety percent (90%) of the ownership interests in each Collateral Subsidiary; or (f) the replacement, removal or resignation of NexPoint Real Estate Advisors V, L.P. as Advisor, unless replaced with an Affiliate thereof.

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"***Change in Law***" means the occurrence after the date of this Agreement of (a) the adoption of or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or

(c) compliance by any Lender (or, for purposes of Section 2.15(b), by any lending office of such Lender or

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by such Lender's holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; *provided* that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in the implementation thereof and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall, in each case, be deemed to be a "Change in Law," regardless of the date enacted, adopted, issued or implemented.

"***Charges***" has the meaning assigned to it in Section 9.14.

"***CME Term SOFR Administrator***" means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).

"***Code***" means the Internal Revenue Code of 1986, as amended.

"***Collateral***" means the security interest granted to the Administrative Agent, on behalf of the Lenders, in all direct and indirect Equity Interests owned by the Parent Borrower and any Consolidated Owner in each Borrowing Base Property Owner.

"***Collateral Documents***" means, collectively, each Guaranty, the Equity Interests Pledge and Security Agreement, and all other instruments and agreements now or hereafter securing or perfecting the Liens securing the whole or any part of the Obligations or any Guarantee thereof, the Financing Statements, and all other documents, instruments, agreements and certificates executed and delivered by any Loan Party to the Administrative Agent and the Lenders in connection with the foregoing.

"***Collateral Subsidiary***" means each Subsidiary Borrower which owns a direct or indirect interest in a Real Property.

"***Commodity Exchange Act***" means the Commodity Exchange Act (7 U.S.C. § 1 <u>et</u> <u>seq</u>.), as amended and in effect from time to time, and any successor statute.

"***Compliance Certificate***" means a certificate from a Responsible Officer of the Parent Borrower in the form of, and containing the certifications set forth in, the certificate attached hereto as <u>Exhibit D</u> and described in Section 5.01(c).

"***Commitment***" means, with respect to each Lender, the commitment of such Lender to make Term Loans hereunder. The amount of each Lender's Commitment is set forth on Schedule 2.01. The aggregate amount of the Lenders' Commitments is $485,000,000.00.

"***Communications***" has the meaning assigned to it in Section 8.03(c).

"***Connection Income Taxes***" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"***Consolidated Group***" means Parent Borrower and all of its Subsidiaries which are consolidated with Parent Borrower for financial reporting purposes under GAAP as applied to investment companies, but specifically excluding NXHT and its Subsidiaries.

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"***Consolidated Owner***" means, with respect to any Borrowing Base Property Owner, each other Subsidiary of Parent Borrower that owns any direct or indirect Equity Interest in such Borrowing Base Property Owner.

"***Control***" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "**Controlling**" and "**Controlled**" have meanings correlative thereto.

"***Core Funds from Operations***" means, for any period, Guarantor's net income (or loss) (after payment of all cash dividends payable on any preferred stock) determined on a consolidated basis for the Borrower, the Guarantor and their Wholly-Owned Subsidiaries for such period, excluding gains or losses from extraordinary items and early extinguishment of debt, impairment and other non-cash charges, acquisition fees and related expenses, non-cash share-based compensation expenses, non-cash interest expense related to acquired Indebtedness, casualty-related charges on a net basis, non-cash fair value adjustments associated with re-measuring derivative assets and liabilities to fair value, non-cash fair value adjustments associated with re-measuring participating preferred shares derivative liability to fair value, allocation of income to participating preferred shares in connection with their redemption, plus real estate depreciation and amortization. Core Funds from Operations shall be adjusted for (i) the Borrower's Equity Percentage of its non-Wholly-Owned Subsidiaries and Unconsolidated Affiliates to reflect funds from operations on the same basis, (ii) the amortization of intangibles associated with the amortization of above or below market rents, pursuant to ASC 805 (formerly FASB 141) and (iii) calculation of interest expense in accordance with FBS APB 14-1. Core Funds from Operations may be adjusted on a pro forma basis to account for Real Property acquired or sold during such period as approved by the Administrative Agent.

"***Corresponding Tenor***" with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

"***Covered Entity***" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a "covered bank" as that term is defined in, and interpreted in accordance with, 12

C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a "covered FSI" as that term is defined in, and interpreted in accordance with, 12

C.F.R. § 382.2(b).

"***Covered Party***" has the meaning assigned to it in Section 9.18. "***Credit Party***" means the Administrative Agent or any other Lender.

"***Daily Effective SOFR***" means, for any day (a "***SOFR Rate Day***"), a rate per annum equal to SOFR for the day (such day "***SOFR Determination Date***") that is (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website.Any change in Daily Effective SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

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"***Default***" means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

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"***Default Right***" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"***Defaulting Lender***" means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Term Loans or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender's good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender's good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Term Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations as of the date of certification) to fund prospective amounts under this Agreement, *provided* that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party's receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (i) a Bankruptcy Event or (ii) a Bail-In Action.

***"Deposit Account Bank"*** a financial institution at which the Proceeds Cash Account is maintained. "***Disclosed Matters***" means the actions, suits and proceedings and the environmental matters

disclosed in Schedule 3.06.

"***Disposition***" or "***Dispose***" means the sale, transfer, license, lease or other disposition (in one transaction or in a series of transactions and whether effected pursuant to a division or otherwise) of any property by any Person (including any sale and leaseback transaction and any issuance of Equity Interests by a Subsidiary of such Person), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

"***Dollars***," "***dollars***" or "***$***" refers to lawful money of the United States of America.

"***DSCR***" means the ratio of Adjusted NOI from the Borrowing Base Properties to a debt service amount calculated based upon the amount of the aggregate outstanding balance of the Term Loans, a 30- year amortization schedule and an interest rate equal to the greater of (i) 7.00%, (ii) the then current 10- year US Treasury rate plus 2.50%, and (iii) the weighted average rate of the outstanding balance of the Term Loans, excluding any hedging effects.

"***Development Property***" means as of any date of determination, each real estate asset of the Consolidated Group that is then currently under original construction, including any new construction of expansion to an existing Operating Property, which have not received a certificate of occupancy or temporary certificate of occupancy, as applicable. For clarity, in the case of the new construction of any expansion portion to any existing Operating Property, the term Development Property shall be limited to such expansion portion.

"***Disqualified Institution***" has the meaning assigned to such term in the definition of "Ineligible Institution."

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"***DQ List***" has the meaning assigned to such term in Section 9.04(e)(iv).

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"***EBITDA***" means an amount derived from (a) net income (before deduction of dividends with respect to any preferred partnership units or preferred stock and excluding the financial attributes of NXHT and its Subsidiaries but including cash dividends, distributions, interest, or other payments (other than any repayments of principal, return of capital, or similar) in respect of NXHT and its Subsidiaries), plus (b) to the extent included in the determination of net income, depreciation, amortization, interest expense and income taxes, plus (c) property acquisition and related expenses, plus (d) non-recurring fees and expenses incurred during such period in connection with the consummation of an initial public offering or other equity offering, or in connection with capital markets offerings, debt financings and amendments thereto to the extent not capitalized, plus or minus (e) to the extent included in the determination of net income, any extraordinary losses or gains, such as those resulting from sales of payment of Indebtedness, plus or minus

(f) to the extent included in net income, any net income from non-cash items, such as straight line rent, amortization of in-place lease valuation and fair value adjustments on derivative instruments utilized to hedge interest rate exposure, plus (g) to the extent deducted in the determination of net income, (x) non- cash compensation for employees and (y) any Advisory Fee or management fees paid to the Advisor or other "manager," plus (h) other non-cash charges (other than non-cash charges that constitute an accrual of a reserve for future cash payments) and non-cash gains (other than any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced net income in any prior period), in each case, as determined for the Consolidated Group on a consolidated basis, and including (without duplication) the Equity Percentage of EBITDA for the Borrower's non-Wholly-Owned Subsidiaries and Unconsolidated Affiliates; *provided, however*, that any Advisory Fee or management fee paid or payable to the Advisor shall be subordinated to the Term Loans, and shall, for the purpose of this definition, be added back to EBITDA. For purposes hereof, NXHT and its Subsidiaries shall be deemed not to be Subsidiaries or Unconsolidated Affiliates of any Borrower.

"***EEA Financial Institution***" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"***EEA Member Country***" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"***EEA Resolution Authority***" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"***Effective Date***" means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).

"***Electronic Signature***" means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

"***Eligible Property***" means (1) a revenue producing Operating Property, *provided* that if a property is vacant on the Effective Date or is acquired thereafter and is vacant on the date of acquisition, such property shall be deemed to be an Eligible Property, if such property otherwise satisfies the criteria below for an Eligible Property, once such Operating Property is subject to a lease which complies with

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the requirements of this Agreement within nine (9) months after the Effective Date or such date of acquisition, respectively), or (2) a Development Property once such Development Property is subject to a lease which complies with the requirements of this Agreement within nine (9) months after the Effective Date or the

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date of acquisition of such Development Property, respectively, that is in compliance with each of the representations, warranties and covenants applicable to a Borrowing Base Property as set forth in this Agreement, including, without limitation, any geographic concentration limitations set forth in this Agreement (for the avoidance of doubt, once a property becomes subject to a lease which satisfies the requirements of this Agreement, such property shall be deemed an Eligible Property even if such property may not be leased throughout the term of the Facility); which: (a) is one hundred percent (100%) beneficially owned, directly or indirectly, by a Borrower in fee simple estate; (b) is free of any debt or encumbrances on the property or the Capital Stock of the Consolidated Owners, other than customary non- monetary encumbrances which will not reasonably impede the Borrower's ability to operate, refinance or sell such property, or as otherwise contained in a title report, to the extent in a Borrower's possession or control, actually delivered to, and approved by, the Administrative Agent for the benefit of the Lenders, and its counsel (in each instance, a ***"Title Report"***); (c) is subject to a negative pledge provided to Administrative Agent; (d) based on third party reports delivered to the Borrower by third parties, is free of any material environmental, structural, mechanical, architectural, title, zoning or other defects or any condemnation proceedings affecting the use, value or operation of the property in any material adverse manner, as certified by the Borrower; (e) is free of any material litigation that, if adversely determined, would reasonably be expected to result in a material adverse impact on the Borrower or such property; (f) is insured (including casualty, liability and, as applicable, wind, earthquake, environmental and flood insurance) in accordance with the terms of this Agreement; (g) complies with federally-mandated flood insurance requirements, if applicable, including the maintenance of flood insurance if all or any portion of any building is located within a federally designated flood hazard zone; (h) meets, to the best of the Borrower's knowledge, after due inquiry, all applicable fire and safety codes and regulations; (i) consists of one or more separate tax parcels; and (j) meets all other customary standards for commercial real estate lending that are included in herein. Any property that does not meet the above criteria is subject to Required Lender approval.

"***Environmental Laws***" means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to (i) the environment, (ii) preservation or reclamation of natural resources, (iii) the management, release or threatened release of any Hazardous Materials or (iv) health and safety matters.

"***Environmental Liability***" means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Laws,

(b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials,

(c) exposure to any Hazardous Materials in violation of any Environmental Laws, (d) the release or threatened release of any Hazardous Materials into the environment in violation of any Environmental Laws or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

"***Equity Interests***" means shares of Capital Stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest, but excluding any debt securities convertible into any of the foregoing.

"***Equity Interests Pledge and Security Agreement***" means the Equity Interests Pledge and Security Agreement executed by Parent Borrower, each Subsidiary Borrower and Guarantor in favor of Administrative Agent.

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"***Equity Percentage***" means the aggregate ownership percentage of the Borrower in each Unconsolidated Affiliate, which shall be calculated as the greater of (a) the Borrower's nominal capital

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ownership interest in the Unconsolidated Affiliate as set forth in the Unconsolidated Affiliate's organizational documents, and (b) the Borrower's economic ownership interest in the Unconsolidated Affiliate, reflecting the Borrower's share of income and expenses of the Unconsolidated Affiliate.

"***ERISA***" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.

"***ERISA Affiliate***" means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or Section 4001(14) of ERISA or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

"***ERISA Event***" means (a) any "reportable event," as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the thirty (30) day notice period is waived); (b) the failure to satisfy the "minimum funding standard" (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any of its ERISA Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

"***EU Bail-In Legislation Schedule***" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

"***Event of Default***" has the meaning assigned to such term in Section 7.01.

"***Excluded Swap Obligation***" means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor's failure for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act at the time the Guarantee of such Guarantor becomes effective with respect to such related Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.

"***Excluded Taxes***" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S.

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federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Term Loan, pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, (other than pursuant to an assignment request by the Borrower under Section

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2.19(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender acquired the applicable interest in a Term Loan or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with Section 2.17(f) and (d) any withholding Taxes imposed under FATCA.

"***Facility***" means the Commitments and the Term Loans made thereunder.

"***FATCA***" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.

"***Federal Funds Effective Rate***" means, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as shall be set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; *provided* that if the Federal Funds Effective Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement.

"***Federal Reserve Board***" means the Board of Governors of the Federal Reserve System of the United States of America.

"***Financial Officer***" means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.

"***Financing Statements***" means all such Uniform Commercial Code financing statements as the Administrative Agent shall require, duly authorized by the Borrower or a Guarantor, to give notice of and to perfect or continue perfection of the Lenders' security interest in all Collateral.

"***Fiscal Quarter***" means any fiscal quarter of the Parent. "***Fiscal Year***" means any fiscal year of the Parent. "***Fitch***" means Fitch Ratings Inc.

"***Fixed Charge Coverage Ratio***" means the ratio of (a) Adjusted EBITDA for the immediately preceding calendar quarter of Parent and its Subsidiaries, annualized, to (b) Fixed Charges, in each case, for the immediately preceding calendar quarter, annualized, and calculated for the Parent and its Subsidiaries on a consolidated basis and including (without duplication) the Borrowers' equity percentage of any of the items in (a) or (b) above for their non-wholly-owned Subsidiaries and unconsolidated Affiliates.

"***Fixed Charges***" means the sum of (i) all scheduled principal due and payable and actually paid on Indebtedness (other than amounts paid in connection with balloon maturities, hyper-amortization amounts and repayments and prepayments of principal of the Facility), plus (ii) all Interest Expense, plus

(iii) the aggregate amount of all cash dividends and distributions payable by the Parent and Parent Borrower on any preferred partnership units or preferred stock, in each case, for the immediately preceding calendar quarter, annualized, in each case, for the Parent, Borrowers and their wholly-owned

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Subsidiaries on a consolidated basis and including (without duplication) the Borrowers' equity percentage of any of the items in (i) through (iii) above for their non-Wholly-Owned Subsidiaries and Unconsolidated Affiliates (excluding the financial attributes of NXHT and its Subsidiaries but including interest or other payments

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actually paid (other than any repayments of principal, return of capital, or similar) in respect of NXHT and its Subsidiaries).

"***Flood Insurance Laws***" means, collectively, (i) the National Flood Insurance Reform Act of 1994 (which comprehensively revised the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973), as now or hereafter in effect or any successor statute thereto, (ii) the Flood Insurance Reform Act of 2004, as now or hereafter in effect or any successor statute thereto and (iii) the Biggert –Waters Flood Insurance Reform Act of 2012, as now or hereafter in effect or any successor statute thereto.

"***Floor***" means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate or the Adjusted Daily Effective SOFR, as applicable. For the avoidance of doubt, the initial Floor for each of the Adjusted Term SOFR Rate or the Adjusted Daily Effective SOFR shall be 0%.

"***Foreign Lender***" means any Lender that is not a U.S. Person.

"***Foreign Subsidiary***" means each Subsidiary of the Borrower that is organized under the laws of a jurisdiction other than one of the fifty states of the United States or the District of Columbia.

"***GAAP***" means generally accepted accounting principles in the United States of America. "***Governmental Authority***" means the government of the United States of America, any other

nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

"***Guarantee***" of or by any Person (the "***guarantor***") means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the "***primary obligor***") in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; *provided*, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.

"***Guarantor***" means the Parent and any other Person who from time to time has executed a Guaranty as required by the terms of this Agreement.

"***Guaranty***" means, collectively, the guaranties provided by Guarantor in such form as may be agreed upon by the parties.

"***Hazardous Materials***" means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or

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asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Laws.

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"***Hedging Obligations***" of any Person means any and all obligations of such Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired under (i) any and all Hedging Transactions, (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Hedging Transactions and (iii) any and all renewals, extensions and modifications of any Hedging Transactions and any and all substitutions for any Hedging Transactions.

"***Hedge Termination Value***" means, in respect of any one or more Hedging Transactions, after taking into account the effect of any legally enforceable netting agreement relating to such Hedging Transactions, (a) for any date on or after the date such Hedging Transactions have been closed out and termination value(s) determined in accordance therewith, such termination value(s) and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedging Transactions, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedging Transactions (which may include a Lender or any Affiliate of a Lender).

"***Hedging Transaction***" of any Person means (a) any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into by such Person that is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap or option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, spot transaction, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, or any other similar transaction (including any option with respect to any of these transactions) or any combination thereof, whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a "***Master Agreement***"), including any such obligations or liabilities under any Master Agreement.

"***Indebtedness***" of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, including mandatorily redeemable preferred stock, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, (g) all guarantees by such Person of Indebtedness of others, but excluding customary non-recourse, carveout guarantees and environmental indemnitees until such time as such guarantees or indemnitees become a recourse obligation, (h) all capital lease obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances, and (k) all obligations, contingent or otherwise, of such Person with respect to any Hedging Transaction (calculated on a mark-to-market basis as of the reporting date). The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person

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is not liable therefor. Indebtedness shall be calculated on a consolidated basis for the Borrowers, Guarantor,

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and their wholly-owned Subsidiaries, and including (without duplication) the equity percentage of Indebtedness for the Borrowers' non-Wholly-Owned Subsidiaries and Unconsolidated Affiliates.

"***Indemnified Taxes***" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and

(b) to the extent not otherwise described in (a) hereof, Other Taxes. "***Indemnitee***" has the meaning assigned to it in Section 9.03(c). "***Ineligible Institution***" has the meaning assigned to it in Section 9.04(b). "***Information***" has the meaning assigned to it in Section 9.12.

"***Information Memorandum***" means the Confidential Information Memorandum dated as of the Effective Date relating to the Borrower and the Transactions.

"***Initial Borrowing Base Properties***" means the Borrowing Base Properties listed on Schedule 2.22 as of the date of this Agreement.

"***Interest Election Request***" means a request by the Borrower to convert or continue a Term Loan in accordance with Section 2.08, which shall be substantially in the form approved by the Administrative Agent and separately provided to the Borrower.

"***Interest Expense***" means, with respect to any Person, all cash interest expense on such Person's Indebtedness (whether direct, indirect or contingent, and including, without limitation, interest on all convertible debt), plus any cash amounts paid by such Person under any Hedging Transaction (other than any payments in respect of the termination of such Hedging Transaction), *less* any cash amounts received by such Person under any Hedging Transaction (other than any payments in respect of the termination of such Hedging Transaction), in each case, during such period, and including (without duplication) the Equity Percentage of Interest Expense for the Borrower's non-Wholly-Owned Subsidiaries and Unconsolidated Affiliates. For the avoidance of doubt, Interest Expense shall exclude amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses, premiums, if any, pay-in-kind interest expense, the amortization of original issue discount resulting from the issuance of Indebtedness below par, and any other amounts of non-cash interest (including as a result of the effects of purchase accounting).

"***Interest Payment Date***" means (a) with respect to any ABR Loan, the last day of each March, June, September and December and the Maturity Date, (b) with respect to any RFR Loan, (1) the fifth (5<sup>th</sup>) Business Day of each calendar month and (2) the Maturity Date, and (c) with respect to any Term Benchmark Loan, the last day of each Interest Period applicable to such Term Loan is a part and, in the case of a Term Benchmark Loan with an Interest Period of more than three months' duration, each day prior to the last day of such Interest Period that occurs at intervals of three months' duration after the first day of such Interest Period, and the Maturity Date.

"***Interest Period***" means with respect to any Term Benchmark Loan, the period commencing on the date of the advance of the Term Loans and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter (in each case, subject to the availability for the Benchmark applicable to the relevant Term Loans), as the Borrower may elect; *provided*, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (ii) any

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Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no tenor that has been removed from this definition

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pursuant to Section 2.14(e) shall be available for specification in such Interest Election Request. For purposes hereof, the date of a Term Loan initially shall be the date on which such Term Loan is made and, thereafter shall be the effective date of the most recent conversion or continuation of such Term Loan.

"***Investment Affiliate***" means any Person in which the Consolidated Group, directly or indirectly, has an Ownership Share of less than 50%, but specifically excluding NXHT and its Subsidiaries.

"***IRS***" means the United States Internal Revenue Service. "***JPMorgan***" means JPMorgan Chase Bank, N.A.

"***Legal Requirement***" means any law, statute, ordinance, decree, requirement, order, judgment, rule, regulation (or interpretation of any of the foregoing) of, and the terms of any license or permit issued by, any Governmental Authority.

"***Lender Parent***" means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

"***Lender-Related Hedge Provider***" means any Person that, at the time it enters into a Hedging Transaction with any Loan Party, (i) is a Lender or an Affiliate of a Lender and (ii) except when the Lender- Related Hedge Provider is JPMorgan or any of its Affiliates, has provided prior written notice to the Administrative Agent which has been acknowledged by the Borrower of (x) the existence of such Hedging Transaction and (y) the methodology to be used by such parties in determining the obligations under such Hedging Transaction from time to time. In no event shall any Lender-Related Hedge Provider acting in such capacity be deemed a Lender for purposes hereof to the extent of and as to Hedging Obligations except that each reference to the term "Lender" in Article 8 and Section 9.03(c) shall be deemed to include such Lender-Related Hedge Provider. In no event shall the approval of any such Person in its capacity as Lender- Related Hedge Provider be required in connection with the release or termination of any security interest or Lien of the Administrative Agent.

"***Lender-Related Person***" has the meaning assigned to it in Section 9.03(b).

"***Lenders***" means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption or otherwise, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise.

"***Liabilities***" means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

"***Lien***" means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset, (c) the filing under the Uniform Commercial Code or comparable law of any jurisdiction of any financing statement naming the owner of the asset to which such Lien relates as debtor, and (d) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.

"***Liquid Assets***" means, for any period, any of the following assets, but only to the extent that such assets are U.S. assets or currencies (and not foreign assets or currencies) which are owned individually by the applicable Person, free of all security interests, Liens, pledges, charges or any other

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encumbrances: (i) cash, (ii) certificates of deposit (with a maturity of two years or less) issued by, or savings accounts with, any bank or other financial institution reasonably acceptable to Administrative Agent, (iii) marketable securities listed on a national exchange, and (iv) irrevocable lines of credit, but specifically excluding any

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debt service or capital improvement reserve funds held under or required by any loan documents entered in to by any member of the Consolidated Group.

"***LLC***" means any Person that is a limited liability company under the laws of its jurisdiction of formation.

***"Loan"*** means the Term Loans or any Term Loan.

"***Loan Documents***" means this Agreement, including schedules and exhibits hereto, the Collateral Documents, and any agreements entered into in connection with the commercial lending facility made available hereunder by the Borrower or any Loan Party with or in favor of the Administrative Agent and/or the Lenders, including any amendments, modifications or supplements thereto or waivers thereof, UCC filings, flood determinations, and any other documents prepared in connection with the other Loan Documents, if any.

"***Loan Parties***" means the Borrower and each Guarantor.

"***Manager***" means (i) VineBrook Homes, LLC, a Delaware limited liability company, (ii) Evergreen Residential Management, LLC, a Delaware limited liability company, (iii) any Affiliates of the foregoing in (i) or (ii), or (iv) another property manager that is reasonably acceptable to the Administrative Agent.

"***Mandatory Prepayment***" has the meaning set forth in Section 2.11(c).

"***Margin Stock***" means margin stock within the meaning of Regulations T, U and X, as applicable. "***Material Adverse Effect***" means a material adverse effect on (a) the business, assets, operations,

or financial condition of (i) the Parent, the Borrower and its Subsidiaries taken as a whole, (b) the ability of any of the Loan Parties to perform their obligations under the Loan Documents, (c) the rights of or benefits available to Administrative Agent or the Lenders under the Loan Documents or (d) the validity or enforceability of any Loan Document; *provided, however*, that none of the following shall constitute, or shall be considered in determining whether there has occurred, and no event, circumstance, change or effect resulting from or arising out of any of the following shall constitute, a Material Adverse Effect: (A) changes in the national or world economy or financial markets as a whole or changes in general economic conditions that affect the industries in which the Parent, the Borrower, and its Subsidiaries conduct their business, so long as such changes or conditions do not adversely affect the Parent, the Borrower, and its Subsidiaries, taken as a whole, in a materially disproportionate manner relative to other similarly situated participants in the industries or markets in which they operate; (B) any change in applicable Law, rule or regulation or GAAP or interpretation thereof after the date hereof, so long as such changes do not adversely affect the Parent, the Borrower, and its Subsidiaries, taken as a whole, in a materially disproportionate manner relative to other similarly situated participants in the industries or markets in which they operate; (C) the failure, in and of itself, of the Parent or the Borrower to meet any published or internally prepared estimates of revenues, earnings or other financial projections, performance measures or operating statistics; (D) a decline in the price, or a change in the trading volume, of the Parent; and (E) compliance with the terms of, and taking any action required by, this Agreement, or taking or not taking any actions at the request of, or with the consent of, Administrative Agent.

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***"Material Environmental Event"*** means, with respect to any Borrowing Base Property, (a) a violation of any Environmental Laws with respect to such Borrowing Base Property, or (b) the presence of any Hazardous Materials on, about, or under such Borrowing Base Property that, under or pursuant to any Environmental Laws, would require remediation, if in the case of either (a) or (b), such event or circumstance would reasonably be expected to have a Material Property Event.

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"***Material Indebtedness***" means Indebtedness (other than the Term Loans), or obligations in respect of one or more Swap Agreements, of any one or more of the Parent, the Borrower or its Subsidiaries (which is consolidated at the Borrower), in an aggregate principal amount exceeding (a) $5,000,000 for recourse Indebtedness and (b) $75,000,000 for non-recourse Indebtedness. For purposes of determining Material Indebtedness, the "principal amount" of the obligations of the Parent, the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Parent, the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

***"Material Property Event"*** means, with respect to any Borrowing Base Property, the occurrence of any event or circumstance occurring or arising after the date of this Agreement that would reasonably be expected to have a (a) material adverse effect with respect to the financial condition or the operations of such Borrowing Base Property, (b) material adverse effect on the Borrowing Base Value of such Borrowing Base Property, (c) material adverse effect on the ownership of such Borrowing Base Property, or (d) a material impairment of the Lien granted to Administrative Agent with respect to the applicable Borrowing Base Property Owners and Consolidated Owners thereof, or the related deposit accounts.

"***Maturity Date***" means September 10, 2027.

"***Maximum Rate***" has the meaning assigned to it in Section 9.14. "***Moody's***" means Moody's Investors Service, Inc.

"***MSA***" means any metropolitan statistical area (as defined from time to time by the Executive Office of the President of the United States of America, Office of Management and Budget).

"***Multiemployer Plan***" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

***"Net Capital Event Proceeds"*** has the meaning assigned to it in the Equity Interests Pledge and Security Agreement.

"***Net Operating Income***" means, for any income producing Real Property and for a given period, the difference between (a) any rentals, proceeds and other income received from such property during the determination period, *less* (b) an amount equal to all costs and expenses (excluding Interest Expense, depreciation and amortization expense, asset management fees, acquisition fees and expenses, self- administration and listing expenses and any expenditures that are capitalized in accordance with GAAP) incurred as a result of, or in connection with, or properly allocated to, the operation or leasing of such Real Property during the determination period. Net Operating Income shall be calculated based on the most recently ended calendar quarter, annualized, unless the Real Property is simultaneously being acquired by a Borrower or a Subsidiary thereof and added as a Borrowing Base Property, in which event annualized Net Operating Income shall be calculated based upon the historical data provided by the Borrower, subject to adjustment by the Administrative Agent in its reasonable discretion and thereafter until such Real Property has been owned by Borrower or its subsidiaries for the entirety of a calendar quarter. Net Operating Income shall be grossed up for such ownership period. Net Operating Income shall be calculated on a consolidated basis for the Borrower and its Wholly-Owned Subsidiaries and including (without duplication) the Equity Percentage of Net Operating Income for the Borrower's non-Wholly-Owned Subsidiaries and Unconsolidated Affiliates but adjusted for non-cash operating items such as the amortization of above and below market lease assets and liability, and other non-cash items.

"***Nonrecourse Indebtedness***" means, with respect to a Person, Indebtedness for borrowed money (or the portion thereof) in respect of which recourse for payment is contractually limited to specific assets

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of such Person encumbered by a Lien securing such Indebtedness (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, violation of "special purpose entity" covenants

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(which shall be fully recourse to the extent that such breach is cited by a court as a major factor in connection with substantive consolidation, otherwise recourse for losses only), bankruptcy, insolvency, receivership or other similar events and other similar or customary exceptions to recourse liability; *provided* that if in connection therewith a personal recourse claim is established by judgment decree or award by any court of competent jurisdiction or arbitrator of competent jurisdiction and execution or enforcement thereof shall not be effectively stayed for the greater of (x) sixty (60) consecutive days and (y) the cure period set forth in the applicable loan document, and such Indebtedness shall not be paid or otherwise satisfied within such period, then such Indebtedness in an amount equal to the personal recourse claim established by judgment or award shall not constitute Nonrecourse Indebtedness).

"***Non-Stabilized Property***" means as of any date of determination, each Real Property asset of the Consolidated Group for which initial construction has been completed and for which a certificate of occupancy or temporary certificate of occupancy has been issued, but which has not yet been leased, or for which any initial "free rent period" or "rent abatement period" has not yet terminated, and as such, is not currently an income producing property; *provided, however*, in the event that such Non-Stabilized Property remains unleased for a period later than nine (9) months after the later of the Effective Date or the date of the acquisition of such Non-Stabilized Property, such Real Property asset shall not be deemed eligible for inclusion in the Pool.

"***NXHT***" means NexPoint Homes Trust, Inc., a Maryland corporation.

"***NXHT Investment***" means, collectively, the debt and equity investments of the Loan Parties and their Subsidiaries in NXHT.

"***NYFRB***" means the Federal Reserve Bank of New York.

"***NYFRB Rate***" means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); *provided*, that if none of such rates are published for any day that is a Business Day, the term "NYFRB Rate" means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; *provided*, *further*, that if any of the aforesaid rates as so determined would be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

"***NYFRB's Website***" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"***Obligations***" means (a) all amounts owing by the Loan Parties to the Administrative Agent, any Lender, or the Arranger pursuant to or in connection with this Agreement or any other Loan Document or otherwise with respect to any Term Loan including, without limitation, all principal, interest (including any interest accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Borrower, whether or not a claim for post-filing or post- petition interest is allowed in such proceeding), reimbursement obligations, fees, expenses, indemnification and reimbursement payments, costs and expenses (including all fees and expenses of counsel to the Administrative Agent and any Lender incurred pursuant to this Agreement or any other Loan Document), whether direct or indirect, absolute or contingent, liquidated or unliquidated, now existing or hereafter arising hereunder or thereunder, (b) all Hedging Obligations owed by any Loan Party to any Lender-Related Hedge Provider, and (c) all Bank Product Obligations, together with all renewals, extensions, modifications or refinancings of any of the foregoing; *provided, however*, that with respect to any Guarantor, the Obligations shall not include any Excluded Swap Obligations. Without limiting the

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foregoing, the Obligations include the obligation of the Borrower to reimburse any amount in respect of any of the foregoing that the Administrative Agent or any Lender, in each case in its sole discretion, may elect to pay or advance on behalf of the Borrower.

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"***Operating Property***" means any Real Property of any member of the Consolidated Group which at any time is an income-producing property.

"***Other Connection Taxes***" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Term Loan or any Loan Document).

"***Other Taxes***" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).

"***Outbound Investment Rules***" means the regulations administered and enforced, together with any related public guidance issued, by the United States Treasury Department under U.S. Executive Order 14105 of August 9, 2023, or any similar law or regulation; as of the date of this Agreement, and as codified at 31 C.F.R. § 850.101 et seq.

"***Overnight Bank Funding Rate***" means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar transactions denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

"***Ownership Share***" means, with respect to any Person, the greater of (a) such Person's stated ownership interest (expressed as a percentage) in the applicable Investment Affiliate or (b) the percentage of the total book value of the applicable Investment Affiliate that would be received by the Consolidated Group in the aggregate, upon liquidation of such Investment Affiliate, after repayment in full of all Indebtedness and other claims that would have priority in such a liquidation of such Investment Affiliate.

"***Parent***" means VineBrook Homes Trust, Inc., a Maryland corporation.

"***Parent Borrower***" means Vinebrook Homes Operating Partnership, L.P., a Delaware limited partnership.

"***Participant***" has the meaning assigned to such term in Section 9.04(c). "***Participant Register***" has the meaning assigned to such term in Section 9.04(c). "***Patriot Act***" has the meaning assigned to it in Section 9.16.

"***Payment***" has the meaning assigned to it in Section 8.06(c). "***Payment Notice***" has the meaning assigned to it in Section 8.06(c).

"***Payout Ratio***" means the ratio of cash dividends or distributions to common equity holders of the Parent paid or payable for the applicable period to Core Funds from Operations.

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"***PBGC***" means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

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"***Perfection Certificate***" means a certificate of the Borrower in form and substance reasonably acceptable to the Administrative Agent and its counsel.

"***Permitted Encumbrances***" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Liens imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)pledges and deposits made in the ordinary course of business in compliance with workers' compensation, unemployment insurance and other social security laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)deposits to secure the performance of bids, trade contracts, purchase, construction or sales contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Lien of the Collateral Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)uniform commercial code protective filings with respect to personal property leased to the Borrower or any Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)landlords' Liens for rent not yet due and payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any Lien or other matter that is a customary non-monetary encumbrance which will not reasonably impede the Borrower's ability to operate, refinance or sell the applicable Borrowing Base Property pursuant to the definition of Eligible Property, in each instance as identified in a Title Report,

*provided* that the term "Permitted Encumbrances" shall not include any Lien securing Indebtedness (other than the Term Loans).

"***Permitted Investments***" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)investments in commercial paper maturing within 270 days from the date of acquisition thereof and having an investment grade credit rating on the date of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)investments in certificates of deposit, banker's acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)fully collateralized repurchase agreements with a term of not more than 90 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)investments of a Borrower in (i) Subsidiaries, (ii) Unconsolidated Affiliates, (iii) RTB Preferred, LLC, a Delaware limited liability company, (iv) RFG Preferred, LLC, a Delaware limited

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liability company, and (v) Vesta Ventures Fund I, LP, a Residential PropTech Venture Fund, made in accordance with this Agreement.

"***Person***" means any natural person, corporation, limited partnership, general partnership, joint stock company, limited liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity.

"***Plan***" means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA.

"***Plan Asset Regulations***" means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.

"***Pledged Interests***" means, collectively, the ownership (or in the reasonable discretion of Administrative Agent, the economic) interests now or hereafter pledged by Borrower and each Collateral Subsidiary and the economic interest, including rights to receive cash and other distributions from each other Subsidiary of the Borrower hereunder and subject to the Liens and security interests of the Loan Documents, or intended so to be.

"***Pool***" means, collectively, all Borrowing Base Properties.

"***Prime Rate***" means the rate of interest last quoted by The Wall Street Journal as the "Prime Rate" in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"***Proceeding***" means any claim, litigation, investigation, action, suit, arbitration or administrative, judicial or regulatory action or proceeding in any jurisdiction.

***"Proceeds Cash Account"*** means a deposit account (as defined in the Uniform Commercial Code in effect from time to time in the State of New York) established by, and in the name of, Parent Borrower, maintained with the Deposit Account Bank into which all Net Capital Event Proceeds shall be deposited.

"***Property Information***" means, with respect to any Real Property proposed for addition as a Borrowing Base Property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.a formal written request (which may be delivered via electronic mail) from the Parent Borrower to add the proposed Real Property as a Borrowing Base Property, including a certification that to Parent Borrower's knowledge the Real Property is free from all material environmental and material structural issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.a Borrowing Base Report and Compliance Certificate from the Parent Borrower showing the revised financial covenant calculations (including reasonable detail and backup) and compliance on a pro-forma basis after giving effect to the addition of such Real Property as a Borrowing Base Property;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.property operating statements and rent rolls for such Real Property, as available;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.a Borrower Appraisal with respect to such Real Property, or if such Borrower Appraisal is not available, an Acceptable Appraisal with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.customary real estate diligence documents in respect thereof to the extent in a Borrower's possession or control, including, without limitation, title report, Phase I environmental reports, copies of leases or lease abstracts, sales information, projections, engineering reports, a survey, and a zoning report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.a repositioning plan, if any, to include the budgeted capital improvement costs or leasing strategy, to be reviewed and reasonably approved by the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.a certification from the Parent Borrower and the applicable Borrowing Base Property Owner that such Eligible Property is insured in accordance with the requirements of this Agreement, including, if any building (or any contents) or structure therein is located in any federally designated "special hazard area" (including any area having special flood, mudslide and/or flood-related erosion hazards, and shown on a Flood Hazard Boundary Map or a Flood Insurance Rate Map published by the Federal Emergency Management Agency as Zone A, AO, Al-30, AE, A99, AH, VO, V1-30, VE, V, M or E), flood insurance in an amount equal to the full replacement cost or the maximum amount then available under the National Flood Insurance Program and otherwise from such providers, on such terms and in such amounts as required by the Flood Disaster Protection Act as amended from time to time or as otherwise required by the Administrative Agent, and in any event in compliance with all applicable flood insurance regulation and Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.true and correct copies of all Management Agreements for such Eligible Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.a pledge of one hundred percent (100%) of the ownership interests in such Borrower in accordance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.a certification from the Parent Borrower that such Borrowing Base Property meets each requirement of a Borrowing Base Property and the direct owner of such Borrowing Base Property has no other debt or liabilities, other than trade payables incurred in the ordinary course of business, and other unsecured debt as permitted under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.such other customary diligence materials as the Administrative Agent may reasonably request, to the extent such materials are in the possession of Borrowers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.the party which owns such Borrowing Base Property shall execute all necessary documentation to become a Borrower hereunder.

"***PTE***" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"***Public-Sider***" means a Lender whose representatives may trade in securities of the Borrower or its Controlling person or any of its Subsidiaries while in possession of the financial statements provided by the Borrower under the terms of this Agreement.

"***Qualified JV Subsidiary***" means a Subsidiary of the Borrower in which (a) the Borrower's direct or indirect "stated interest" is at least 90% and (b) the Borrower has, whether directly or indirectly, sole decisional authority for the operating and leasing (in the case of operating and leasing, subject to the delegation of day-to-day leasing and operating decisional authority to the minority joint venture partner where appropriate in the Borrower's commercially reasonable judgment) and disposition (in the case of a disposition, which authority shall be deemed to apply so long as the Borrower has the ability to effect a

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disposition through the exercise of any applicable buy-sell, right of first offer or right of first refusal provisions) of the property owned by such Qualified JV Subsidiary.

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"***QFC***" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"***QFC Credit Support***" has the meaning assigned to it in Section 9.18. "***Rating Agency***" means each of S&P, Moody's and Fitch.

"***Real Property***" means, collectively, all interest in any land and improvements located thereon (including direct financing leases of land and improvements owned by a Loan Party or any of its Subsidiaries), together with all equipment, furniture, materials, supplies and personal property now or hereafter located at or used in connection with the land and all appurtenances, additions, improvements, renewals, substitutions and replacements thereof now or hereafter acquired by a Loan Party or any of its Subsidiaries.

"***Recipient***" means (a) the Administrative Agent and (b) any Lender, as applicable.

"***Recourse Indebtedness***" means, with respect to a Person, Indebtedness for borrowed money (or the portion thereof) in respect of which recourse for payment is not contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness, subject to typical non-recourse carve- outs.

"***Reference Time***" with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two U.S. Government Securities Business Days preceding the date of such setting , (2) if such Benchmark is Daily Effective SOFR, then the next U.S. Government Securities Business Days after such setting or (3) if such Benchmark is none of the Term SOFR Rate or Daily Effective SOFR, the time determined by the Administrative Agent in its reasonable discretion.

"***Register***" has the meaning assigned to such term in Section 9.04(b).

"***Regulation D***" means Regulation D of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

"***Regulation T***" means Regulation T of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

"***Regulation U***" means Regulation U of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

"***Regulation X***" means Regulation X of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

"***REIT***" means a real estate investment trust qualified as such under Sections 856 through 860 of the Code and the regulations promulgated thereunder.

***"REIT Distributions"*** has the meaning assigned to such term in Section 6.07.

"***Related Parties***" means, with respect to any specified Person, such Person's Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person's Affiliates.

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"***Relevant Governmental Body***" means, the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

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"***Relevant Rate***" means (i) with respect to any Term Benchmark Loan, the Adjusted Term SOFR Rate or (ii) with respect to any RFR Loan, the Adjusted Daily Effective SOFR, as applicable.

"***Required Lenders***" means, subject to Section 2.20, Lenders holding more than 50% of the aggregate outstanding principal balance of the Term Loans at such time, *provided* that, for the purpose of determining the Required Lenders needed for any waiver, amendment, modification or consent of or under this Agreement or any other Loan Document, any Lender that is the Borrower or an Affiliate of the Borrower shall be disregarded, and *provided, further* that any time when there are only two Lenders, Required Lenders shall mean all Lenders that are not Defaulting Lenders.

"***Resolution Authority***" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"***Responsible Officer***" means the president, or Financial Officer or other executive officer of the Parent, and any additional authorized person who is hereafter designated in writing by the Borrower to Administrative Agent.

"***Restricted Payment***" means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests or any option, warrant or other right to acquire any such Equity Interests.

"***Reuters***" means, as applicable, Thomson Reuters Corp., Refinitiv, or any successor thereto. "***RFR Business Day***" means a U.S. Government Securities Business Day.

"***RFR Loan***" means a Term Loan that bears interest at a rate based on the RFR Rate.

"***RFR Rate***" when used in reference to any Term Loan, refers to whether such Term Loan bears interest at a rate determined by reference to the Adjusted Daily Effective SOFR Rate.

"***S&P***" means Standard & Poor's Rating Services, a Standard & Poor's Financial Services LLC business.

"***Sanctioned Country***" means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, the so-called Donetsk People's Republic, the so- called Luhansk People's Republic, the Crimea Region of Ukraine, Cuba, Iran, North Korea and Syria).

"***Sanctioned Person***" means, at any time, any Person subject or target of any Sanctions, including

(a) any Person listed in any Sanctions-related list of designated Persons maintained by the U.S. government, including by Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, U.S. Department of Commerce, or by the United Nations Security Council, the European Union, any European Union member state, His Majesty's Treasury of the United Kingdom or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b) (including, without limitation for purposes of defining a Sanctioned Person, as ownership and control may be defined and/or established in and/or by any applicable laws, rules, regulations, or orders).

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"***Sanctions***" means all economic or financial sanctions, trade embargoes or similar restrictions imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S.

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Department of State, or (b) the United Nations Security Council, the European Union, any European Union member state, his Majesty's Treasury of the United Kingdom or other relevant sanctions authority.

"***SEC***" means the Securities and Exchange Commission of the United State of America.

"***SOFR***" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"***SOFR Administrator***" means the NYFRB (or a successor administrator of the secured overnight financing rate).

"***SOFR Administrator's Website***" means the NYFRB's website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"***SOFR Determination Date***" has the meaning specified in the definition of "Daily Effective

SOFR."

"***SOFR Rate Day***" has the meaning specified in the definition of "Daily Effective SOFR." "***Solvent***" means, as to any Person as of any date of determination, that on such date (a) the fair

value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable value of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts, including contingent debts, as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities, including contingent debts and liabilities, beyond such Person's ability to pay such debts and liabilities as they mature and (d) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person's property would constitute an unreasonably small capital. The amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

"***Subsidiary***" means, for any Person at any date, any corporation, partnership, limited liability company or other entity of which at least a majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals performing similar functions of such corporation, partnership, limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP as applied to investment companies, but shall exclude NXHT and its Subsidiaries.

"***Subsidiary Borrower***" means, each Borrowing Base Property Owner and each Consolidated Owner thereof, including, as of the Effective Date, each Subsidiary of the Parent Borrower set forth on Schedule SB, and each Additional Borrower.

"***Supported QFC***" has the meaning assigned to it in Section 9.18.

"***Swap Agreement***" means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices

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or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; *provided* that no phantom stock or similar plan providing for payments only on account of

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services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement.

"***Syndication Agent***" means, individually and collectively as the context may require, Raymond James Bank and Royal Bank of Canada, each in such capacity.

"***Tangible Net Worth***" means, as of any date of calculation, for the Consolidated Group on a consolidated basis in accordance with GAAP, (1) total assets (without deduction for accumulated depreciation) *less* (2) all intangible assets *less* (3) total liabilities (including contingent and indirect liabilities), all as determined in accordance with GAAP (unless otherwise indicated herein). The term "intangibles" shall include, without limitation, (i) deferred charges and (ii) the aggregate of all amounts appearing on the assets side of such balance sheet for franchises, licenses, permits, patents, patent applications, copyrights, trademarks, trade names, goodwill, treasury stock, experimental or organizational expenses, straight-line rent accruals and other like intangibles but excluding all amounts for real property acquisitions that have been allocated to lease intangibles. Tangible Net Worth shall be calculated on a consolidated basis in accordance with GAAP (unless otherwise indicated herein).

"***TAV Contribution Limitations***" has the meaning specified in the definition of "Total Asset Value." "***Taxes***" means all present or future taxes, levies, imposts, duties, deductions, withholdings

(including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"***Term Benchmark***" when used in reference to any Term Loan, refers to whether such Term Loan bears interest at a rate determined by reference to the Adjusted Term SOFR Rate.

"***Term Benchmark Loan***" means Term Loans bearing interest based upon the Term Benchmark. "***Term Loan***" means a loan made pursuant to Section 2.01.

"***Term SOFR Determination Day***" has the meaning assigned to it under the definition of Term SOFR Reference Rate.

"***Term SOFR Rate***" means, with respect to any Term Benchmark Loan and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator; *provided* that the Term SOFR Rate shall never be less than the Floor.

"***Term SOFR Reference Rate***" means, for any day and time (such day, the "***Term SOFR Determination Day***"), with respect to any Term Benchmark Loan denominated in Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME Term SOFR Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 p.m. (New York City time) on such Term SOFR Determination Day, the "Term SOFR Reference Rate" for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then, so long as such day is otherwise a U.S. Government Securities Business Day, the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of

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the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Term SOFR Determination Day.

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***"Title Report"*** has the meaning assigned to such term in the definition of "Eligible Property."

"***Total Asset Value***" means, as of any date of calculation, the sum of (without duplication) (i) the aggregate Borrowing Base Value of all Borrowing Base Properties, plus (ii) the aggregate Value of all of Borrowers', Guarantor's and their Subsidiaries' Real Property (other than Borrowing Base Properties), plus

(iii) the aggregate Value of all of Borrowers', Guarantor's and their Subsidiaries' mortgage loan investments, plus (iv) the amount of any unencumbered cash and cash equivalents, excluding tenant security and other restricted deposits of the Borrowers and their Subsidiaries, plus (v) the undepreciated cost basis (net of impairment charges or adjustments) of the NXHT Investment. For Real Properties owned by non- Wholly-Owned Subsidiaries or Unconsolidated Affiliates, Total Asset Value shall be adjusted for Borrower's, Guarantor's and Subsidiaries' Equity Percentage thereof. For purposes hereof, NXHT and its Subsidiaries shall be deemed not to be Subsidiaries or Unconsolidated Affiliates of any Loan Party. Notwithstanding the foregoing, Total Asset Value shall be reduced to the extent that the aggregate contributions to Total Asset Value from the following investments would exceed fifteen percent (15%) of Total Asset Value: (i) Development Properties, (ii) Non-Stabilized Properties, (iii) unimproved land and/or

(iv) Qualified JV Subsidiaries (collectively, the "***TAV Contribution Limitations***"). Solely for purposes of calculating Value for Non-Stabilized Properties, to the extent that (x) the same are below the TAV Contribution Limitations, then Value shall be based on the Value set forth in the Acceptable Appraisal for such assets and (y) to the extent that the same exceed the TAV Contribution Limitations, then Value shall be based upon the <u>lesser</u> of: (a) cost basis for such assets, and (b) the Value set forth in the Acceptable Appraisal for such assets.

"***Total Interest Expense***" means, for any period, interest expense attributable to Total Outstanding Indebtedness (without taking into account (A) gains or losses on early retirement of debt, (B) any commitment, upfront, arrangement, structuring or similar financing fees or premiums (including redemption and prepayment premiums) or original issue discount, (C) any cash costs associated with obtaining hedging arrangements or any breakage thereof, (D) any deferred financing costs or (E) any debt modification charges) during such period.

"***Total Leverage Ratio***" means the ratio (expressed as a percentage) of (a) the Total Outstanding Indebtedness to (b) Total Asset Value.

"***Total Outstanding Indebtedness***" means, as of any date of determination, without duplication, the sum of (a) all Indebtedness of the Consolidated Group outstanding at such date, determined on a notional basis, plus (b) any Indebtedness of each Investment Affiliate (other than (x) Indebtedness of such Investment Affiliate owing to a member of the Consolidated Group, (y) Indebtedness of a publicly traded Investment Affiliate and (z) if applicable, that portion of the Indebtedness of an Investment Affiliate corresponding to the portion of the value of such Investment Affiliate that is excluded from Total Asset Value as a result of the application of the TAV Contribution Limitations), but in each case specifically excluding NXHT and its Subsidiaries.

"***Transactions***" means the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan Documents, the borrowing of Term Loans and the use of the proceeds thereof.

"***Type***," when used in reference to any Term Loan, refers to whether the rate of interest on such Term Loan is determined by reference to the Adjusted Term SOFR Rate, the Alternate Base Rate or the Adjusted Daily Effective SOFR.

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"***UK Financial Institutions***" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

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"***UK Resolution Authority***" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"***Unadjusted Benchmark Replacement***" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"***Unconsolidated Affiliate***" means, without duplication, in respect of any Person, any other Person (other than a Person whose stock is traded on a national trading exchange) in whom such Person holds, directly or indirectly, an investment consisting of a voting equity or ownership interest, which investment is accounted for in the financial statements of such Person on an equity basis of accounting.

"***U.S. Government Securities Business Day***" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"***U.S. Person***" means (i) for purposes of Sections 3.17 and 6.11 hereof, any United States citizen, lawful permanent resident, entity organized under the laws of the United States or any jurisdiction within the United States, including any foreign branch of any such entity, or any person in the United States and

(ii) for all other purposes, a "United States person" within the meaning of Section 7701(a)(30) of the Code. "***U.S. Special Resolution Regime***" has the meaning assigned to it in Section 9.18.

"***U.S. Tax Compliance Certificate***" has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

"***Value***" means, as of any date of determination, (i) with respect to any Real Property (other than any Borrowing Base Property), the Borrower Appraised Value (or if no Borrower Appraisal is available therefor, undepreciated cost basis) of such Real Property and (ii) with respect to any mortgage loan investment, the lower of the cost basis or carrying value of such mortgage loan investment.

"***Wholly-Owned***" means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than (x) director's qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable law) are owned by such Person and/or by one or more wholly owned Subsidiaries of such Person. In determining whether a Subsidiary of a Person is a Wholly-Owned Subsidiary, all preferred shareholders of a Subsidiary that is organized as a real estate investment trust shall be disregarded.

"***Withdrawal Liability***" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

"***Write-Down and Conversion Powers***" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail- In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

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Section 1.02.&nbsp;&nbsp;&nbsp;&nbsp;*Reserved*.

Section 1.03. *Terms Generally*. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word "shall." Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person's successors and assigns, (c) the words "herein," "hereof" and "hereunder," and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law, rule or regulation herein shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified or supplemented from time to time and (f) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

Section 1.04. *Accounting Terms; GAAP*. (a) Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; *provided* that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to (i) any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at "fair value," as defined therein and (ii) any treatment of Indebtedness under Accounting Standards Codification 470-20 or 2015-03 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary contained in Section 1.04(a) or in the definition of "Capital Lease Obligations," any change in accounting for leases pursuant to GAAP resulting from the adoption of Financial Accounting Standards Board Accounting Standards Update No. 2016-02, Leases (Topic 842) ("***FAS 842***"), to the extent such adoption would require treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) would not have been required to be so treated under GAAP as in effect on December 31, 2015, such lease shall not be considered a capital lease, and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith.

Section 1.05. *Interest Rates; Benchmark Notification*. The interest rate on a Term Loan denominated in dollars may be derived from an interest rate benchmark that may be discontinued or is, or

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may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition

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Event, Section 2.14(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

Section 1.06.&nbsp;&nbsp;&nbsp;&nbsp;*Reserved*.

Section 1.07. *Divisions*. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.

ARTICLE 2 THE CREDITS

Section 2.01. *Commitments*. Subject to the terms and conditions set forth herein, each Lender severally agrees to make Term Loans to the Borrower as requested by the Borrower in one (1) advance on the Effective Date in an aggregate principal amount that will not result in (i) the aggregate principal amount of the Term Loans to be made by such Lender exceeding its Commitment, (ii) the aggregate principal amount of all Term Loans made by the Lenders exceeding the total Commitments, or (iii) the sum of all Term Loans exceeding the Borrowing Base. The Commitments of the Lenders to make the Term Loans shall automatically expire and terminate on the Effective Date (whether or not the Borrower has fully utilized the Commitments). Any portion of the Term Loans that is repaid may not be reborrowed.

Section 2.02. *Loans*. (a) Each Term Loan shall be made by the Lenders ratably in accordance with their respective Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to Section 2.14, each Term Loan shall be comprised entirely of ABR Loans or Term Benchmark Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Term Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Term Loan; *provided* that any exercise of such option shall not affect the obligation of the Borrower to repay such Term Loan in accordance with the terms of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Term Loan if the Interest Period requested with respect thereto would end after the Maturity Date.

Section 2.03.&nbsp;&nbsp;&nbsp;&nbsp;*Reserved*.

Section 2.04.&nbsp;&nbsp;&nbsp;&nbsp;*Reserved.*

Section 2.05.&nbsp;&nbsp;&nbsp;&nbsp;*Reserved.*

Section 2.06.&nbsp;&nbsp;&nbsp;&nbsp;*Reserved*.

Section 2.07. *Funding*. (a) Each Lender shall make the Term Loan to be made by it hereunder on the Effective Date solely by wire transfer of immediately available funds, by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders.

Section 2.08. *Interest Elections*. (a) Each Term Loan initially shall be of the Type specified by the Borrower on the Effective Date and, shall have an initial Interest Period as specified by the Borrower on the Effective Date. Thereafter, the Borrower may elect to convert such Term Loan to a different Type or to continue such Term Loan and may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Term Loan, in which case each such portion shall be allocated ratably among the Lenders holding the Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To make an election pursuant to this Section, the Borrower shall deliver to the Administrative Agent an Interest Election Request, which shall be delivered to the Administrative Agent: (a)(i) in the case of a Term Benchmark Loan, not later than 11:00 a.m., New York City time, three U.S. Government Securities Business Days before the expiration date of the then-applicable Interest Period, or

(ii) in the case of an RFR Loan, not later than 11:00 a.m., New York City time, five U.S. Government Securities Business Days before the expiration date of the then-applicable Interest Period, or (b) in the case of an ABR Term Loan, not later than 11:00 a.m., New York City time, one Business Day before the expiration date of the then-applicable Interest Period.. Each such Interest Election Request shall be irrevocable and shall be signed by a Responsible Officer of the Borrower; *provided* that, if such Interest Election Request is submitted through an Approved Borrower Portal, the foregoing signature requirement may be waived at the sole discretion of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Interest Election Request shall specify the following information in compliance with Section 2.02:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Term Loan to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Term Loan (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Term Loan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)whether the resulting Term Loan is to be an ABR Loan or a Term Benchmark Loan or an RFR Loan; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)if the resulting Term Loan is a Term Benchmark Loan, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term "***Interest Period***."

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If any such Interest Election Request requests a Term Benchmark Loan but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month's duration.

Notwithstanding the foregoing, in no event shall the Borrower be permitted to request pursuant to this Section 2.08(c) prior to a Benchmark Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate, an RFR Loan bearing interest based on Daily Effective SOFR (it being understood and agreed that Daily Effective SOFR shall only apply to the extent provided in Sections 2.14(a) and 2.14(f)), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender's portion of each resulting Term Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If the Borrower fails to deliver a timely Interest Election Request with respect to a Term Benchmark Loan prior to the end of the Interest Period applicable thereto, then, unless such Term Loan is repaid as provided herein, at the end of such Interest Period such Term Loan shall be deemed to have an Interest Period that is one month. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Term Loan may be converted to or continued as a Term Benchmark Loan or an RFR Loan and (ii) unless repaid, (A) each Term Benchmark Loan shall be converted to an ABR Loan at the end of the Interest Period applicable thereto and (B) each RFR Loan shall be converted to an ABR Loan immediately.

Section 2.09. *Termination of Commitments*. (a) The Commitments shall automatically terminate upon the funding the Term Loans on the Effective Date, and any unfunded Commitments shall terminate at 5:00 p.m. on the Effective Date.

Section 2.10. *Repayment of Loans; Evidence of Debt*. (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Term Loan on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Term Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Term Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; *provided* that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Term Loans in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Any Lender may request that Term Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form

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approved by the Administrative Agent. Thereafter, the Term Loans evidenced by such promissory note and

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interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form.

Section 2.11. *Prepayment of Loans*. (a) The Borrower shall have the right at any time and from time to time to prepay the Term Loan in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section. Any Term Loans that are prepaid may not be reborrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower shall notify the Administrative Agent by telephone (confirmed by electronic communication, including an Approved Borrower Portal, if arrangements for doing so have been approved by the Administrative Agent) of any prepayment hereunder not later than 11:00 a.m., New York City time, four (4) Business Days before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of the Term Loans or portion thereof to be prepaid. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each prepayment of the Term Loans shall be applied ratably to the Lenders in accordance with their Applicable Percentage. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13 and any break funding payments required by Section 2.16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Borrower shall prepay the Term Loans (a "***Mandatory Prepayment***") prior to the Maturity Date as follows: (a) on or prior to June 30, 2026, the Borrower shall make a Mandatory Prepayment such that, as of June 30, 2026, the outstanding amount of the Term Loans (including the Administrative Agent's fees and reimbursable expenses then due and payable pursuant to this Agreement and principal balance of the Term Loans) shall be no more than $450,000,000; and (b) on or prior to March 31, 2027, the Borrower shall make a Mandatory Prepayment such that, as of March 31, 2027, the outstanding amount of the Term Loans shall be no more than $300,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Without limiting the foregoing, if the Term Loans are not repaid in full on or before ninety

(90) days prior to the Maturity Date, the Borrower shall, by such date, present a written plan to the Administrative Agent outlining its intended method for generating funds to repay the Term Loans in full by the Maturity Date, which plan shall be subject to the reasonable approval of the Administrative Agent. If the Administrative Agent reasonably determines that the sources reflected in the approved plan evidence a shortfall in available proceeds anticipated to be available to repay the Term Loan in full on the Maturity Date, the Borrower shall, within ten (10) Business Days of such notice from Administrative Agent and on the first Business Day of each calendar month thereafter, make a monthly principal payment in an amount as reasonably determined by the Administrative Agent equal to one third of such total shortfall per month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Any prepayments made by the Borrower pursuant to Section 2.11(c) shall be applied as follows: <u>first</u>, to the Administrative Agent's fees and reimbursable expenses then due and payable pursuant to any of the Loan Documents; and <u>second</u>, to the principal balance of the Term Loans, until the same shall have been paid in full, *pro rata* to the Lenders based on their respective Applicable Percentage.

Section 2.12. *Fees*. (a) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All fees payable hereunder shall be paid on the dates due, in dollars in immediately available funds, to the Administrative Agent for distribution, in the case of commitment fees and participation fees, to the Lenders. Fees paid shall not be refundable under any circumstances.

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Section 2.13. *Interest*. (a) The Term Loans comprising each ABR Loan shall bear interest at the Alternate Base Rate plus the Applicable Margin.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Term Loans comprising each Term Benchmark Loan shall bear at the Adjusted Term SOFR Rate for the Interest Period in effect for such Term Loans plus the Applicable Margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Effective SOFR plus the Applicable Margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding the foregoing, if any principal of or interest on any Term Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Term Loan, 2% plus the rate otherwise applicable to such Term Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Accrued interest on each Term Loan shall be payable in arrears on each Interest Payment Date for such Term Loan; *provided* that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Term Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Term Benchmark Loan prior to the end of the current Interest Period therefor, accrued interest on such Term Loan shall be payable on the effective date of such conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Interest computed by reference to the Term SOFR Rate or Daily Effective SOFR and the Alternate Base Rate (except when based on the Prime Rate) hereunder shall be computed on the basis of a year of three hundred sixty (360) days. Interest computed by reference to the Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year). In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Term Loan shall be computed on a daily basis based upon the outstanding principal amount of such Term Loan as of the applicable date of determination. A determination of the applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted Daily Effective SOFR or Daily Effective SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Section 2.14.&nbsp;&nbsp;&nbsp;&nbsp;*Alternate Rate of Interest*. (a) Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.14, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of any Interest Period for a Term Benchmark Loan, that adequate and reasonable means do not exist for ascertaining the Adjusted Term SOFR Rate (including because the Term SOFR Reference Rate is not available or published on a current basis), for such Interest Period or (B) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Effective SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period for a Term Benchmark Loan, the Adjusted Term SOFR Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Term Loans (or its Term Loan) for such Interest Period or (B) at any time, Adjusted Daily Effective SOFR will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Term Loans (or its Term Loan);

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then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with

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the terms of Section 2.08, any Interest Election Request that requests the conversion of any Term Loan to, or continuation of any Term Loan as, a Term Benchmark Loan shall instead be deemed to be an Interest Election Request for (x) an RFR Loan so long as the Adjusted Daily Effective SOFR is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Loan if the Adjusted Daily Effective SOFR also is the subject of Section 2.14(a)(i) or (ii) above; *provided* that if the circumstances giving rise to such notice affect only one Type of Term Loan, then al other Types of Term Loan shall be permitted. Furthermore, if any Term Benchmark Loan or RFR Loan is outstanding on the date of the Borrower's receipt of the notice from the Administrative Agent referred to in this Section 2.14(a) with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.08 or, (1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Term Loan, be converted by the Administrative Agent to, and shall constitute, (x) an RFR Loan so long as the Adjusted Daily Effective SOFR is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Loan if the Adjusted Daily Effective SOFR also is the subject of Section 2.14(a)(i) or (ii) above, on such day, and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding anything to the contrary herein or in any other Loan Document (and any Swap Agreement shall be deemed not to be a "Loan Document" for purposes of this Section 2.14), if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark (including any related adjustments) for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders of the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non- occurrence of an event, circumstance or date and any decision to take or refrain from taking any

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action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole

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discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of "Interest Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for (i) a Term Benchmark Loan, conversion to or continuation of Term Benchmark Loans to be made, converted or continued or (ii) a RFR Loan or conversion to RFR Loans, during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any request for a Term Benchmark Loan or RFR Loan, as applicable, into a request for a conversion to (A) solely with respect to any such request for a Term Benchmark Loan, an RFR Loan so long as the Adjusted Daily Effective SOFR is not the subject of a Benchmark Transition Event or (B) an ABR Loan if the Adjusted Daily Effective SOFR is the subject of a Benchmark Transition Event. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. Furthermore, if any Term Benchmark Loan or RFR Loan is outstanding on the date of the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until such time as a Benchmark Replacement is implemented pursuant to this Section 2.14, (1) any Term Benchmark Term Loan shall on the last day of the Interest Period applicable to such Term Loan, be converted by the Administrative Agent to, and shall constitute, (x) an RFR Loan so long as the Adjusted Daily Effective SOFR is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Adjusted Daily Effective SOFR is the subject of a Benchmark Transition Event, on such day and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan.

Section 2.15.&nbsp;&nbsp;&nbsp;&nbsp;*Increased Costs*. (a) If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)impose on any Lender or the applicable offshore interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or the Term Loans made by such Lender or participation therein; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes)

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on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;

and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting or maintaining any Term Loan or to increase the cost to such Lender or such other Recipient of participating in, issuing or maintaining any Term Loan or to reduce the amount of any sum received or receivable by such Lender or such other Recipient hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement or the Term Loans made by such Lender, to a level below that which such Lender or such Lender's holding company could have achieved but for such Change in Law (taking into consideration such Lender's policies and the policies of such Lender's holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right to demand such compensation; *provided* that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than six (6) months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender's intention to claim compensation therefor; *provided further* that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six (6)-month period referred to above shall be extended to include the period of retroactive effect thereof.

Section 2.16. *Break Funding Payments*. (a) With respect to Term Loans that are not RFR Loans, in the event of (i) the payment of any principal of any Term Benchmark Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or an optional or mandatory prepayment of Term Loans), (ii) the conversion of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto, (iii) the failure to borrow, convert, continue or prepay any Term Benchmark Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(b) and is revoked in accordance therewith) or (iv) the assignment of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to RFR Loans, in the event of (i) the payment of any principal of any RFR Loan other than on the Interest Payment Date applicable thereto (including as a result of an Event of Default or an optional or mandatory prepayment of Term Loans), (ii) the failure to borrow or prepay any RFR Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be

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revoked under Section 2.11(b) and is revoked in accordance therewith) or (iii) the assignment of any RFR Loan other than on the Interest Payment Date applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) Business Days after receipt thereof.

Section 2.17.&nbsp;&nbsp;&nbsp;&nbsp;*Withholding of Taxes; Gross-Up*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Payments Free of Taxes*. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Payment of Other Taxes by the Borrower*. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Evidence of Payments*. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Indemnification by the Borrower*. The Loan Parties shall jointly and severally indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*Indemnification by the Lenders*. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were

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correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent

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manifest error. Each Lender hereby authorizes the Administrative Agent to setoff and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)*Status of Lenders*. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Without limiting the generality of the foregoing, in the event that the Borrower is

a U.S. Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)any Lender that is a U.S. Person shall deliver to the Borrower and the

Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), an executed copy of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, an executed copy of IRS Form W-8BEN-E or IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W- 8BEN-E or IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)in the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an executed copy of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit C-1 to the effect that such Foreign Lender is not a "bank" within the meaning of Section

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881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the

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Code (a "***U.S. Tax Compliance Certificate***") and (y) an executed copy of IRS Form W-8BEN-E or IRS Form W-8BEN; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)to the extent a Foreign Lender is not the beneficial owner, an executed copy of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-2 or Exhibit C-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; *provided* that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-4 on behalf of each such direct and indirect partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)*Treatment of Certain Refunds*. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all reasonable third-party out-of-pocket expenses (including Taxes) of such indemnified party actually incurred and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such

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refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or

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additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)*Survival*. Each party's obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all obligations under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Defined Terms*. For purposes of this Section, the term "***applicable law***" includes FATCA.

Section 2.18. *Payments Generally; Pro Rata Treatment; Sharing of Setoffs*. (a) The Borrower shall make each payment or prepayment required to be made by it hereunder (whether of principal, interest, or fees, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) in Dollars prior to 12:00 noon, New York City time, on the date when due or the date fixed for any prepayment hereunder, in immediately available funds, without setoff, recoupment or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices applicable office or offices as described in the Administrative Questionnaire provided by the Administrative Agent to the Borrower from time to time, except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in Dollars. Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Term Loans shall be made pro rata according to the respective outstanding principal amounts of the Term Loans then held by the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)At any time that payments are not required to be applied in the manner required by Section 7.03, if at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Term Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Term Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Term Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Term Loans; *provided* that

(i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in

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any of its Term Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and

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counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Unless the Administrative Agent shall have received, prior to any date on which any payment is due to the Administrative Agent for the account of the Lenders pursuant to the terms hereof or any other Loan Document (including any date that is fixed for prepayment by notice from the Borrower to the Administrative Agent pursuant to Section 2.11(b)), notice from the Borrower that the Borrower will not make such payment or prepayment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the NYFRB Rate.

Section 2.19. *Mitigation Obligations; Replacement of Lenders*. (a) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Term Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Sections 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable and documented costs and expenses incurred by any Lender in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender becomes a Defaulting Lender, or if any Lender does not consent to any proposed amendment, supplement, modification, consent or waiver of any provision of this Agreement or any other Loan Document that requires the consent of each of the Lenders or each of the Lenders affected thereby (so long as the consent of the Required Lenders has been obtained), then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Sections 2.15 or 2.17) and obligations under this Agreement and the other Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); *provided* that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Term Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and

(iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. Each party hereto agrees that (A) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and

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Assumption executed by the Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants), and (B) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound by the terms thereof; *provided* that, following the effectiveness

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of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender; *provided further* that any such documents shall be without recourse to or warranty by the parties thereto.

Section 2.20.&nbsp;&nbsp;&nbsp;&nbsp;*Defaulting Lenders*.

Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 7.03 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows: *<u>first</u>*, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; *<u>second</u>*, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Term Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; *<u>third</u>*, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement or under any other Loan Document; *<u>fourth</u>*, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement or under any other Loan Document; and *<u>fifth</u>*, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Term Loans of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); *provided* that this clause (c) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby.

Section 2.21. *Reserved*. Section 2.22. *Borrowing Base.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Initial Borrowing Base</u>. As of the Effective Date, the Borrowing Base shall consist of the Initial Borrowing Base Properties, which Initial Borrowing Base Properties have been accepted by the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Changes in Borrowing Base Calculation</u>. Each change in the Borrowing Base shall be effective upon receipt of a new Borrowing Base Report pursuant to the terms of this Agreement; *provided* that any increase in the Borrowing Base reflected in such Borrowing Base Report shall not become effective until (a) the first (1st) Business Day following admission of any new Borrowing Base Property (unless such Borrowing Base Property is being acquired on such date with a Borrowing under this

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Agreement), and (b) the fifth (5th) Business Day following delivery of the new Borrowing Base Report in all other instances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Requests for Admission into Borrowing Base</u>. In connection with any request by the Borrowers to add a new Borrowing Base Property, Parent Borrower shall provide Administrative Agent

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with the Property Information, and the Administrative Agent shall promptly furnish such Property Information and other information to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Eligibility</u>. In order for an Eligible Property to be eligible for inclusion in the Borrowing Base, such Eligible Property shall satisfy the following as approved by the Administrative Agent or, if such Real Property does not satisfy the eligibility conditions in this subsection (d), the Required Lenders shall have approved such Eligible Property for inclusion in the Borrowing Base: (i) all Property Information with respect to such Eligible Property shall be reasonably acceptable to Administrative Agent; (ii) the admission of such Eligible Property into the Borrowing Base shall not breach any obligation of a Borrower under any contractual obligation; (iii) any of the acts mentioned in any of the provisions of this Agreement or any other Loan Document, agreement or instrument referred to herein or therein shall be done or omitted; and

(iv) Borrowers shall have certified to the Administrative Agent and the Required Lenders that (1) the subject Eligible Property satisfies the criteria to be included in the calculation of the Borrowing Base, (2) no Default (other than a Default that would be cured by the addition of such Eligible Property to the pool of Borrowing Base) or Event of Default exists under this Agreement and that the addition of such Eligible Property as a Borrowing Base Property shall not result in any such Default or Event of Default, and (3) that the applicable Borrowing Base Property Owner and each Consolidated Owner thereof has not incurred, and such Borrowing Base Property Owner and the Consolidated Owners thereof are not otherwise subject to or obligated under, any Indebtedness other than the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Approval of Borrowing Base Properties</u>. The admission of any Real Property into the Borrowing Base shall require the prior written approval of the Administrative Agent (not to be unreasonably withheld, conditioned, or delayed). The Administrative Agent shall respond to any such request for admission within ten (10) Business Days following submission by Parent Borrower to Administrative Agent of all of the information required pursuant to subsection (e) hereof, as more particularly set forth in subsection (g) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Joinder/Property Information</u>. An Eligible Property shall not be admitted into the Borrowing Base until (i) each applicable Borrowing Base Property Owner and Consolidated Owner thereof shall have executed and delivered (or caused to be executed and delivered) to Administrative Agent, for the benefit of the Secured Parties, an Omnibus Joinder Agreement, and (ii) the Administrative Agent has received such documentation as the Administrative Agent may require to properly pledge the Equity Interests in the applicable Borrowing Base Property Owner and Consolidated Owners thereof, which shall consist of an amendment to (or new) Collateral Documents or an omnibus joinder agreement with respect thereto and the items that were delivered by the Guarantors on the Effective Date; *provided* that no such Borrowing Base Property Owner or Consolidated Owner shall become a Subsidiary Borrower under the Loan Documents until such Person shall have delivered all documentation and other information requested by the Administrative Agent and any Lender in order for Administrative Agent or such Lender to confirm compliance with applicable "know your customer" and Anti-Money Laundering Laws, including without limitation, the PATRIOT Act, and Administrative Agent and each Lender shall have completed such compliance processes with respect to such Borrowing Base Property Owner and the Consolidated Owners thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Notice of Admission of New Borrowing Base Properties</u>. If, after the date of this Agreement, the Parent Borrower has submitted to the Administrative Agent all of the information required under subsection (c) of this Agreement to establish that an Eligible Property meets all the requirements to be included in the Borrowing Base set forth in this Section 2.22, then Administrative Agent shall notify Parent Borrower and Lenders within ten (10) Business Days in writing (a) that such

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Eligible Property is admitted into the Borrowing Base, and (b) of any changes to the Borrowing Base as a result of the admission of such Eligible Property into the Borrowing Base.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Release of Borrowing Base Property/Guarantors</u>. Upon the written request of Parent Borrower delivered to the Administrative Agent at least ten (10) days prior to the requested release date (the "Release Request"), the Administrative Agent shall release a Borrowing Base Property from the Borrowing Base and, if applicable, (i) release any applicable Subsidiary Borrower from its Obligations hereunder solely to the extent such Subsidiary Borrower only owns the Borrowing Base Property (ies) or Equity Interests in the Borrowing Base Property Owner being released and (ii) release any security interest held by the Administrative Agent on behalf of the Lenders in the Equity Interests of any Borrowing Base Property Owner that, after giving effect to the release of the relevant Borrowing Base Property, no longer owns any Real Property that is part of the Borrowing Base; *provided* that no Default or Event of Default exists before and after giving effect thereto (other than Defaults or Events of Default solely with respect to such Borrowing Base Property that would no longer exist after giving effect to the release of such Borrowing Base Property from the Borrowing Base); *provided, further*, that Administrative Agent shall have no obligation to release any such obligations without (i) a Borrowing Base Report setting forth in reasonable detail the calculations required to establish the amount of the Borrowing Base without such Borrowing Base Property as of the date of such release, and after giving effect to any such release; (ii) a Compliance Certificate setting forth in reasonable detail the calculations required to show that Borrowers are in compliance with the terms of this Agreement without the inclusion of such Borrowing Base Property in the calculation of the Borrowing Base and the various financial covenants set forth herein, as of the date of such release and after giving effect to any such release; (iii) a certificate of the Borrowers providing that the representations and warranties contained in Article 3 and elsewhere herein and in the other Loan Documents are true and correct in all material respects on and as of the requested release date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date; (iv) prior to the effectiveness of such release, the Borrowers shall make any prepayments required by Section 2.11 in connection with such release. Administrative Agent shall notify Parent Borrower and Lenders in writing within five (5) days following Administrative Agent's receipt of a Release Request, whether or not a Borrowing Base Property meets all the requirements to be released from the Borrowing Base set forth in this subsection (h), and if the Borrowing Base Property meets all the requirements to be released from the Borrowing Base, then (a) that such Real Property has been released from the Borrowing Base and as applicable, the applicable Subsidiary Borrower(s) have been released from the Obligations and (b) of any changes to the Borrowing Base as a result of the release of such Real Property from the Borrowing Base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Exclusion Events</u>. Each of the following events shall be an "Exclusion Event" with respect to a Borrowing Base Property: (i) such Borrowing Base Property suffers a Material Environmental Event;

(ii) any required permit, license, certificate or approval with respect to such Borrowing Base Property lapses or ceases to be in full force and effect and such lapse or termination results in a Material Property Event;

(iii) the material representations and warranties made by the Loam Parties in this Agreement or any other Loan Documents with respect to such Borrowing Base Property or the Equity Interests in the applicable Borrowing Base Property Owner or Consolidated Owners thereof shall cease to be true and correct in all material respects, except (1) to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and (2) for purposes of this clause (i), the representations and warranties contained in Section 3.04 shall be deemed to refer to the most recent financial statements furnished pursuant to Section 5.01; (iv) Administrative Agent determines in good faith that a Material Property Event has occurred with respect to any Borrowing Base Property due to Casualty, condemnation, or similar event at any Borrowing Base Property after the date such Real Property was admitted into the Borrowing Base (or in the case of an uninsured Casualty, in respect of such Borrowing Base Property, is reasonably likely to become a Material Property Event); or (v) a Lien is

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established against such Borrowing Base Property not permitted by Section 6.01, or any stop notice served on the owner of such Borrowing Base Property, Administrative Agent or a Lender, remains unsatisfied or unbonded for a period of thirty (30) days after the date of filing or service, in each case resulting in a Material Property Event. Each Borrower shall, promptly after obtaining knowledge thereof, notify the Administrative Agent of the occurrence of any Exclusion Event with respect to any Borrowing Base Property. After the

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occurrence of any Exclusion Event with respect to any Borrowing Base Property, for so long as such circumstance exists, such Real Property shall no longer be considered a Borrowing Base Property for purposes of determining the Borrowing Base and the Borrowers shall have five (5) Business Days after the occurrence of such Exclusion Event to comply with Section 2.11(d), unless Administrative Agent and the Required Lenders shall otherwise agree. Borrowing Base Properties which have been subject to an Exclusion Event may, at Parent Borrower's request, be released from the Borrowing Base; *provided* that such release shall be subject to the conditions for release set forth in subsection (h). If such Exclusion Event no longer exists, then Parent Borrower may give Administrative Agent written notice thereof (together with reasonably detailed evidence of the cure of such condition) and such Borrowing Base Property shall, effective with the delivery by Parent Borrower of the next Borrowing Base Report, be considered a Borrowing Base Property for purposes of calculating the Borrowing Base as long as such Borrowing Base Property meets all the requirements to be included in the Borrowing Base set forth in this Section 2.22. Any Real Property that is excluded from the Borrowing Base pursuant to this subsection (i) may subsequently be reinstated as a Borrowing Base Property, even if an Exclusion Event exists, upon such terms and conditions as Required Lenders may approve.

ARTICLE 3 Representations and Warranties

The Borrower represents and warrants to the Lenders that:

Section 3.01. *Organization; Powers*. Each of the Loan Parties and their Subsidiaries is duly organized or formed, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.

Section 3.02. *Authorization; Enforceability*. The Transactions are within the corporate or other organizational powers of the Loan Parties and have been duly authorized by all necessary corporate or other organizational and, if required, stockholder action. This Agreement and the Loan Documents has been duly executed and delivered by the Borrower and the other Loan Parties and constitutes a legal, valid and binding obligation of such Person, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

Section 3.03. *Governmental Approvals; No Conflicts*. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Parent, the Borrower or any of their Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Parent, the Borrower or any of their Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Parent, the Borrower or any of their Subsidiaries, and (d) will not result in the creation or imposition of, or the requirement to create, any Lien on any asset of the Parent, the Borrower or any of their Subsidiaries, except pursuant to the Collateral Documents.

Section 3.04. *Financial Condition; No Material Adverse Change*. (a) The Parent has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and

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cash flows (i) as of and for the fiscal year ended December 31, 2024, reported on by KPMG LLP, independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended March 31, 2025, certified by its chief financial officer. Such financial statements present fairly, in

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all material respects, the financial position and results of operations and cash flows of the Parent and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year- end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since December 31, 2024, no event has occurred which would reasonably be expected to have a Material Adverse Effect.

Section 3.05. *Properties*. (a) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. All leases that individually or in the aggregate are material to the business or operations of the Borrower and its Subsidiaries are valid and subsisting and are in full force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To each Loan Party's actual knowledge, all franchises, licenses, authorizations, rights of use, governmental approvals and permits (including all certificates of occupancy and building permits) required to have been issued by Governmental Authority to enable all Real Property owned or leased by Borrower or any of its Subsidiaries to be operated as then being operated have been lawfully issued and are in full force and effect, other than those which the failure to obtain in the aggregate would not be reasonably expected to have a Material Adverse Effect. To each Loan Party's actual knowledge, no Loan Party or any Subsidiary thereof is in violation of the terms or conditions of any such franchises, licenses, authorizations, rights of use, governmental approvals and permits, which violation would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)None of the Loan Parties has received any notice or has any actual knowledge of any pending, threatened or contemplated condemnation proceeding affecting any of the Borrowing Base Properties or any part thereof, or any proposed termination or impairment of any parking (except as contemplated in any approved expansion approved by the Administrative Agent) at the Borrowing Base Properties or of any sale or other disposition of the Borrowing Base Properties or any part thereof in lieu of condemnation, which in the aggregate, are reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies which are not Affiliates of the Borrower, in such amounts with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrower or any applicable Subsidiary operates. The Borrower and/or its Subsidiaries maintain all insurance required under applicable Flood Insurance Laws to be maintained with respect to the Real Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)To the actual knowledge of each Loan Party, such Loan Party and its Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other intellectual property material to its business, and the use thereof by such Loan Party or such Subsidiary does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. To the actual knowledge of each Loan Party, there are no material slogans or other advertising devices, projects, processes, methods, substances, parts or components, or other material now employed, or now contemplated to be employed, by any Loan Party or any Subsidiary of any Loan Party, with respect to the operation of any Real Property, and no claim or litigation regarding any slogan or advertising device, project, process, method, substance, part or component or other material employed, or now contemplated to be employed by any Loan Party or any Subsidiary of any Loan Party, is pending or threatened, the outcome of which could reasonably be expected to have a Material Adverse Effect.

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Section 3.06. *Litigation and Environmental Matters*. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge

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of the Borrower, threatened against or affecting the Parent, the Borrower or any of their Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve this Agreement or the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, none of the Parent, the Borrower or any of their Subsidiaries (i) has failed to comply with any Environmental Laws or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Laws, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the actual knowledge of each Loan Party, none of the operations of the Borrower or any of its Subsidiaries or, of any owner of premises currently leased by Borrower or any of its Subsidiaries or of any tenant of premises currently leased from Borrower or any of its Subsidiaries, involve the generation, transportation, treatment, storage or disposal of hazardous waste, as defined under 40 C.F.R. Part 261.3 (in effect as of the date of this Agreement) or any state, local, territorial or foreign equivalent, in violation of Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)To the knowledge of the Loan Parties, there is not now (except, in all cases, to the extent the existence thereof would not reasonably be expected to have a Material Adverse Effect), on, in or under any Real Property leased or owned by Borrower or any of its Subsidiaries (A) any underground storage tanks or surface tanks, dikes or impoundments (other than for surface water); (B) any friable asbestos-containing materials; (C) any polychlorinated biphenyls; or (D) any radioactive substances other than naturally occurring radioactive material; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect.

Section 3.07. *Compliance with Laws and Agreements*. Each of the Parent, the Borrower and their Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority (including all Environmental Laws) applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing.

Section 3.08. *Investment Company Status*. None of the Parent, the Borrower or any of their Subsidiaries is an "investment company" as defined in, or subject to regulation under, the Investment Company Act of 1940.

Section 3.09. *Taxes*. Each of the Parent, the Borrower and their Subsidiaries has timely filed or caused to be filed and has prepared in compliance with all applicable laws all Tax returns and reports required to have been filed (and all such Tax returns are true, correct and complete in all respects) and has paid or caused to be paid all Taxes, assessments, fees and other governmental charges required to have been paid by it (whether or not shown on a Tax return and including in its capacity as withholding agent), in each case, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Parent, the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to file such returns (or for such returns to be true, correct and

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complete) or to pay Taxes would not reasonably be expected to result in a Material Adverse Effect. There is no proposed tax assessment against the Parent, the Borrower or any of their Subsidiaries which is reasonably expected to have a Material Adverse Effect.

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Section 3.10. *ERISA*. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, will not exceed the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, will not exceed the fair market value of the assets of all such underfunded Plans.

Section 3.11. *Disclosure*. (a) The Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect. Neither the Information Memorandum nor any of the other reports, financial statements, certificates or other information furnished by or on behalf of the Borrower or any Subsidiary to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided* that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Effective Date, to the best knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct in all respects.

Section 3.12. *Anti-Corruption Laws and Sanctions*. The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Parent, the Borrower, their Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Parent, the Borrower, their Subsidiaries and their respective officers and directors and to the knowledge of the Borrower its employees and agents, are in compliance with Anti- Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would reasonably be expected to result in the Parent or the Borrower being designated as a Sanctioned Person. None of (a) the Parent, the Borrower, any Subsidiary, any of their respective directors or officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Term Loan, use of proceeds or other Transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions.

Section 3.13.&nbsp;&nbsp;&nbsp;&nbsp;*Affected Financial Institutions*. No Loan Party is an Affected Financial Institution.

Section 3.14. *Plan Assets; Prohibited Transactions*. None of the Parent, the Borrower or any of their Subsidiaries is an entity deemed to hold "plan assets" (within the meaning of the Plan Asset Regulations), and neither the execution, delivery nor performance of the transactions contemplated under this Agreement, including the making of any Term Loan hereunder, will give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.

Section 3.15. *Margin Regulations*. The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending

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credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of any Term Loan hereunder will be used to buy or carry any Margin Stock. Following the application of the proceeds

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of the Term Loans, not more than 25% of the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) will be Margin Stock.

Section 3.16. *Solvency*. The Borrower and its Subsidiaries taken as a whole are Solvent as of the Effective Date.

Section 3.17. *Outbound Investment Rules*. Neither the Borrower nor any of its Subsidiaries is a 'covered foreign person' as that term is used in the Outbound Investment Rules. Neither the Borrower nor any of its Subsidiaries currently engages, or has any present intention to engage in the future, directly or indirectly, in (i) a "covered activity" or a "covered transaction," as each such term is defined in the Outbound Investment Rules, (ii) any activity or transaction that would constitute a "covered activity" or a "covered transaction," as each such term is defined in the Outbound Investment Rules, if the Borrower were a U.S. Person or (iii) any other activity that would cause the Administrative Agent or any Lender to be in violation of the Outbound Investment Rules or cause the Administrative Agent or any Lender to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.

Section 3.18. *Subsidiaries; REIT Qualification.* As of the Effective Date, no Person owns any Equity Interests in the Borrowing Base Properties. The Borrower qualifies as a "qualified REIT subsidiary" under Section 856 of the Code. The Parent is a Maryland corporation duly organized pursuant to articles of incorporation filed with the Maryland Department of Assessments and Taxation and is in good standing under the laws of Maryland. The Parent conducts its business in a manner which enables it to qualify as a real estate investment trust under, and to be entitled to the benefits of, §856 of the Code, and has elected to be treated as and will be entitled to the benefits of a real estate investment trust thereunder.

ARTICLE 4 CONDITIONS

Section 4.01. *Effective Date*. The obligations of the Lenders to make Term Loans shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Administrative Agent (or its counsel) shall have received the following, each to be in form and substance reasonably satisfactory to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)from each party hereto a counterpart of this Agreement signed on behalf of such party (which, subject to Section 9.06(b), may include any Electronic Signatures transmitted by emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a certificate of the Secretary or Assistant Secretary of each Loan Party in a form and substance acceptable to Administrative Agent, attaching and certifying copies of its bylaws, or partnership agreement or limited liability company agreement, and of the resolutions of its board of directors or other equivalent governing body, or comparable organizational documents and authorizations, authorizing the execution, delivery and performance of the Loan Documents to which it is a party and certifying the name, title and true signature of each officer of such Loan Party executing the Loan Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)certified copies of the articles or certificate of incorporation, certificate of organization or limited partnership, or other registered organizational documents of each Loan Party, together with certificates of good standing or existence, as may be available from the Secretary of State of

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the jurisdiction of organization of such Loan Party and each other jurisdiction where such Loan Party is required to be qualified to do business as a foreign corporation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)a favorable written opinion of counsel to the Loan Parties, addressed to the Administrative Agent and each of the Lenders, and covering such matters relating to the Loan Parties, the Loan Documents and the transactions contemplated therein as the Administrative Agent and Required Lenders shall reasonably request (which opinions will expressly permit reliance by permitted successors and assigns of the Administrative Agent and the Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)a certificate, dated the Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, confirming that (a) the representations and warranties of the Loan Parties set forth in this Agreement shall be true and correct in all material respects (other than any representation or warranty qualified as to "materiality," "Material Adverse Effect" or similar language, which shall be true and correct in all respects) on and as of the Effective Date, and (b) at the time of and immediately after giving effect to the making of the Term Loans on the Effective Date, no Default shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)a duly executed Administrative Questionnaire from the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)a duly executed Borrowing Base Report from the Borrower

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)copies of any consents, approvals, authorizations, registrations and filings and orders required or advisable to be made or obtained under any Legal Requirements, or by any contractual obligation of any Loan Party, in connection with the execution, delivery, performance, validity and enforceability of the Loan Documents or any of the transactions contemplated thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)copies of (A) the internally prepared quarterly financial statements of the Parent and its Subsidiaries on a consolidated basis for the Fiscal Quarter ended March 31, 2025, and (B) the audited consolidated financial statements for the Parent and its Subsidiaries for the Fiscal Year ended 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)a duly completed and executed Compliance Certificate signed by a Responsible Officer of Parent Borrower, including pro forma calculations of the financial covenants set forth in Section

5.17 hereof as of the Effective Date, and calculated as if the Term Loans had been funded as of the first day of the relevant period for testing compliance (and setting forth in reasonable detail such calculations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)a certificate, dated the Effective Date and signed by the chief financial officer of each Loan Party, confirming that each Loan Party is Solvent before and after giving effect to the funding of any Term Loans and the consummation of the transactions contemplated to occur on the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)executed counterparts of each of the other Loan Documents, together with (A) copies of favorable UCC, tax, judgment and fixture Lien search reports in all necessary or appropriate jurisdictions and under all legal and trade names of the Loan Parties, as requested by the Administrative Agent, indicating that there are no prior Liens on any of the Collateral other than Permitted Encumbrances and Liens to be released on the Effective Date, (B) a Perfection Certificate, duly completed and executed by the Borrower, (C) original certificates evidencing all issued and outstanding shares of Capital Stock of all Subsidiaries owned directly by any Loan Party (or, if the pledge of all of the voting Capital Stock of any Foreign Subsidiary would result in materially adverse tax consequences, limited to 65% of the issued and outstanding voting Capital Stock of such Foreign Subsidiary and 100% of the issued and outstanding non- voting Capital Stock of such Foreign Subsidiary, as applicable) and (D) stock or membership interest powers or other appropriate instruments of transfer executed in blank.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, including, without limitation, reimbursement or payment of all out-of-pocket expenses of the Administrative Agent, the Arranger and their Affiliates (including reasonable fees, charges and disbursements of counsel to the Administrative Agent) required to be reimbursed or paid

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by the Borrower hereunder, under any other Loan Document and under any agreement with the Administrative Agent or the Arranger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(i) The Administrative Agent shall have received, at least five days prior to the Effective Date, all documentation and other information regarding the Borrower requested in connection with applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the Borrower at least 5 days prior to the Effective Date and (ii) to the extent the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, at least five days prior to the Effective Date, any Lender that has requested, in a written notice to the Borrower at least 5 days prior to the Effective Date, a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification (*provided* that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause

(ii) shall be deemed to be satisfied).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Administrative Agent shall have received such other documents as the Administrative Agent or the Required Lenders (through the Administrative Agent) may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Borrower shall have repaid in full and terminated all commitments under its revolving credit agreement dated as of November 3, 2021 with KeyBank, as administrative agent (as amended, the "***Existing Credit Agreement***," and together with the "Loan Documents" thereunder, the "***Existing Loan Documents***"), and all collateral granted thereunder shall have been released. Notwithstanding the foregoing, the repayment and termination of the Existing Loan Document requirements may occur simultaneously with the advance of proceeds of the Term Loans by the Lenders on the Effective Date.

All of the Loan Documents, certificates, legal opinions and other documents and papers referred to in this Article, unless otherwise specified, shall be delivered to the Administrative Agent for the account of each of the Lenders and in sufficient counterparts or copies for each of the Lenders and shall be in form and substance satisfactory in all respects to the Administrative Agent

The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 3:00 p.m., New York City time, on the Effective Date (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time).

ARTICLE 5 Affirmative Covenants

Until the principal of and interest on each Term and all fees payable hereunder shall have been paid in full, the Borrower covenants and agrees with the Lenders that:

Section 5.01. *Financial Statements; Ratings Change and Other Information*. The Borrower will furnish to the Administrative Agent and each Lender, including their Public-Siders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)within one hundred twenty (120) days after the end of each fiscal year of the Parent (commencing with the fiscal year ended December 31, 2025), its audited consolidated balance sheet and

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related statements of operations, stockholders' equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by KPMG LLP or other independent public accountants of recognized national standing (without a "going concern" or like qualification, commentary or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material

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respects the financial condition and results of operations of the Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)within sixty (60) days after the end of each of the first three fiscal quarters of each fiscal year of the Parent (commencing with the fiscal quarter ended September 30, 2025), its consolidated and consolidating balance sheets and related statements of operations, stockholders' equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures as of the end of and for the corresponding period or periods of the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Parent and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer of the Parent (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with the financial covenants set forth herein and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default (which certificate may be limited to the extent required by accounting rules or guidelines);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Parent or any Subsidiary with the SEC or any Governmental Authority succeeding to any or all of the functions of said commission, or with any national securities exchange, or distributed by the Parent to its shareholders generally, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)promptly after receipt thereof by the Parent or any Subsidiary, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by the SEC or such other agency regarding financial or other operational results of the Borrower or any Subsidiary thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)promptly following any request therefor, copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of the Borrower by independent accountants in connection with the accounts or books of the Borrower or any Subsidiary, or any audit of any of them as the Administrative Agent or any Lender (through the Administrative Agent) may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)promptly following any request therefor, (x) such other information regarding the operations, business affairs and financial condition of the Loan Parties, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender (through the Administrative Agent) may reasonably request and

(y) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.

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For the avoidance of doubt, until such time as NXHT and its Subsidiaries are divested from the Consolidated Group, quarterly and annual financial reporting shall include Parent Borrower-only segment reporting (e.g., excluding NXHT and its Subsidiaries' assets).

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Documents required to be delivered pursuant to Section 5.01(a), (b) or (e) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which such materials are publicly available as posted on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR); or (ii) on which such documents are posted on the Borrower's behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether made available by the Administrative Agent); *provided* that: (A) upon written request by the Administrative Agent (or any Lender through the Administrative Agent) to the Borrower, the Borrower shall deliver paper copies of such documents to the Administrative Agent or such Lender until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (B) the Borrower shall notify the Administrative Agent and each Lender (by electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such document to it and maintaining its copies of such documents.

The Borrower represents and warrants that each of it and its Controlling and Controlled entities, in each case, if any (collectively with the Borrower, the "***Relevant Entities***"), either (i) has no SEC registered or unregistered, publicly traded securities outstanding, or (ii) files its financial statements with the SEC and/or makes its financial statements available to potential holders of its securities, and, accordingly, the Borrower hereby (i) authorizes the Administrative Agent to make the financial statements to be provided under Sections 5.01(a) and (b) above, along with the Loan Documents, available to Public-Siders and (ii) agrees that at the time such financial statements are provided hereunder, they shall already have been made available to holders of any such securities. The Borrower will not request that any other material be posted to Public-Siders without expressly representing and warranting to the Administrative Agent in writing that such materials do not constitute material non-public information within the meaning of the federal securities laws or that the Relevant Entities have no outstanding SEC registered or unregistered, publicly traded securities. Notwithstanding anything herein to the contrary, in no event shall the Borrower request that the Administrative Agent make available to Public-Siders budgets or any certificates, reports or calculations with respect to the Borrower's compliance with the covenants contained herein.

Section 5.02. *Notices of Material Events*. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the occurrence of any Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the filing or commencement of any Proceeding by or before any arbitrator or Governmental Authority against or affecting any Loan Party or any Affiliate thereof, including pursuant to any applicable Environmental Laws, that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of any Loan Party and its respective Subsidiaries in an aggregate amount exceeding $10,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)notice of any action arising under any Environmental Laws or of any noncompliance by the Borrower or any Subsidiary with any Environmental Laws or any permit, approval, license or other

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authorization required thereunder that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any material change in accounting or financial reporting practices by a Loan Party or its respective Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)any change in the credit ratings from a credit rating agency, or the placement by a credit rating agency of the Borrower or its Parent on a "CreditWatch" or "WatchList" or any similar list, in each case with negative implications, or the cessation by a credit rating agency of, or its intent to cease, rating the Borrower's debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any other development that results in, or would reasonably be expected to result in, a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)any change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change to the list of beneficial owners identified in such certification.

Each notice delivered under this Section (i) shall be in writing, (ii) shall contain a heading or a reference line that reads "Notice under Section 5.02 of the Credit Agreement dated as of September 11, 2025" and (iii) shall be accompanied by a statement of a Financial Officer or other executive officer of the Parent setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

At the Administrative Agent's option, after the happening of any of the events listed in clauses (a),

(b) or (g) above which would reasonably be expected to result in a Material Adverse Effect on any of the Borrowing Base Properties, the Administrative Agent may obtain, or cause the Borrower to obtain, an updated BPO for the Borrowing Base Properties giving rise to such events, all at the Borrower's expense.

Section 5.03. *Existence; Conduct of Business*. The Borrower will, and will cause the Parent and each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; *provided* that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03. No Loan Party may be organized under the laws of a jurisdiction other than the United States of America, any state or commonwealth thereof, or the District of Columbia

Section 5.04. *Payment of Obligations*. The Borrower will, and will cause the Parent and each of its Subsidiaries to, pay its obligations, including Tax liabilities (as reflected on the Tax returns of the Borrower or any of its Subsidiaries, all such returns being true, correct and complete in all material respects), assessments, fees and other governmental charges (whether or not shown on a Tax return and including in its capacity as withholding agent), that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, in each case except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Parent, the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest would not reasonably be expected to result in a Material Adverse Effect.

Section 5.05. *Maintenance of Properties; Insurance*. The Borrower will, and will cause the Parent and each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations (including, without limitation, all insurance required under applicable Flood Insurance

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Laws to be maintained with respect to the Real Properties).The Borrower will pay and discharge, or cause to be paid and discharged, all taxes, assessments, maintenance charges, permit fees, impact fees, development fees, capital repair charges, utility reservations and standby fees and all other similar

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impositions of every kind and character charged, levied, assessed or imposed against any interest in any Borrowing Base Property owned by it or any of its Subsidiaries, as they become payable and before they become delinquent. The Borrower shall furnish receipts evidencing proof of such payment to the Administrative Agent promptly after payment and before delinquency.

Section 5.06. *Books and Records; Inspection Rights*. The Borrower will, and will cause the Parent and each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Borrower will, and will cause the Parent and each of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon at least three (3) Business Days' notice and subject to the rights of tenants, to visit and inspect its properties, to examine and make extracts from its books and records, to discuss its affairs, finances and condition with its officers and independent accountants (with Borrower's officers present).

Section 5.07. *Compliance with Laws*. The Borrower will, and will cause the Parent and each of its Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including Environmental Laws), except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti- Corruption Laws and applicable Sanctions.

Section 5.08. *Use of Proceeds*. The proceeds of the Term Loans will be used solely to finance the working capital needs of the Borrower and its Subsidiaries, including acquisitions and repayment of indebtedness, in the ordinary course of business. No part of the proceeds of any Term Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the regulations of the Federal Reserve Board, including Regulations T, U and X. The Borrower will not request any Term Loan, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Term Loan (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions, or (c) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

Section 5.09. *Accuracy of Information*. The Borrower will ensure that any information, including financial statements or other documents, furnished to the Administrative Agent or the Lenders in connection with this Agreement or any amendment or modification hereof or waiver hereunder contains no material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and the furnishing of such information shall be deemed to be a representation and warranty by the Borrower on the date thereof as to the matters specified in this Section.

Section 5.10. *Fiscal Year.* Each of the Parent and the Borrower shall maintain as its fiscal year the twelve (12) month period ending on December 31 of each year.

Section 5.11. *Environmental Matters.* Borrower shall comply and shall cause each of its Subsidiaries and each Real Property owned or leased by such parties to comply in all material respects with all applicable Environmental Laws currently or hereafter in effect, except to the extent noncompliance would not reasonably be expected to have a Material Adverse Effect.

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Section 5.12. *Collateral Requirement and Release.* Until repayment in full of all outstanding Term Loans, the Obligations shall be secured by a perfected first priority Lien and security interest to be

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held by the Administrative Agent for the benefit of the Lenders, pursuant to the terms of the Collateral Documents in the Equity Interests of each Collateral Subsidiary. No later than twenty (20) Business Days after the end of each fiscal quarter, the Borrower shall pledge to the Administrative Agent such portion of the Equity Interests or economic interests in any Subsidiaries that were formed or acquired during the immediately preceding fiscal quarter as is required to be pledged pursuant to the immediately preceding sentence, in each case, pursuant to documentation reasonably acceptable to the Administrative Agent and shall execute such documents and take such action as the Administrative Agent shall reasonably require in order to perfect its security interest in such additional Equity Interests or economic interests, as applicable. Upon the refinancing or repayment of the Term Loans in full, then the Administrative Agent shall release the Collateral from the Lien and security interest of the Collateral Documents.

Section 5.13. *Further Assurances.* At any time upon the request of the Administrative Agent, each Loan Party will, promptly and at its expense, execute, acknowledge and deliver such further documents and perform such other acts and things as the Administrative Agent may reasonably request to evidence the Term Loans made hereunder and interest thereon in accordance with the terms of this Agreement.

Section 5.14. *Pledge of Interests.* If a Borrower or any of its Subsidiaries acquires any Real Property or any direct or indirect beneficial interest in any entity which owns Real Property, Administrative Agent shall be granted a Pledged Interest therein.

Section 5.15. *Financial Tests.* The Parent and the Borrower shall have and maintain at all times, on a consolidated basis in accordance with GAAP, tested quarterly as of the end of each of the first three

(3)Fiscal Quarters in any Fiscal Year, and annually as of the end of each Fiscal Year, at the time the applicable financial statements are provided hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Total Leverage Ratio</u>. The Total Leverage Ratio shall not exceed sixty-five percent (65%) for the first two (2) Fiscal Quarters following the Effective Date, and shall not exceed sixty percent (60%) thereafter (subject to increase to sixty-five percent (65%) no more than two (2) times, each time for four (4) Fiscal Quarters following a material acquisition identified in writing by Borrower).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Fixed Charge Coverage Ratio</u>. The Fixed Charge Coverage Ratio shall not be less than 1.25 to 1.0 for the first two Fiscal Quarters following the Effective Date, and shall not be less than

1.50 to 1.0 thereafter to and including the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Recourse Indebtedness</u>. No more than ten percent (10%) of Total Outstanding Indebtedness may be Recourse Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Payout Ratio Limitation</u>. A maximum Payout Ratio of ninety five percent (95%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Liquid Assets</u>. The Borrower shall at all times maintain Liquid Assets of no less than $25,000,000.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Minimum Net Worth</u>. The sum of total assets of the Borrower and its Subsidiaries minus total liabilities of the Borrower and its Subsidiaries, as determined for the applicable period pursuant to the consolidated financial statements of the Borrower, shall not be less than the sum of (i) eighty percent (80%) of the Tangible Net Worth as of the Effective Date, plus (ii) eighty percent (80%) of the net proceeds of all equity issuances since the Effective Date.

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For any period, the financial covenants shall be calculated based upon the most recently delivered financial statements. For clarity, such calculations shall not give pro forma effect to acquisitions and dispositions.

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Section 5.16. *Application of Sales Proceeds.* Until such time as the Term Loans are indefeasibly repaid in full and all other Obligations hereunder are satisfied, on the date of the closing of any conveyances, sales or other transfers of any Borrowing Base Properties, the Borrower shall (a) remit to the Administrative Agent from the proceeds thereof, an amount equal to one hundred ten percent (110%) of the applicable allocated loan amount of any such Borrowing Base Properties, which such amount shall be applied to the then-outstanding principal balance of the Facility, and applied to each Lender in accordance with Section 2.18(a) of this Agreement, and (b) remit the Net Capital Event Proceeds to the Proceeds Cash Account.

Section 5.17. *Parent Covenants.* The Parent covenants and agrees that Parent will: own, directly or indirectly, all of the equity interests in every Borrower, free and clear of all Liens; maintain management and control of every Borrower comply with all Legal Requirements to maintain, and, will at all times elect, qualify as and maintain, its status as a real estate investment trust under Section 856(c)(i) of the Code; and subject to the terms of the Loan Documents, promptly contribute to the Borrower the net proceeds of any stock sales or debt offerings, not to include the net proceeds of any initial public offering or capital received by the Parent for the purpose of tendering existing shares and any additional capital from the same capital provider, or its Affiliate, for general corporate purposes.

Section 5.18. *Total Outstanding Indebtedness*. Throughout the term of the Term Loans, not less than seventy percent (70%) of the Total Outstanding Indebtedness (inclusive of the Term Loans) outstanding from time to time shall bear interest at a fixed, and not variable, rate of interest per annum, after giving effect to the terms of any Hedging Transaction applicable to any Indebtedness of any Person included within the Total Outstanding Indebtedness.

ARTICLE 6 Negative Covenants

Until the principal of and interest on each Term Loan and all fees payable hereunder have been paid in full, the Borrower covenants and agrees with the Lenders that:

Section 6.01. *Indebtedness*. No Loan Party shall, without the prior written consent of the Required Lenders, create, incur, assume, guarantee or be or remain liable, contingently or otherwise with respect to any Indebtedness on a recourse basis, except: (a) Indebtedness under this Agreement; (b) Indebtedness under any Hedging Obligations, (*c*) Indebtedness whose recourse is solely for so-called "bad- boy" acts, including without limitation, (i) failure to account for a tenant's security deposits, if any, for rent or any other payment collected by a borrower from a tenant under the lease, all in accordance with the provisions of any applicable loan documents, (ii) fraud or a material misrepresentation made by a Borrower or any Guarantor, or the holders of beneficial or ownership interests in Borrower or any Guarantor, in connection with the financing evidenced by the applicable loan documents; (iii) any attempt by a Borrower or any Guarantor to divert or otherwise cause to be diverted any amounts payable to the applicable lender in accordance with the applicable loan documents; (iv) the misappropriation or misapplication of any insurance proceeds or condemnation awards relating to any Real Property; (v) voluntary or involuntary bankruptcy by a Borrower or any Guarantor; (vi) any environmental matter(s) affecting any Real Property;

(vii) failure to deliver statements, schedules, reports, or books and records in accordance with the provisions of any applicable loan documents; (viii) failure to pay any deferred amounts in accordance with the provisions of any applicable loan documents; (ix) any material waste of any Real Property; (x) the failure to comply with any single purpose entity requirements in accordance with the provisions of any applicable loan documents; and (xi) the occurrence of any transfer of any interest in violation of the provisions of any applicable loan documents; (d) Indebtedness for trade payables and operating expenses

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incurred in the ordinary course of business; and (e) Recourse guarantees in an aggregate amount of less than $15,000,000. Any recourse *g*uarantees on first mortgage or other property-related loans shall be provided by the Guarantor.

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Section 6.02. *Liens*. The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any Collateral, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Permitted Encumbrances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any Lien on any Collateral existing on the date hereof and set forth in Schedule 6.02; *provided* that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof.

Section 6.03. *Fundamental Changes*. (a) The Borrower will not, and will not permit the Parent or any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or engage to any material extent in any business other than the ownership of interests in entities that own, develop, operate and manage real properties as single family (or, in accordance with this Agreement, multi-family) residences and businesses reasonably related thereto, or otherwise Dispose of all or substantially all of its assets, or all or substantially all of the stock of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing (i) any Subsidiary may merge into the Borrower in a transaction in which the Borrower is the surviving corporation,

(ii) any Subsidiary may merge into any Subsidiary in a transaction in which the surviving entity is a Subsidiary, (iii) any Subsidiary may Dispose of its assets to the Borrower or to another Subsidiary and

(iv) any Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders; *provided* that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.05.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than businesses of the type conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Borrower will not permit its fiscal year to end on a day other than December 31 or change the Borrower's method of determining its fiscal quarters.

Section 6.04. *Dispositions*. The Borrower will not, and will not permit any Subsidiary to, make any Disposition, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Dispositions of obsolete or worn out property in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Dispositions of inventory and Permitted Investments in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Dispositions of equipment or Real Property (other than Borrowing Base Properties) to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property or the repayment of the Indebtedness hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Dispositions of Borrowing Base Properties in accordance with Section 2.22(h);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)leases, licenses, subleases or sublicenses granted in the ordinary course of business and on ordinary commercial terms that do not interfere in any material respect with the business of the Borrower and its Subsidiaries; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Restricted Payments permitted by Section 6.07 and investments permitted by Section 6.05.

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Section 6.05. *Investments, Loans, Advances, Guarantees and Acquisitions*. The Parent and the Borrower will not, and will not permit any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any Capital Stock, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Permitted Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)investments by the Borrower in the Capital Stock of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Investments (directly or indirectly) in Real Properties, *provided* that Investments in (i) Development Properties, (ii) Non-Stabilized Properties, (iii) unimproved land and/or (iv) Qualified JV Subsidiaries shall not exceed fifteen percent (15%) of Total Asset Value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Guarantees constituting Indebtedness permitted by Section 6.01.

Section 6.06. *Swap Agreements*. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any of its Subsidiaries), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary.

Section 6.07. *Restricted Payments*. No Loan Party will, and will not permit any of its respective Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except (a) provided no Event of Default shall have occurred and be continuing, the Borrower may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its common stock, (b) Subsidiaries may declare and pay dividends ratably to Parent Borrower and/or Parent with respect to their Equity Interests, (c) provided no Event of Default shall have occurred and be continuing, the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Borrower and its Subsidiaries and (d) notwithstanding any of the foregoing to the contrary, the aggregate cash dividends and cash distributions by Parent or Parent Borrower shall be restricted to an amount equal to: (a) the greater of (i) cash distributions to equity holders up to $50,000,000 annually, and (ii) the minimum distributions required to maintain REIT status (***"REIT Distributions"***) and (b) the applicable Advisory Fees (including any accrued and unpaid Advisory Fees); *provided, however*, that so long as no Event of Default shall have occurred and be continuing, the Parent Borrower may make cash distributions in excess of $50,000,000.00 to the extent, and only to the extent, that the Borrowing Base Properties achieve a DSCR of (i) no less than 1.50 to 1.0 for the first two fiscal quarters following the Effective Date, and (ii) no less than 1.60 to 1.0 thereafter, in each instance on a pro forma basis, and so long as no monetary Event of Default shall have occurred and be continuing and no non-monetary Event of Default of the kind identified in subsections (c), (d), (h), (i), (j), (l), (m) or (n) of Section 7.01 has occurred and be continuing (and such event of default is capable of cure), REIT Distributions shall be permitted; *provided, however*, that REIT Distributions shall not be permitted to the extent that any such non-monetary Event of Default (i) would reasonably be expected to adversely affect the operation, use or value of the properties, (ii) is incapable of cure, (iii) the Loan Parties have failed to commence and diligently pursue the cure of such

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Event of Default within any applicable grace or cure period, or (iv) the Administrative Agent and/or the Lenders have elected to accelerate the Facility and/or pursue the exercise of the remedies available under the Loan Documents, which election shall not occur

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earlier than ten (10) Business Days following the expiration of the later of the expiration of the applicable grace or cure period, or the date on which the Borrower has notified the Administrative Agent that it is electing to pursue the cure of such non-monetary Event of Default. Notwithstanding anything herein to the contrary, the restrictions on distributions shall not apply to (i) investors in (or owners of interest, whether directly or indirectly, in) Parent Borrower, other than Parent, or (ii) any amounts deposited into the Proceeds Cash Account in accordance with Section 5.16.

Section 6.08. *Transactions with Affiliates*. The Parent and the Borrower will not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm's-length basis from unrelated third parties, (b) transactions between or among the Borrower and its wholly owned Subsidiaries not involving any other Affiliate, (c) any Restricted Payment permitted by Section 6.07, and (d) transactions related to the closing of and ongoing activities necessary to implement the loan obligations and requirements of this Agreement.

Section 6.09. *Restrictive Agreements*. The Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its Capital Stock or to make or repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary; *provided* that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.09 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale; *provided* that such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing or being financed with such Indebtedness, or ownership interests in the obligors with respect to such Indebtedness (to the extent they are not also obligors hereunder), and (v) clause (a) of the foregoing shall not apply to customary provisions in leases restricting the assignment thereof.

Section 6.10. *Outbound Investment Rules*. The Borrower will not, and will not permit any of its Subsidiaries to, (a) be or become a "covered foreign person," as that term is defined in the Outbound Investment Rules, or (b) engage, directly or indirectly, in (i) a "covered activity" or a "covered transaction," as each such term is defined in the Outbound Investment Rules, (ii) any activity or transaction that would constitute a "covered activity" or a "covered transaction," as each such term is defined in the Outbound Investment Rules, if the Borrower were a U.S. Person or (iii) any other activity that would cause the Administrative Agent or any Lender to be in violation of the Outbound Investment Rules or cause the Administrative Agent or any Lender to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.

Section 6.11. *Amendment to Organizational Documents.* Without the prior written consent of Administrative Agent, which consent shall not be unreasonably withheld, conditioned or delayed, no Borrower will amend, modify or waive any rights under its certificate of incorporation, bylaws or other organizational documents in any manner, except: (a) modifications necessary to clarify existing

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provisions of such organizational documents; (b) modifications which would not have a Material Adverse Effect, and

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(c)modifications in connection with mergers, consolidations, investments and other transactions not otherwise prohibited by the other provisions of this Agreement.

Section 6.12. *Fees. Provided* that no Default or Event of Default shall be in existence, each Loan Party may pay all management, property and other asset fees then due and payable. At any time that any Default or Event of Default exists under this Agreement or any other Loan Document, then in any of such event(s), no Loan Party or any Subsidiary may pay any management, property, asset or similar fees to any other Loan Party or to any Subsidiary or Affiliate, including, without limitation, to the Advisor or the Manager; *provided* that any such fees may accrue during the continuance of any such Default or Event of Default and be payable at such time as no Default or Event of Default is continuing hereunder. All such parties shall execute subordination agreements in form and substance acceptable to the Administrative Agent with respect to such fees. Notwithstanding the foregoing, the Loan Parties and their respective Subsidiaries may pay at all times any due and payable fees to third party property managers.

ARTICLE 7 Events of Default

Section 7.01.&nbsp;&nbsp;&nbsp;&nbsp;*Events of Default*. If any of the following events ("***Events of Default***") shall

occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Borrower shall fail to pay any principal of any Term Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise, and such failure (other than the payment due on the Maturity Date, for which there shall be no grace period) shall continue unremedied for a period of over three (3) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Borrower shall fail to pay any interest on any Term Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days (such three (3) Business Day period commencing after written notice from the Administrative Agent as to any such failure to pay any fee or other amount for which no due date is specified in this Agreement or such other Loan Document);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any representation or warranty made or deemed made by or on behalf of any Loan Party in or in connection with this Agreement, any other Loan Document, or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement, any other Loan Document, or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been incorrect in any material respect when made or deemed made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect to the Borrower's existence) or 5.08, 5.12, 5.14, or 5.17, or in

Article 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document, and such failure shall continue unremedied for a period of thirty (30) days after notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender); *provided* that if such default (other than a failure to comply with Sections 5.01(a), (b) or (c)) is capable of being cured but is not curable within thirty (30) days and so long as Borrower has

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commenced and is diligently pursuing cure of same, the cure period may be extended for thirty (30) days (for a total of sixty (60) days after the original notice from the Administrative Agent) upon written request from the Borrower to the Administrative Agent;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)any Loan Party shall fail to make any payment of principal or interest in respect of any Material Indebtedness when and as the same shall become due and payable (after the expiration of the applicable grace or cure period, if any, specified in the agreement or instrument relating to such Indebtedness) and such failure (other than the payment due on the maturity date, for which there shall be no grace period) shall continue unremedied for a period of over three (3) Business Days);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; *provided* that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Loan Party or any Collateral Subsidiary or its debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any Loan Party or any Collateral Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Person or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)any Loan Party or any Collateral Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)one or more judgments for the payment of money in an aggregate amount in excess of

$10,000,000 shall be rendered against any Loan Party, any Subsidiary of the Borrower or any combination thereof and the same shall remain undischarged for a period of sixty (60) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of such Person to enforce any such judgment; provided, in no event shall any of the matters identified in clause (f) of this Article and this clause (k) total, in the aggregate, more than

$10,000,000 at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, would reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $10,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)a Change in Control shall occur;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)any provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder, ceases to be in full force and effect resulting in a Material Adverse Effect; or the Borrower or any other Person contests in writing the validity or enforceability of any provision of any Loan Document; or the Borrower or Guarantor denies in writing

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that it has any or further liability or obligation under any Loan Document, or purports in writing to revoke, terminate or rescind any Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)any provision of any Loan Document with respect to the Collateral shall for any reason cease to be valid and binding on, enforceable against, any Loan Party resulting in a Material Adverse Effect, or any Lien created under any Loan Document ceases to be a valid and perfected first priority Lien in any of the Collateral purported to be covered thereby.

Section 7.02. *Remedies upon an Event of Default*. If an Event of Default occurs (other than an event with respect to the Borrower described in Sections 7.01(h) or 7.01(i)), and at any time thereafter during the continuance of such Event of Default, the Administrative Agent may with the consent of the Required Lenders, and shall at the request of the Required Lenders, by notice to the Borrower, take any or all of the following actions, at the same or different times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)declare the Term Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Term Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder and under any other Loan Document, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents and applicable law.

If an Event of Default described in Sections 7.01(h) or 7.01(i) occurs with respect to the Borrower, the principal of the Term Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder and under any other Loan Document including any break funding payment or prepayment premium, shall automatically become due and payable, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

In addition to any other rights and remedies granted to the Administrative Agent and the Lenders in the Loan Documents, the Administrative Agent on behalf of the Lenders may exercise all rights and remedies of a secured party under the New York Uniform Commercial Code or any other applicable law. Without limiting the generality of the foregoing, the Administrative Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Loan Party or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived by the Borrower on behalf of itself and its Subsidiaries), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, or consent to the use by any Loan Party of any cash collateral arising in respect of the Collateral on such terms as the Administrative Agent deems reasonable, and/or may forthwith sell, lease, assign give an option or options to purchase or otherwise dispose of and deliver, or acquire by credit bid on behalf of the Lenders, the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker's board or office of the Administrative Agent or any Lender or elsewhere, upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery, all without assumption of any credit risk. The Administrative Agent or any Lender shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Loan Party, which right or equity is hereby waived and released by the Borrower on behalf of itself and

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its Subsidiaries. The Borrower further agrees on behalf of itself and its Subsidiaries, at the Administrative Agent's request, to assemble the Collateral and make it available to the Administrative Agent at places which the

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Administrative Agent shall reasonably select, whether at the premises of the Borrower, another Loan Party or elsewhere. The Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this Article 7, after deducting all reasonable third party out-of-pocket costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any other way relating to the Collateral or the rights of the Administrative Agent and the Lenders hereunder, including reasonable outside attorneys' fees and disbursements, to the payment in whole or in part of the obligations of the Loan Parties under the Loan Documents, in the order provided in this Agreement or otherwise in the order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent of any other amount required by any provision of law, including Section 9-615(a)(3) of the New York Uniform Commercial Code, need the Administrative Agent account for the surplus, if any, to any Loan Party. To the extent permitted by applicable law, the Borrower on behalf of itself and its Subsidiaries waives all Liabilities it may acquire against the Administrative Agent or any Lender arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition.

Section 7.03. *Application of Payments*. Notwithstanding anything herein to the contrary, following the occurrence and during the continuance of an Event of Default, and notice thereof to the Administrative Agent by the Borrower or the Required Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all payments received on account of the Obligations shall, subject to Section 2.20, be applied by the Administrative Agent as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*first*, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts payable to the Administrative Agent (including expenses incurred in connection with realization on the Collateral and fees and disbursements and other charges of counsel to the Administrative Agent payable under Section 9.03 and amounts pursuant to 0 payable to the Administrative Agent in its capacity as such);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*second*, to payment of that portion of the Obligations constituting fees, expenses, indemnities and other amounts payable to the Lenders (including fees and disbursements and other charges of counsel to the Lenders payable under Section 9.03) arising under the Loan Documents, ratably among them in proportion to the respective amounts described in this clause (ii) payable to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)*third*, to payment of that portion of the Obligations constituting accrued and unpaid and charges and interest on the Term Loans, ratably among the Lenders in proportion to the respective amounts described in this clause (iii) payable to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)*fourth*, (A) to payment of that portion of the Obligations constituting unpaid principal of the Term Loans and the Hedge Termination Value of any Hedging Obligations that constitute Obligations ratably among the Lenders and the other Secured Parties in proportion to the respective amounts described in this clause (iv) payable to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)*fifth*, to the payment in full of all other Obligations, in each case ratably among the Administrative Agent, the Lenders based upon the respective aggregate amounts of all such Obligations owing to them in accordance with the respective amounts thereof then due and payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)*finally*, the balance, if any, after all Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by law.

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Notwithstanding the foregoing, (a) no amount received from any Guarantor (including any proceeds of any sale of, or other realization upon, all or any part of the Collateral owned by such Guarantor) shall be applied to any Excluded Swap Obligation of such Guarantor and (b) Hedging Obligations shall be

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excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the Lender-Related Hedge Provider, as the case may be. Each Lender-Related Hedge Provider that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of <u>Article IX</u> hereof for itself and its Affiliates as if a "Lender" party hereto.

ARTICLE 8

The Administrative Agent

Section 8.01. *Authorization and Action*. (a) Each Lender and hereby irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement and its successors and assigns to serve as the administrative agent under the Loan Documents and each Lender authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto. In addition, to the extent required under the laws of any jurisdiction other than within the United States, each Lender hereby grants to the Administrative Agent any required powers of attorney to execute and enforce any Collateral Document governed by the laws of such jurisdiction on such Lender's behalf. Without limiting the foregoing, each Lender hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, and to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender; *provided*, *however*, that the Administrative Agent shall not be required to take any action that (i) the Administrative Agent in good faith believes exposes it to liability unless the Administrative Agent receives an indemnification and is exculpated in a manner satisfactory to it from the Lenders with respect to such action or (ii) is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; *provided*, *further*, that the Administrative Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided. Except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on behalf of the Lenders (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature. The motivations of the Administrative Agent are commercial in nature and not to

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invest in the general performance or operations of the Borrower. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee of or for any Lender or holder of any other obligation other than as expressly set forth herein and in the other Loan Documents, regardless of whether a Default or an Event of Default has occurred and is continuing (and it is understood and agreed that the use of the term "agent" (or any similar term) herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties); additionally, each Lender agrees that it will not assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and/or the transactions contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum or the profit element of any sum received by the Administrative Agent for its own account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)None of any Syndication Agent nor any Arranger shall have obligations or duties whatsoever in such capacity under this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall have the benefit of the indemnities provided for hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)In case of the pendency of any proceeding with respect to any Loan Party under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Term Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Term Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim under Sections 2.12, 2.13, 2.15, 2.17 and 9.03) allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

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and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender and each other Secured Party to make such payments to

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the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders or the other Secured Parties, to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents (including under Section 9.03). Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and, except solely to the extent of the Borrower's rights to consent pursuant to and subject to the conditions set forth in this Article, none of the Borrower or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral and of the Guarantees of the Obligations provided under the Loan Documents, to have agreed to the provisions of this Article.

Section 8.02. *Administrative Agent's Reliance, Limitation of Liability, Etc*. (a) Neither the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by such party, the Administrative Agent or any of its Related Parties under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or

(y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and non-appealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document (including, for the avoidance of doubt, in connection with the Administrative Agent's reliance on any Electronic Signature transmitted by emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page) or for any failure of any Loan Party to perform its obligations hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Administrative Agent shall be deemed not to have knowledge of any (i) notice of any of the events or circumstances set forth or described in Section 5.02 unless and until written notice thereof stating that it is a "notice under Section 5.02" in respect of this Agreement and identifying the specific clause under said Section is given to the Administrative Agent by the Borrower, or (ii) notice of any Default or Event of Default unless and until written notice thereof (stating that it is a "notice of Default" or a "notice of an Event of Default") is given to the Administrative Agent by the Borrower or a Lender. Further, the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (A) any statement, warranty or representation made in or in connection with any Loan Document, (B) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (C) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default or Event of Default, (D) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (E) the satisfaction of any condition set forth in Article 4 or elsewhere in any Loan Document, other than to confirm receipt of items (which on their face purport to be such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the

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matters described therein being acceptable or satisfactory to the Administrative Agent, or (F) the creation, perfection or priority of Liens on the Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with Section 9.04,

(ii) may rely on the Register to the extent set forth in Section 9.04(b), (iii) may consult with legal counsel (including counsel to the Borrower), independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (iv) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations made by or on behalf of any Loan Party in connection with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder to the making of a Term Loan that by its terms must be fulfilled to the satisfaction of a Lender may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender sufficiently in advance of the making of such Term Loan and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

Section 8.03. *Posting of Communications*. (a) The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders by posting the Communications on IntraLinks™, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the "***Approved Electronic Platform***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders and the Borrower hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED "AS IS" AND "AS AVAILABLE." THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY SYNDICATION AGENT OR ANY OF THEIR RESPECTIVE RELATED

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PARTIES (COLLECTIVELY, "***APPLICABLE PARTIES***") HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER

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IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY CREDIT PARTY'S OR THE ADMINISTRATIVE AGENT'S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.

"***Communications***" means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each Lender agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender's email address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each of the Lenders and the Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent's generally applicable document retention procedures and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.

Section 8.04. *Administrative Agent Individually*. With respect to its Term Loans, the Person serving as the Administrative Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender. The terms "Lenders," "Required Lenders" and any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity as a Lender or as one of the Required Lenders, as applicable. The Person serving as the Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, the Borrower, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without any duty to account therefor to the Lenders.

Section 8.05. *Successor Administrative Agent*. (a) The Administrative Agent may resign at any time by giving thirty (30) days' prior written notice thereof to the Lenders and the Borrower, whether or not a successor Administrative Agent has been appointed. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within thirty

(30) days after the retiring Administrative Agent's giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a bank with an office in New York, New York or an Affiliate of any such bank. In either case, such appointment shall be subject to the prior written approval of the Borrower (which approval may not be unreasonably withheld and shall not be required while an Event of Default has occurred and is continuing). Upon the acceptance of any appointment as Administrative Agent by a successor Administrative Agent, such successor Administrative Agent shall succeed to, and become vested with, all

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the rights, powers, privileges and duties of the retiring Administrative Agent. Upon the acceptance of appointment as Administrative Agent by a successor Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents. Prior to

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any retiring Administrative Agent's resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders and the Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents; *provided* that, solely for purposes of maintaining any security interest granted to the Administrative Agent under any Collateral Document for the benefit of the Secured Parties, the retiring Administrative Agent shall continue to be vested with such security interest as collateral agent for the benefit of the Secured Parties, and continue to be entitled to the rights set forth in such Collateral Document and Loan Document, and, in the case of any Collateral in the possession of the Administrative Agent, shall continue to hold such Collateral, in each case until such time as a successor Administrative Agent is appointed and accepts such appointment in accordance with this Section (it being understood and agreed that the retiring Administrative Agent shall have no duty or obligation to take any further action under any Collateral Document, including any action required to maintain the perfection of any such security interest), and (ii) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent; *provided* that (A) all payments required to be made hereunder or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and (B) all notices and other communications required or contemplated to be given or made to the Administrative Agent shall directly be given or made to each Lender. Following the effectiveness of the Administrative Agent's resignation from its capacity as such, the provisions of this Article and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent and in respect of the matters referred to in the proviso under clause (i) above.

Section 8.06. *Acknowledgements of Lenders*. (a) Each Lender represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, (ii) in participating as a Lender, it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Lender, in each case in the ordinary course of business, and not for the purpose of investing in the general performance or operations of the Borrower, or for the purpose of purchasing, acquiring or holding any other type of financial instrument such as a security (and each Lender agrees not to assert a claim in contravention of the foregoing, such as a claim under the federal or state securities laws), (iii) it has, independently and without reliance upon the Administrative Agent, any Arranger, any Syndication Agent, or any other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Term Loans hereunder and (iv) it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger, any Syndication Agent, or any other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United

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States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or

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any related agreement or any document furnished hereunder or thereunder. Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, Administrative Agent shall not (x) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Institution or (y) have any liability with respect to or arising out of any assignment or participation of the Term Loans, or disclosure of confidential information, to any Disqualified Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a "***Payment***") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than two (2) Business Days thereafter (or such later date as the Administrative Agent, may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this Section 8.06(c) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "***Payment Notice***") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than two (2) Business Days thereafter (or such later date as the Administrative Agent, may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Borrower and each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such

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Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Each party's obligations under this Section 8.06(c) shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, or the repayment, satisfaction or discharge of all Obligations under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Lenders acknowledge that there may be a constant flow of information (including information which may be subject to confidentiality obligations in favor of the Loan Parties) between the Loan Parties and their Affiliates, on the one hand, and JPMorgan Chase Bank, N.A. and its Affiliates, on the other hand. Without limiting the foregoing, the Loan Parties or their Affiliates may provide information, including updates to previously provided information to name the entity acting as agent and/or its Affiliates acting in different capacities, including as Lender, lead bank, arranger or potential securities investor, independent of such entity's role as administrative agent hereunder. The Lenders acknowledge that neither JPMorgan Chase Bank, N.A. nor its Affiliates shall be under any obligation to provide any of the foregoing information to them. Notwithstanding anything to the contrary set forth herein or in any other Loan Document, except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent herein, the Administrative Agent shall not have any duty or responsibility to provide, and shall not be liable for the failure to provide, any Lender with any credit or other information concerning the Term Loans, the Lenders, the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates that is communicated to, obtained by, or in the possession of, the Administrative Agent or any of its Affiliates in any capacity, including any information obtained by the Administrative Agent in the course of communications among the Administrative Agent and any Loan Party, any Affiliate thereof or any other Person. Notwithstanding the foregoing, any such information may (but shall not be required to) be shared by the Administrative Agent with one or more Lenders, or any formal or informal committee or ad hoc group of such Lenders, including at the direction of a Loan Party.

Section 8.07. *Collateral Matters*. Except with respect to the exercise of setoff rights in accordance with Section 9.08 or with respect to a Secured Party's right to file a proof of claim in an insolvency proceeding, no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce any Guarantee of the Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent on behalf of the Secured Parties in accordance with the terms thereof.

Section 8.08. *Credit Bidding*. The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Loan Party is subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Administrative Agent at the direction of the Required Lenders on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated

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portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Administrative Agent shall be authorized to form

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one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the Secured Parties' ratable interests in the Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (*provided* that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 9.02 of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the relevant Obligations which were credit bid, interests, whether as equity, partnership interests, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Secured Parties pro rata with their original interest in such Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action. Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.

Section 8.09. *Certain ERISA Matters*. (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such Lender is not using "plan assets" (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Term Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Term Loans and this Agreement,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)(A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform

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the Term Loans and this Agreement, (C) the entrance into, participation in, administration of and performance of the Term Loans and this Agreement satisfies the requirements of sub-sections (b) through

(g)of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Term Loans and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in sub- clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, or any Arranger, any Syndication Agent, or any of their respective Affiliates is a fiduciary with respect to the Collateral or the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Administrative Agent, and each Arranger and Syndication Agent hereby informs the Lenders that each such Person is not undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Term Loans, this Agreement and any other Loan Documents (ii) may recognize a gain if it extended the Term Loans for an amount less than the amount being paid for an interest in the Term Loans by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker's acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

Section 8.10. *Borrower Communications*. (a) The Administrative Agent, the Lenders agree that the Borrower may, but shall not be obligated to, make any Borrower Communications to the Administrative Agent through an electronic platform chosen by the Administrative Agent to be its electronic transmission system (the "***Approved Borrower Portal***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Although the Approved Borrower Portal and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system), each of the Lenders and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of the Borrower that are added to the Approved Borrower Portal, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders and the Borrower hereby approves distribution of Borrower Communications through the Approved Borrower Portal and understands and assumes the risks of such distribution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)THE APPROVED BORROWER PORTAL IS PROVIDED "AS IS" AND "AS AVAILABLE." THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE

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ACCURACY OR COMPLETENESS OF THE BORROWER COMMUNICATION, OR THE ADEQUACY OF THE APPROVED BORROWER PORTAL AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED BORROWER PORTAL AND THE BORROWER COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE BORROWER COMMUNICATIONS OR THE APPROVED BORROWER PORTAL. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY SYNDICATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, "***APPLICABLE PARTIES***") HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER'S TRANSMISSION OF BORROWER COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED BORROWER PORTAL.

"***Borrower Communications***" means, collectively, any Interest Election Request, notice of prepayment, or other notice, demand, communication, information, document or other material provided by or on behalf of the any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Borrower to the Administrative Agent through an Approved Borrower Portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each of the Lenders and the Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Borrower Communications on the Approved Borrower Portal in accordance with the Administrative Agent's generally applicable document retention procedures and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Nothing herein shall prejudice the right of the Borrower to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.

ARTICLE 9 Miscellaneous

Section 9.01. *Notices*. (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by e-mail, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if to the Borrower, to it at NexPoint Real Estate Advisors, L.P., c/o Legal Department, NXRT, 300 Crescent Court, Suite 700, Dallas, Texas 75201, email: legal@nexpoint.com and prichards@nexpoint.com;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if to the Administrative Agent from the Borrower, to the address or addresses separately provided to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)if to the Administrative Agent from the Lenders, to JPMorgan Chase Bank, N.A. at the address or addresses separately provided to the Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)if to any other Lender, to it at its address (or e-mail) set forth in its Administrative

Questionnaire.

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Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received. Notices delivered through Approved Electronic Platforms or Approved Borrower Portals, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notices and other communications to the Borrower, any Loan Party, the Lenders and the Administrative Agent hereunder may be delivered or furnished by using Approved Electronic Platforms or Approved Borrower Portals (as applicable), in each case, pursuant to procedures approved by the Administrative Agent; *provided* that the foregoing shall not apply to notices pursuant to Article 2 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; *provided* that approval of such procedures may be limited to particular notices or communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; *provided* that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any party hereto may change its address for notices and other communications hereunder by notice to the other parties hereto.

Section 9.02. *Waivers; Amendments*. (a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Term Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to Section 2.14(b) and (c) and Section 9.02(c) below, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; *provided* that no such agreement shall (i) increase the Commitments or other obligations of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Term Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby (except that, for the avoidance of doubt, changes to the definition of Total Leverage Ratio or any component thereof shall only require the consent of the Required Lenders), (iii) except as provided in Section 2.21, postpone the

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scheduled date of payment of the principal amount of any Term Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration

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of any Commitment, without the written consent of each Lender affected thereby, (iv) change Sections 2.11(e), 2.18(a), 2.18(b), 5.16(a) and other provisions directing pro rata payments in a manner that would alter the ratable reduction of Commitments or the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change the payment waterfall provisions of Section 2.20(a) or 7.03 without the written consent of each Lender, or (vi) change any of the provisions of this Section or the definition of "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the consent of each Lender, (vii) release all or substantially all of the guarantors, or limit the liability of such guarantors, under any guaranty agreement guaranteeing any of the Obligations, without the written consent of each Lender; (viii) release all or substantially all collateral (if any) securing any of the Obligations, without the written consent of each Lender; or (ix) without the prior written consent of each Lender, (x) subordinate, or have the effect of subordinating, the Obligations hereunder to any other Indebtedness, or (y) subordinate, or have the effect of subordinating, the Liens securing the Obligations to Liens securing any other Indebtedness; *provided further* that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement.

Section 9.03.&nbsp;&nbsp;&nbsp;&nbsp;*Expenses; Limitation of Liability; Indemnity, Etc*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Expenses*. The Borrower shall pay (i) all reasonable out of pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of outside counsel for the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the reasonable fees, charges and disbursements of any outside counsel for the Administrative Agent or any Lender, in connection with the enforcement, collection or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Term Loans made hereunder, including all such out-of- pocket expenses incurred during any workout, restructuring or negotiations in respect of such Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Limitation of Liability*. To the extent permitted by applicable law (i) the Borrower and any Loan Party shall not assert, and the Borrower and each Loan Party hereby waives, any claim against the Administrative Agent, any Arranger, any Syndication Agent, and any Lender, and any Related Party of any of the foregoing Persons (each such Person being called a "***Lender-Related Person***") for any Liabilities arising from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet, any Approved Electronic Platform and any Approved Borrower Portal), and (ii) no party hereto shall assert, and each such party hereby waives, any Liabilities against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the

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Transactions, any Term Loan or the use of the proceeds thereof; *provided* that, nothing in this Section 9.03(b) shall relieve the Borrower and each Loan Party of any obligation it may have to indemnify an Indemnitee, as provided in

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Section 9.03(c), against any special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Indemnity*. The Borrower shall indemnify the Administrative Agent and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an "**Indemnitee**") against, and hold each Indemnitee harmless from, any and all Liabilities and related reasonable out-of-pocket expenses, including the fees, charges and disbursements of any outside counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, (ii) the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (iii) any Term Loan or the use of the proceeds therefrom, (iv) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (v) any actual or prospective Proceeding relating to any of the foregoing, whether or not such Proceeding is brought by the Borrower or any other Loan Party or their respective equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; *provided* that such indemnity shall not, as to any Indemnitee, be available to the extent that such Liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted primarily from the gross negligence or willful misconduct of such Indemnitee. This Section 9.03(c) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Lender Reimbursement*. Each Lender severally agrees to pay any amount required to be paid by the Borrower under paragraphs (a), (b) or (c) of this Section 9.03 to the Administrative Agent and each Related Party of any of the foregoing Persons (each, an "***Agent-Related Person***") (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Applicable Percentage in effect on the date on which such payment is sought under this Section, and agrees to indemnify and hold each Agent-Related Person harmless from and against any and all Liabilities and related expenses, including the fees, charges and disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Term Loans) be imposed on, incurred by or asserted against such Agent-Related Person in any way relating to or arising out of this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent-Related Person under or in connection with any of the foregoing; *provided* that the unreimbursed expense or Liability or related expense, as the case may be, was incurred by or asserted against such Agent-Related Person in its capacity as such; *provided further* that no Lender shall be liable for the payment of any portion of such Liabilities, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted primarily from such Agent-Related Person's gross negligence or willful misconduct. The agreements in this Section shall survive the termination of this Agreement and the payment of the Term Loans and all other amounts payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*Payments*. All amounts due under this Section 9.03 shall be payable not later than ten (10) days after written demand therefor.

Section 9.04. *Successors and Assigns*. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the

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Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,

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their respective successors and assigns permitted hereby, Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and interests in the Term Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the Borrower; *provided* that, the Borrower shall be deemed to have consented to an assignment of all or a portion of the Commitments and the Term Loans unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; *provided* that no consent of the Borrower shall be required for (1) an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee and (2) any assignment made in connection with the primary syndication of the Term Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the Administrative Agent; *provided* that no consent of the Administrative Agent shall be required for an assignment of all or any portion of any Commitment or any Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Assignments shall be subject to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender's Commitment and Term Loans, the amount of the Commitments and Term Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000, unless each of the Borrower and the Administrative Agent otherwise consent; *provided* that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing and recordation fee of $3,500; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower, the Loan Parties and their related parties or their respective securities) will be made available and who may receive such information in accordance with the assignee's compliance procedures and applicable laws, including Federal and state securities laws.

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For the purposes of this Section 9.04(b), the term "***Approved Fund***" and "***Ineligible Institution***" have the following meanings:

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"***Approved Fund***" means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

"***Ineligible Institution***" means (a) a natural person, (b) a Defaulting Lender or its Lender Parent,

(c)a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof, (d) the Borrower or any of its Affiliates, or (e) those Persons designated by the Borrower as a "Disqualified Institution" by written notice to Administrative Agent prior to the Effective Date; *provided* that "Disqualified Institutions" shall exclude any Person that Borrower has designated as no longer being a "Disqualified Institution" by written notice delivered to Administrative Agent from time to time; *provided* that, with respect to clause (c), such holding company, investment vehicle or trust shall not constitute an Ineligible Institution if it (x) has not been established for the primary purpose of acquiring any Term Loans or Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in Chicago, Illinois, a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Term Loans owing to, each Lender pursuant to the terms hereof from time to time (the "***Register***"). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee's completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; *provided* that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by

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it pursuant to Section 2.05(d), 2.18(d) or 9.03(d), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until

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such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any Lender may, without the consent of, or notice to, the Borrower, the Administrative Agent sell participations to one or more banks or other entities (a "***Participant***"), other than an Ineligible Institution, in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and the Term Loans owing to it); *provided* that (i) such Lender's obligations under this Agreement shall remain unchanged; (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (iii) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; *provided* that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Section 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under Sections 2.17(f) and (g) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender and the information and documentation required under Section 2.17(g) will be delivered to the Borrower and the Administrative Agent)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; *provided* that such Participant (A) agrees to be subject to the provisions of Section 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; *provided* that such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Term Loans or other obligations under the Loan Documents (the "***Participant Register***"); *provided* that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any Commitments and/or Term Loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Term Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; *provided* that no such pledge or assignment of a security interest shall

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release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Disqualified Institutions</u>. (i) No assignment or participation shall be made to any Person that was a Disqualified Institution as of the date on which the assigning Lender entered into a binding agreement to sell and assign or grant a participation in all or a portion of its rights and obligations under this Agreement to such Person (unless the Borrower has consented to such assignment or participation in writing in its sole and absolute discretion, in which case such Person will not be considered a Disqualified Institution for the purpose of such assignment or participation). Any assignment or participation in violation of this clause (e)(i) shall not be void, but the other provisions of this clause (e) shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If any assignment or participation is made to any Disqualified Institution without the Borrower's prior written consent in violation of clause (i) above, at its own expense, the assigning or participating lender shall promptly use commercially reasonable efforts to cause such assignment or participation to be cancelled and unwound and any such Disqualified Institution shall fully cooperate with the Borrower and such lender and take all such action as either of them shall request to promptly cancel and unwind such assignment or participation. If such assignment or participation is not unwound or cancelled or if any Person becomes a Disqualified Institution after the applicable Trade Date, the Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Institution and the Administrative Agent, (A) repay all obligations of the Borrower owing to such Disqualified Institution in connection with such Term Loan plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder and/or (B) require such Disqualified Institution to assign, without recourse (in accordance with and subject to the restrictions contained in this Section 9.04), all of its interest, rights and obligations under this Agreement to one or more Persons at the lesser of (x) the principal amount thereof and (y) the amount that such Disqualified Institution paid to acquire such interests, rights and obligations in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Administrative Agent shall have the right, and the Borrower hereby expressly authorizes the Administrative Agent, to (A) post the list of Disqualified Institutions provided by the Borrower (the "***DQ List***") on the Electronic System, including that portion of the Electronic System that is designated for "public side" Lenders and/or (B) provide the DQ List to each Lender requesting the same.

Section 9.05. *Survival*. All covenants, agreements, representations and warranties made by the Borrower herein and in the other Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Documents shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Term Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Term Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article 8 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Term Loans or the termination of this Agreement or any provision hereof.

Section 9.06. *Counterparts; Integration; Effectiveness; Electronic Execution*. (a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the

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subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties

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hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 9.01), certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an "***Ancillary Document***") that is an Electronic Signature transmitted by emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; *provided* that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; *provided*, *further*, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrower or any other Loan Party without further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, the Borrower and each Loan Party hereby (A) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Borrower and the Loan Parties, Electronic Signatures transmitted by emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (B) the Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person's business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (C) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (D) waives any claim against any Lender-Related Person for any Liabilities arising solely from the Administrative Agent's and/or any Lender's reliance on or use of Electronic Signatures and/or transmissions by emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of the Borrower and/or any Loan Party to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

Section 9.07. *Severability*. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the

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remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

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Section 9.08. *Right of Setoff*. If an Event of Default shall have occurred and be continuing, each Lender, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final) at any time held, and other obligations at any time owing, by such Lender or any such Affiliate, to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or its respective Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender different from the branch office or Affiliate holding such deposit or obligated on such indebtedness; *provided* that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so setoff shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.20 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; *provided* that the failure to give such notice shall not affect the validity of such setoff and application.

Section 9.09. *Governing Law; Jurisdiction; Consent to Service of Process*. (a) This Agreement and the other Loan Documents shall be construed in accordance with and governed by the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing law provisions of any applicable Loan Document, any claims brought against the Administrative Agent or any of its Related Parties relating to this Agreement, any other Loan Document, the Collateral or the consummation or administration of the transactions contemplated hereby or thereby shall be construed in accordance with and governed by the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may (and any such claims, cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall (i) affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower, any Loan Party or its properties in the courts of any jurisdiction, or (ii) waive any statutory, regulatory, common law, or other rule, doctrine, legal restriction, provision or the like providing for the treatment of bank branches, bank agencies, or other bank offices as if they were separate juridical entities

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for certain purposes, including Uniform Commercial Code Sections 4-106, 4-A-105(1)(b), and 5-116(b), UCP 600 Article 3 and ISP98 Rule 2.02, and URDG 758 Article 3(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (c) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

Section 9.10. *WAIVER OF JURY TRIAL*. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO

(A)CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND

(B)ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section 9.11. *Headings*. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

Section 9.12. *Confidentiality*. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed

(a) to its Affiliates and its and their respective directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any Governmental Authority (including any self- regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder or under any other Loan Document, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap, derivative or insurance transaction relating to the Borrower and its obligations, in each case subject to the other confidentiality provisions set forth in this Section (it being understood that the DQ List may be disclosed to any assignee or Participant, or prospective assignee or Participant, in reliance on this clause (f) so long as such Person is not listed on such DQ List),

(g) on a confidential basis to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided for herein or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of identification numbers with respect to the credit

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facilities provided for herein, (h) with the consent of the Borrower or (i) to the extent such Information (ii) becomes publicly available other than as a result of a breach of this Section or (iii) becomes available to the Administrative Agent or any Lender on a non-confidential basis from a source other than the Borrower. For the purposes of this Section, "***Information***" means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent

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or any Lender on a non-confidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry; *provided* that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information

For the avoidance of doubt, nothing in this Section 9.12 shall prohibit any Person from voluntarily disclosing or providing any Information within the scope of this confidentiality provision to any governmental, regulatory or self-regulatory organization (any such entity, a "Regulatory Authority") to the extent that any such prohibition on disclosure set forth in this Section 9.12 shall be prohibited by the laws or regulations applicable to such Regulatory Authority.

Section 9.13. *Material Non-Public Information*. (a) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN Section 9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

Section 9.14. *Interest Rate Limitation*. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Term Loan, together with all fees, charges and other amounts which are treated as interest on such Term Loan under applicable law (collectively the "***Charges***"), shall exceed the maximum lawful rate (the "***Maximum Rate***") which may be contracted for, charged, taken, received or reserved by the Lender holding such Term Loan in accordance with applicable law, the rate of interest payable in respect of such Term Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Term Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Term Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the NYFRB Rate to the date of repayment, shall have been received by such Lender.

Section 9.15. *No Fiduciary Duty, etc.* (a) The Borrower acknowledges and agrees, and acknowledges its Subsidiaries' understanding, that no Credit Party will have any obligations except those

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obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm's length contractual counterparty to the Borrower with respect to the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor or a fiduciary

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to, or an agent of, the Borrower or any other person. The Borrower agrees that it will not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby. Additionally, the Borrower acknowledges and agrees that no Credit Party is advising the Borrower as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction. The Borrower shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated herein or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to the Borrower with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower further acknowledges and agrees, and acknowledges its Subsidiaries' understanding, that each Credit Party, together with its Affiliates, in addition to providing or participating in commercial lending facilities such as that provided hereunder, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, any Credit Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, the Borrower and other companies with which the Borrower may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In addition, the Borrower acknowledges and agrees, and acknowledges its Subsidiaries' understanding, that each Credit Party and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which the Borrower may have conflicting interests regarding the transactions described herein and otherwise. No Credit Party will use confidential information obtained from the Borrower by virtue of the transactions contemplated by the Loan Documents or its other relationships with the Borrower in connection with the performance by such Credit Party of services for other companies, and no Credit Party will furnish any such information to other companies. The Borrower also acknowledges that no Credit Party has any obligation to use in connection with the transactions contemplated by the Loan Documents, or to furnish to the Borrower, confidential information obtained from other companies.

Section 9.16. *USA PATRIOT Act*. Each Lender that is subject to the requirements of the USA PATRIOT Act of 2001 (the "***Patriot Act***") hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act.

Section 9.17. *Acknowledgement and Consent to Bail-In of Affected Financial Institutions*. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the effects of any Bail-In Action on any such liability, including, if applicable:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a reduction in full or in part or cancellation of any such liability;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

Section 9.18. *Acknowledgement Regarding Any Supported QFCs*. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support "***QFC Credit Support***" and each such QFC a "***Supported QFC***"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "***U.S. Special Resolution Regimes***") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

In the event a Covered Entity that is party to a Supported QFC (each, a "***Covered Party***") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

Section 9.19. *Judgment Currency*. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the "***Judgment Currency***") other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the "***Agreement Currency***"), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative

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Agent or any Lender from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case

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may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such Currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under Applicable law).

[Signature Page Follows]

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IN WTINESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective authorized officers as of the day and year first above written.

PARENT BORROWER:

VINEBROOK HOMES OPERATING PAR1NERSHIP, L.P.,

a Delaware limited partnership

[Signature Page to Credit Agreement]

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By: Name: Title:

<br><u>/s/ Paul Richards</u>

Paul Richards Authorized Signatory

[Signatures continue on the following page]

[Signature Page to Credit Agreement]

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SUBSIDIARY BORROWERS:

VB OP HOLDINGS LLC, VB ONE,LLC,

TRUE PIT2017-l, LLC, TRUE PIT2017-2, LLC, TRUE JACK2017-l, LLC, TRUE JACK2017-2, LLC, TRUE OM2016-l, LLC, TI KC BRAVO, LLC, TRUE KC2016-1, LLC, TRUE MEM2016-l, LLC,

P FIN VI HOLDINGS, LLC,

P FIN VII MEM HOLDINGS, LLC, P FIN VII STL HOLDINGS, LLC, P FIN VII KC HOLDINGS, LLC,

P FIN V FL HOLDINGS, LLC, P FIN V NC HOLDINGS, LLC, P FIN V NM HOLDINGS, LLC, P FIN IT F HOLDINGS, LLC,

P FIN VI, LLC,

p FIN VIT MEM, LLC, P FIN VII STL, LLC, P FIN VII KC, LLC,

P FIN V FL, LLC, P FIN V NC, LLC, P FIN V NM, LLC, P FIN IT F, LLC,

SMP HOMES 3B LLC, SMP HOMES SB LLC, VB SIX, LLC,

VB CLOVIS, LLC, VB EIGHT, LLC NREA VBILLC NREA VB II LLC NREA VB III LLC NREA VB IV LLC NREA VBVLLC NREA VB VI LLC NREA VB VII LLC

each a Delaware limited liability company

By&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Paul Richards</u>

Name: Paul Richards

Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory [Signatures continue on the following page]

[Signature Page to Credit Agreement]

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HATCHWAYBROADMOOR, LLC,

a Mississippi limited liability company

[Signature Page to Credit Agreement]

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By&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Paul Richards</u>

Name: Paul Richards

Title:&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory [Signatures continue on the following page]

[Signature Page to Credit Agreement]

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JPMORGAN CHASE BANK, N.A., as Administrative Agent and Lender

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Antonios Vavdinos</u>

Name: <u>Antonios Vavdinos&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;<br>Title: <u>Authorized Signer&nbsp;&nbsp;&nbsp;&nbsp;</u>

[Signatures continue on following page]

[Signature Page to Credit Agreement]

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RAYMOND JAMES BANK, as Lender

[Signature Page to Credit Agreement]

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By: Name: Title:

<u>/s/ Alexander Sierra&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Alexander Sierra

Senior Vice President

[Signatures continue on following page]

[Signature Page to Credit Agreement]

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ROYAL BANK OF CANADA, as Lender

By: <u>/s/ William Behuniak&nbsp;&nbsp;&nbsp;&nbsp;</u> Name: <u>William Behuniak&nbsp;&nbsp;&nbsp;&nbsp;</u> Title: <u>Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

[Signatures continue on following page]

[Signature Page to Credit Agreement]

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SYNOVUS BANK, as Lender

By: <u>/s/ Zach Braun&nbsp;&nbsp;&nbsp;&nbsp;</u> Name: <u>Zach Braun&nbsp;&nbsp;&nbsp;&nbsp;</u> Title: <u>Director&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

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[Signature Page to Credit Agreement"!

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THE OHIO STATE LIFE INSURANCE COMPANY, as Lender

Brad Heiss EVP & CIO By: <u>/s/ Brad Heiss &nbsp;&nbsp;&nbsp;&nbsp;</u> Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

[Signature Page to Credit Agreement]

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SCHEDULE 2.01

Commitments

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| | |
|:---|:---|
| **<u>Lender</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Commitment Amount</u>** |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150000000.00 |
| Raymond James Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150000000.00 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150000000.00 |
| Synovus Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25000000.00 |
| The Ohio State Life Insurance Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10000000.00 |

---

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SCHEDULE 2.22

Initial Borrowing Base Properties [Intentionally Omitted]

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SCHEDULE 3.06

Disclosed Matters

None.

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SCHEDULE 6.02

Existing Liens

None.

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SCHEDULE 6.09

Existing Restrictions

None.

112

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SCHEDULE SB

Subsidiary Borrowers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.VB OP Holdings LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.VB One, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.True PIT2017-1, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.True PIT2017-2, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.True JACK2017-1, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.True JACK2017-2, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.True OM2016-1, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.TI KC Bravo, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.True KC2016-1, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.True MEM2016-1, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.P FIN VI HOLDINGS, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.P FIN VII MEM HOLDINGS, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.P FIN VII STL HOLDINGS, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.P FIN VII KC HOLDINGS, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.P FIN V FL HOLDINGS, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.P FIN V NC HOLDINGS, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.P FIN V NM HOLDINGS, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.P FIN II F HOLDINGS, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.P FIN VI, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.P FIN VII MEM, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.P FIN VII STL, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.P FIN VII KC, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.P FIN V FL, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.P FIN V NC, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.P FIN V NM, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.P FIN II F, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.SMP Homes 3B LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.SMP Homes 5B LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.VB Six, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.VB Clovis, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.VB Eight, LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.NREA VB I LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.NREA VB II LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.NREA VB III LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.NREA VB IV LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.NREA VB V LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.NREA VB VI LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.NREA VB VII LLC, a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.Hatchway Broadmoor, LLC, a Mississippi limited liability company

113

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Exhibit A ASSIGNMENT AND ASSUMPTION

[Intentionally Omitted]

118

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EXHIBIT B

FORM OF BORROWING BASE REPORT

[Intentionally Omitted]

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EXHIBIT C-1 [FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

[Intentionally Omitted]

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EXHIBIT C-2 [FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

[Intentionally Omitted]

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EXHIBIT C-3 [FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

[Intentionally Omitted]

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EXHIBIT C-4 [FORM OF]

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

[Intentionally Omitted]

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Exhibit D

FORM OF COMPLIANCE CERTIFICATE

[Intentionally Omitted]

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, John Good, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of VineBrook Homes Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 7, 2025 | |
| | /s/ John Good |
| | John Good |
| | President and Chief Executive Officer |
| | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Paul Richards, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of VineBrook Homes Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 7, 2025 | |
| | /s/ Paul Richards |
| | Paul Richards |
| | Chief Financial Officer, Treasurer and Assistant Secretary |
| | (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q of VineBrook Homes Trust, Inc. (the "Company") for the period ending September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, John Good, Chief Executive Officer of the Company, and Paul Richards, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: November 7, 2025 | /s/ John Good |
| | John Good<br>President and Chief Executive Officer<br>(Principal Executive Officer) |
| Dated: November 7, 2025 | /s/ Paul Richards |
| | Paul Richards<br>Chief Financial Officer, Treasurer and Assistant Secretary<br>(Principal Financial Officer) |

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<br>