VineBrook Homes Trust Enters $25M Credit Agreement with OSL

What Happened

• VineBrook Homes Trust, Inc. filed an 8-K on September 28, 2026 reporting that two indirect subsidiaries, VB Thirteen, LLC and VB Fourteen, LLC, entered into a $25.0 million Credit Agreement with The Ohio State Life Insurance Company (OSL).
• $4.0 million was funded on September 28, 2026; the remaining $21.0 million is scheduled to be funded on a date agreed with OSL but no later than October 2, 2026. This transaction creates a new direct financial obligation for the company.

Key Details

• Principal: $25.0 million; Interest: 10.0% per annum, payable monthly. Maturity: September 28, 2027 (one-year term).
• Fees: 1.0% origination fee paid at closing; voluntary prepayments subject to a 1.0% prepayment/Exit Fee.
• Security and guarantees: Loan is secured by pledges of membership interests (including OP’s pledge of its interests in the borrowers and the borrowers’ interests in VB Clovis, LLC) and by proceeds from sales of certain real property. The operating partnership (OP) provides a non-recourse carve-out guaranty of certain borrower obligations.
• Covenants and default: Agreement contains customary representations, warranties, affirmative and negative covenants (including maximum debt-to-capital ratio, minimum net asset value and minimum NOI) and events of default that could permit OSL to accelerate repayment. OSL may be deemed an affiliate of the Company’s external Adviser through common beneficial ownership.

Why It Matters

• This is a material financing: it increases the company’s short-term indebtedness and creates near-term repayment and covenant obligations that investors should monitor.
• The cost of capital is relatively high (10% interest plus fees) and the loan is short-term (one year), which may affect cash flow and refinancing needs.
• The loan is secured and ties certain property-sale proceeds to mandatory prepayment, which could limit how sale proceeds are used. Investors should watch for covenant compliance, future repayments or refinancing plans, and any related-party affiliation notes that may affect oversight.