VineBrook Homes Trust, Inc. has entered into a credit agreement with The Ohio State Life Insurance Company (OSL). The agreement was executed on September 28, 2026, by the Company through its indirect subsidiaries, VB Thirteen, LLC and VB Fourteen, LLC, which act as the Borrowers.
The loan has an aggregate principal amount of $25.0 million. Funding for the transaction is structured in two tranches: $4.0 million was funded on September 28, 2026, with the remaining $21.0 million scheduled to be funded on a date agreed upon by the Borrowers and OSL, not later than October 2, 2026.
The credit facility matures on September 28, 2027. Interest on the loan is set at a rate of 10.0% per annum, payable on a monthly basis. The loan is secured by a pledge of membership interests in the Borrowers and VB Clovis, LLC, as well as proceeds from the sale of certain real property. Additionally, the Borrowers are required to pay a 1.0% origination fee at closing.
VineBrook Homes Operating Partnership, L.P. has agreed to guarantee certain obligations of the Borrowers under a non-recourse carve-out guaranty. The agreement allows for voluntary prepayment of the loan, subject to a 1.0% prepayment fee (Exit Fee) on the principal amount repaid. Furthermore, upon the sale of specific properties, the Company must use the proceeds to prepay the allocated loan amount for those properties plus the Exit Fee.
The Credit Agreement includes standard representations, warranties, affirmative and negative covenants, and events of default. These covenants include a maximum debt to capital ratio, a minimum net asset value, and a minimum net operating income level. If an event of default occurs, OSL may require the immediate repayment of all outstanding borrowings and accrued interest.
