Home Partners of America: What Happened Inside BREIT (2026)

What happened to Home Partners of America, date by date

Home Partners of America sold one idea: you pick a house on the market, HPA buys it, and you rent it with the right to buy it later at prices set in advance. The class complaint describes leases of “up to five years” under that right-to-purchase program, next to ordinary one-year rentals. The company's own record, pieced together from filings in three different places, runs like this.

So the honest answer to “does Home Partners of America still exist?” is two answers. The homes and the ownership entities are still there, inside BREIT. The Chicago company that bought, leased and managed them is not: its management moved to Tricon in January 2025 and its layoffs began that March. Typing homepartners.com today lands on Tricon's welcome page for former HPA residents (checked October 10, 2026).

Is HPA still signing new lease-purchase deals? We could not find an offer of new ones. Tricon's resident page deals with existing leases, applications already in progress and existing purchase options; Tricon's general FAQ, read the same day, does not mention buying the home at all. Neither page says the program is closed, so we do not say it either. BREIT's numbers point the same way: HPA's home count has fallen every year since 2022.

Who owns Home Partners of America now, and where Tricon fits

A common shortcut is “Tricon bought Home Partners”. The filings say something different. BREIT still owns HPA's homes: 13,308 of them outright at June 30, 2026, plus a 44% interest in a joint venture with 8,002 homes and a 12% interest in one with 1,296 homes. Tricon is a separate company that Blackstone took private in May 2024 through a joint venture of BREIT and “another Blackstone-advised investment vehicle”; BREIT owns 11.6% of it.

What changed in 2025 is who does the work. BREIT's 2025 10-K says it engaged TAH Operations LLC (“Tricon”), “a portfolio company owned by certain Blackstone-advised investment vehicles”, to provide management, corporate support and transaction support services for its single family rental properties. The 10-Q adds that TAH Operations began on February 1, 2025.

For a BREIT holder this is a related-party arrangement: BREIT pays a company that Blackstone vehicles own, and BREIT itself owns part of that company. BREIT discloses the payments, as the table shows. Its 2025 10-K also dropped Home Partners of America from the list of acquired management companies whose employees it counts; the 2024 10-K still had it.

Inside BREIT: Home Partners of America year by year

BREIT reports HPA as one line in its property table, with a footnote splitting the homes it owns outright from those in joint ventures. Each row below is from the 10-K for that year, plus the latest 10-Q.

Three things stand out (our reading and arithmetic):

• The portfolio is being sold down. From the 2022 peak to June 30, 2026 the HPA count fell by 6,170 homes (21.4%), and the homes owned outright fell by 4,701 (26.1%). BREIT counted 573 single family homes sold in 2022 and 229 in 2021, then stopped giving the number. At June 30, 2026 “various single family rental homes” were classified as held for sale.
• BREIT's real exposure is smaller than the headline count. Weighting the joint-venture homes by BREIT's interest gives about 16,984 homes at June 30, 2026, against about 22,170 at the end of 2022 (our arithmetic, down 23.4%).
• Occupancy recovered. It dipped to 91% at the end of 2023 and was 98% at June 30, 2026. BREIT measures single family occupancy as occupied homes for the last month of the period.

What HPA cost BREIT, and what the filings do not tell you

This is the part no search result covers, and the short answer is that BREIT does not publish a separate value, income or return for HPA. What it does publish:

How to read it:

• The outside basis. In the third quarter of 2021 BREIT carried the HPA joint ventures at $593.7 million, including $315.4 million of “outside basis”, which is the amount above the joint ventures' own book equity. That excess is written off over time, and in that quarter alone it turned BREIT's $1.1 million share of joint-venture losses into an $8.6 million loss.
• The risk retention securities. BREIT holds a growing slice of securitizations backed by single family rental homes: new non-cash additions of $117.1 million in 2022, $43.8 million in 2025 and $34.1 million in the first half of 2026. Risk retention rules make the sponsor of a securitization keep part of it. The filings do not name the deals. That the balance kept growing into 2026 suggests the homes are still being financed through securitization (our reading).
• The impairments. Since 2023 every annual write-down list has included “various single family rental homes”, usually explained by “a shorter hold period”, which fits a portfolio being sold. The four totals add up to $1.11 billion (our sum), but they also cover offices, student, affordable and hotel properties, and BREIT does not split out the HPA share. Do not read $1.11 billion as an HPA loss.
• The valuation timing. BREIT's 2021 10-K says “all of our single family rental housing (“SFR”) properties will be appraised at the same time on an annual basis”. A change in HPA's value therefore reaches the NAV in one step once a year rather than gradually.
• Another public holder left. FS KKR Capital, a listed BDC, held positions in “Home Partners JV 2”: $11.4 million of structured mezzanine and two equity positions ($4.2 million and $0.2 million) at the end of 2023. Its FY2025 10-K shows all of them reduced to zero during 2024.

For BREIT as a whole, including its redemption record and the NAV dispute, see our BREIT review and BREIT's returns year by year; this page stays on HPA.

The Home Partners lawsuit and the $34 million settlement

The lawsuits behind the “what was the lawsuit?” question were brought by tenants, not by regulators or investors. Beginning March 3, 2022, six class actions were filed in state and federal courts in Minnesota, Washington, Colorado, Georgia, Illinois and Maryland against Home Partners Holdings LLC and OPVHHJV LLC, doing business as Pathlight Property Management, the HPA subsidiary that managed the homes. The settlement website summarizes the claim: that Home Partners “leased residential homes to Settlement Class Members through leases containing misleading, unenforceable or otherwise unlawful provisions, including related to repair and maintenance obligations.” The same page says “Defendants deny Plaintiffs’ allegations and claims and deny that Defendants have violated any laws.” The court made no finding of wrongdoing.

The cases were combined for settlement in the Northern District of Illinois as No. 1:25-cv-07849 (complaint filed July 11, 2025), before Judge Sunil R. Harjani.

What the money means per tenant (our arithmetic): $34 million minus the fees, expenses and administration leaves $21,680,640, before the class representatives' service awards. Spread over 58,682 lease households, that averages about $369 per household. Actual payments vary: the base payment is pro rata to the base rent each household paid through July 31, 2025, and households that filed repair claims could get up to $2,500 more.

Beyond money, the settlement requires Home Partners to “clearly and conspicuously disclose on the initial pages of any new residential lease” all mandatory and optional fees (a “Key Provisions Summary”), and to show the total fixed monthly cost in its rent advertising. The final approval motion also notes that during the litigation Home Partners made its HVAC filter program and utility billing service optional.

Is there a government case? We found none. The settlement was sent to 33 state attorneys general and the US Attorney General under the Class Action Fairness Act, and none had objected by October 13, 2025. We did not find an action by the FTC, the CFPB or a state attorney general against Home Partners in a primary source. We did not search every state court docket.

Before Blackstone: what HPA raised on Form D

HPA was not a startup when BREIT bought it. Under its first name, Hyperion Homes, Inc., it filed a Form D in July 2014 for a private REIT offering with an indefinite size and a first sale on July 10, 2014. The filings, all for the same offering:

The filings name Deutsche Bank entities as recipients of sales compensation and list William J. Young as chief executive officer and president. There is no Form D after 2016 under HPA's CIK (1614657), so we cannot see what those early investors were paid when BREIT bought the company in 2021.

What a Home Partners tenant can do with this

• If you have a right to purchase, it survived the change of manager. Tricon's page says: “Your purchase option timing and pricing will remain the same through the end of your stated term.” Keep your lease and the purchase price schedule, and if you want to buy, tell Tricon in writing as well as by phone. Your contract with Home Partners still governs; Tricon only manages it.
• If you were a tenant between the class dates, check your settlement payment. The class covers Minnesota homes from March 1, 2016, Washington from September 21, 2016, Colorado from May 1, 2017 and all other states and DC from December 22, 2019, through the 2025 preliminary approval; new leases signed on or after January 10, 2025 are excluded. Current residents mostly got a ledger credit; former residents get a check. The claim deadline (October 27, 2025) has passed; payments started March 3, 2026. Contact the administrator through HPASettlement.com if yours is missing.
• If you rent from Tricon now, the settlement released claims about repairs and fees during the class period, but not personal injury claims or habitability problems after it.
• If you are weighing a lease-purchase anywhere, ask what the purchase price will be in each year, who pays for repairs, which fees are mandatory, and what happens to the money you paid if you do not buy.

If you hold BREIT: what HPA tells you, and what to watch

Our reading: HPA is no longer a growth bet inside BREIT. The home count is falling, the operating company is gone, management is outsourced to a Blackstone affiliate, and write-downs keep citing a shorter hold period. It is also not BREIT's problem asset: occupancy is 98%, and the tenant litigation ended with a $34 million settlement paid by the defendants. Single family rental is a modest part of a REIT whose June 30, 2026 portfolio counts 63,081 single family homes in total, 40,475 of them in Tricon, where BREIT owns 11.6%. What to check in each filing:

• The HPA line and its footnote in the property table (homes, occupancy, joint-venture interests).
• “Various single family rental homes” in the impairment note.
• The TAH Operations line in the related-party fee table.
• The fair value of the 11.6% Tricon interest, which fell 23.0% from the end of 2024 to June 30, 2026 (our arithmetic).

If you hold six figures of BREIT, the question is less about HPA than about how much single family rental, Blackstone-affiliate fees and redemption risk you carry in one fund. Our redemption tracker for NAV REITs shows where BREIT stands against its peers.

This is analysis of public documents, not investment, legal or tax advice.

FAQ

Sources, read on October 10, 2026: Blackstone Real Estate Income Trust (CIK 1662972) Forms 10-Q for the quarters ended June 30, 2021, September 30, 2021 and June 30, 2026, and Forms 10-K for 2021 through 2025 (accession on every CSV row); Form D filings of Home Partners of America, Inc. (CIK 1614657) of 2014, 2015 and 2016; FS KKR Capital Corp's 2025 Form 10-K; the Illinois Department of Commerce and Economic Opportunity monthly WARN report for February 2025; the complaint, final approval motion, administrator declaration, final approval order and fee order in Northern District of Illinois No. 1:25-cv-07849, as posted on the court-supervised site HPASettlement.com, and that site's home and FAQ pages; Tricon's “Welcome HPA” resident page and general FAQ. Sums, percentages and look-through home counts are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.