Bluerock Homes Trust, Inc.

Listed Company

BHMCIK 0001903382NYSEEmerging GrowthReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$68.73M

Net Income

$-32.60M

Total Assets

$1.15B

Equity

$128.74M

Shares Out

—

Op. Cash Flow

$27.76M

Business

Bluerock Homes Trust, Inc. is a REIT that acquires, owns and operates institutional residential properties to generate rental and investment returns. It offers rental housing, property management, renovation and development services, as well as preferred equity and loan investments and structured investments in build‑to‑rent communities. Its business is organized into two reportable segments—scattered single‑family homes and residential communities—conducted substantially through its Operating Partnership and externally managed by a related‑party Manager. The company targets demographically attractive U.S. growth markets and distributes housing to renters through leasing channels and investment structures.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental and other property revenues	68	49	41	33	9
Interest income from loan investments	598,000	2	94,000	1	5
Total revenues	69	50	41	34	15
Property operating	33	24	19	15	3
Property management and asset management fees	5	5	4	4	550,000
General and administrative	11	11	8	7	5
Management fees to related party	10	9	8	2	—
Acquisition and other transaction costs	418,000	255,000	2	167,000	—
Weather-related losses, net	59,000	170,000	−17,000	25,000	—
Depreciation and amortization	29	20	16	16	6
Total expenses	90	69	57	44	14
Other (expense) income, net	−139,000	330,000	—	—	—
Income from preferred equity investments	9	12	12	—	—
Share of net earnings of equity method investment	1	—	—	—	—
Recovery of credit losses, net	103,000	93,000	−174,000	402,000	—
(Impairment) and gain on sale of real estate investments, net	−4	7	−1	—	—
Gain on sale of available-for-sale investments, net	4	—	—	—	—
Loss on extinguishment of debt costs	−27,000	−200,000	0	—	—
Interest expense, net	−24	−18	−13	—	—
Interest income	5	5	3	—	—
Total other (expense) income	−10	7	627,000	4	556,000
Loss before income taxes	−31	−12	—	—	—
Income tax expense	−2	0	—	—	—
Net loss	−33	−12	−16	−6	112
Preferred stock dividends	−9	−4	−130,000	—	—
Preferred stock accretion	−5	−244,000	—	—	—
Operating partnership units	26	9	−9	−2	66
Partially-owned properties	9	3	−2	−3	12
Net loss attributable to noncontrolling interests	35	12	−11	−5	77
Net loss attributable to common stockholders	−11	−4	−5	−1	—
Net loss per common share - Basic	−3.02	−1.1	—	—	—
Net loss per common share - Diluted	−3.02	−1.1	−1.3	−0.26	8.93
Weighted average basic common shares outstanding	4	4	4	4	4
Weighted average diluted common shares outstanding	4	4	4	4	4
Unrealized gain (loss) on available for sale investments	568,000	−527,000	—	—	—
Less unrealized (gain) loss attributable to Operating partnership units	−393,000	363,000	—	—	—
Other comprehensive income (loss) attributable to common stockholders	175,000	−164,000	—	—	—
Comprehensive loss attributable to noncontrolling interests	34	12	−11	—	—
Comprehensive loss attributable to common stockholders	−11	−4	−5	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Land	123	—	104	71	69
Buildings and improvements	756	—	580	395	412
Furniture, fixtures and equipment	29	—	19	13	8
Construction in process	10	—	986,000	—	—
Total gross operating real estate investments	918	—	704	478	490
Accumulated depreciation	−65	—	−42	−32	−18
Total net operating real estate investments	853	—	662	446	472
Operating real estate held for sale, net	16	—	22	19	—
Total Net Real Estate Investments	868	—	684	465	472
Cash and cash equivalents	170	2	115	80	78
Restricted cash	25	—	16	6	4
Notes and accrued interest receivable, net	—	—	32	18	—
Investment in unconsolidated real estate funds	26	—	—	81	86
Accounts receivable, prepaids and other assets, net	22	—	35	21	18
Preferred equity investments, net	36	—	82	—	—
Other intangible assets, net	7	—	3	—	—
Due from affiliates	653,000	—	1	—	—
Non-real estate assets associated with operating real estate held for sale	14,000	—	16,000	—	—
TOTAL ASSETS	1,154	222	967	672	659
Mortgages payable	428	—	253	97	98
Revolving credit facilities	—	—	121	70	55
Accounts payable	1	—	803,000	691,000	2
Other accrued liabilities	21	—	17	9	10
Due to affiliates	10	—	6	4	—
Distributions payable	3	—	617,000	12	—
Liabilities associated with operating real estate held for sale	114,000	—	6,000	—	—
Total Liabilities	463	3	398	193	167
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred stock, $0.01 par value, 206,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and 2024	—	—	—	—	—
Additional paid-in-capital	121	—	118	122	127
Cumulative earnings in excess of distributions	7	—	21	25	33
Accumulated other comprehensive income (loss)	11,000	—	−164,000	—	—
Total Stockholders' Equity	129	—	139	147	160
Operating partnership units	293	—	310	308	308
Partially owned properties	128	—	17	15	24
Total Noncontrolling Interests	421	—	328	323	332
Total Equity	550	—	467	471	492
TOTAL LIABILITIES AND EQUITY	1,154	222	967	672	659

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	32	22	19	19	10
Amortization of fair value adjustments	325,000	127,000	−319,000	−319,000	−261,000
Fair value adjustment of interest rate caps and swaps	2	4	3	−3	—
Recovery of credit losses, net	−103,000	−93,000	174,000	−402,000	−28,000
Noncash operating lease expense	604,000	—	—	—	—
Distributions of income from preferred equity investments	27	2	—	—	—
Distributions from investments in unconsolidated real estate funds	553,000	2	5	2	4
Share-based compensation attributable to equity incentive plan	4	3	3	566,000	—
Share-based compensation to Manager - C-LTIP Units	875,000	7	9	306,000	—
Due to (from) affiliates, net	4	−638,000	1	2	151,000
Accounts receivable, prepaids and other assets	−5	1	−215,000	127,000	−1
Notes and accrued interest receivable	470,000	−341,000	−129,000	3	−2
Accounts payable and other accrued liabilities	3	2	−28,000	−5	719,000
Net cash provided by operating activities	28	9	14	3	10
Acquisitions of real estate investments	−226	−248	−11	−148	−255
Capital expenditures	−17	−9	−10	−19	−2
Purchase of interest rate cap	−2	−3	—	—	—
Investment in notes receivable	—	−22	−18	−10	−10
Repayments on notes receivable	32	8	—	46	22
Investments in unconsolidated real estate funds	−25	−17	−23	−47	−40
Proceeds from sale of real estate investments	21	50	9	—	402
Proceeds from redemption of preferred equity investments	65	16	26	—	—
Insurance proceeds related to real estate investments	—	149,000	—	—	—
Investments in preferred equity investments	−17	−17	—	—	—
Net cash used in investing activities	−169	−225	−26	−177	158
Distributions to common stockholders	−2	−4	—	—	—
Distributions to noncontrolling interests	−3	−9	—	—	—
Distributions to partially owned properties' noncontrolling interests	−2	−145,000	−311,000	−2	−17
Distributions to preferred stockholders	−9	−3	−78,000	—	—
Contributions from noncontrolling interests	134	6	399,000	7	22
Purchase of interests from noncontrolling interests	−1	−3	−5	—	—
Borrowings on mortgages payable	127	158	—	42	3
Repayments on mortgages payable including prepayment penalties	−7	−22	−2	−6	−219
Proceeds from revolving credit facilities	42	71	21	55	30
Repayments on revolving credit facilities	−103	−20	−6	—	−63
Payments of deferred financing fees	−6	−6	−1	−5	−1
Net proceeds from issuance of 6.0% Series A Redeemable Preferred Stock	37	93	9	—	—
Payments to redeem 6.0% Series A Redeemable Preferred Stock	−868,000	—	—	—	—
Payments to redeem Operating Partnership Units	−4,000	—	—	—	—
Net cash provided by financing activities	205	261	16	119	−84
Net increase in cash, cash equivalents and restricted cash	63	45	4	−54	83
Cash paid for interest (net of interest capitalized)	19	12	7	6	5
Cash paid for income taxes	1	—	—	—	—
Repayment of revolving credit facility with borrowings on mortgage payable	60	—	—	—	—
Capital expenditures held in accounts payable and other accrued liabilities	2	790,000	238,000	2	909,000
Distributions payable to common stockholders - declared and unpaid	507,000	617,000	12	—	—
Distributions payable to noncontrolling interests - declared and unpaid	1	—	—	—	—
Distributions payable to preferred stockholders - declared and unpaid	849,000	617,000	—	—	—
Mortgage assumed upon property acquisition	—	24	—	—	41
Conversion of note receivable to preferred equity investment	—	8	—	—	—
Right-of-use asset recognized	—	5	—	—	—
Lease liability recognized	—	5	—	—	—

Filings

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