Bluerock Homes Trust, Inc. Segments Disclosure
Note 17 – Segment Information
The Company owns and operates residential real estate assets that generate rental and other property-related income through the leasing of residential units to a diverse base of tenants. The Company evaluates operating performance on an individual property investment level and based on the investments’ similar economic characteristics. The Company’s Chief Operating Decision Makers (“CODMs”) are its Chief Executive Officer, Chief Investment Officer and Chief Financial Officer. The CODMs’ primary financial measure for operating performance is NOI as it measures the core operations of property performance by excluding corporate level expenses and those other items not related to property operating performance. CODMs are provided financial reports which include an income statement with property revenues, property operating expenses, and property net income. These financial reports assist the CODMs in assessing the Company’s financial performance and in allocating resources appropriately. The Company views its residential real estate assets as two reportable segments, consisting of (i) residential communities and (ii) scattered single-family homes. The CODMs do not distinguish or group operations on a geographic, tenant or other basis when assessing the financial performance of the Company’s portfolio of properties/investments.
Residential communities segment includes the acquisition, ownership, management, renovation, construction, and development of residential communities, which include both detached single-family home communities and attached unit communities such as apartments, townhouses, and duplexes. Each residential community is, generally, located on a single, contiguous land parcel and has amenities including clubhouses, gyms, pools and common areas. In addition, these residential communities typically have onsite property management.
Scattered single-family homes segment includes the ownership, management, and renovation of scattered single-family homes, which are, generally, detached homes with no onsite property management.
The following table summarizes NOI by the Company’s reportable segments for the years ended December 31, 2025 and 2024, and reconciles NOI to net loss attributable to common stockholders on the Company’s statements of operations and comprehensive income (loss) (amounts in thousands):
| 2025 | | 2024 | |||
Rental and other property revenues | ||||||
Residential communities | $ | 37,554 | $ | 16,449 | ||
Scattered single-family homes | 30,582 | 32,135 | ||||
Total rental and other property revenues |
| 68,136 |
| 48,584 | ||
Property operating expenses |
| |
| | ||
Residential communities |
| 16,651 |
| 6,950 | ||
Scattered single-family homes |
| 16,534 |
| 17,194 | ||
Total property operating expenses |
| 33,185 |
| 24,144 | ||
Net operating income |
| |
| | ||
Residential communities |
| 20,903 |
| 9,499 | ||
Scattered single-family homes |
| 14,048 |
| 14,941 | ||
Total net operating income |
| 34,951 |
| 24,440 | ||
Reconciling items: |
| |
| | ||
Interest income from loan investments |
| 598 |
| 1,630 | ||
Property management and asset management fee expenses |
| (5,372) |
| (4,715) | ||
General and administrative expenses |
| (11,249) |
| (10,592) | ||
Management fees to related party |
| (10,471) |
| (9,111) | ||
Acquisition and other transaction costs |
| (418) |
| (255) | ||
Weather-related losses, net |
| (59) |
| (170) | ||
Depreciation and amortization |
| (29,418) |
| (19,940) | ||
Other (expense) income, net |
| (139) |
| 330 | ||
Income from preferred equity investments |
| 8,759 |
| 11,937 | ||
Share of net earnings of equity method investment | 1,058 | — | ||||
Recovery of credit losses, net |
| 103 |
| 93 | ||
(Impairment) and gain on sale of real estate investments, net | (4,216) | 7,081 | ||||
Gain on sale of available-for-sale investments |
| 3,664 |
| — | ||
Loss on extinguishment of debt |
| (27) |
| (151) | ||
Interest expense, net |
| (23,988) |
| (18,092) | ||
Interest income |
| 5,258 |
| 5,424 | ||
Income tax expense | (1,632) | — | ||||
Net loss |
| (32,598) |
| (12,091) | ||
Preferred stock dividends |
| (9,203) |
| (4,022) | ||
Preferred stock accretion |
| (4,538) |
| (244) | ||
Net loss attributable to noncontrolling interests |
| 34,848 |
| 12,123 | ||
Net loss attributable to common stockholders | $ | (11,491) | $ | (4,234) | ||
The following table reconciles the Company’s total rental and other property revenues for reportable segments to total revenues on the Company’s consolidated statement of operations and comprehensive income (loss) for the years ended December 31, 2025 and 2024 (amounts in thousands):
| 2025 | | 2024 | |||
Revenues | ||||||
Rental and other property revenues | ||||||
Residential communities | $ | 37,554 | $ | 16,449 | ||
Scattered single-family homes | 30,582 | 32,135 | ||||
Total rental and other property revenues |
| 68,136 |
| 48,584 | ||
Interest income from loan investments | 598 | 1,630 | ||||
Total revenues | $ | 68,734 | $ | 50,214 | ||
At December 31, 2025 and 2024, net real estate assets totaled $556.2 million and $338.6 million for residential communities, respectively, and $311.8 million and $344.5 million for scattered single-family homes, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 20, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.