The 2026 calendar year was a true rollercoaster on the ASX, with global thematics like Donald Trump’s “Liberation Day,” the ever-climbing power of gold and silver, Russia’s ongoing invasion of Ukraine, and more all pouring into a mixing pot that saw the sharemarket end around +6.1% higher.Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.That, of course, doesn’t mean every stock added just +6.1% value thro ...

Real Estate Investments - As of September 30, 2025, the company held 22 real estate investments, comprising 5,282 residential units, with a consolidated operating investment occupancy rate of approximately 91.8%[177] - The company acquired Southern Pines Reserve, a 272-unit residential community, for $56.6 million, funded by a $30.7 million senior loan, $20.0 million from the KeyBank Credit Facility, and $8.9 million in cash[187] - The company also acquired Skytop Apartments, a 361-unit residential community, for $88.5 million, financed by a $57.5 million senior loan, $22.0 million from the KeyBank Credit Facility, and $13.0 million in cash[188] - A joint venture acquired land in Shawnee, Kansas, for $2.3 million to develop a 188-unit residential community, with a construction loan agreement for up to $46.5 million[190] - The company increased its interest in the Peak JV 2 and Peak JV 3 portfolios from 80% to 100% and from 56% to 100%, respectively, for a total investment of $1.1 million[191] - The company sold 104 consolidated operating units for approximately $18.4 million, generating net proceeds of approximately $13.3 million after mortgage paydown[192] Financial Performance - Rental and other property revenues increased by 38.7% to $16.6 million for the three months ended September 30, 2025, compared to $12.0 million for the same period in 2024[206] - Net operating income for residential communities rose by 121.1% to $4.7 million for the three months ended September 30, 2025, compared to $2.1 million for the same period in 2024[206] - The average occupancy percentage for all units was 91.2% for the three months ended September 30, 2025, an increase of 30 basis points compared to 90.9% for the same period in 2024[206] - The total stockholders' equity decreased by $7.4 million from $139.1 million as of December 31, 2024, to $131.7 million as of September 30, 2025, primarily due to dividends declared of $8.2 million and preferred stock accretion of $3.4 million[202] - Net operating income (NOI) for the three months ended September 30, 2025, was $7,881 thousand, an increase of 42.1% from $5,542 thousand in the same period of 2024[234] - The company experienced a net loss attributable to common stockholders of $(8.621) million for the nine months ended September 30, 2025[263] Cash Flow and Financing - The company had $162.7 million in cash available as of September 30, 2025, and a capacity of $50 million on the KeyBank Credit Facility, with $28 million available for use in the DST Program[241] - The company reported net cash provided by operating activities of $28.3 million for the nine months ended September 30, 2025, following a net loss of $23.1 million[254] - During the same period, net cash used in investing activities was $109.0 million, including $155.7 million for the acquisition of real estate investments[255] - Net cash provided by financing activities was $132.8 million, primarily from borrowings of $88.3 million on mortgages payable and $72.4 million from contributions from noncontrolling interests[257] Occupancy and Rental Rates - Average rent per occupied unit increased by $60, or 3.7%, to $1,695 compared to $1,635 during the prior year period[211] - The average rental rate for scattered single-family homes increased by 3.6% to $1,626 for the three months ended September 30, 2025, compared to $1,570 for the same period in 2024[206] - Consolidated occupancy rate was strong at 93.7% as of September 30, 2025, although future periods may see reduced tenant retention and lease applications[236] Preferred Stock and Dividends - The company has elected to qualify as a REIT, requiring it to distribute at least 90% of its REIT taxable income to stockholders annually[179] - The company declared a monthly dividend of $0.125 for both Class A and Class C common stock, payable from April 2025 to January 2026[265] - The company expects to maintain distributions on its Series A Preferred Stock in accordance with terms requiring monthly dividends, funded by cash flow from operations and other sources[251] Debt and Interest Rate Management - As of September 30, 2025, the company has outstanding mortgage notes payable totaling $404 million, with a weighted average interest rate of 5.48%[271] - The company has a revolving credit facility of $22 million with a weighted average interest rate of 7.76%[271] - Interest rate caps and swaps are in place to manage interest rate risk, covering $100.8 million of the company's debt[273] - A 100-basis point change in interest rates could result in an increase or decrease of approximately $112,000 in interest expense for the quarter ended September 30, 2025[274] - The company is exposed to interest rate risk primarily through its borrowing activities, with inherent roll-over risk as borrowings mature[269] Other Financial Metrics - Depreciation and amortization expenses increased to $21.4 million for the nine months ended September 30, 2025, compared to $13.7 million for the same prior year period[228] - Other income and expense amounted to an expense of $5.0 million for the nine months ended September 30, 2025, compared to income of $8.0 million for the same prior year period[229] - Income tax expense amounted to $1.4 million for the nine months ended September 30, 2025, compared to zero for the same prior year period[231] - Management fees to related party increased to $7.8 million for the nine months ended September 30, 2025, compared to $6.6 million for the same prior year period[226] Strategic Focus - The company’s strategy focuses on generating attractive risk-adjusted returns through acquiring and developing residential units and Value-Add renovations[176] - The company operates in markets with a focus on the knowledge-economy and high-quality of life growth markets in the Sunbelt and Western United States[176] - The company intends to finance long-term liquidity requirements through net proceeds from additional issuances of common and preferred stock, as well as future acquisition or project-based borrowings[247]

Real Estate Investments - As of June 30, 2025, the company held 21 real estate investments, comprising 5,038 residential units, with a consolidated operating investment occupancy rate of approximately 91.4%[172] - The company acquired Southern Pines Reserve, a 272-unit residential community, for a purchase price of $56.6 million, funded by a $30.7 million senior loan, $20.0 million from the KeyBank Credit Facility, and $8.9 million in cash[182] - The company sold 85 units across various portfolios for an aggregate of approximately $15.1 million, generating net proceeds of approximately $10.7 million and a gain on sales of approximately $1.7 million[183] - The company increased its capital commitment for preferred equity interests in Wayford at Innovation Park by $2.0 million, raising the total investment to $15.4 million[186] - The company entered into a joint venture to invest $16.2 million for preferred equity interests in a 300-unit residential community in Sanford, North Carolina[186] - As of June 30, 2025, the company had funded $11.6 million of its $37.8 million commitment for preferred equity interests in multiple projects[188] Financial Performance - Total rental and other property revenues increased by 40.0% to $16.7 million for Q2 2025 compared to $11.9 million for Q2 2024[197] - Net operating income for residential communities rose by 129.7% to $5.0 million in Q2 2025, compared to $2.2 million in Q2 2024[197] - Average rental rate increased by 4.6% to $1,689 in Q2 2025 compared to $1,615 in Q2 2024[197] - Other income amounted to $0.2 million for the three months ended June 30, 2025, compared to an expense of $1.2 million for the same prior year period, primarily due to a $1.5 million gain on the sale of a preferred equity investment[210] - Net operating income (NOI) for the three months ended June 30, 2025, was $8.5 million, compared to $6.0 million for the same period in 2024[224] Occupancy and Rental Metrics - Average occupancy percentage decreased by 70 basis points to 91.6% in Q2 2025 from 92.3% in Q2 2024[197] - The company has a total of 3,640 operating units, including 94 units classified as held for sale[194] - Average rent per occupied unit increased by $74, or 4.6%, to $1,689, while average occupancy decreased by 70 basis points to 91.6% year over year[202] Expenses and Liabilities - Property operating expenses rose by $2.2 million, or 37%, to $8.2 million for the three months ended June 30, 2025, primarily due to the acquisition of 1,230 units[204] - Total property operating expenses for the six months ended June 30, 2025, increased by $4.8 million, or 44%, to $15.8 million compared to $11.0 million for the same prior year period[213] - Outstanding debt increased to $347.3 million at June 30, 2025, compared to $228.0 million at June 30, 2024[210] - The company had contractual obligations related to mortgage notes totaling $435.8 million, with estimated future required payments of $9.998 million in 2025 and $152.5 million from 2026 to 2027[230] Cash Flow and Equity - The company reported net cash provided by operating activities of $14.8 million for the six months ended June 30, 2025, despite a net loss of $13.2 million[244] - Total capital expenditures for the six months ended June 30, 2025, were $9.5 million, significantly higher than $3.8 million for the same period in 2024[246] - The company had $127.6 million in cash available as of June 30, 2025, and a capacity of $50 million on the KeyBank Credit Facility[232] - Total stockholders' equity decreased by $3.8 million from $139.1 million as of December 31, 2024, to $135.3 million as of June 30, 2025, primarily due to $5.3 million in declared dividends[192] Dividends and Stock - The company declared a quarterly dividend of $0.125 per share for Class A and Class C common stock, payable on April 4, 2025[256] - The company issued 1,201,235 shares of 6.0% Series A Redeemable Preferred Stock at $25.00 per share, generating net proceeds of approximately $26.0 million during the first half of 2025[190] - The company has a stock repurchase plan authorized for up to $5 million, with no repurchases made as of June 30, 2025[234] Risks and Market Conditions - The company is subject to risks from inflation and rising interest rates, which could impact residents' ability to pay rents and overall financial performance[178] - The company operates in markets with a focus on the knowledge-economy and high-quality of life growth markets in the Sunbelt and Western United States[171] - The company has interest rate caps and swaps covering $101.0 million of its debt to manage interest rate risk[266] Future Outlook - The company anticipates future investments in residential properties and build-to-rent communities to improve results related to its existing portfolio[229] - The company expects to maintain monthly distributions on its Series A Preferred Stock, funded through cash flow from operations and other sources[241] - The company made a commitment to fund estimated project costs of $56.9 million for the development of Abode Wendell Falls, with remaining estimated costs of $45.3 million[231]

Company Overview - Bluerock Homes Trust, Inc. (BHM) is a REIT focused on owning and operating institutional-quality residential real estate, including single-family homes and build-to-rent communities [2] - The company targets high-growth markets in the Sunbelt and Western United States, with a strategy centered on acquisitions, development, and value-add renovations [2] Market Positioning - Operations are concentrated in regions benefiting from demographic growth and housing shortages, supporting sustained rental demand [3] - The company maintains a conservative leverage profile, with net debt at 22% of total assets, and accesses capital through preferred equity issuance [3] Growth Drivers - Key growth factors include selling lower-yield single-family rental units at 4% cap rates and reinvesting in higher-return properties with yields of 6% or more [4] - The preferred equity and mezzanine loan portfolio generates annualized returns above 13%, providing steady income and balance sheet flexibility [4] - Recent acquisition of a 350-unit property in Charlotte at a 19% discount, with management targeting a 25% return through renovations [4] Financial Performance - Bluerock Homes reported a widening net loss of $7.3 million in Q1 2025, nearly double the loss from the previous year, despite significant revenue growth [5] - Cost pressures from depreciation and management fees have outpaced income gains, raising concerns about the external management structure [5] Stock Performance - The stock has underperformed compared to industry peers and the broader market over the past year, with valuation metrics indicating skepticism about the company's ability to generate sustainable profits [6] Market Capitalization - Bluerock Homes has a modest market capitalization of $58.5 million, indicating its position in a promising but risky market segment [7]

Group 1 - Bluerock Homes Trust, Inc. (NYSE: BHM) has experienced a significant decline in its stock price, falling approximately 22% year-to-date [1] - The real estate sector is facing challenges due to market uncertainty projected for 2025, impacting overall performance [1] Group 2 - Manika, a macroeconomist with over 20 years of experience, is involved in investment management and focuses on opportunities in the green economy through her investing group, Green Growth Giants [1]

Real Estate Investments - As of March 31, 2025, the company held 23 real estate investments, comprising 5,048 residential units, with consolidated operating investments approximately 91.9% occupied[148] - As of March 31, 2025, 138 units were classified as held for sale, with an impairment of $0.1 million recorded related to these units[161] - The company raised net offering proceeds of $29.2 million from its DST Program as of March 31, 2025, with total net real estate investments associated with the program at $102.8 million[188] - As of March 31, 2025, the company held 23 real estate investments, comprising 14 consolidated investments and 9 preferred equity and loan investments, totaling 5,048 residential units[206] Financial Performance - Rental and other property revenues increased by $5.1 million, or 48%, to $15.9 million for the three months ended March 31, 2025, compared to $10.8 million for the same period in 2024[172] - Average rent per occupied unit increased by $95, or 5.9%, to $1,695 compared to $1,600 during the prior year period[172] - Average occupancy decreased by 70 basis points from 92.5% to 91.8% year over year[172] - Net operating income increased by $2.5 million, or 43.5%, to $8.3 million for the three months ended March 31, 2025, compared to $5.8 million for the same prior year period[167] - Net operating income (NOI) for the three months ended March 31, 2025, was $8.258 million, up from $5.753 million in the same prior year period[184] - Funds from Operations (FFO) attributable to common stockholders and unit holders for the three months ended March 31, 2025, was $(2.11) million, compared to $0.29 million in 2024[215] - Core Funds from Operations (CFFO) attributable to common stockholders and unit holders for the same period was $1.29 million, down from $3.20 million in 2024[215] Expenses and Costs - Property operating expenses increased by $2.7 million, or 53%, to $7.7 million for the three months ended March 31, 2025, compared to $5.0 million for the same prior year period[174] - Management fees to related party amounted to $2.5 million for the three months ended March 31, 2025, compared to $2.1 million for the same prior year period[177] - General and administrative expenses amounted to $3.1 million for the three months ended March 31, 2025, compared to $2.9 million for the same prior year period[176] - Depreciation and amortization expenses increased to $7.5 million for the three months ended March 31, 2025, from $4.0 million in the same prior year period, primarily due to acquisitions[179] - Other income and expense resulted in a loss of $1.3 million for the three months ended March 31, 2025, compared to income of $0.7 million in the same prior year period, largely due to a $2.7 million increase in interest expense[180] Capital and Financing - The company issued 651,768 shares of 6.0% Series A Redeemable Preferred Stock at $25.00 per share, resulting in net proceeds of approximately $14.1 million[162] - The total net proceeds from the Series A Preferred Stock issuance reached approximately $115.2 million as of March 31, 2025[162] - The company committed to fund total estimated project costs of $56.9 million for the development of Abode Wendell Falls, with remaining estimated costs of $47.5 million[192] - The board authorized a new stock repurchase plan for up to $5 million of Class A common stock, effective February 28, 2025[196] - The company expects to maintain distributions on its Series A Preferred Stock in accordance with terms requiring monthly dividends[202] Debt and Interest Rate Management - Contractual obligations as of March 31, 2025, included $258.9 million in mortgages payable and $85 million in the Amended DB Credit Facility[191] - The total principal payments on mortgage notes payable amount to $258.9 million, with a weighted average interest rate of 5.20%[225] - The company has interest rate caps and swaps covering $150.3 million of its debt to manage interest rate risk[227] - A 100-basis point change in interest rates would have a negligible impact on the company's variable rate debt for the quarter ended March 31, 2025[228] - The amended DB Credit Facility has a principal amount of $85 million with a weighted average interest rate of 7.12%[225] - The company is exposed to interest rate risk primarily through borrowing activities, with inherent roll-over risk as borrowings mature[223] - Interest rate risk is monitored using various techniques, including evaluating expected cash flows and sensitivity to interest rate changes[224] Economic Environment - The company operates in a challenging economic environment, facing risks from inflation, rising interest rates, and potential impacts on tenant rent payments[154] Liquidity - As of March 31, 2025, liquidity included $134.7 million in cash and a capacity of $50 million available on the KeyBank Credit Facility[193] - For the three months ended March 31, 2025, net cash provided by operating activities was $1.0 million, following a net loss of $7.3 million[206] - The company reported net cash provided by investing activities of $19.0 million during the same period, primarily due to various investment activities[206] Off-Balance Sheet Arrangements - The company has off-balance sheet arrangements that may materially affect its financial condition, including preferred equity interests in eight joint ventures[205] Tax Compliance - The company must distribute at least 90% of its REIT taxable income annually to maintain its REIT status for federal income tax purposes[220]

PART I [Business Overview](index=6&type=section&id=Item%201.%20Business) Bluerock Homes Trust, Inc. operates as a REIT, acquiring and managing residential properties in the Sunbelt and Western U.S - The company operates as a **REIT**, incorporated on December 16, 2021, and is externally managed by Bluerock Homes Manager, LLC, relying on its manager for day-to-day operations[22](index=22&type=chunk)[23](index=23&type=chunk)[25](index=25&type=chunk) Portfolio Summary as of December 31, 2024 | Category | Number of Investments | Total Units | Consolidated Units | Preferred Equity/Loan Units | | :--- | :--- | :--- | :--- | :--- | | **Total** | 23 | 5,087 | 3,453 | 1,634 | - The company's business is organized into two reportable segments: **scattered single-family homes** and **residential communities**[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) - Key growth strategies include **value-add renovations**, **invest-to-own development projects**, and **institutional property management** in demographically attractive growth markets[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) Summary of Real Estate Investments and Dispositions (2023-2024) | Year | Transaction Type | Number of Properties/Portfolios | Total Units | | :--- | :--- | :--- | :--- | | **2023** | Investments | 5 | 524 | | | Dispositions | 6 | 546 | | **2024** | Investments | 7 | 1,620 | | | Dispositions | 7 | 802 | [Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks from economic conditions, external management, debt financing, and maintaining REIT status - Business and property risks include sensitivity to economic conditions, inflation, interest rate fluctuations, tenant inability to pay rent, and competition, with portfolio concentration in the Sunbelt and Western U.S. increasing susceptibility to local downturns[55](index=55&type=chunk)[57](index=57&type=chunk)[61](index=61&type=chunk) - The company is dependent on its external manager, Bluerock Homes Manager, LLC, and its key personnel, with a management agreement not negotiated at arm's-length and a potentially costly termination fee equal to **3 times** the sum of the Base Management Fee and Incentive Fee from the preceding 12 months[181](index=181&type=chunk)[187](index=187&type=chunk)[190](index=190&type=chunk) - Risks related to the Series A Preferred Stock include its subordination to all existing and future debt, the lack of a public trading market, and the company's option to redeem shares for cash or Class A common stock at its discretion two years after issuance[204](index=204&type=chunk)[211](index=211&type=chunk)[222](index=222&type=chunk) - Failure to maintain REIT qualification would result in significant adverse tax consequences, including being subject to corporate-level income tax and being unable to re-elect REIT status for four years[245](index=245&type=chunk)[247](index=247&type=chunk) - Ownership of common stock is subject to restrictions, including a **9.8%** ownership limit in the company's charter to preserve REIT status, while Maryland corporate law and charter provisions may also discourage takeovers[272](index=272&type=chunk)[273](index=273&type=chunk)[274](index=274&type=chunk) [Unresolved Staff Comments](index=57&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[288](index=288&type=chunk) [Cybersecurity](index=57&type=section&id=Item%201C.%20Cybersecurity) The company maintains an information security program, overseen by the Board, with no material cybersecurity threats identified - The company has an established information security program to identify, protect, detect, and respond to cybersecurity risks, utilizing security tools and third-party providers[290](index=290&type=chunk) - Governance is managed by the Board's Audit Committee, a Leadership Committee (COO, CFO, General Counsel, SVP of FP&A), and the IT department, with regular updates provided to senior management[296](index=296&type=chunk)[298](index=298&type=chunk) - As of the report date, no identified cybersecurity threats have materially affected or are reasonably likely to materially affect the company's business, operations, or financial condition[295](index=295&type=chunk) [Investments Portfolio](index=59&type=section&id=Item%202.%20Investments) As of December 31, 2024, the portfolio included 23 real estate investments totaling 5,087 units, with 91.6% consolidated occupancy Consolidated Investments Summary (as of Dec 31, 2024) | Segment | Number of Units | Average Rent | Occupancy (All Units) | Occupancy (Excl. Held for Sale/Reno) | | :--- | :--- | :--- | :--- | :--- | | **Scattered Single-Family Homes** | 1,801 | $1,579 | 89.7% | 93.8% | | **Residential Communities** | 1,482 | $1,840 | 93.9% | 94.1% | | **Total Operating** | **3,283** | **$1,689** | **91.6%** | **94.0%** | | **Development** | 170 | N/A | N/A | N/A | | **Total Consolidated** | **3,453** | | | | Preferred Equity and Loan Investments Summary (as of Dec 31, 2024) | Stage | Number of Units | Estimated Avg. Rent (Stabilized) | | :--- | :--- | :--- | | **Lease-up** | 1,158 | Varies by property | | **Development** | 476 | Varies by property | | **Total** | **1,634** | **$2,072** | [Legal Proceedings](index=61&type=section&id=Item%203.%20Legal%20Proceedings) The company is not a party to any material pending legal proceedings - The company is not party to, and none of its properties are subject to, any material pending legal proceeding[308](index=308&type=chunk) [Mining Safety Disclosures](index=61&type=section&id=Item%204.%20Mining%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[309](index=309&type=chunk) PART II [Market for Common Equity and Stockholder Matters](index=62&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Class A common stock trades on NYSE American, with 3.95 million shares outstanding and declared quarterly dividends for 2025 - Class A common stock trades on the NYSE American under the symbol 'BHM', with **3,953,219 shares outstanding** as of March 6, 2025[311](index=311&type=chunk)[314](index=314&type=chunk) - A special dividend of **$1.00 per share** on Class A and Class C common stock was declared on December 19, 2023, and paid on January 5, 2024[316](index=316&type=chunk) - On March 11, 2025, the company declared quarterly cash dividends of **$0.125 per share ($0.50 annually)** for Class A and Class C common stock for fiscal year 2025[318](index=318&type=chunk) - For the year ended December 31, 2024, **100%** of distributions to common stockholders were classified as a return of capital for tax purposes[319](index=319&type=chunk) [Management's Discussion and Analysis](index=63&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal year 2024 saw revenue and NOI growth, improved net loss, significant acquisitions, and new capital initiatives Consolidated Operational Results by Segment (2024 vs. 2023) | Metric (in thousands) | 2024 | 2023 | Variance | | :--- | :--- | :--- | :--- | | **Rental and other property revenues** | $48,584 | $40,999 | 18.5% | | **Property operating expenses** | $24,144 | $19,164 | 26.0% | | **Net operating income** | $24,440 | $21,835 | 11.9% | FFO and CFFO Reconciliation (2024 vs. 2023) | Metric (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net loss attributable to common stockholders and unit holders | $(13,466) | $(13,499) | | **FFO attributable to common stockholders and unit holders** | **$(2,982)** | **$1,326** | | **CFFO attributable to common stockholders and unit holders** | **$9,680** | **$20,945** | | FFO per share – diluted | $(0.24) | $0.12 | | CFFO per share – diluted | $0.79 | $1.82 | - Significant 2024 activity includes the acquisition of four residential communities (Amira at Westly, Villas at Huffmeister, Avenue at Timberlin Park, Allure at Southpark) and the sale of Navigator Villas, which generated a **$10.0 million gain**[328](index=328&type=chunk)[330](index=330&type=chunk)[334](index=334&type=chunk) - The company launched a Delaware statutory trust (DST) Program in October 2024 to raise capital, with one offering raising **$4.5 million** of a **$66.0 million** total by year-end[368](index=368&type=chunk) - Liquidity sources include **$115.2 million** in cash, **$13 million** available on revolving credit facilities, proceeds from the Series A Preferred Stock offering, and the new DST Program[370](index=370&type=chunk)[371](index=371&type=chunk) [Market Risk Disclosures](index=87&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risk is interest rate fluctuations on its **$381.6 million** debt, mitigated by interest rate caps - The company's main market risk is interest rate risk from its borrowing activities[437](index=437&type=chunk) Debt Maturity Schedule as of December 31, 2024 (Principal in thousands) | Year | Mortgages Payable | Revolving Credit Facilities | Total | | :--- | :--- | :--- | :--- | | **2025** | $1,871 | $121,000 | $122,871 | | **2026** | $36,652 | $0 | $36,652 | | **2027** | $24,107 | $0 | $24,107 | | **2028** | $5,702 | $0 | $5,702 | | **2029** | $80,450 | $0 | $80,450 | | **Thereafter** | $111,816 | $0 | $111,816 | | **Total** | **$260,598** | **$121,000** | **$381,598** | - The company utilizes interest rate caps and swaps to limit exposure on **$155.6 million** of its debt[442](index=442&type=chunk) - A **100-basis point** change in interest rates on variable-rate debt would result in an approximate **$0.6 million** annual change in interest expense[443](index=443&type=chunk) [Financial Statements and Data](index=88&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section incorporates the company's Consolidated Financial Statements by reference, starting on page F-1 - The required information is included in the Consolidated Financial Statements section of the report, starting on page F-1[444](index=444&type=chunk) [Accountant Changes and Disagreements](index=88&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[445](index=445&type=chunk) [Controls and Procedures](index=88&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2024 - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2024[448](index=448&type=chunk) - Based on the COSO framework (2013), management concluded that the company's internal control over financial reporting was effective as of December 31, 2024[450](index=450&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended December 31, 2024[451](index=451&type=chunk) [Other Information](index=89&type=section&id=Item%209B.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements in Q4 2024 - No directors or officers adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the fourth quarter of 2024[452](index=452&type=chunk) [Foreign Jurisdictions Disclosure](index=89&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[453](index=453&type=chunk) PART III [Directors, Officers, and Governance](index=90&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information for this item is incorporated by reference from the forthcoming 2025 Proxy Statement - Information regarding directors, executive officers, and corporate governance is incorporated by reference from the forthcoming 2025 Proxy Statement[455](index=455&type=chunk) [Executive Compensation](index=90&type=section&id=Item%2011.%20Executive%20Compensation) Information for this item is incorporated by reference from the forthcoming 2025 Proxy Statement - Information regarding executive compensation is incorporated by reference from the forthcoming 2025 Proxy Statement[456](index=456&type=chunk) [Security Ownership and Related Matters](index=90&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information for this item is incorporated by reference from the forthcoming 2025 Proxy Statement - Information regarding security ownership is incorporated by reference from the forthcoming 2025 Proxy Statement[457](index=457&type=chunk) [Related Transactions and Director Independence](index=90&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information for this item is incorporated by reference from the forthcoming 2025 Proxy Statement - Information regarding related party transactions and director independence is incorporated by reference from the forthcoming 2025 Proxy Statement[458](index=458&type=chunk) [Principal Accountant Fees and Services](index=90&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information for this item is incorporated by reference from the forthcoming 2025 Proxy Statement - Information regarding principal accountant fees and services is incorporated by reference from the forthcoming 2025 Proxy Statement[459](index=459&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=90&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules, and exhibits filed with the Form 10-K - This item lists all documents filed with the report, including financial statements and exhibits as detailed in the Exhibit Index[460](index=460&type=chunk) [Form 10-K Summary](index=90&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company did not provide a Form 10-K summary - None[461](index=461&type=chunk) Financial Statements and Notes [Consolidated Financial Statements](index=93&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements detail the company's financial position, operations, and cash flows for 2024 and 2023 Key Balance Sheet Data (in thousands) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Net Real Estate Investments | $683,628 | $464,900 | | Cash and cash equivalents | $115,209 | $80,163 | | **Total Assets** | **$966,993** | **$671,620** | | Mortgages payable | $252,782 | $96,670 | | Revolving credit facilities | $121,000 | $70,000 | | **Total Liabilities** | **$398,102** | **$192,748** | | **Total Equity** | **$466,737** | **$470,599** | Key Income Statement Data (in thousands) | Account | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | Total revenues | $50,214 | $41,093 | | Total expenses | $68,927 | $57,487 | | Net loss | $(12,091) | $(15,767) | | **Net loss attributable to common stockholders** | **$(4,234)** | **$(4,503)** | | Net loss per common share - Diluted | $(1.10) | $(1.30) | Key Cash Flow Data (in thousands) | Activity | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $9,058 | $13,880 | | Net cash used in investing activities | $(224,917) | $(25,722) | | Net cash provided by financing activities | $260,716 | $15,664 | [Notes to Consolidated Financial Statements](index=98&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, real estate activities, debt, related party transactions, equity, and subsequent events - During 2024, the company acquired four properties (Villas at Huffmeister, Avenue at Timberlin Park, Amira at Westly, Allure at Southpark) for a total purchase price allocation of **$274.6 million**[540](index=540&type=chunk)[541](index=541&type=chunk)[542](index=542&type=chunk)[544](index=544&type=chunk)[547](index=547&type=chunk) - The company sold Navigator Villas in August 2024 for **$36.4 million**, generating a **$10.0 million gain**, and as of year-end, 167 units were classified as held for sale, resulting in a **$3.3 million impairment charge**[551](index=551&type=chunk)[555](index=555&type=chunk) - The company has two primary revolving credit facilities: a **$150 million** facility with Deutsche Bank (Amended DB Credit Facility) and a **$50 million** facility with KeyBank, with **$85 million** and **$36 million** drawn respectively as of December 31, 2024[585](index=585&type=chunk)[587](index=587&type=chunk) - Related party transactions include a base management fee of **$9.1 million** paid to the Manager in 2024 and selling commissions and dealer manager fees of **$10.4 million** related to the Series A Preferred Stock offering[616](index=616&type=chunk)[626](index=626&type=chunk) - Subsequent to year-end, the company authorized a new **$5 million** stock repurchase plan and declared a quarterly cash dividend of **$0.125 per share** for its common stock for fiscal year 2025[680](index=680&type=chunk)[681](index=681&type=chunk)

Company Overview - Bluerock Homes Trust, Inc. (NYSE American: BHM) is an externally managed REIT based in New York, focusing on institutional residential properties including single-family homes and build-to-rent communities [2] - The company's primary objective is to generate attractive risk-adjusted investment returns through the acquisition and development of residential units, as well as through value-add renovations [2] - BHM targets high disposable income renters in growth markets with strong long-term demand fundamentals for residential rentals, particularly in the Sunbelt and high-growth areas of the Western United States [2] Recent Developments - The Board of Directors of Bluerock Homes Trust has scheduled the 2025 annual meeting of stockholders for June 11, 2025, with a record date of April 11, 2025, for determining stockholders entitled to vote [1]

Core Viewpoint - Bluerock Homes Trust, Inc. has declared quarterly cash dividends for its Class A and Class C Common Stock for fiscal year 2025, reflecting a commitment to shareholder returns aligned with operational performance and cash flow stability [1][3]. Dividend Declaration - The annualized Common Stock dividend is set at $0.50 per share, translating to $0.125 per share quarterly [2]. - Dividends will be payable on April 4, July 3, October 3, 2025, and January 5, 2026, to shareholders of record on March 25, June 25, September 25, and December 24, 2025, respectively [2]. Company Overview - Bluerock Homes Trust, Inc. is an externally managed REIT focused on high-quality single-family properties in attractive markets, particularly in the Sunbelt and high-growth areas of the Western United States [4]. - The company's objective is to generate attractive risk-adjusted investment returns by assembling a portfolio of single-family rental homes and developing build-to-rent communities [4]. - The target market includes middle-market renters seeking the single-family lifestyle without the burdens of home ownership [4]. About Bluerock - Bluerock is a leading institutional alternative asset manager with over 100 years of collective investing experience and more than $120 billion in capital markets experience [5]. - The firm manages over $19 billion in acquired and managed assets, offering a range of public and private investment programs aimed at providing predictable income, capital growth, and tax benefits [5].

Core Viewpoint - Bluerock Homes Trust, Inc. has introduced a new Series A Preferred Stock Redemption Safeguard Policy to protect shareholders from potential losses when redeeming their preferred stock [1][2][4]. Company Overview - Bluerock Homes Trust, Inc. is an externally managed REIT focused on owning and operating high-quality single-family properties in attractive markets, particularly in the Sunbelt and high-growth areas of the Western United States [5]. - The company's primary objective is to generate attractive risk-adjusted investment returns by assembling a portfolio of single-family rental homes and developing build-to-rent communities [5]. Series A Preferred Stock Details - As of January 31, 2025, the company has raised over $120 million in Series A Preferred Stock at a price of $25 per share, with a minimum annual dividend yield of 6.5% [3]. - The Series A Preferred Stock dividends for 2024 benefited from favorable tax treatment, resulting in a tax-equivalent yield of approximately 7.93% [3]. - The Series A Preferred Stock is backed by approximately $840 million in gross assets, with ownership and investments in 45,000 single-family and built-to-rent homes, achieving a 94.3% occupancy rate and a low net debt of 9% as of September 30, 2024 [3][10]. New Redemption Safeguard Policy - The new policy allows shareholders who redeem their Series A Preferred Stock and subsequently sell the received Class A Common Stock at a loss within 10 business days to apply to the company for compensation, excluding transaction costs or redemption fees [2]. - This policy applies retroactively and going forward to all holders of the Series A Preferred Stock [2]. Management Commentary - The CEO of Bluerock Homes Trust expressed satisfaction in providing an innovative safeguard against downside risk for preferred shareholders during the redemption process [4].