Financial Position - As of March 31, 2023, the fair value of the Company's mortgages payable is estimated at $94.1 million, compared to a carrying amount of $99.0 million [109]. - As of March 31, 2023, the total mortgage notes payable amounted to $97.854 billion, with a weighted average interest rate of 5.26% [81]. - The company has revolving credit facilities totaling $49 million, with a weighted average interest rate of 7.61% [81]. Interest Rate Management - The Company had interest rate caps and swaps that limit exposure to interest rate risk for $68.6 million of its debt [114]. - Interest rate caps and swaps are in place to manage interest rate risk, effectively limiting exposure for $68.6 million of debt [81]. - The Company has not designated any interest rate derivatives as hedges, but believes they are effective economic hedges against interest rate increases [113]. - A 100-basis point increase or decrease in interest rates would result in an approximate $62,000 change in interest expense for the quarter ended March 31, 2023 [82]. Management Fees and Expenses - For the three months ended March 31, 2023, the Company recorded a base management fee of $1.9 million and expense reimbursements of $0.4 million [118]. - Total amounts payable to the Manager as of March 31, 2023, were $2.361 million, an increase from $2.211 million as of December 31, 2022 [120]. - The Management Agreement with the Manager requires a base management fee of 1.50% of the Company's New Stockholders' Equity per year [116]. Shareholder Information - The Company distributed an aggregate of 3,843,502 shares of common stock to stockholders on October 6, 2022, as part of a spin-off transaction [124]. - The number of outstanding shares as of May 8, 2023, includes 3,835,013 shares of Class A Common Stock and 8,489 shares of Class C Common Stock [132]. Economic Risks - The Company is exposed to economic risks including interest rate, liquidity, and credit risk, managed through its core business activities and derivative financial instruments [110]. - The Company had no receivables due from any related parties as of March 31, 2023 [120]. Earnings Per Share - Basic net loss per common share is calculated based on net loss attributable to common stockholders divided by the weighted average number of common shares outstanding [125].
Bluerock Homes Trust(BHM) - 2023 Q1 - Quarterly Report