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CLOSED · 03:25 ET
Market ClerkRecap
Sat Oct 24 · markets closed6 signals on Oct 2394 insider buys this week · $48.3MCIRO short report next: Oct 30The week ahead

BHM

Bluerock Homes Trust, Inc.
NYSE · REAL ESTATE · REAL ESTATE INVESTMENT TRUSTS
8.05
+0.05 +0.56%
USD · close Oct 23
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Work order
87
PASS · shorts 87
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP —P/E —DIV YIELD —FCF YIELD —REV TTM $74.5MNET INCOME −$38.7MNET DEBT $249.8M52W 7.86 – 12.20SEC XBRL · TTM TO Invalid Date

How BHM rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
27%
of sentences unchanged
Added
575
new sentences
Dropped
515
sentences removed
Length
+6,262
words, now 55,465

New in FY2025

  • Our IT department maintains internal and external resources and is led by our Vice President of IT and assisted by our Risk Assessment/IT Compliance & Enterprise Manager .
  • These two individuals have a combined 45+ years of industry experience, including serving in similar roles leading and overseeing cybersecurity programs at other public companies.
  • Investments As of December 31, 2025, we held nineteen consolidated investments and five preferred equity investments.
  • The following tables provide summary information regarding our consolidated investments and preferred equity investments.
  • Consolidated Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Occupancy – ​ ​ ​ ​ ​ Number of ​ Average Year ​ Ownership ​ Average ​ Occupancy – ​ Excluding Held for ​ Operating Investment Name ​ ​ ​ Market / Location ​ ​ ​ Units (1) ​ ​ ​ Built ​ ​ ​ Interest ​ ​ ​ Rent (2) ​ ​ ​ All Units (3) ​ ​ ​ ​ Sale/Reno Units (4) ​ ​ ​ ​ Residential Communities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allure at Southpark ​ Charlotte, NC ​ ​ 2014 ​ % $ 1,681 ​ 95.7 % 96.0 % Amira at Westly ​ Tampa, FL ​ ​ 1999/2023 ​ (5) ​ ​ ​ 1,847 ​ 93.1 % 93.4 % Avenue at Timberlin Park ​ Jacksonville, FL ​ ​ 2001 ​ % ​ 1,591 ​ 94.5 % 95.0 % District at Parkview (6) ​ Stone Mountain, GA ​ ​ 2023 ​ % ​ 1,907 ​ 88.3 % 88.6 % Skytop Apartments (6) ​ Cincinnati, OH ​ ​ 2024 ​ % ​ 1,721 ​ 94.5 % 95.0 % Southern Pines Reserve (6) ​ Aberdeen, NC ​ ​ 2000/2003 ​ % ​ 1,486 ​ 93.4 % 93.7 % Villas at Huffmeister ​ Houston, TX ​ ​ 2007 ​ % ​ 1,601 ​ 96.3 % 96.6 % Wayford at Concord ​ Concord, NC ​ ​ 2019 ​ % ​ 2,157 ​ 98.0 % 98.7 % Yauger Park Villas ​ Olympia, WA ​ ​ 2010 ​ % ​ 2,476 ​ 97.5 % 97.5 % Total Residential Communities Units / Average ​ ​ ​ 2,379 ​ ​ ​ ​ ​ $ 1,746 ​ 93.7 % 94.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Scattered Single-Family Homes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ballast AZ / CO / WA 1998 % $ 2,130 77.4 % 77.4 % Golden Pacific IN / KS / MO 1977 % 1,802 73.9 % 79.9 % ILE ​ TX / SE US ​ ​ 1991 ​ % ​ 1,862 ​ 92.9 % 93.9 % Indy-Springfield IN / MO 1999 % 1,426 91.8 % 95.5 % Peak JV 2 Various / TX 1982 % 1,382 88.3 % 90.0 % Peak JV 3 Dallas-Fort Worth, TX 1960 % 1,082 14.3 % — ​ Savannah-84 Savannah, GA 2022 % 1,875 97.6 % 97.6 % Total Scattered Single-Family Homes / Average ​ 1,674 ​ ​ ​ $ 1,625 86.9 % 90.8 % Total Operating Units / Average ​ ​ ​ 4,053 ​ ​ ​ ​ ​ $ 1,695 ​ 90.9 % 93.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development / Lease-up Investment Name ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Communities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Abode Wendell Falls (7) ​ Wendell, NC ​ ​ — ​ % ​ — ​ — ​ — ​ Harmony at Clear Creek (7) ​ Shawnee, KS ​ ​ — ​ % ​ — ​ — ​ — ​ Parkside at Summers Corner (8) ​ Summerville, SC ​ ​ 2025 ​ % ​ — ​ — ​ — ​ Total Development Units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Units ​ ​ ​ 4,423 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Total operating units includes an aggregate of 107 units classified as held for sale, with such units included in the following portfolios: 12 units of Golden Pacific, 27 units of ILE, 18 units of Indy-Springfield, 8 units of Peak JV 2, and all 42 units of Peak JV 3.
  • (2) Represents the average of the ending average effective rent per occupied unit as of the last day of each month in the three months ended December 31, 2025.
  • (3) Percent occupied is calculated as (i) the number of units occupied as of December 31, 2025 divided by (ii) total number of units, expressed as a percentage.
  • (4) Percent occupied is calculated as (i) the number of units occupied as of December 31, 2025 divided by (ii) total number of units, expressed as a percentage, and excludes 107 units classified as held for sale and an aggregate of 11 down/renovation units.
  • (5) Amira at Westly is held through our DST Program (refer to Note 9 of our consolidated financial statements for further information).
  • The Amira at Westly DST has been fully subscribed with equity from individual investors.
  • (6) District at Parkview, Skytop Apartments and Southern Pines Reserve are held through our DST Program.
  • (7) Represents a development project with no units delivered as of December 31, 2025.
  • Abode Wendell Falls commenced construction in 2024 and Harmony at Clear Creek is anticipated to commence construction in 2026.
  • (8) Parkside at Summers Corner represents a development project with units to be acquired in tranches as construction is completed.
  • Of the total 100 units that we have committed to acquire, 12 units had been acquired as of December 31, 2025.
  • Preferred Equity Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Actual/ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual/ ​ Estimated ​ ​ ​ ​ Actual/ ​ Actual/ ​ Actual/ ​ ​ ​ ​ ​ ​ ​ ​ ​ Planned ​ Construction ​ ​ ​ ​ Estimated ​ Estimated ​ Estimated ​ ​ ​ Estimated ​ ​ ​ ​ Number ​ Cost ​ Cost to Date ​ Construction ​ Initial ​ Construction ​ ​ ​ Average Development Investment Name (1) ​ ​ ​ Location ​ ​ ​ of Units ​ ​ ​ (in millions) ​ ​ ​ ​(in millions) ​ ​ ​ Cost Per Unit ​ ​ ​ Occupancy ​ ​ ​ Completion ​ ​ ​ % Occupied ​ ​ ​ Rent (2) River Ford Brunswick, GA $ 51.6 ​ $ 18.0 ​ $ 303,529 1Q 2026 1Q 2027 ​ — ​ $ 2,004 Sanford Marketplace ​ Sanford, NC ​ ​ ​ 59.6 ​ ​ 12.7 ​ ​ 198,667 ​ 4Q 2026 ​ 2Q 2027 ​ — ​ ​ 1,587 Canvas at Wildwood ​ Wildwood, FL ​ ​ ​ 60.3 ​ ​ 17.0 ​ ​ 269,196 ​ 4Q 2026 ​ 4Q 2027 ​ — ​ ​ 1,937 Archer at RiverBlue (3) ​ Asheville, NC ​ ​ ​ 71.8 ​ ​ 10.8 ​ ​ 293,061 ​ 1Q 2028 ​ 2Q 2028 ​ — ​ ​ 2,113 Total Development Units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Investment Name (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wayford at Innovation Park Charlotte, NC ​ ​ ​ ​ ​ ​ ​ ​ ​ 91.4 % 2,313 Total Operating Units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Units/Average ​ ​ ​ 1,149 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,934 (1) None of the development investments had commenced lease-up as of December 31, 2025.
  • (2) For development investments, represents the average pro forma effective monthly rent per occupied unit for all expected occupied units during the first full quarter of stabilization.
  • For the operating investment, represents the average effective monthly rent per occupied unit.
  • (3) In December 2025, we entered into a joint venture agreement and made a commitment to invest capital for preferred equity interests in Archer at RiverBlue.
  • No capital had been funded as of December 31, 2025.
  • (4) Operating investment represents a stabilized operating property. ​ Item 3.
  • On February 20, 2026, the closing price of our Class A common stock, as reported on the NYSE American, was $11.45. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period Ending Index ​ ​ ​ 10/06/22 ​ ​ ​ 12/31/22 ​ ​ ​ 12/31/23 ​ ​ ​ 12/31/24 ​ ​ ​ 12/31/25 Bluerock Homes Trust, Inc. 100.00 92.57 ​ 65.11 ​ 61.76 ​ 51.91 Russell 3000 Index 100.00 102.36 ​ 128.92 ​ 159.62 ​ 186.98 Russell 2000 Index 100.00 100.89 ​ 117.97 ​ 131.58 ​ 148.43 Dow Jones Equity All REIT Index 100.00 105.65 ​ 117.58 ​ 123.29 ​ 126.25 MSCI U.S.
  • REIT Index 100.00 106.01 ​ 120.58 ​ 131.13 ​ 135.00 ​ Stockholder Information As of February 20, 2026, we had approximately 4,047,114 shares of Class A common stock outstanding held by a total of 442 stockholders, one of which is the holder for all beneficial owners who hold in street name.
  • Distributions paid on our Class A common shares, Class C common shares, OP Units and LTIP Units that are entitled to receive distribution equivalents when dividends are paid on the common stock, by quarter for the years ended December 31, 2025 and 2024, were as follows (amounts in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions ​ ​ Declared Per Share ​ ​ ​ Total Paid 2024 ​ ​ ​ ​ ​ ​ First Quarter ​ $ — ​ $ 12,388 ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ ​ First Quarter ​ $ 0.500 ​ $ — Second Quarter ​ — ​ 1,629 Third Quarter ​ — ​ 1,654 Fourth Quarter ​ — ​ 1,651 Total ​ $ 0.500 ​ $ 4,934 ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ ​ First Quarter ​ $ — ​ $ 1,655 ​ On January 15, 2026, our Board authorized, and we declared, (i) regular monthly dividends for the first quarter 2026 equal to a monthly rate of $0.125 per share on our Series A Preferred Stock (the “Series A Preferred Dividends”), payable monthly to the stockholders of record as of January 23, February 25 and March 25 of 2026, and (ii) enhanced special dividends on shares of our Series A Preferred Stock for the first quarter 2026, which will be seamlessly aggregated with the regular monthly Series A Preferred Dividends so as to effect a dividend rate of the average one-month Term SOFR rate plus two percent, subject to a 6.5% minimum and an 8.5% maximum annual rate, calculated and paid monthly.
  • The Series A Preferred Dividends and enhanced special dividends for the month of January were paid in cash on February 5, 2026, with the February and March dividends to be paid in cash on March 5, 2026 and April 2, 2026, respectively.
  • On January 15, 2026, our Board authorized, and we declared, regular monthly dividends for the first quarter 2026 equal to a monthly rate of $0.15625 per share on our Series B Preferred Stock (the “Series B Preferred Dividends”), payable monthly to the stockholders of record as of January 23, February 25 and March 25 of 2026.
  • The Series B Preferred Dividends for the months of February and March will be paid in cash on March 5, 2026 and April 2, 2026, respectively.
  • There were no holders of our Series B Preferred Stock as of the January record date.
  • Distributions paid for the years ended December 31, 2025 and 2024 were funded from cash provided by operating activities except with respect to $6.9 million for the year ended December 31, 2024, which was funded from sales of real estate, borrowings, and/or proceeds from our equity offerings.
  • Although we may use alternative sources of cash to fund distributions in a given period, we expect that distribution requirements for an entire year will be met with cash flows from operating activities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Cash provided by operations ​ $ 27,763 ​ $ 9,058 ​ ​ ​ ​ ​ ​ ​ Cash distributions to preferred stockholders ​ (8,971) ​ (3,457) Cash distributions to common stockholders ​ (1,511) ​ (3,879) Cash distributions to noncontrolling interests ​ (5,710) ​ (8,654) Total distributions ​ $ (16,192) ​ $ (15,990) Excess (shortfall) ​ $ 11,571 ​ $ (6,932) ​ ​ ​ ​ ​ ​ ​ Proceeds from redemption of preferred equity investments ​ $ 64,564 ​ $ 16,238 Net proceeds from sale of real estate assets ​ $ 16,690 ​ $ 26,196 ​ Return of Capital Cash dividends distributed for the years ended December 31, 2025 and 2024 related to preferred stock and common stock were classified for federal income tax purposes as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Preferred Stock Dividends (rounded) ​ ​ ​ Ordinary 53.26 % 8.04 % Capital Gains 18.09 % 61.54 % Non-dividend / Return of capital 28.65 % 30.42 % Total 100.00 % 100.00 % ​ ​ ​ ​ ​ ​ Capital Gain Detail: ​ ​ ​ 20% gain 73.31 % 30.26 % Section 1250 gain 26.69 % 69.74 % Total 100.00 % 100.00 % ​ ​ ​ ​ ​ ​ Common Stock Dividends (rounded) ​ ​ ​ Non-dividend / Return of capital 100.00 % 100.00 % ​ Unregistered Sales of Equity Securities We previously disclosed our issuances during the years ended December 31, 2025 and 2024 of equity securities that were not registered under the Securities Act of 1933, as amended, on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on January 10, 2024, February 23, 2024, April 5, 2024, May 2, 2024, May 15, 2024, August 12, 2024, November 13, 2024, January 3, 2025, March 11, 2025, April 7, 2025, April 24, 2025, May 14, 2025, August 20, 2025 and November 12, 2025.
  • We own and operate a portfolio of institutional residential properties including apartments, build-to-rent communities, single-family homes, and other residential communities located in attractive markets with a focus on the knowledge-economy and high-quality of life growth markets of the Sunbelt and Western United States.
  • Our current investment strategy is focused on growing our portfolio of residential communities.
  • The current term of the Management Agreement expires October 6, 2026 and will be automatically renewed for a one-year term each year on October 6, unless previously terminated in accordance with the terms of the Management Agreement.
  • As of December 31, 2025, we held twenty-five real estate investments, consisting of nineteen consolidated investments, five preferred equity investments, and one unconsolidated real estate fund investment.
  • The twenty-four consolidated and preferred equity investments represent an aggregate of 5,572 residential units, comprised of 4,423 consolidated units, of which 370 units are under development or in lease–up, and 1,149 units through preferred equity investments, which includes planned units and those under development.
  • As of December 31, 2025, our consolidated operating investments were approximately 90.9% occupied; excluding units classified as held for sale and down/renovation units, our consolidated operating investments were approximately 93.0% occupied.
  • Significant Developments Investment Activity Summary Provided below is a summary of our investment activity during the year ended December 31, 2025.
  • Acquisition of Residential Communities through Delaware Statutory Trusts Southern Pines Reserve - 272-unit residential community located in Aberdeen, North Carolina acquired on April 28, 2025 known as Southern Pines Reserve, aka Hawthorne.
  • The purchase price of $56.6 million was funded with (i) a $30.7 million senior loan secured by Southern Pines Reserve, (ii) borrowings of $20.0 million through our existing credit facility with KeyBank National Association (the “KeyBank Credit Facility”), and (iii) cash of $8.9 million funded by us, inclusive of certain adjustments typical in such real estate transactions.
  • Skytop Apartments – 361 -unit residential community located in Cincinnati, Ohio acquired on September 29, 2025 known as Skytop Apartments.

and 535 more.

Gone since FY2024

  • Our IT department maintains internal and external resources and is led by our IT Manager and assisted by our Risk Assessment/IT Compliance & Enterprise Manager .
  • These two individuals have a combined 40+ years of industry experience, including serving in similar roles leading and overseeing cybersecurity programs at other public companies.
  • Investments As of December 31, 2024, we held twenty-three real estate investments, consisting of fourteen consolidated investments and nine held through preferred equity and loan investments.
  • The following tables provide summary information regarding our consolidated investments and preferred equity and loan investments.
  • Consolidated Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Occupancy – ​ ​ ​ ​ ​ Number of ​ Average Year ​ Ownership ​ Average ​ Occupancy – ​ Excluding Held for ​ Operating Investment Name Market / Location Units (1) Built Interest Rent (2) All Units (3) ​ Sale/Reno Units (4) ​ Scattered Single-Family Homes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ballast AZ / CO / WA 1998 % $ 2,077 97.6 % 97.6 % Golden Pacific IN / KS / MO 1977 % 1,788 97.6 % 97.6 % ILE ​ TX / SE US ​ ​ 1991 ​ % ​ 1,871 ​ 89.7 % 91.5 % Indy-Springfield IN / MO 1999 % 1,337 93.8 % 96.2 % Peak JV 2 Various / TX 1981 % 1,322 88.0 % 92.9 % Peak JV 3 Dallas-Fort Worth, TX 1959 % 1,286 60.0 % — ​ Savannah-84 Savannah, GA 2022 % 1,823 92.9 % 92.9 % Total Scattered Single-Family Homes / Average ​ 1,801 ​ ​ ​ $ 1,579 89.7 % 93.8 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Communities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allure at Southpark Charlotte, NC 2014 % $ 1,724 92.3 % 92.3 % Amira at Westly ​ Tampa, FL ​ ​ 1999/2023 ​ % ​ 1,945 ​ 92.6 % 92.9 % Avenue at Timberlin Park ​ Jacksonville, FL ​ ​ 2001 ​ % ​ 1,613 ​ 95.0 % 95.5 % Villas at Huffmeister ​ Houston, TX ​ ​ 2007 ​ % ​ 1,560 ​ 94.6 % 94.9 % Wayford at Concord ​ Concord, NC ​ ​ 2019 ​ % ​ 2,166 ​ 95.3 % 96.0 % Yauger Park Villas ​ Olympia, WA ​ ​ 2010 ​ % ​ 2,433 ​ 98.8 % 98.8 % Total Residential Communities Units / Average ​ ​ ​ 1,482 ​ ​ ​ ​ ​ $ 1,840 ​ 93.9 % 94.1 % Total Operating Units / Average ​ ​ ​ 3,283 ​ ​ ​ ​ ​ $ 1,689 ​ 91.6 % 94.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment Name ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Communities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Abode Wendell Fall (5) ​ Wendell, NC ​ ​ — ​ % ​ — ​ — ​ — ​ Total Development Units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Units ​ ​ ​ 3,453 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Total operating units includes an aggregate of 167 units classified as held for sale, with such units included in the following portfolios: 8 units of ILE, 37 units of Indy-Springfield, 32 units of Peak JV 2, and all 90 units of Peak JV 3.
  • (2) Represents the average of the ending average effective rent per occupied unit as of the last day of each month in the three months ended December 31, 2024.
  • (3) Percent occupied is calculated as (i) the number of units occupied as of December 31, 2024 divided by (ii) total number of units, expressed as a percentage.
  • (4) Percent occupied is calculated as (i) the number of units occupied as of December 31, 2024 divided by (ii) total number of units, expressed as a percentage, and excludes 167 units classified as held for sale and an aggregate of 7 down/renovation units.
  • (5) Abode Wendell Falls is a build-to-rent development project that commenced construction in 2024.
  • Preferred Equity and Loan Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Actual/ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual/ ​ Estimated ​ ​ ​ ​ Actual/ ​ Actual/ ​ Actual/ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Planned ​ Construction ​ ​ ​ ​ Estimated ​ Estimated ​ Estimated ​ ​ ​ Estimated ​ ​ ​ ​ Number ​ Cost ​ Cost to Date ​ Construction ​ Initial ​ Construction ​ ​ ​ Average Lease-up Investment Name Location / Market of Units (in millions) (in millions) Cost Per Unit Occupancy Completion % Occupied Rent (1) Willow Park ​ Willow Park, TX ​ ​ $ 17.1 ​ $ 17.1 ​ $ 294,828 ​ 2Q 2022 ​ 3Q 2023 ​ ​ 87.9 % $ 2,362 The Cottages at Myrtle Beach ​ Myrtle Beach, SC ​ ​ ​ 63.2 ​ ​ 63.2 ​ ​ 214,966 ​ 2Q 2023 ​ 4Q 2023 ​ ​ 72.1 % ​ 1,743 The Cottage of Port St.
  • Lucie, FL ​ 69.6 ​ 69.5 ​ 243,357 2Q 2023 ​ 2Q 2024 85.7 % 2,133 Chandler (2) ​ Chandler, AZ ​ 48.2 ​ 48.2 ​ 231,731 2Q 2024 ​ 3Q 2024 46.6 % 1,920 Wayford at Innovation Park (3) ​ Charlotte, NC ​ ​ ​ 62.0 ​ ​ 58.7 ​ ​ 295,238 ​ 3Q 2023 ​ 4Q 2024 ​ 64.3 % ​ 1,994 Wayford at Pringle Charlotte, NC ​ 37.2 ​ 37.2 ​ 364,706 1Q 2024 ​ 4Q 2024 85.3 % 2,453 Total Lease-up Units ​ 1,158 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment Name (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indigo Cove ​ Bluffton, SC ​ 30.2 ​ 8.3 ​ 368,293 4Q 2025 ​ 1Q 2026 — ​ 3,095 River Ford ​ Brunswick, GA ​ 51.6 ​ 10.6 ​ 303,529 4Q 2025 ​ 1Q 2027 — ​ ​ 2,004 Canvas at Wildwood ​ Wildwood, FL ​ ​ ​ 60.3 ​ ​ 9.3 ​ ​ 269,196 ​ 4Q 2026 ​ 4Q 2027 ​ — ​ ​ 1,937 Total Development Units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Units/Average ​ ​ 1,634 ​ ​ ​ ​ ​ ​ $ 2,072 (1) Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization.
  • (2) Chandler commenced lease-up in June 2024.
  • (3) Wayford at Innovation Park commenced lease-up in August 2023.
  • (4) None of the development investments had commenced lease-up as of December 31, 2024. ​ Item 3.
  • On March 6, 2025, the closing price of our Class A common stock, as reported on the NYSE American, was $11.90. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period Ending Index 10/06/22 12/31/22 12/31/23 12/31/24 Bluerock Homes Trust, Inc. 100.00 92.57 ​ 65.11 ​ 61.76 Russell 3000 Index 100.00 102.36 ​ 128.92 ​ 159.62 Russell 2000 Index 100.00 100.89 ​ 117.97 ​ 131.58 Dow Jones Equity All REIT Index 100.00 105.65 ​ 117.58 ​ 123.29 MSCI U.S.
  • REIT Index 100.00 106.01 ​ 120.58 ​ 131.13 ​ Stockholder Information As of March 6, 2025, we had approximately 3,953,219 shares of Class A common stock outstanding held by a total of 496 stockholders, one of which is the holder for all beneficial owners who hold in street name.
  • Except for the special dividend addressed below, no distributions were paid on our Class A common stock and Class C common stock for the years ended December 31, 2024 and 2023.
  • On December 19, 2023 our Board authorized, and we declared a special dividend of $1.00 per share on our Class A common stock, Class C common stock, OP Units and LTIP Units, which was payable to the stockholders of record as of December 29, 2023, and which was paid in cash on January 5, 2024.
  • On January 15, 2025, our Board authorized, and we declared, (i) regular monthly dividends for the first quarter 2025 equal to a monthly rate of $0.125 per share on our Series A Preferred Stock (the “Series A Preferred Dividends”), payable monthly to the stockholders of record as of January 24, February 25 and March 25 of 2025, and (ii) enhanced special dividends on shares of our Series A Preferred Stock for the first quarter 2025, which will be seamlessly aggregated with the regular monthly Series A Preferred Dividends so as to effect a dividend rate of the average one-month Term SOFR rate plus two percent, subject to a 6.5% minimum and an 8.5% maximum annual rate, calculated and paid monthly.
  • The Series A Preferred Dividends and enhanced special dividends for the months of January and February were paid in cash on February 5, 2025 and March 5, 2025, respectively, with the March dividends to be paid in cash on April 4, 2025.
  • On March 11, 2025, we declared, and our Board previously authorized, quarterly cash dividends of $0.125 per share, or $0.50 per share annually, for our Class A common stock and Class C common stock for each quarter of fiscal year 2025.
  • The common stock dividends will be payable quarterly to the stockholders of record as of (i) March 25, 2025, (ii) June 25, 2025, (iii) September 25, 2025, and (iv) December 24, 2025, which will be paid in cash on (i) April 4, 2025, (ii) July 3, 2025, (iii) October 3, 2025, and (iv) January 5, 2026, respectively.
  • Return of Capital For the year ended December 31, 2024, 100% of the distributions received by the common stockholders were classified as a return of capital.
  • The distributions received by the preferred stockholders were classified for income tax purposes as 8.0406% ordinary, 30.4154% as a return of capital, and 61.5440% as capital gains, with 30.2646% of the capital gains qualifying as long-term capital gains and 69.7354% qualifying as Section 1250 gains.
  • For the year ended December 31, 2023, 100% of the distributions received by both the common and preferred stockholders were classified as capital gains for income tax purposes and none were a return of capital, with 0.4022% and 0.5665% of the capital gains qualifying as Section 1250 gains for the common and preferred stockholders, respectively.
  • Unregistered Sales of Equity Securities We previously disclosed our issuances during the years ended December 31, 2024 and 2023 of equity securities that were not registered under the Securities Act of 1933, as amended, in our Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission (the “SEC”) on November 9, 2023, and on Form 8-K filed with the SEC on January 5, 2023, February 23, 2023, May 19, 2023, May 26, 2023, August 16, 2023, November 15, 2023, January 10, 2024, February 23, 2024, April 5, 2024, May 2, 2024, May 15, 2024, August 12, 2024 and November 13, 2024.
  • We own and operate a portfolio of institutional residential properties including single-family homes, build-to-rent communities, and other residential communities located in attractive markets with a focus on the knowledge-economy and high-quality of life growth markets of the Sunbelt and Western United States.
  • The current term of the Management Agreement expires October 6, 2025 and will be automatically renewed for a one-year term each year on October 6, unless previously terminated in accordance with the terms of the Management Agreement.
  • As of December 31, 2024, we held twenty-three real estate investments, consisting of fourteen consolidated investments and nine preferred equity and loan investments.
  • The twenty-three investments represent an aggregate of 5,087 residential units, comprised of 3,453 consolidated units, of which 170 units are under development, and 1,634 units through preferred equity and loan investments, which includes planned units and those under development.
  • As of December 31, 2024, our consolidated operating investments were approximately 91.6% occupied; excluding units classified as held for sale and down/renovation units, our consolidated operating investments were approximately 94.0% occupied.
  • Significant Developments Investment Activity Summary Provided below is a summary of our investment activity during the year ended December 31, 2024.
  • Acquisition of Amira at Westly On October 31, 2024, we, through BR Amira DST, a Delaware statutory trust and a wholly owned subsidiary of our Operating Partnership (the “Amira DST”), acquired a 408-unit residential community located in Tampa, Florida known as Amira at Westly.
  • The purchase price of $103.0 million was funded with (i) a $56.7 million senior loan secured by Amira at Westly, (ii) borrowings of $36.0 million on a revolving credit facility, and (iii) cash of $14.5 million that we funded, inclusive of certain adjustments typical in such real estate transactions.
  • Amira at Westly is the first property that we acquired through a Delaware statutory trust to be part of a private placement offering through which interests in the Amira DST will be issued to third party accredited investors therein (as further described below).
  • Following the acquisition of Amira at Westly, the organizational structure with respect to the ownership of Amira at Westly is such that Amira at Westly is owned by the Amira DST, and the Amira DST is wholly owned by BHM Amira Investment Co, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Operating Partnership (“BHM Amira Investment Co”).
  • BHM Amira Investment Co initially owns all Class 2 DST Interests in the Amira DST, which will be redeemed over time to permit the issuance of Class 1 DST Interests in the Amira DST to third party accredited investors therein as part of a private placement offering.
  • Amira at Westly is subject to a Master Lease Agreement with BHM Amira Leaseco, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Operating Partnership (“BHM Amira Leaseco”), pursuant to which we, through BHM Amira Leaseco, receive and are obligated to pay rent received from Amira at Westly to the Amira DST.
  • Acquisition of Residential Communities In addition to the acquisition of Amira at Westly presented above, we acquired three operating residential communities as follows: Villas at Huffmeister with 294 units located in Houston, Texas and acquired through a 95% owned joint venture entity, Avenue at Timberlin Park with 200 units located in Jacksonville, Florida and acquired with full ownership interests, and Allure at Southpark with 350 units located in Charlotte, North Carolina and acquired through a 98.05% owned joint venture entity.
  • The aggregate purchase price of these three communities was approximately $167.0 million.

and 475 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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