BHMMEDIUM SIGNALOPERATIONAL10-K

Bluerock Homes Trust expanded its real estate portfolio to 25 investments comprising 5,572 residential units while growing revenue meaningfully and increasing debt to fund growth.

The company added two new investments and expanded its unit count by nearly 500 units, demonstrating active portfolio growth in line with its stated focus on residential communities. However, occupancy rates declined slightly from 91.6% to 90.9%, suggesting potential near-term pressure from new acquisitions or market conditions that investors should monitor.

Comparing 2026-02-27 vs 2025-03-20View on EDGAR →
FINANCIAL ANALYSIS

Revenue grew meaningfully by 37% to $68.7M, reflecting the expanded portfolio and operational scale. Total debt increased by 15% to $428.4M, indicating the company is leveraging its balance sheet to fund acquisitions and development activities. The financial profile suggests an active growth phase with increased leverage supporting portfolio expansion.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+36.9%
$50.2M$68.7M

Strong top-line growth of 36.9% — accelerating demand or successful expansion into new markets.

Total Debt
Balance Sheet
+14.6%
$373.8M$428.4M

Debt rose 14.6% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-03-20
ADDED
Bluerock Homes Trust, Inc._December 31, 2025 http://fasb.org/us-gaap/2025#RelatedPartyMember http://fasb.org/us-gaap/2025#RelatedPartyMember 0001903382 --12-31 2025 FY false 0 0 8489 8489 http://fasb.org/us-gaap/2025#AccountsAndOtherReceivablesNetCurrent http://fasb.org/us-gaap/2025#AccountsAndOtherReceivablesNetCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrentAndNoncurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrentAndNoncurrent http://xbrl.sec.gov/country/2025#US 0 0 Bluerock Homes Trust, Inc.
Investments in Real Estate 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.
Our current portfolio consists of two primary segments: (i) residential communities, such as apartments, townhouses, and duplexes, and (ii) scattered single-family homes.
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REMOVED
Bluerock Homes Trust, Inc._December 31, 2024 http://fasb.org/us-gaap/2024#RelatedPartyMember http://fasb.org/us-gaap/2024#RelatedPartyMember 0001903382 --12-31 2024 FY false 0 0 8489 8489 http://fasb.org/us-gaap/2024#AccountsAndOtherReceivablesNetCurrent http://fasb.org/us-gaap/2024#AccountsAndOtherReceivablesNetCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrentAndNoncurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrentAndNoncurrent Bluerock Homes Trust, Inc.
Kamfar, Babb, MacDonald, Ruddy, Vohs, and DiFranco, as well as Mr.
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.
We utilize the following internal and external growth strategies to drive growth in FFO and NAV for our investors: Value-Add Renovation .
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