$BHM

Bluerock Homes Trust, Inc.

CIK:0001903382|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Rental and other property revenues	$ 19,327	$ 16,707	$ 39,028	$ 32,617
Interest income from loan investments	0	95		598
Total revenues	19,327	16,802	39,028	33,215
Expenses
Property operating	9,772	8,177	18,853	15,829
Property management and asset management fees	1,324	1,336	2,895	2,661
General and administrative	2,520	2,665	5,634	5,722
Management fees to related party	2,703	2,606	5,391	5,146
Acquisition and other transaction costs	563	135	606	211
Weather-related losses, net	160	45	410	45
Impairment of real estate investments	520	71	1,121	196
Depreciation and amortization	7,883	7,189	16,741	14,681
Total expenses	25,445	22,224	51,651	44,491
Other (expense) income
Other expense, net	(278)	(15)	(1,160)	(74)
Income from preferred equity investments	2,033	2,306	3,564	5,416
Share of net earnings of equity method investment	307		603
Recovery of credit losses, net		2		104
Gain on sale of real estate investments, net	318	929	902	1,757
Gain on sale of available-for-sale investments, net		1,450		1,450
Loss on extinguishment of debt costs	(1)	(5)	(37)	(9)
Interest expense, net	(6,484)	(5,627)	(12,969)	(11,838)
Interest income	1,264	1,182	2,540	2,286
Total other (expense) income	(2,841)	222	(6,557)	(908)
Loss before income taxes	(8,959)	(5,200)	(19,180)	(12,184)
Income tax expense		(626)	(76)	(972)
Net loss	(8,959)	(5,826)	(19,256)	(13,156)
Preferred stock dividends	(2,722)	(2,254)	(5,331)	(4,264)
Preferred stock accretion	(1,568)	(1,273)	(2,561)	(1,796)
Net loss attributable to noncontrolling interests
Operating partnership units	7,951	5,567	15,775	11,228
Partially-owned properties	1,816	1,302	4,458	2,975
Net loss attributable to noncontrolling interests	9,767	6,869	20,233	14,203
Net loss attributable to common stockholders	$ (3,482)	$ (2,484)	$ (6,915)	$ (5,013)
Net loss per common share - Basic	$ (0.9)	$ (0.66)	$ (1.8)	$ (1.33)
Net loss per common share - Diluted	$ (0.9)	$ (0.66)	$ (1.8)	$ (1.33)
Weighted average basic common shares outstanding	3,941,345	3,895,913	3,919,843	3,880,354
Weighted average diluted common shares outstanding	3,941,345	3,895,913	3,919,843	3,880,354
Other comprehensive income
Unrealized gain on available-for-sale investments, net	$ 39	$ 612	$ 128	$ 2,136
Less unrealized gain attributable to Operating partnership units	(27)	(424)	(89)	(1,477)
Other comprehensive income attributable to common stockholders	12	188	39	659
Comprehensive loss attributable to noncontrolling interests	9,740	6,445	20,144	12,726
Comprehensive loss attributable to common stockholders	$ (3,470)	$ (2,296)	$ (6,876)	$ (4,354)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities
Net loss	$ (8,959)	$ (5,826)	$ (19,256)	$ (13,156)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			18,124	15,924
Amortization of fair value adjustments			220	162
Income from preferred equity investments	(2,033)	(2,306)	(3,564)	(5,416)
Share of net earnings of equity method investment	(307)		(603)
Gain on sale of real estate investments, net	(318)	(929)	(902)	(1,757)
Impairment of real estate investments	520	71	1,121	196
Gain on sale of available-for-sale investments, net		(1,450)		(1,450)
Fair value adjustment of interest rate caps and swaps			200	1,234
Recovery of credit losses, net				(104)
Loss on extinguishment of debt costs	1	5	37	9
Noncash operating lease expense			316	302
Distributions of income from preferred equity investments				10,743
Distributions of income from investments in unconsolidated real estate funds			540
Share-based compensation attributable to equity incentive plan			2,257	2,212
Share-based compensation to Manager - C-LTIP Units			420	455
Changes in operating assets and liabilities:
Due (from) to affiliates, net			(2,448)	1,828
Accounts receivable, prepaids and other assets			(3,234)	(1,309)
Notes and accrued interest receivable				470
Accounts payable and other accrued liabilities			1,094	4,670
Net cash (used in) provided by operating activities			(5,678)	15,013
Cash flows from investing activities:
Acquisitions of real estate investments			(10,699)	(58,650)
Capital expenditures			(9,111)	(8,929)
Investment in preferred equity investments			(19,700)	(8,051)
Purchase of interest rate cap			(691)	(1,564)
Proceeds from sale of real estate investments			36,817	13,735
Proceeds from sale and redemption of preferred equity investments				30,779
Investment in unconsolidated real estate fund				(25,000)
Repayments on notes receivable				31,700
Net cash used in investing activities			(3,384)	(25,980)
Cash flows from financing activities:
Distributions to common stockholders			(1,014)	(496)
Distributions to noncontrolling interests			(2,301)	(1,133)
Distributions to partially owned properties' noncontrolling interests			(4,805)	(525)
Distributions to preferred stockholders			(5,264)	(4,110)
Contributions from noncontrolling interests			19,909	41,463
Borrowings on mortgages payable			19,196	30,739
Repayments on mortgages payable			(26,498)	(4,000)
Proceeds from revolving credit facilities				20,000
Repayments on revolving credit facilities				(81,000)
Payments of deferred financing fees			(582)	(1,711)
Shares withheld for employee taxes upon vesting of awards			(311)	(200)
Payments to redeem Operating Partnership Units				(4)
Net cash provided by financing activities			9,386	24,827
Net increase in cash, cash equivalents and restricted cash			324	13,860
Cash, cash equivalents and restricted cash, beginning of year			194,462	131,241	$ 131,241
Cash, cash equivalents and restricted cash, end of period	194,786	145,101	194,786	145,101	194,462
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	172,107	127,602	172,107	127,602	169,561
Restricted cash	22,679	17,499	22,679	17,499	24,901
Total cash, cash equivalents and restricted cash, end of period	$ 194,786	$ 145,101	194,786	145,101	$ 194,462
Supplemental disclosure of cash flow information
Cash paid for interest (net of interest capitalized)			11,076	9,212
Cash paid for income taxes			536
Supplemental disclosure of non-cash investing and financing activities
Distributions payable to common stockholders - declared and unpaid			514	509
Distributions payable to noncontrolling interests - declared and unpaid			1,169	1,145
Distributions payable to preferred stockholders - declared and unpaid			917	771
Repayment of revolving credit facility with borrowings on mortgages payable				60,000
Capital expenditures held in accounts payable and other accrued liabilities			1,630	1,410
Series A Redeemable Preferred Stock
Cash flows from financing activities:
Net proceeds from issuance of Redeemable Preferred Stock			4,172	26,030
Payments to redeem 6.0% Series A Redeemable Preferred Stock			(514)	$ (226)
Series B Redeemable Preferred Stock
Cash flows from financing activities:
Net proceeds from issuance of Redeemable Preferred Stock			$ 7,398

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Net Real Estate Investments
Land	$ 116,033	$ 123,260
Buildings and improvements	731,777	755,813
Furniture, fixtures and equipment	29,766	28,934
Construction in process	15,294	10,050
Total gross operating real estate investments	892,870	918,057
Accumulated depreciation	(74,495)	(65,318)
Total net operating real estate investments	818,375	852,739
Operating real estate held for sale, net	18,382	15,647
Total Net Real Estate Investments	836,757	868,386
Cash and cash equivalents	172,107	169,561
Restricted cash	22,679	24,901
Investment in unconsolidated real estate fund	25,805	25,692
Accounts receivable, prepaids and other assets, net	28,731	21,966
Preferred equity investments, net	55,565	35,738
Other intangible assets, net	5,221	7,494
Due from affiliates	$ 610	$ 653
Other Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Non-real estate assets associated with operating real estate held for sale	$ 16	$ 14
TOTAL ASSETS	1,147,491	1,154,405
LIABILITIES AND EQUITY
Mortgages payable	421,919	428,392
Accounts payable	1,100	1,130
Other accrued liabilities	21,837	20,643
Due to affiliates	$ 7,341	$ 9,782
Other Liability, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Distributions payable	$ 2,600	$ 2,504
Liabilities associated with operating real estate held for sale	110	114
Total Liabilities	454,907	462,565
Stockholders' Equity
Preferred stock, $0.01 par value, 206,000,000 shares authorized; no shares issued and outstanding at June 30, 2026 and December 31, 2025
Additional paid-in-capital	121,595	121,489
Accumulated (deficit) earnings	(737)	7,200
Accumulated other comprehensive income	50	11
Total Stockholders' Equity	120,949	128,740
Noncontrolling Interests
Operating partnership units	276,722	292,817
Partially-owned properties	139,175	128,166
Total Noncontrolling Interests	415,897	420,983
Total Equity	536,846	549,723
TOTAL LIABILITIES AND EQUITY	1,147,491	1,154,405
Series A Redeemable Preferred Stock
LIABILITIES AND EQUITY
Redeemable Preferred Stock	148,009	142,117
Series B Redeemable Preferred Stock
LIABILITIES AND EQUITY
Redeemable Preferred Stock	7,729
Class A common stock
Stockholders' Equity
Common stock	41	40
Class C common stock
Stockholders' Equity
Common stock