Bluerock Homes Trust (BHM) investor relations material

Executive summary

• Q3 rental and other property revenue rose 13.3% YoY to $18.8M; net loss was $8.5M versus $10.0M, while net loss attributable to common stockholders was $3.1M.

• Portfolio held 4,172 consolidated residential units, including 440 under development or lease-up; operating occupancy was 89.4%, or 92.0% excluding held-for-sale and down/renovation units.

• Nine-month NOI increased 16.3% YoY to $28.7M, while CFFO attributable to common stockholders and unit holders was negative $5.5M versus positive $1.1M.

Financial highlights

• Q3 total revenue was $19.2M versus $16.6M YoY; nine-month revenue was $58.2M versus $49.8M.

• Q3 net loss per common share was $0.81 versus $0.94; nine-month loss per share was $2.61 versus $2.27.

• Q3 net loss attributable to common stockholders was $3.1M versus $3.6M; nine-month loss was $10.1M versus $8.6M.

• Nine-month cash used in operations was $3.9M; investing cash used was $36.7M and financing cash provided was $33.8M.

• Cash and cash equivalents were $165.2M at September 30, 2026; total assets were $1.17B and mortgages payable, net, were $436.0M.

Outlook and guidance

• Available cash, operating cash flow, Series B proceeds, DST capital and financing arrangements are expected to cover existing-portfolio liquidity needs for the next 12 months.

• Remaining construction costs for Abode Wendell Falls and Harmony at Clear Creek were estimated at $99.3M; planned funding includes cash, construction loans and preferred-equity contributions.

• Eighteen Parkside at Summers Corner units remained committed for acquisition, with $4.6M aggregate purchase price; acquisitions are expected as construction is completed.

• A replacement for the $50M DST revolving facility was under discussion after its October 25, 2026 maturity; no assurance of a replacement on acceptable terms.