Bluerock Homes Trust (BHM) investor relations material

Executive summary

• Portfolio comprised 24 real estate investments: 18 consolidated, 5 preferred equity, and 1 unconsolidated fund, totaling 5,420 residential units as of June 30, 2026.

• Consolidated operating investments were 90.2% occupied; excluding held-for-sale and renovation units, occupancy was 92.3%.

• Focus remains on growing residential communities in Sunbelt and Western U.S. markets, with a value-add strategy to drive rent growth and margins.

Financial highlights

• Rental and other property revenues rose 16% year-over-year to $19.3M for Q2 2026; six-month revenues up 20% to $39.0M.

• Net loss attributable to common stockholders was $3.5M for Q2 2026 and $6.9M for the first half, compared to $2.5M and $5.0M losses in the prior year periods.

• FFO attributable to common stockholders and unit holders was $(6.2)M for Q2 and $(12.1)M for the first half; CFFO was $(2.2)M and $(3.7)M, respectively.

• Total stockholders' equity decreased by $7.8M to $120.9M since year-end 2025.

Outlook and guidance

• Management expects continued improvement in results from anticipated future investments and acquisitions.

• Liquidity supported by $172.1M in cash, $50M undrawn revolving credit facility, and proceeds from preferred stock and DST Program.

• Board authorized a new $10M stock repurchase plan effective March 2026.