Bluerock Homes Trust (BHM) NAREIT Conference Presentation summary

Strategic overview and market positioning

• Focused on building an infill portfolio of build-to-rent and multifamily assets in knowledge economy growth markets through acquisitions and development.

• Leverages a differentiated platform to invest in first-ring suburban/infill locations, targeting newer-built assets and both equity and debt tranches.

• Affiliation with a leading institutional alternative asset manager provides access to growth capital, supporting an accretive investment strategy.

• Well-aligned management team with 29 years average experience and significant equity ownership, having executed the largest M&A premium in REIT history.

• History of delivering strong shareholder returns, including #1 total shareholder return among all REITs for multiple periods.

Financial strength and investment activity

• Maintains a cash balance exceeding fully diluted market cap and a strong credit portfolio with investments earning an average 13% interest rate.

• Opportunistically investing at cyclical market lows, with $494M invested in BTR and multifamily equity and credit since November 2023.

• Low leverage balance sheet with 22% net debt to total assets and no near-term debt maturities; over $150M in cash on hand.

• Unique ability to self-source non-traded convertible preferred equity, providing access to accretive capital for investment.

• Active recycling of scattered home investments into higher-yield BTR/multifamily assets, maximizing ROIC.

Market opportunity and demand drivers

• U.S. faces a housing shortage of about 3 million units, with demographic growth expected to drive demand for 15 million more units over the next decade.

• Millennial demand for single-family rentals is at an all-time high, with significant growth in renter households across age cohorts.

• The affordability gap between mortgage payments and average rent is at a record high, exceeding $1,300 per month.

• Sun Belt markets, representing 50% of the U.S. population, are projected to account for the majority of future population growth.

• Targeting knowledge workers in demographically attractive markets with above-average employment and earnings growth.