Bluerock Homes Trust (BHM) Q2 2025 earnings summary

Executive summary

• Portfolio comprised 21 real estate investments totaling 5,038 units, with 3,640 consolidated units (170 under development) and 1,398 units via preferred equity investments as of June 30, 2025.

• Consolidated operating investments were 91.4% occupied; excluding held-for-sale and renovation units, occupancy was 93.2%.

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

Financial highlights

• Rental and other property revenues rose 40% year-over-year to $16.7M for Q2 2025 and 44% to $32.6M for the six months ended June 30, 2025.

• Net loss attributable to common stockholders was $2.5M for Q2 2025 and $5.0M for the six months, compared to $1.6M and $2.7M losses in the prior-year periods.

• Net operating income (NOI) increased 42.5% year-over-year to $8.5M for Q2 and 43% to $16.8M for the six months.

• FFO attributable to common stockholders and unit holders was $(4.0)M for Q2 and $(6.1)M for the six months; CFFO was $0.2M and $1.5M, respectively.

• Average rent per occupied unit increased 4.6% year-over-year to $1,689 in Q2 2025.

Outlook and guidance

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

• Liquidity remains strong with $127.6M in cash and full availability on a $50M credit facility as of June 30, 2025.

• Ongoing focus on expanding the DST Program and capitalizing on build-to-rent development opportunities.