Bluerock Homes Trust (BHM) Q4 2025 earnings summary

Executive summary

• Portfolio expanded to 25 real estate investments, including 19 consolidated and 5 preferred equity investments, totaling 5,572 residential units as of December 31, 2025.

• Focus remains on institutional residential properties in Sunbelt and Western U.S. growth markets, with a value-add strategy to drive rent growth and margin expansion.

• Externally managed structure continues, with no employees and all operations conducted through a management agreement with Bluerock Homes Manager, LLC.

Financial highlights

• Rental and other property revenues increased 40% year-over-year to $68.1 million, driven by acquisitions and organic rent growth.

• Net loss attributable to common stockholders was $11.5 million for 2025, compared to $4.2 million in 2024.

• Net operating income (NOI) rose 43% to $35.0 million.

• Funds from operations (FFO) attributable to common stockholders and unit holders was $(12.3) million; core funds from operations (CFFO) was $2.2 million.

• Total assets reached $1.15 billion, with $440.8 million in mortgages payable and $142.1 million in Series A Preferred Stock outstanding.

• Cash and cash equivalents at year-end were $169.6 million.

Outlook and guidance

• Management expects continued portfolio growth through acquisitions and development, with a focus on high-demand rental markets.

• Industry tailwinds include a persistent U.S. housing shortage, low new supply, and a widening cost gap between renting and homeownership.

• Liquidity is supported by cash balances, a $50 million revolving credit facility, and proceeds from preferred stock offerings and the DST Program.