Bluerock Homes Trust (BHM) Registration filing summary

Company overview and business model

• Externally managed REIT focused on institutional residential properties, including single-family homes and build-to-rent communities in Sunbelt and Western U.S. growth markets.

• Strategy targets rental-biased millennials and leverages joint ventures with regional owner-operators for proprietary deal flow and operational execution.

• Portfolio as of September 30, 2025: 22 real estate investments, 5,282 residential units (4,170 consolidated, 1,112 preferred equity), with consolidated operating investments 91.8% occupied.

• Value-add renovations, development, and technology-driven management are core to driving rent growth and NOI margin expansion.

Financial performance and metrics

• For the nine months ended September 30, 2025: rental and other property revenues increased 42% year-over-year to $49.2 million; average rent per occupied unit rose 4.7% to $1,693.

• Net operating income for the same period was $24.7 million, up 42.8% from the prior year.

• Total indebtedness as of September 30, 2025: $426.0 million; cash available: $162.7 million.

• FFO and CFFO for the nine months ended September 30, 2025 were $(10.0) million and $1.1 million, respectively.

Use of proceeds and capital allocation

• Net proceeds from the Series B Redeemable Preferred Stock offering (estimated $310.63 million) will be used for future acquisitions, investments in properties, and general corporate and working capital purposes, including capital improvements.

• Proceeds will be contributed to the operating partnership in exchange for preferred units.

• Prudent leverage policy targets total indebtedness below 75% of real estate value at scale, but no hard cap is imposed.