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 expertise.

• Portfolio as of June 30, 2025: 21 real estate investments (15 consolidated, 6 preferred equity), totaling 5,038 residential units, with 91.4% occupancy (93.2% excluding held-for-sale/renovation units).

• Value-add renovation, development, and technology-driven management are core to driving FFO and NAV growth.

Financial performance and metrics

• Rental and other property revenues for the six months ended June 30, 2025, increased 44% year-over-year to $32.6 million.

• Net operating income for the same period rose 43% to $16.8 million.

• Average rent per occupied unit increased 5.2% to $1,692; average occupancy decreased 70 bps to 91.7%.

• As of June 30, 2025, total mortgage indebtedness was $347.3 million; leverage expected to be below 75% of real estate value at scale.

• FFO and CFFO for the six months ended June 30, 2025, were $(6.1) million and $1.5 million, respectively.

Use of proceeds and capital allocation

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

• Proceeds will be contributed to the operating partnership in exchange for Series B Redeemable Preferred Units.

• Prudent leverage policy, with flexibility to exceed 75% during ramp-up; board may change leverage policy at any time.