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• Single-Family Rental Homes: Acquires, develops, and manages a portfolio of single-family rental properties across the United States.

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1. Families and Individuals Seeking Spacious, Private Living Environments: This category encompasses tenants, often with children or pets, who desire the increased space, privacy, and amenities like yards that single-family homes offer, often in suburban or family-friendly neighborhoods.
2. Professionals and Individuals Requiring Flexibility and Mobility: This group includes tenants who are relocating for work, on temporary assignments, or who prefer the flexibility of renting over the long-term commitment of homeownership due to career dynamics, personal circumstances, or a preference for not dealing with property maintenance.
3. Individuals and Families Transitioning or Saving for Homeownership: This segment consists of tenants who are in a transitional phase, such as moving between owned homes, or those who are accumulating savings for a down payment and wish to reside in a desired community or school district before making a purchase.

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R. Ramin Kamfar, Chief Executive Officer and Chairman

Mr. Kamfar is the Founder of Bluerock, serving as its Chairman and Chief Executive Officer since 2002. He also serves as the Chairman of the board of directors and Chief Executive Officer of Bluerock Homes Trust. Prior to this, he was Chairman and CEO of Bluerock Residential Growth REIT, Inc. from 2008 to 2022. Mr. Kamfar has approximately 30 years of experience in real estate, private equity, and investment banking, including working at Lehman Brothers Inc. specializing in mergers and acquisitions and corporate finance. He also built a startup, now known as Einstein Noah Restaurant Group, Inc., from 1993 to 2002.

Christopher J. Vohs, Chief Financial Officer and Treasurer

Mr. Vohs serves as Chief Financial Officer and Treasurer of Bluerock Homes Trust's Manager, and as the company's Chief Financial Officer. He held the position of Chief Financial Officer of Bluerock Residential Growth REIT, Inc. from 2017 to 2022. Mr. Vohs joined Bluerock in July 2010 and has held various senior accounting and financial roles within the company and its affiliates. Before joining Bluerock, he was the Corporate Controller for Roberts Realty Investors, Inc., a public multifamily REIT.

Jordan B. Ruddy, President

Mr. Ruddy serves as President of Bluerock Homes Trust's Manager, and as the company's President. He previously served as Chief Operating Officer and President of Bluerock Residential Growth REIT, Inc. from 2008 to 2022. Mr. Ruddy has been with Bluerock since 2002, serving in various senior management capacities. His experience spans approximately 30 years in real estate acquisitions, financings, management, and dispositions. Prior to Bluerock, he was a real estate investment banker at Banc of America Securities LLC and Smith Barney Inc., and a Vice President at Amerimar Enterprises.

Ryan S. MacDonald, Chief Investment Officer

Mr. MacDonald serves as Chief Investment Officer of Bluerock Homes Trust's Manager, and as the company's Chief Investment Officer. He served as Chief Investment Officer of Bluerock Residential Growth REIT, Inc. from 2021 to 2022, and as its Chief Acquisitions Officer from 2017 to 2021. Mr. MacDonald joined Bluerock in 2008 and has continuously held senior acquisition and disposition roles. Before Bluerock, he was an Analyst for PNC Realty Investors, involved in over $1.2 billion in investments, and also worked in a corporate development role at Mercantile Bankshares.

James G. Babb, III, Chief Strategy Officer

Mr. Babb serves as Chief Strategy Officer of Bluerock Homes Trust's Manager, and as the company's Chief Strategy Officer. He was Chief Strategy Officer of Bluerock Residential Growth REIT, Inc. from 2021 to 2022, and its Chief Investment Officer from 2008 to 2013 and 2017 to 2021. Mr. Babb joined Bluerock in 2007. He has approximately 30 years of experience in real estate acquisition, management, financing, and dispositions. From 1992 to 2003, Mr. Babb led residential and office acquisitions initiatives for Starwood Capital Group, where he was involved in raising and investing funds through seven private real estate funds totaling approximately $8 billion. He also founded Bluepoint Capital, LLC, a private real estate investment company, from 2003 to 2007.

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• Macroeconomic Factors (Inflation, Interest Rates, and Real Estate Market Conditions)

  Bluerock Homes Trust is significantly exposed to macroeconomic factors, particularly inflation and interest-rate movements. Rising interest rates can increase borrowing costs, impact property valuations, and affect the feasibility of new acquisitions and developments. Inflation can also lead to increased operating expenses. Furthermore, a softening in the single-family rental market, as observed in recent periods, can directly reduce rental income and property appreciation, thereby negatively affecting the company's operating results and overall profitability.

• Construction and Development Risk

  As a residential REIT focused on acquiring and developing residential communities, including apartments and build-to-rent properties, Bluerock Homes Trust faces inherent construction and development risks. These risks can include unexpected delays in project completion, cost overruns due to material and labor price fluctuations, and challenges in obtaining necessary permits or approvals. Such issues can impact the timely delivery of projects, tie up capital for extended periods, and potentially reduce the expected returns on investment.

• Geographic Concentration

  Bluerock Homes Trust's portfolio primarily consists of residential properties concentrated in specific growth markets, notably the Sunbelt and Western U.S. This geographic concentration exposes the company to localized economic downturns, adverse climate events, or regulatory changes specific to these regions. Any negative developments in these concentrated markets, such as job losses, reduced population growth, or oversupply of housing, could disproportionately impact the company's occupancy rates, rental income, and property values across a significant portion of its portfolio.

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Single-Family Rental (SFR) Market

Build-to-Rent (BTR) Market

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Bluerock Homes Trust (BHM) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, targeted market expansion, asset enhancement initiatives, and by capitalizing on favorable market conditions and access to capital.

Here are 3-5 expected drivers of future revenue growth:

1. Strategic Acquisitions and Development of Residential Assets: Bluerock Homes Trust aims to expand its revenue-generating property base by acquiring pre-existing single-family residential units and developing build-to-rent (BTR) and multifamily assets. This strategy focuses on building an infill portfolio, directly increasing the number of properties from which rental income can be generated.
2. Targeted Expansion into High-Growth Markets: The company strategically focuses its investments on "knowledge-economy and high quality of life growth markets" primarily in the Sunbelt and Western United States. These regions are characterized by strong job growth and expanding populations, leading to healthy long-term demand fundamentals for residential real estate, which Bluerock Homes Trust seeks to capitalize on for revenue growth.
3. "Value-Add" Renovations and Asset Repositioning: Bluerock Homes Trust employs a "Value-Add strategy" that involves repositioning lower-quality, less current assets. By making renovations and upgrades, the company aims to drive rent growth, expand profit margins, increase net operating income (NOI), and maximize its return on investment, thereby enhancing rental revenue.
4. Capitalizing on Favorable Market Dynamics: The company is positioned to benefit from broader market trends, specifically an undersupply of residential inventory and an anticipated surge in demand from millennials. These macroeconomic factors create a robust environment for sustained occupancy rates and the potential for rental rate increases across its portfolio.

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Share Repurchases

• Bluerock Homes Trust authorized a share repurchase plan for up to $10.0 million of its Class A common stock, scheduled to begin on March 1, 2026, and run through February 28, 2027.

Share Issuance

• Preferred Shares Issued peaked at $37.9 million during Q3 2024.
• Preferred Shares Issued was $92.9 million for the full fiscal year 2024.
• As of Q3 2025, Preferred Shares Issued amounted to $6.3 million.

Outbound Investments

• Bluerock Homes Trust focuses on acquiring residential units, developing residential communities, and conducting value-added renovations in attractive U.S. growth markets.
• As of December 31, 2025, the company held 25 real estate investments, comprising 5,572 residential units, which included 4,423 consolidated units and 1,149 units through preferred equity interests.
• Recent acquisitions mentioned include Southern Pines Reserve in Aberdeen, North Carolina, District at Parkview in Stone Mountain, Georgia, and Skytop Apartments in Cincinnati, Ohio.