Here are 1-3 brief analogies to describe Bluerock Homes Trust (BHM) succinctly:

• Like Equity Residential, but for single-family homes.
• Think of them as the Marriott of long-term home rentals.
• The Enterprise Rent-A-Car for houses.

• Single-Family Rental Homes: Bluerock Homes Trust acquires, develops, and operates a portfolio of single-family homes for rent to residents across various U.S. markets.

Bluerock Homes Trust (BHM) is a real estate investment trust (REIT) that focuses on acquiring, developing, and operating institutional-quality single-family rental (SFR) properties across the United States. As such, the company primarily generates revenue by leasing its properties to individual residents rather than selling homes or services to other companies.

The major customer categories for Bluerock Homes Trust are:

• Families: Individuals or couples with children who seek spacious living, yards, and access to desirable school districts, preferring the flexibility of renting over immediate homeownership.
• Young Professionals and Couples: Those who desire the amenities and privacy of a single-family home but are not yet ready for homeownership, or prefer renting due to career mobility and lifestyle choices.
• Relocating Individuals and Transitional Renters: People moving to a new area for work or other reasons, or those who are in between homes and require a quality residence without the long-term commitment of buying.

R. Ramin Kamfar, Chief Executive Officer

Mr. Kamfar is the Founder, Chairman, and Chief Executive Officer of Bluerock since 2002. He has approximately 30 years of experience in real estate, private equity, and investment banking. From 1988 to 1993, he worked as an investment banker at Lehman Brothers Inc., specializing in mergers and acquisitions and corporate finance. From 1993 to 2002, Mr. Kamfar built a startup into a leading public company in the "fast casual" market, now known as Einstein Noah Restaurant Group, Inc.

Christopher J. Vohs, Chief Financial Officer and Treasurer

Mr. Vohs serves as Chief Financial Officer and Treasurer of Bluerock Homes Trust and its Manager. He previously served as Chief Financial Officer of Bluerock Residential Growth REIT, Inc. from October 2017 to October 2022. He also held the role of Chief Financial Officer and Treasurer of Bluerock Industrial Growth REIT, Inc. and its external manager, Bluerock Industrial Manager, LLC, since 2021. Mr. Vohs joined Bluerock in July 2010 and has continuously served in various senior accounting and financial capacities. Prior to joining Bluerock, he was Corporate Controller for Roberts Realty Investors, Inc., a public multifamily REIT.

Jordan B. Ruddy, President

Mr. Ruddy serves as President of Bluerock Homes Trust and its Manager. He has approximately 30 years of experience in real estate acquisitions, financings, management, and dispositions. Mr. Ruddy joined Bluerock in 2002 and has continuously served in various senior management capacities for Bluerock and its affiliates. Before joining Bluerock, he was a real estate investment banker at Banc of America Securities LLC and Smith Barney Inc. He also served as Vice President of Amerimar Enterprises, a real estate company where he managed acquisitions, financings, leasing, asset management, and dispositions.

Ryan S. MacDonald, Chief Investment Officer

Mr. MacDonald serves as Chief Investment Officer of Bluerock Homes Trust and its Manager. He served as Chief Investment Officer of Bluerock Residential Growth REIT, Inc. from January 2021 to October 2022, and as its Chief Acquisitions Officer from October 2017 until January 2021. Mr. MacDonald joined Bluerock in 2008 and has been involved with real estate transactions with an aggregate value of approximately $6.4 billion within Bluerock. Prior to Bluerock, he was an Analyst for PNC Realty Investors (formerly Mercantile Real Estate Advisors).

James G. Babb, III, Chief Strategy Officer

Mr. Babb serves as Chief Strategy Officer of Bluerock Homes Trust and its Manager. He has approximately 30 years of experience exclusively in real estate acquisition, management, financing, and dispositions. From 1992 to August 2003, Mr. Babb helped lead the residential and office acquisitions initiatives for Starwood Capital Group, a leading institutional real estate investment manager. During his tenure at Starwood Capital, the group raised and invested funds on behalf of institutional investors through seven private real estate funds, which collectively invested approximately $8 billion in around 250 transactions. From August 2003 to July 2007, Mr. Babb founded Bluepoint Capital, LLC, a private real estate investment company focused on the acquisition, development, and redevelopment of residential and commercial properties.

The key risks to Bluerock Homes Trust (BHM) are:

1. Increasing Net Losses and Rising Expenses: Bluerock Homes Trust has reported increasing net losses, with Q1 2025 showing a net loss of $7.3 million compared to $3.2 million in Q1 2024. Total expenses also rose significantly, driven primarily by increased interest costs reflecting rising debt levels, and higher property operating expenses. The company's operating margin has been negative, at -34.2% over the last 12 months.
2. Softening Single-Family Rental Market and Housing Market Downturn: The company's stock price has significantly declined since its public listing in September 2022, largely attributed to a softening single-family rental market and a cooling housing market. As a residential real estate investment trust (REIT), BHM is particularly susceptible to economic headwinds impacting the real estate sector, which has led to its stock reaching 52-week lows and underperforming the broader market. A slight decrease in the average occupancy rate to 91.8% in Q1 2025 also indicates potential challenges in tenant retention within this market environment.
3. Liquidity Risk from Low Trading Volume and Small Market Capitalization: Bluerock Homes Trust is characterized as a micro-cap REIT with thin trading volumes and a low float. This results in wider bid-ask spreads and increased liquidity risk, making the stock more volatile and potentially less appealing to a broader range of investors, including many institutional investors who may be restricted from investing in companies of its small market capitalization.

Bluerock Homes Trust (BHM) primarily operates in two addressable markets within the United States: single-family rental homes and build-to-rent communities.

Single-Family Rental Homes (SFR)

The addressable market for single-family rental homes in the U.S. is substantial. As of 2023, there were 14.2 million single-family rental households in the U.S.. Other sources indicate that in 2024, the single-family rental sector houses 14 million Americans. Furthermore, the U.S. single-family rental market has a commanding valuation of over $4 trillion. In 2022, there were approximately 23 million SFR units nationwide, which includes two- to four-unit properties.

Build-to-Rent (BTR) Communities

The build-to-rent market in the U.S. is a growing segment. The total U.S. build-to-rent inventory is approximately 350,000 units. In 2024, the U.S. build-to-rent housing sector completed a record-setting 39,000 single-family rental homes, marking a 15.5% increase from the previous year. A significant number of BTR units were constructed between 2019 and the first quarter of 2023, with an estimated 131,000 units built during this period. An additional 116,000 units are expected through 2026. Build-to-rent units currently represent about 1.5% of the total single-family rental market.

Bluerock Homes Trust (BHM) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Portfolio Expansion through Acquisitions: The company consistently grows its revenue by acquiring new properties. For instance, Bluerock Homes Trust's Q3 2025 revenues notably increased, reflecting larger owned assets. The company specifically expanded its portfolio with two acquisitions in Q3 2025. Similarly, the revenue increase in 2024 was attributed to acquisitions and improved rental rates, and Q1 2025 rental revenues also rose due to acquiring new properties. Bluerock is actively expanding its portfolio through both new construction and strategic acquisitions of existing rental properties.
2. Rental Rate Growth: Improvements in rental rates are a direct contributor to increased revenues. Bluerock's Q3 2025 revenues were bolstered by higher rents from its expanded asset base. The company's 2024 revenue growth was partly due to rental rate improvements, and Q1 2025 also saw improved rental rates. Bluerock strategically selects markets where income growth is strongly correlated with rent growth, supporting sustained rental demand.
3. Maintaining High Occupancy Rates: High occupancy is identified as a critical factor for driving revenue and Net Operating Income (NOI). In Q3 2025, the company reported an occupancy rate of 91.8%, underscoring its importance for rent roll and NOI. Bluerock's focus on markets with robust employment and income growth is intended to support strong rental demand and high occupancy across its portfolio.
4. Strategic Focus on High-Growth "Knowledge/Quality" and Sunbelt Markets: Bluerock's investment philosophy centers on targeting specific geographic markets. The company focuses on "knowledge economy and high quality of life" markets characterized by strong job growth and expanding populations. The majority of its existing portfolio is situated in high-growth areas of the Sunbelt and Western U.S. (excluding California), aiming to capitalize on healthy long-term demand fundamentals for single-family rentals.
5. Development of Build-to-Rent (BTR) Communities: The development of build-to-rent communities represents a growing and significant part of Bluerock's offerings. This strategy involves constructing entire communities of single-family homes specifically for lease, allowing the company greater control over property quality, standardization, and operational efficiency, thereby expanding its revenue-generating asset base.

Share Repurchases

• On February 22, 2024, Bluerock Homes Trust's Board of Directors authorized a plan for the repurchase of up to $5.0 million of its outstanding Class A common stock.
• A new share repurchase plan for up to $5.0 million of Class A common stock was authorized on March 6, 2025.

Share Issuance

• Bluerock Homes Trust is offering a maximum of 20,000,000 shares of its 6.0% Series A Redeemable Preferred Stock at a public offering price of $25.00 per share.
• The Series A preferred stock offering raised almost $11.0 million in gross proceeds during the latter half of 2023.
• During the nine months ended September 30, 2024, the company received net proceeds of $76.7 million from the issuance of Series A Preferred Stock.

Inbound Investments

• Bluerock Homes Trust became a stand-alone public company on October 6, 2022, following a spin-off from Bluerock Residential Growth REIT, Inc.

Outbound Investments

• In 2022, BHM acquired 551 single-family rental (SFR) units through joint ventures for an aggregate purchase price of approximately $141.3 million.
• During 2023, the company made a $15.0 million preferred equity investment in a joint venture for a 208-unit community located in Chandler, Arizona.
• The principal objective of Bluerock Homes Trust is to generate attractive risk-adjusted investment returns by assembling a portfolio of pre-existing single-family rental homes and developing build-to-rent communities.

Capital Expenditures

• Total capital expenditures for the nine months ended September 30, 2024, amounted to $5.977 million, primarily focused on redevelopment/renovations ($2.568 million) and routine capital expenditures ($2.939 million).
• For the nine months ended September 30, 2023, total capital expenditures were $6.499 million, with $3.917 million allocated to redevelopment/renovations and $2.268 million to routine capital expenditures.
• Redevelopment and renovation costs are non-recurring capital expenditures for significant projects, such as preparing a unit for rental.