Bluerock Homes Trust, Inc. (BHM), a real estate investment trust specializing in residential properties, reported a net loss attributable to common stockholders of $11.5 million for the year ended December 31, 2025. This compares to a net loss of $4.2 million in the previous fiscal year. Total revenue increased by 40.2% to $68.1 million, driven by acquisitions and rental rate improvements. The company's portfolio consisted of 4,423 consolidated units and 1,149 units through preferred equity investments as of the end of the year.
The company's financial performance was influenced by several factors, including a $19.5 million increase in rental and other property revenues, offset by a $9.1 million increase in property operating expenses. Interest income from loan investments decreased to $0.6 million, reflecting the payoff of several loan investments. Management fees to related parties increased to $10.5 million, while depreciation and amortization expenses rose to $29.4 million due to recent property acquisitions. The company also reported a $2.1 million impairment on real estate assets held for sale.
Operationally, BHM focused on expanding its portfolio through strategic acquisitions and developments. Key activities included acquiring residential communities through Delaware Statutory Trusts (DSTs) and investing in the Harmony at Clear Creek development project. The company also sold 127 units classified as held for sale, generating $16.6 million in net proceeds. As of December 31, 2025, the company's consolidated operating investments were approximately 90.9% occupied, or 93.0% excluding units classified as held for sale and down/renovation units.
Looking ahead, BHM intends to maintain its REIT qualification by distributing at least 90% of its REIT taxable income annually. The company's distribution policy will be determined by the Board, considering factors such as cash flow, capital needs, and legal requirements. While the company expects to meet distribution requirements with cash flows from operating activities, it may also utilize proceeds from offerings, asset sales, or borrowings. The company's strategy focuses on acquiring institutional residential properties in growth markets and implementing value-add initiatives to drive long-term growth in funds from operations and net asset value.
About Bluerock Homes Trust, Inc.
Bluerock Homes Trust, Inc. is a Maryland-based real estate investment trust (REIT) specializing in acquiring, renovating, and managing institutional-quality residential rental properties, including scattered single-family homes and residential communities. Focused on growth markets primarily in the U.S. Sunbelt and Western regions, it targets high-disposable-income renters through value-add strategies, professional property management, and technology integration to drive rental income and long-term capital appreciation. The company operates via an external manager and emphasizes diversified, scalable residential portfolios.
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