http://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMember0001903382--12-312025Q3falsehttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberP3YP3YP3Y0001903382us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-09-300001903382us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-06-300001903382us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-12-310001903382us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-09-300001903382us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-06-300001903382us-gaap:CommonClassCMemberus-gaap:CommonStockMember2023-12-310001903382us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-09-300001903382us-gaap:NoncontrollingInterestMember2025-09-300001903382us-gaap:AdditionalPaidInCapitalMember2025-09-300001903382us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300001903382us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-09-300001903382us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-06-300001903382us-gaap:NoncontrollingInterestMember2025-06-300001903382us-gaap:AdditionalPaidInCapitalMember2025-06-300001903382us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001903382us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-06-300001903382us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-12-310001903382us-gaap:NoncontrollingInterestMember2024-12-310001903382us-gaap:AdditionalPaidInCapitalMember2024-12-310001903382us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001903382us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-12-310001903382us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-09-300001903382us-gaap:NoncontrollingInterestMember2024-09-300001903382us-gaap:AdditionalPaidInCapitalMember2024-09-300001903382us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-09-300001903382us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-06-300001903382us-gaap:NoncontrollingInterestMember2024-06-300001903382us-gaap:AdditionalPaidInCapitalMember2024-06-300001903382us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-06-3000019033822024-06-300001903382us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-12-310001903382us-gaap:NoncontrollingInterestMember2023-12-310001903382us-gaap:AdditionalPaidInCapitalMember2023-12-310001903382us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2023-12-310001903382us-gaap:RestrictedStockMemberbhm:BhmIncentivePlansMemberus-gaap:CommonClassAMember2025-04-012025-04-010001903382bhm:LongtermIncentivePlanUnitsMemberbhm:BhmIncentivePlansMember2025-01-012025-01-010001903382bhm:LongtermIncentivePlanUnitsMemberbhm:BhmIncentivePlansMember2025-04-012025-04-300001903382us-gaap:RestrictedStockMemberbhm:BhmIncentivePlansMember2025-04-012025-04-010001903382bhm:LongTermIncentivePlanUnitsAndRestrictedStockMember2025-01-012025-09-300001903382bhm:FloatingInterestRateMemberus-gaap:MortgagesMember2025-09-300001903382bhm:FixedInterestRateMemberus-gaap:MortgagesMember2025-09-300001903382bhm:FloatingInterestRateMemberbhm:WayfordAtConcordMemberus-gaap:MortgagesMember2024-12-310001903382bhm:FloatingInterestRateMemberbhm:IleMemberus-gaap:MortgagesMember2024-12-310001903382bhm:FixedInterestRateMemberbhm:YaugerParkVillasMemberus-gaap:MortgagesMember2024-12-310001903382bhm:FixedInterestRateMemberbhm:VillasAtHuffmeisterMemberus-gaap:MortgagesMember2024-12-310001903382bhm:FixedInterestRateMemberbhm:IleMemberus-gaap:MortgagesMember2024-12-310001903382bhm:FixedInterestRateMemberbhm:AvenueAtTimberlinParkMemberus-gaap:MortgagesMember2024-12-310001903382bhm:FixedInterestRateMemberbhm:AmiraAtWestlyMemberus-gaap:MortgagesMember2024-12-310001903382bhm:FixedInterestRateMemberbhm:AllureAtSouthparkMemberus-gaap:MortgagesMember2024-12-310001903382bhm:FloatingInterestRateMemberus-gaap:MortgagesMember2024-12-310001903382bhm:FixedInterestRateMemberus-gaap:MortgagesMember2024-12-310001903382us-gaap:AssetManagementArrangementMember2025-01-012025-09-300001903382bhm:LeaseholdCostSharingAgreementMember2025-01-012025-09-300001903382bhm:ScatteredSingleFamilyHomesSegmentMember2025-07-012025-09-300001903382bhm:ResidentialCommunitiesSegmentMember2025-07-012025-09-300001903382bhm:ScatteredSingleFamilyHomesSegmentMember2025-01-012025-09-300001903382bhm:ResidentialCommunitiesSegmentMember2025-01-012025-09-300001903382bhm:ScatteredSingleFamilyHomesSegmentMember2024-07-012024-09-300001903382bhm:ResidentialCommunitiesSegmentMember2024-07-012024-09-300001903382bhm:ScatteredSingleFamilyHomesSegmentMember2024-01-012024-09-300001903382bhm:ResidentialCommunitiesSegmentMember2024-01-012024-09-300001903382us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-07-012025-09-300001903382us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-01-012025-09-300001903382us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-07-012024-09-300001903382us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-01-012024-09-300001903382bhm:S2025Q4DividendsMemberus-gaap:SubsequentEventMember2025-10-012025-10-150001903382bhm:S2024M5DividendsMemberus-gaap:SeriesAPreferredStockMember2024-01-012024-12-310001903382srt:MinimumMemberus-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2025-10-012025-10-150001903382srt:MaximumMemberus-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2025-10-012025-10-150001903382us-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2025-10-012025-10-150001903382srt:MinimumMemberus-gaap:SeriesAPreferredStockMember2024-10-142024-10-140001903382srt:MaximumMemberus-gaap:SeriesAPreferredStockMember2024-10-142024-10-140001903382srt:MinimumMember2024-05-012024-05-310001903382srt:MaximumMember2024-05-012024-05-310001903382bhm:PeakJvTwoMember2025-07-112025-07-110001903382bhm:PeakJv3Member2025-07-112025-07-110001903382bhm:MarbleCapitalIncomeAndImpactFundLpMember2025-04-252025-04-250001903382bhm:BuildToRentSingleFamilyResidentialUnitsMember2025-01-012025-09-300001903382bhm:BtrPreferredInvestmentsLlcMember2025-01-012025-09-3000019033822025-01-012025-10-150001903382bhm:OpUnitHoldersMember2025-09-300001903382bhm:BlueRockRealEstateHoldingsLlcMemberbhm:ReimbursableOperatingExpensesLeaseholdCostSharingAgreementMemberbhm:LeaseholdCostSharingAgreementMember2025-09-300001903382bhm:BlueRockRealEstateHoldingsLlcMemberbhm:CapitalImprovementCostReimbursementsMemberbhm:LeaseholdCostSharingAgreementMember2025-09-300001903382bhm:OtherThanManagementMemberus-gaap:RelatedPartyMember2025-09-300001903382bhm:BlueRockRealEstateHoldingsLlcMemberbhm:LeaseholdCostSharingAgreementMember2025-09-300001903382bhm:BlueRockRealEstateHoldingsLlcMemberbhm:ReimbursableOperatingExpensesLeaseholdCostSharingAgreementMemberbhm:LeaseholdCostSharingAgreementMember2024-12-310001903382bhm:BlueRockRealEstateHoldingsLlcMemberbhm:CapitalImprovementCostReimbursementsMemberbhm:LeaseholdCostSharingAgreementMember2024-12-310001903382bhm:OtherThanManagementMemberus-gaap:RelatedPartyMember2024-12-310001903382bhm:BlueRockRealEstateHoldingsLlcMemberbhm:LeaseholdCostSharingAgreementMember2024-12-310001903382bhm:OneTimeAssetAcquisitionFeeMemberus-gaap:RelatedPartyMemberus-gaap:AssetManagementArrangementMember2025-09-300001903382bhm:BlueRockResidentialHoldingsMembersrt:ManagementMemberbhm:ManagementAgreementMember2025-09-300001903382bhm:BlueRockResidentialHoldingsMemberbhm:OperatingAndDirectExpenseReimbursementsMemberbhm:ManagementAgreementMember2025-09-300001903382bhm:BlueRockResidentialHoldingsMemberbhm:BaseManagementFeeMemberbhm:ManagementAgreementMember2025-09-300001903382bhm:AssetManagementFeesMemberus-gaap:RelatedPartyMemberus-gaap:AssetManagementArrangementMember2025-09-300001903382us-gaap:AssetManagementArrangementMember2025-09-300001903382bhm:OtherFeesMemberus-gaap:RelatedPartyMemberus-gaap:AssetManagementArrangementMember2024-12-310001903382bhm:OneTimeAssetAcquisitionFeeMemberus-gaap:RelatedPartyMemberus-gaap:AssetManagementArrangementMember2024-12-310001903382bhm:BlueRockResidentialHoldingsMembersrt:ManagementMemberbhm:ManagementAgreementMember2024-12-310001903382bhm:BlueRockResidentialHoldingsMemberbhm:OperatingAndDirectExpenseReimbursementsMemberbhm:ManagementAgreementMember2024-12-310001903382bhm:BlueRockResidentialHoldingsMemberbhm:OfferingExpenseReimbursementsMemberbhm:ManagementAgreementMember2024-12-310001903382bhm:BlueRockResidentialHoldingsMemberbhm:BaseManagementFeeMemberbhm:ManagementAgreementMember2024-12-310001903382bhm:AssetManagementFeesMemberus-gaap:RelatedPartyMemberus-gaap:AssetManagementArrangementMember2024-12-310001903382us-gaap:AssetManagementArrangementMember2024-12-310001903382us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300001903382us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-09-300001903382us-gaap:OperatingSegmentsMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-07-012025-09-300001903382us-gaap:OperatingSegmentsMemberbhm:ResidentialCommunitiesSegmentMember2025-07-012025-09-300001903382us-gaap:OperatingSegmentsMember2025-07-012025-09-300001903382bhm:BaseManagementFeeMemberbhm:ManagementAgreementMember2025-04-012025-06-300001903382bhm:IncentiveFeeMemberus-gaap:RelatedPartyMemberbhm:ManagementAgreementMember2025-01-012025-09-300001903382us-gaap:OperatingSegmentsMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-01-012025-09-300001903382us-gaap:OperatingSegmentsMemberbhm:ResidentialCommunitiesSegmentMember2025-01-012025-09-300001903382us-gaap:OperatingSegmentsMember2025-01-012025-09-300001903382bhm:BaseManagementFeeMemberbhm:ManagementAgreementMember2025-01-012025-03-310001903382bhm:BaseManagementFeeMemberbhm:ManagementAgreementMember2024-10-012024-12-310001903382us-gaap:OperatingSegmentsMemberbhm:ScatteredSingleFamilyHomesSegmentMember2024-07-012024-09-300001903382us-gaap:OperatingSegmentsMemberbhm:ResidentialCommunitiesSegmentMember2024-07-012024-09-300001903382us-gaap:OperatingSegmentsMember2024-07-012024-09-300001903382bhm:IncentiveFeeMemberus-gaap:RelatedPartyMemberbhm:ManagementAgreementMember2024-01-012024-12-310001903382us-gaap:OperatingSegmentsMemberbhm:ScatteredSingleFamilyHomesSegmentMember2024-01-012024-09-300001903382us-gaap:OperatingSegmentsMemberbhm:ResidentialCommunitiesSegmentMember2024-01-012024-09-300001903382us-gaap:OperatingSegmentsMember2024-01-012024-09-300001903382us-gaap:ConsolidatedPropertiesMember2025-09-300001903382bhm:PropertiesHeldThroughPreferredEquityMezzanineLoanOrGroundLeaseInvestmentsMember2025-09-300001903382bhm:KeybankCreditFacilityMember2024-10-310001903382bhm:AmendedDbCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001903382bhm:KeybankCreditFacilityMember2025-01-012025-09-300001903382bhm:SkytopApartmentsMember2025-09-290001903382bhm:SouthernPinesReserveMember2025-04-280001903382bhm:KeybankCreditFacilityMember2024-12-310001903382bhm:AmendedDbCreditFacilityMember2024-12-310001903382bhm:OpUnitMember2025-01-012025-09-300001903382bhm:OpLtipUnitMember2025-01-012025-09-300001903382bhm:OpAndLtipUnitHoldersMember2025-01-012025-09-300001903382bhm:LtipUnitHoldersMember2025-01-012025-09-300001903382bhm:LongtermIncentivePlanUnitsMember2025-01-012025-09-3000019033822024-11-300001903382bhm:WayfordAtPringleMember2025-01-012025-09-300001903382bhm:WoodsAtForestHillMember2024-07-012024-09-300001903382bhm:WillowParkMember2024-07-012024-09-300001903382bhm:WayfordAtPringleMember2024-07-012024-09-300001903382bhm:WoodsAtForestHillMember2024-01-012024-09-300001903382bhm:WillowParkMember2024-01-012024-09-300001903382bhm:WayfordAtPringleMember2024-01-012024-09-300001903382bhm:WayfordAtInnovationParkMember2025-07-012025-09-300001903382bhm:SanfordMarketplaceMember2025-07-012025-09-300001903382bhm:RiverFordMember2025-07-012025-09-300001903382bhm:EncoreChandlerMember2025-07-012025-09-300001903382bhm:CottagesOfPortSt.LucieMember2025-07-012025-09-300001903382bhm:CanvasAtWildwoodMember2025-07-012025-09-300001903382bhm:EncoreChandlerMember2025-01-012025-09-300001903382bhm:WoodsAtForestHillMember2024-07-012024-09-300001903382bhm:WayfordAtInnovationParkMember2024-07-012024-09-300001903382bhm:PeakHousingMember2024-07-012024-09-300001903382bhm:IndigoCoveMember2024-07-012024-09-300001903382bhm:EncoreChandlerMember2024-07-012024-09-300001903382bhm:CottagesOfPortSt.LucieMember2024-07-012024-09-300001903382bhm:CottagesAtMyrtleBeachMember2024-07-012024-09-300001903382bhm:WoodsAtForestHillMember2024-01-012024-09-300001903382bhm:WayfordAtInnovationParkMember2024-01-012024-09-300001903382bhm:PeakHousingMember2024-01-012024-09-300001903382bhm:IndigoCoveMember2024-01-012024-09-300001903382bhm:EncoreChandlerMember2024-01-012024-09-300001903382bhm:CottagesOfPortSt.LucieMember2024-01-012024-09-300001903382bhm:CottagesAtMyrtleBeachMember2024-01-012024-09-300001903382bhm:PeakJvTwoMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberbhm:ScatteredSingleFamilyHomesSegmentMember2024-07-012024-09-300001903382bhm:PeakJvTwoMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberbhm:ScatteredSingleFamilyHomesSegmentMember2024-01-012024-09-300001903382bhm:WillowParkMember2024-12-310001903382bhm:WayfordAtPringleMember2024-12-310001903382bhm:MarbleCapitalIncomeAndImpactFundLpMember2025-09-300001903382us-gaap:RestrictedStockMemberbhm:BhmIncentivePlansMember2025-01-012025-09-300001903382bhm:LongtermIncentivePlanUnitsMemberbhm:BhmIncentivePlansMember2025-01-012025-09-300001903382us-gaap:RestrictedStockMemberbhm:BhmIncentivePlansMember2025-09-300001903382bhm:LongtermIncentivePlanUnitsMemberbhm:BhmIncentivePlansMember2025-09-300001903382us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-07-012024-09-300001903382us-gaap:SeriesAPreferredStockMember2025-07-012025-09-300001903382us-gaap:CommonClassCMember2025-07-012025-09-300001903382us-gaap:CommonClassAMember2025-07-012025-09-300001903382bhm:OperatingPartnershipUnitsMember2025-07-012025-09-300001903382bhm:LongTermIncentivePlanUnitsAndCLongTermIncentivePlanUnitsMember2025-07-012025-09-300001903382us-gaap:SeriesAPreferredStockMember2025-04-012025-06-300001903382us-gaap:CommonClassCMember2025-04-012025-06-300001903382us-gaap:CommonClassAMember2025-04-012025-06-300001903382bhm:LongTermIncentivePlanUnitsAndCLongTermIncentivePlanUnitsMember2025-04-012025-06-300001903382us-gaap:SeriesAPreferredStockMember2025-01-012025-03-310001903382us-gaap:CommonClassCMember2025-01-012025-03-310001903382us-gaap:CommonClassAMember2025-01-012025-03-310001903382bhm:OperatingPartnershipUnitsMember2025-01-012025-03-310001903382bhm:LongTermIncentivePlanUnitsAndCLongTermIncentivePlanUnitsMember2025-01-012025-03-3100019033822025-01-012025-03-310001903382bhm:S2025Q43DividendsMemberus-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2025-10-012025-10-150001903382bhm:S2025Q42DividendsMemberus-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2025-10-012025-10-150001903382bhm:S2025Q41DividendsMemberus-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2025-10-012025-10-150001903382bhm:O2025Q43DividendsMemberus-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2025-10-012025-10-150001903382bhm:O2025Q42DividendsMemberus-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2025-10-012025-10-150001903382bhm:O2025Q41DividendsMemberus-gaap:SeriesAPreferredStockMemberus-gaap:SubsequentEventMember2025-10-012025-10-150001903382bhm:S2025Q33DividendsMemberus-gaap:SeriesAPreferredStockMember2025-07-012025-09-300001903382bhm:S2025Q32DividendsMemberus-gaap:SeriesAPreferredStockMember2025-07-012025-09-300001903382bhm:S2025Q31DividendsMemberus-gaap:SeriesAPreferredStockMember2025-07-012025-09-300001903382bhm:O2025Q33DividendsMemberus-gaap:SeriesAPreferredStockMember2025-07-012025-09-300001903382bhm:O2025Q32DividendsMemberus-gaap:SeriesAPreferredStockMember2025-07-012025-09-300001903382bhm:O2025Q31DividendsMemberus-gaap:SeriesAPreferredStockMember2025-07-012025-09-300001903382bhm:S2025Q23DividendsMemberus-gaap:SeriesAPreferredStockMember2025-04-012025-06-300001903382bhm:S2025Q22DividendsMemberus-gaap:SeriesAPreferredStockMember2025-04-012025-06-300001903382bhm:S2025Q21DividendsMemberus-gaap:SeriesAPreferredStockMember2025-04-012025-06-300001903382bhm:O2025Q23DividendsMemberus-gaap:SeriesAPreferredStockMember2025-04-012025-06-300001903382bhm:O2025Q22DividendsMemberus-gaap:SeriesAPreferredStockMember2025-04-012025-06-300001903382bhm:O2025Q21DividendsMemberus-gaap:SeriesAPreferredStockMember2025-04-012025-06-300001903382bhm:O2025Q33DividendsMemberus-gaap:SeriesAPreferredStockMember2025-01-012025-09-300001903382bhm:O2025Q1DividendsMemberus-gaap:CommonClassCMember2025-01-012025-09-300001903382bhm:O2025Q1DividendsMemberus-gaap:CommonClassAMember2025-01-012025-09-300001903382bhm:O2025Q1DividendsMemberbhm:OperatingPartnershipUnitsMember2025-01-012025-09-300001903382bhm:O2025Q1DividendsMemberbhm:LongTermIncentivePlanUnitsAndCLongTermIncentivePlanUnitsMember2025-01-012025-09-300001903382bhm:S2025Q13DividendsMemberus-gaap:SeriesAPreferredStockMember2025-01-012025-03-310001903382bhm:S2025Q12DividendsMemberus-gaap:SeriesAPreferredStockMember2025-01-012025-03-310001903382bhm:S2025Q11DividendsMemberus-gaap:SeriesAPreferredStockMember2025-01-012025-03-310001903382bhm:O2025Q13DividendsMemberus-gaap:SeriesAPreferredStockMember2025-01-012025-03-310001903382bhm:O2025Q12DividendsMemberus-gaap:SeriesAPreferredStockMember2025-01-012025-03-310001903382bhm:O2025Q11DividendsMemberus-gaap:SeriesAPreferredStockMember2025-01-012025-03-310001903382bhm:S2024Q4DividendsMemberus-gaap:SeriesAPreferredStockMember2024-10-012024-12-310001903382bhm:O2024Q4DividendsMemberus-gaap:SeriesAPreferredStockMember2024-10-012024-12-310001903382us-gaap:InterestRateSwapMember2025-09-300001903382bhm:AccountsReceivablePrepaidsAndOtherAssetsMemberus-gaap:InterestRateSwapMember2025-09-300001903382bhm:AccountsReceivablePrepaidsAndOtherAssetsMemberus-gaap:InterestRateCapMember2025-09-300001903382bhm:AccountsReceivablePrepaidsAndOtherAssetsMemberus-gaap:InterestRateSwapMember2024-12-310001903382bhm:AccountsReceivablePrepaidsAndOtherAssetsMemberus-gaap:InterestRateCapMember2024-12-310001903382us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001903382us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300001903382us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001903382us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310001903382bhm:KeybankCreditFacilityMember2025-09-300001903382bhm:FloatingInterestRateMemberbhm:WayfordAtConcordMemberus-gaap:MortgagesMember2025-09-300001903382bhm:FloatingInterestRateMemberbhm:IleMemberus-gaap:MortgagesMember2025-09-300001903382bhm:FloatingInterestRateMemberbhm:HarmonyAtClearCreekMemberus-gaap:MortgagesMember2025-09-300001903382bhm:FloatingInterestRateMemberbhm:DbLoanMemberus-gaap:MortgagesMember2025-09-300001903382bhm:FixedInterestRateMemberbhm:YaugerParkVillasMemberus-gaap:SeniorLoansMember2025-09-300001903382bhm:FixedInterestRateMemberbhm:YaugerParkVillasMemberus-gaap:MortgagesMember2025-09-300001903382bhm:FixedInterestRateMemberbhm:YaugerParkVillasMemberbhm:SupplementalLoanMember2025-09-300001903382bhm:FixedInterestRateMemberbhm:VillasAtHuffmeisterMemberus-gaap:MortgagesMember2025-09-300001903382bhm:FixedInterestRateMemberbhm:SouthernPinesReserveMemberus-gaap:MortgagesMember2025-09-300001903382bhm:FixedInterestRateMemberbhm:SkytopApartmentsMemberus-gaap:MortgagesMember2025-09-300001903382bhm:FixedInterestRateMemberbhm:IleMemberus-gaap:MortgagesMember2025-09-300001903382bhm:FixedInterestRateMemberbhm:IleMemberbhm:CreditAgreementsTwoMember2025-09-300001903382bhm:FixedInterestRateMemberbhm:IleMemberbhm:CreditAgreementsThreeMember2025-09-300001903382bhm:FixedInterestRateMemberbhm:IleMemberbhm:CreditAgreementOneMember2025-09-300001903382bhm:FixedInterestRateMemberbhm:AvenueAtTimberlinParkMemberus-gaap:MortgagesMember2025-09-300001903382bhm:FixedInterestRateMemberbhm:AmiraAtWestlyMemberus-gaap:MortgagesMember2025-09-300001903382bhm:FixedInterestRateMemberbhm:AllureAtSouthparkMemberus-gaap:MortgagesMember2025-09-300001903382bhm:KeybankCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-10-012024-10-310001903382bhm:KeybankCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2024-10-012024-10-310001903382bhm:KeybankCreditFacilityMemberus-gaap:BaseRateMember2024-10-012024-10-310001903382bhm:KeybankCreditFacilityMemberbhm:AdjustedSecuredOvernightFinancingRateSofrMember2024-10-012024-10-310001903382bhm:AmendedDbCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-12-012023-12-310001903382us-gaap:CommonClassCMember2025-09-300001903382us-gaap:CommonClassAMember2025-09-300001903382us-gaap:CommonClassCMember2024-12-310001903382us-gaap:CommonClassAMember2024-12-310001903382bhm:O2025Q14DividendsMemberus-gaap:CommonClassCMember2025-01-012025-03-310001903382bhm:O2025Q14DividendsMemberus-gaap:CommonClassAMember2025-01-012025-03-310001903382bhm:O2025Q13DividendsMemberus-gaap:CommonClassCMember2025-01-012025-03-310001903382bhm:O2025Q13DividendsMemberus-gaap:CommonClassAMember2025-01-012025-03-310001903382bhm:O2025Q12DividendsMemberus-gaap:CommonClassCMember2025-01-012025-03-310001903382bhm:O2025Q12DividendsMemberus-gaap:CommonClassAMember2025-01-012025-03-310001903382bhm:O2025Q11DividendsMemberus-gaap:CommonClassCMember2025-01-012025-03-310001903382bhm:O2025Q11DividendsMemberus-gaap:CommonClassAMember2025-01-012025-03-3100019033822023-12-310001903382us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001903382us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300001903382us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001903382us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310001903382us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2025-07-012025-09-300001903382us-gaap:ConvertiblePreferredStockMemberus-gaap:SeriesAPreferredStockMember2025-07-012025-09-300001903382us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2025-01-012025-09-300001903382us-gaap:ConvertiblePreferredStockMemberus-gaap:SeriesAPreferredStockMember2025-01-012025-09-300001903382us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2024-07-012024-09-300001903382us-gaap:ConvertiblePreferredStockMemberus-gaap:SeriesAPreferredStockMember2024-07-012024-09-300001903382us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2024-01-012024-09-300001903382us-gaap:ConvertiblePreferredStockMemberus-gaap:SeriesAPreferredStockMember2024-01-012024-09-300001903382us-gaap:RestrictedStockMemberus-gaap:GeneralAndAdministrativeExpenseMemberbhm:BhmIncentivePlansMember2025-07-012025-09-300001903382bhm:LongtermIncentivePlanUnitsMemberus-gaap:GeneralAndAdministrativeExpenseMemberbhm:BhmIncentivePlansMember2025-07-012025-09-300001903382us-gaap:RestrictedStockMemberus-gaap:GeneralAndAdministrativeExpenseMemberbhm:BhmIncentivePlansMember2025-01-012025-09-300001903382bhm:LongtermIncentivePlanUnitsMemberus-gaap:GeneralAndAdministrativeExpenseMemberbhm:BhmIncentivePlansMember2025-01-012025-09-300001903382bhm:LongtermIncentivePlanUnitsMemberbhm:BhmIncentivePlansMemberbhm:PeakJvFourMember2025-01-012025-01-010001903382us-gaap:RestrictedStockMemberus-gaap:GeneralAndAdministrativeExpenseMemberbhm:BhmIncentivePlansMember2024-07-012024-09-300001903382bhm:LongtermIncentivePlanUnitsMemberus-gaap:GeneralAndAdministrativeExpenseMemberbhm:BhmIncentivePlansMember2024-07-012024-09-300001903382us-gaap:RestrictedStockMemberus-gaap:GeneralAndAdministrativeExpenseMemberbhm:BhmIncentivePlansMember2024-01-012024-09-300001903382bhm:LongtermIncentivePlanUnitsMemberus-gaap:GeneralAndAdministrativeExpenseMemberbhm:BhmIncentivePlansMember2024-01-012024-09-300001903382us-gaap:CommonClassAMember2025-02-280001903382us-gaap:CommonClassAMember2024-02-130001903382us-gaap:CommonClassCMember2025-11-030001903382us-gaap:CommonClassAMember2025-11-030001903382us-gaap:SeriesAPreferredStockMember2025-01-012025-09-300001903382us-gaap:CommonClassAMember2025-02-282025-02-280001903382us-gaap:CommonClassAMember2024-02-132024-02-130001903382bhm:CLongTermIncentivePlanUnitsMember2025-08-192025-08-190001903382bhm:CLongTermIncentivePlanUnitsMember2025-05-132025-05-130001903382bhm:CLongTermIncentivePlanUnitsMember2025-03-072025-03-070001903382bhm:CLtipUnitsMemberbhm:ManagementAgreementMember2025-01-012025-09-300001903382bhm:BaseManagementFeeMemberus-gaap:RelatedPartyMemberbhm:ManagementAgreementMember2024-07-012024-09-300001903382bhm:BaseManagementFeeMemberus-gaap:RelatedPartyMemberbhm:ManagementAgreementMember2024-01-012024-09-300001903382us-gaap:RelatedPartyMemberbhm:ManagementAgreementMember2025-07-012025-09-300001903382us-gaap:RelatedPartyMemberbhm:ManagementAgreementMember2025-01-012025-09-300001903382us-gaap:RelatedPartyMemberbhm:ManagementAgreementMember2024-07-012024-09-300001903382us-gaap:RelatedPartyMemberbhm:ManagementAgreementMember2024-01-012024-09-3000019033822025-06-300001903382bhm:YaugerParkVillasMemberbhm:ResidentialCommunitiesSegmentMember2025-01-012025-09-300001903382bhm:WayfordAtConcordMemberbhm:ResidentialCommunitiesSegmentMember2025-01-012025-09-300001903382bhm:VillasAtHuffmeisterMemberbhm:ResidentialCommunitiesSegmentMember2025-01-012025-09-300001903382bhm:SouthernPinesReserveMemberbhm:ResidentialCommunitiesSegmentMember2025-01-012025-09-300001903382bhm:SkytopApartmentsMemberbhm:ResidentialCommunitiesSegmentMember2025-01-012025-09-300001903382bhm:Savannah84Memberbhm:ScatteredSingleFamilyHomesSegmentMember2025-01-012025-09-300001903382bhm:PeakJvTwoMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-01-012025-09-300001903382bhm:PeakJvThreeMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-01-012025-09-300001903382bhm:IndySpringfieldMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-01-012025-09-300001903382bhm:IleMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-01-012025-09-300001903382bhm:GoldenPacificMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-01-012025-09-300001903382bhm:BallastMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-01-012025-09-300001903382bhm:AvenueAtTimberlinParkMemberbhm:ResidentialCommunitiesSegmentMember2025-01-012025-09-300001903382bhm:AmiraAtWestlyMemberbhm:ResidentialCommunitiesSegmentMember2025-01-012025-09-300001903382bhm:AllureAtSouthparkMemberbhm:ResidentialCommunitiesSegmentMember2025-01-012025-09-300001903382bhm:WayfordAtPringleMember2025-01-012025-09-300001903382bhm:IndigoCoveMember2025-01-012025-09-300001903382bhm:WillowParkMember2025-01-012025-09-300001903382bhm:WayfordAtPringleLoanFinancingMember2025-01-012025-09-300001903382us-gaap:SeriesAPreferredStockMember2024-10-142024-10-140001903382us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-07-012025-09-300001903382us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2025-01-012025-09-300001903382us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2024-01-012024-09-300001903382us-gaap:SubsequentEventMember2025-10-012025-10-1500019033822024-10-142024-10-140001903382bhm:AccountsReceivablePrepaidExpenseAndOtherAssetsMember2025-01-012025-09-300001903382bhm:AccountsReceivablePrepaidExpenseAndOtherAssetsMember2024-01-012024-12-310001903382bhm:CottagesOfPortSt.LucieMember2025-01-012025-09-300001903382bhm:CottagesAtMyrtleBeachMember2025-01-012025-09-300001903382bhm:SanfordMarketplaceMember2025-01-012025-09-300001903382bhm:RiverFordMember2025-01-012025-09-300001903382bhm:CanvasAtWildwoodMember2025-01-012025-09-300001903382bhm:LtipUnitHoldersMember2025-09-300001903382bhm:ManagementAgreementMember2025-01-012025-09-300001903382bhm:BlueRockRealEstateHoldingsLlcMemberbhm:LeaseholdCostSharingAgreementMember2025-01-012025-09-300001903382bhm:OpUnitHoldersMember2025-01-012025-09-300001903382bhm:HarmonyAtClearCreekMember2025-09-300001903382bhm:AbodeWendellFallsMember2025-09-300001903382bhm:WayfordAtInnovationParkMember2025-01-012025-09-300001903382bhm:PeakJvTwoMember2025-07-012025-09-300001903382bhm:PeakJvThreeMember2025-07-012025-09-300001903382bhm:IndySpringfieldPortfolioMember2025-07-012025-09-300001903382bhm:IleIndySpringfieldJv2PeakAndJv3PortfolioMember2025-07-012025-09-300001903382bhm:PeakJvTwoMember2025-01-012025-09-300001903382bhm:PeakJvThreeMember2025-01-012025-09-300001903382bhm:IndySpringfieldPortfolioMember2025-01-012025-09-300001903382bhm:IleIndySpringfieldJv2PeakAndJv3PortfolioMember2025-01-012025-09-300001903382bhm:HarmonyAtClearCreekMember2025-01-012025-09-300001903382bhm:SkytopApartmentsMember2025-09-292025-09-290001903382bhm:SouthernPinesReserveMember2025-04-282025-04-280001903382bhm:IleMember2025-07-012025-09-300001903382bhm:IleMember2025-01-012025-09-300001903382bhm:PeakJvTwoMember2025-09-300001903382bhm:PeakJvTwoMember2025-09-300001903382bhm:PeakJvThreeMember2025-09-300001903382bhm:PeakJvThreeMember2025-09-300001903382bhm:IndySpringfieldPortfolioMember2025-09-300001903382bhm:IndySpringfieldMember2025-09-300001903382bhm:IleMember2025-09-300001903382bhm:IleMember2025-09-300001903382bhm:GoldenPacificMember2025-09-300001903382bhm:GoldenPacificMember2025-09-300001903382bhm:YaugerParkVillasMemberbhm:ResidentialCommunitiesSegmentMember2025-09-300001903382bhm:WayfordAtConcordMemberbhm:ResidentialCommunitiesSegmentMember2025-09-300001903382bhm:VillasAtHuffmeisterMemberbhm:ResidentialCommunitiesSegmentMember2025-09-300001903382bhm:SouthernPinesReserveMemberbhm:ResidentialCommunitiesSegmentMember2025-09-300001903382bhm:SkytopApartmentsMemberbhm:ResidentialCommunitiesSegmentMember2025-09-300001903382bhm:Savannah84Memberbhm:ScatteredSingleFamilyHomesSegmentMember2025-09-300001903382bhm:PeakJvTwoMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-09-300001903382bhm:PeakJvThreeMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-09-300001903382bhm:IndySpringfieldMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-09-300001903382bhm:IleMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-09-300001903382bhm:GoldenPacificMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-09-300001903382bhm:BallastMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-09-300001903382bhm:AvenueAtTimberlinParkMemberbhm:ResidentialCommunitiesSegmentMember2025-09-300001903382bhm:AmiraAtWestlyMemberbhm:ResidentialCommunitiesSegmentMember2025-09-300001903382bhm:AllureAtSouthparkMemberbhm:ResidentialCommunitiesSegmentMember2025-09-300001903382bhm:ScatteredSingleFamilyHomesSegmentMember2025-09-300001903382bhm:ResidentialCommunitiesSegmentMember2025-09-300001903382bhm:ChandlerMember2025-01-012025-09-300001903382bhm:HarmonyAtClearCreekMember2025-01-012025-09-300001903382bhm:AbodeWendellFallsMember2025-01-012025-09-300001903382us-gaap:MortgagesMember2025-09-300001903382us-gaap:MortgagesMember2024-12-310001903382bhm:BaseManagementFeeMemberus-gaap:RelatedPartyMemberbhm:ManagementAgreementMember2025-07-012025-09-300001903382bhm:BaseManagementFeeMemberus-gaap:RelatedPartyMemberbhm:ManagementAgreementMember2025-01-012025-09-300001903382us-gaap:MaterialReconcilingItemsMember2024-07-012024-09-300001903382us-gaap:MaterialReconcilingItemsMember2024-01-012024-09-300001903382us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-07-012025-09-300001903382us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-01-012025-09-300001903382us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-07-012024-09-300001903382us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-09-3000019033822025-04-012025-06-3000019033822025-01-012025-06-300001903382us-gaap:MaterialReconcilingItemsMember2025-07-012025-09-300001903382us-gaap:MaterialReconcilingItemsMember2025-01-012025-09-300001903382bhm:PeakJvTwoMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-07-012025-09-300001903382bhm:PeakJvTwoMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberbhm:ScatteredSingleFamilyHomesSegmentMember2025-01-012025-09-3000019033822024-01-012024-12-310001903382us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2025-07-012025-09-300001903382us-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2025-07-012025-09-300001903382us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2025-01-012025-09-300001903382us-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2025-01-012025-09-300001903382us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2024-07-012024-09-300001903382us-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2024-07-012024-09-300001903382us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2024-01-012024-09-300001903382us-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2024-01-012024-09-300001903382srt:MinimumMemberbhm:PeakJvTwoMember2025-07-110001903382srt:MinimumMemberbhm:PeakJv3Member2025-07-110001903382srt:MaximumMemberbhm:PeakJvTwoMember2025-07-110001903382srt:MaximumMemberbhm:PeakJv3Member2025-07-110001903382us-gaap:RelatedPartyMember2025-01-012025-09-300001903382us-gaap:RelatedPartyMemberus-gaap:AssetManagementArrangementMember2024-01-012024-12-3100019033822024-09-300001903382bhm:SouthernPinesReserveMember2025-09-300001903382bhm:SkytopApartmentsMember2025-09-300001903382bhm:AmiraAtWestlyMember2025-09-300001903382bhm:SouthernPinesReserveMember2025-01-012025-09-300001903382bhm:AmiraAtWestlyMember2025-01-012025-09-300001903382us-gaap:RelatedPartyMemberus-gaap:AssetManagementArrangementMember2025-07-012025-09-300001903382us-gaap:RelatedPartyMemberus-gaap:AssetManagementArrangementMember2025-01-012025-09-300001903382bhm:WayfordAtInnovationParkMember2025-09-300001903382bhm:RiverFordMember2025-09-300001903382bhm:ChandlerMember2025-09-300001903382bhm:CanvasAtWildwoodMember2025-09-300001903382bhm:WayfordAtPringleMember2024-12-310001903382bhm:WayfordAtInnovationParkMember2024-12-310001903382bhm:RiverFordMember2024-12-310001903382bhm:IndigoCoveMember2024-12-310001903382bhm:CottagesOfPortSt.LucieMember2024-12-310001903382bhm:CottagesAtMyrtleBeachMember2024-12-310001903382bhm:ChandlerMember2024-12-310001903382bhm:CanvasAtWildwoodMember2024-12-3100019033822024-12-3100019033822025-09-300001903382bhm:FloatingInterestRateMemberbhm:WayfordAtConcordMember2025-01-012025-09-300001903382bhm:FloatingInterestRateMemberbhm:DbLoanMember2025-01-012025-09-300001903382bhm:HarmonyAtClearCreekMemberus-gaap:ConstructionLoanPayableMember2025-09-300001903382us-gaap:ConstructionLoansMember2025-09-300001903382bhm:FloatingInterestRateMemberbhm:IleMember2025-01-012025-09-300001903382us-gaap:FairValueInputsLevel2Member2025-09-300001903382us-gaap:FairValueInputsLevel2Member2024-12-310001903382us-gaap:CommonClassCMember2025-01-012025-09-300001903382us-gaap:CommonClassAMember2025-01-012025-09-300001903382srt:MaximumMemberbhm:HarmonyAtClearCreekMember2025-09-300001903382bhm:SanfordMarketplaceMember2025-09-300001903382bhm:BuildToRentSingleFamilyResidentialUnitsMember2025-09-300001903382bhm:DealerManagerMember2025-01-012025-09-300001903382us-gaap:InterestRateCapMember2025-09-300001903382bhm:SkytopApartmentsMember2025-01-012025-09-300001903382us-gaap:NoncontrollingInterestMember2025-07-012025-09-300001903382us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-3000019033822025-07-012025-09-300001903382us-gaap:NoncontrollingInterestMember2025-01-012025-09-300001903382us-gaap:AdditionalPaidInCapitalMember2025-01-012025-09-300001903382us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001903382us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-3000019033822024-07-012024-09-300001903382us-gaap:NoncontrollingInterestMember2024-01-012024-09-300001903382us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001903382us-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2025-01-012025-09-3000019033822025-01-012025-09-3000019033822024-01-012024-09-300001903382us-gaap:SeriesOfIndividuallyImmaterialAssetAcquisitionsMember2025-09-30iso4217:USDxbrli:purebhm:propertyxbrli:sharesbhm:itembhm:communityiso4217:USDxbrli:sharesbhm:EquityInstrumentsbhm:segment

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to ______

Commission File Number 001-41322

BLUEROCK HOMES TRUST, INC.

(Exact name of registrant as specified in its charter)


Maryland		87-4211187
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

919 Third Avenue, 40^th Floor, New York, NY		10022
(Address of principal executive offices)		(Zip Code)

(212) 843-1601

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share		BHM		NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large Accelerated Filer	☐	Accelerated Filer	☐	Non-Accelerated Filer	☒
Smaller reporting company	☐	Emerging growth company	☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Number of shares outstanding of the registrant’s

classes of common stock, as of November 3, 2025

Class A Common Stock: 4,048,078 shares

Class C Common Stock: 8,489 shares

Table of Contents

BLUEROCK HOMES TRUST, INC.

FORM 10-Q

September 30, 2025

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024 (Audited)	3

	Consolidated Statements of Operations and Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024	4

	Consolidated Statements of Stockholders’ Equity (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024	5

	Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2025 and 2024	9

	Notes to Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	62

Item 4.	Controls and Procedures	63

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	64

Item 1A.	Risk Factors	64

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	65

Item 3.	Defaults Upon Senior Securities	65

Item 4.	Mine Safety Disclosures	65

Item 5.	Other Information	65

Item 6.	Exhibits	66

SIGNATURES		68

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BLUEROCK HOMES TRUST, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)


	(Unaudited)
	September 30,		December 31,
	2025		2024
ASSETS
Net Real Estate Investments
Land	$	118,314	$	103,713
Buildings and improvements		703,616		580,110
Furniture, fixtures and equipment		25,894		19,414
Construction in process		9,572		986
Total gross operating real estate investments		857,396		704,223
Accumulated depreciation		(59,831)		(42,410)
Total net operating real estate investments		797,565		661,813
Operating real estate held for sale, net		10,831		21,815
Total Net Real Estate Investments		808,396		683,628
Cash and cash equivalents		162,732		115,209
Restricted cash		20,555		16,032
Notes and accrued interest receivable, net		—		32,067
Investment in unconsolidated real estate funds		25,573		—
Accounts receivable, prepaids and other assets, net		27,531		34,575
Preferred equity investments, net		45,091		81,668
In-place lease intangible assets, net		1,843		2,749
Due from affiliates		935		1,049
Non-real estate assets associated with operating real estate held for sale		32		16
TOTAL ASSETS	$	1,092,688	$	966,993

LIABILITIES AND EQUITY
Mortgages payable	$	393,890	$	252,782
Revolving credit facilities		22,000		121,000
Accounts payable		808		803
Other accrued liabilities		25,450		16,914
Due to affiliates		7,838		5,980
Distributions payable		2,471		617
Liabilities associated with operating real estate held for sale		203		6
Total Liabilities		452,660		398,102
6.0% Series A Redeemable Preferred Stock, liquidation preference $25.00 per share, 30,000,000 shares authorized; 6,087,829 and 4,628,681 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		136,944		102,154
Equity
Stockholders’ Equity
Preferred stock, $0.01 par value, 220,000,000 shares authorized; no shares issued and outstanding at September 30, 2025 and December 31, 2024		—		—
Common stock - Class A, $0.01 par value, 562,500,000 shares authorized; 4,048,078 and 3,953,919 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		40		40
Common stock - Class C, $0.01 par value, 187,500,000 shares authorized; 8,489 shares issued and outstanding at September 30, 2025 and December 31, 2024		—		—
Additional paid-in-capital		121,079		118,495
Cumulative earnings in excess of distributions		10,577		20,709
Accumulated other comprehensive income (loss)		23		(164)
Total Stockholders’ Equity		131,719		139,080
Noncontrolling Interests
Operating partnership units		296,096		310,275
Partially owned properties		75,269		17,382
Total Noncontrolling Interests		371,365		327,657
Total Equity		503,084		466,737
TOTAL LIABILITIES AND EQUITY	$	1,092,688	$	966,993

See Notes to Consolidated Financial Statements

Table of Contents

BLUEROCK HOMES TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

(In thousands, except share and per share amounts)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Revenues
Rental and other property revenues	$	16,610	$	11,976	$	49,227	$	34,670
Interest income from loan investments		—		730		598		1,735
Total revenues		16,610		12,706		49,825		36,405

Expenses
Property operating		8,729		6,434		24,558		17,391
Property management and asset management fees		1,305		1,181		3,966		3,472
General and administrative		2,705		2,451		8,427		7,756
Management fees to related party		2,643		2,377		7,789		6,621
Acquisition and other transaction costs		107		17		318		21
Weather-related losses, net		37		178		82		178
Depreciation and amortization		6,754		4,883		21,435		13,712
Total expenses		22,280		17,521		66,575		49,151

Other (expense) income
Other (expense) income, net		(45)		166		(119)		106
Income from preferred equity investments		1,783		2,721		7,199		8,308
Income from investments in unconsolidated real estate funds		717		—		717		—
(Provision for) recovery of credit losses, net		—		(48)		104		(214)
(Impairment) and gain on sale of real estate investments, net		(3,944)		9,304		(2,383)		8,770
Gain on sale of available-for-sale investments, net		1,762		—		3,212		—
Loss on extinguishment of debt costs		(3)		(118)		(12)		(118)
Interest expense, net		(5,683)		(5,248)		(17,521)		(12,818)
Interest income		1,522		1,585		3,808		3,918
Total other (expense) income		(3,891)		8,362		(4,995)		7,952
(Loss) income before income taxes		(9,561)		3,547		(21,745)		(4,794)
Income tax expense		(400)		—		(1,372)		—
Net (loss) income		(9,961)		3,547		(23,117)		(4,794)
Preferred stock dividends		(2,417)		(1,412)		(6,681)		(2,227)
Preferred stock accretion		(1,574)		—		(3,370)		(181)
Net loss (income) attributable to noncontrolling interests
Operating partnership units		8,074		(2,010)		19,302		3,695
Partially-owned properties		2,270		796		5,245		1,776
Net loss (income) attributable to noncontrolling interests		10,344		(1,214)		24,547		5,471
Net (loss) income attributable to common stockholders	$	(3,608)	$	921	$	(8,621)	$	(1,731)

Net (loss) income per common share – Basic	$	(0.94)	$	0.24	$	(2.27)	$	(0.45)
Net (loss) income per common share – Diluted	$	(0.94)	$	0.24	$	(2.27)	$	(0.45)

Weighted average basic common shares outstanding		3,898,102		3,859,226		3,886,335		3,853,321
Weighted average diluted common shares outstanding		3,898,102		3,871,201		3,886,335		3,853,321

Other comprehensive (loss) income
Unrealized (loss) gain on available-for-sale investments, net	$	(1,531)	$	—	$	605	$	—
Less unrealized loss (gain) attributable to Operating partnership units		1,059		—		(418)		—
Other comprehensive (loss) income attributable to common stockholders		(472)		—		187		—
Comprehensive loss (income) attributable to noncontrolling interests		11,403		(1,214)		24,129		5,471
Comprehensive (loss) income attributable to common stockholders	$	(4,080)	$	921	$	(8,434)	$	(1,731)

See Notes to Consolidated Financial Statements

Table of Contents

BLUEROCK HOMES TRUST, INC.

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)

(In thousands, except share amounts)


	Class A Common Stock			Class C Common Stock							Accumulated
							Additional				Other
	Number			Number			Paid-in		Cumulative		Comprehensive		Noncontrolling
	of Shares	Par Value		of Shares	Par Value		Capital		Earnings		Income (Loss)		Interests		Total Equity
Balance, July 1, 2025	4,062,668	$	41	8,489	$	—	$	120,081	$	14,692	$	495	$	354,595	$	489,904

Issuance of restricted Class A common stock for equity incentive plan compensation, net of shares withheld for employee taxes and forfeitures	(14,590)		(1)	—		—		199		—		—		—		198
Issuance of long-term incentive plan (“LTIP”) Units for equity incentive plan compensation, net of forfeitures	—		—	—		—		—		—		—		708		708
Issuance of C-LTIP Units to Manager	—		—	—		—		—		—		—		210		210
Common stock distributions declared	—		—	—		—		—		(507)		—		—		(507)
Series A Preferred Stock distributions declared	—		—	—		—		—		(2,417)		—		—		(2,417)
Series A Preferred Stock accretion	—		—	—		—		—		(1,574)		—		—		(1,574)
Distributions to Operating Partnership noncontrolling interests	—		—	—		—		—		—		—		(1,144)		(1,144)
Distributions to partially owned properties’ noncontrolling interests	—		—	—		—		—		—		—		(696)		(696)
Acquisition of noncontrolling interests	—		—	—		—		2,659		—		—		(3,713)		(1,054)
Contributions from noncontrolling interests	—		—	—		—		—		—		—		30,906		30,906
Total comprehensive loss	—		—	—		—		—		—		(472)		(1,059)		(1,531)
Cash redemption of Series A Preferred Stock	—		—	—		—		42		—		—		—		42
Adjustment for noncontrolling interest ownership in the Operating Partnership	—		—	—		—		(1,849)		—		—		1,849		—
Adjustment for noncontrolling interest ownership in partially owned properties	—		—	—		—		(53)		—		—		53		—
Net income (loss)	—		—	—		—		—		383		—		(10,344)		(9,961)
Balance, September 30, 2025	4,048,078	$	40	8,489	$	—	$	121,079	$	10,577	$	23	$	371,365	$	503,084

See Notes to Consolidated Financial Statements

Table of Contents

BLUEROCK HOMES TRUST, INC.

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)

(In thousands, except share amounts)


	Class A Common Stock			Class C Common Stock			Additional
	Number			Number			Paid-in		Cumulative		Noncontrolling
	of Shares	Par Value		of Shares	Par Value		Capital		Earnings		Interests		Total Equity
Balance, July 1, 2024	3,946,348	$	39	8,489	$	—	$	120,198	$	22,291	$	325,551	$	468,079

Issuance of restricted Class A common stock for equity incentive plan compensation, net of shares withheld for employee taxes and forfeitures	(186)		—	—		—		153		—		—		153
Issuance of LTIP Units for equity incentive plan compensation	—		—	—		—		—		—		727		727
Issuance of C-LTIP Units to Manager	—		—	—		—		—		—		1,086		1,086
Series A Preferred Stock distributions declared	—		—	—		—		—		(1,412)		—		(1,412)
Distributions to partially owned properties’ noncontrolling interests	—		—	—		—		—		—		(18)		(18)
Acquisition of noncontrolling interests	—		—	—		—		(2,211)		—		(650)		(2,861)
Holder redemption of Series A Preferred Stock and conversion into Class A common stock	7,757		1	—		—		139		—		—		140
Contributions from noncontrolling interests	—		—	—		—		—		—		38		38
Adjustment for noncontrolling interest ownership in the Operating Partnership	—		—	—		—		1,404		—		(1,404)		—
Net income	—		—	—		—		—		2,333		1,214		3,547
Balance, September 30, 2024	3,953,919	$	40	8,489	$	—	$	119,683	$	23,212	$	326,544	$	469,479

See Notes to Consolidated Financial Statements

Table of Contents

BLUEROCK HOMES TRUST, INC.

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)

(In thousands, except share amounts)


	Class A Common Stock			Class C Common Stock							Accumulated
							Additional				Other
	Number			Number			Paid-in		Cumulative		Comprehensive		Noncontrolling
	of Shares	Par Value		of Shares	Par Value		Capital		Earnings		(Loss) Income		Interests		Total Equity
Balance, January 1, 2025	3,953,919	$	40	8,489	$	—	$	118,495	$	20,709	$	(164)	$	327,657	$	466,737

Issuance of restricted Class A common stock for equity incentive plan compensation, net of shares withheld for employee taxes and forfeitures	84,609		—	—		—		408		—		—		—		408
Issuance of LTIP Units for equity incentive plan compensation, net of forfeitures	—		—	—		—		—		—		—		2,511		2,511
Issuance of C-LTIP Units to Manager	—		—	—		—		—		—		—		665		665
Common stock distributions declared	—		—	—		—		—		(1,511)		—		—		(1,511)
Series A Preferred Stock distributions declared	—		—	—		—		—		(6,681)		—		—		(6,681)
Series A Preferred Stock accretion	—		—	—		—		—		(3,370)		—		—		(3,370)
Distributions to Operating Partnership noncontrolling interests	—		—	—		—		—		—		—		(3,423)		(3,423)
Distributions to partially owned properties’ noncontrolling interests	—		—	—		—		—		—		—		(1,221)		(1,221)
Acquisition of noncontrolling interests	—		—	—		—		2,659		—		—		(3,713)		(1,054)
Contributions from noncontrolling interests	—		—	—		—		—		—		—		72,369		72,369
Total comprehensive income	—		—	—		—		—		—		187		418		605
Cash redemption of Operating Partnership Units	—		—	—		—		8		—		—		(12)		(4)
Holder redemption of Series A Preferred Stock and conversion into Class A common stock	9,550		—	—		—		110		—		—		—		110
Cash redemption of Series A Preferred Stock	—		—	—		—		60		—		—		—		60
Adjustment for noncontrolling interest ownership in the Operating Partnership	—		—	—		—		(4,964)		—		—		4,964		—
Adjustment for noncontrolling interest ownership in partially owned properties	—		—	—		—		4,303		—		—		(4,303)		—
Net income (loss)	—		—	—		—		—		1,430		—		(24,547)		(23,117)
Balance, September 30, 2025	4,048,078	$	40	8,489	$	—	$	121,079	$	10,577	$	23	$	371,365	$	503,084

See Notes to Consolidated Financial Statements

Table of Contents

BLUEROCK HOMES TRUST, INC.

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)

(In thousands, except share amounts)


	Class A Common Stock			Class C Common Stock			Additional
	Number			Number			Paid-in		Cumulative		Noncontrolling
	of Shares	Par Value		of Shares	Par Value		Capital		Earnings		Interests		Total Equity
Balance, January 1, 2024	3,871,265	$	39	8,489	$	—	$	122,369	$	24,943	$	323,248	$	470,599

Issuance of restricted Class A common stock for equity incentive plan compensation, net of shares withheld for employee taxes and forfeitures	73,551		—	—		—		297		—		—		297
Issuance of LTIP Units for equity incentive plan compensation	—		—	—		—		—		—		2,139		2,139
Issuance of C-LTIP Units to Manager	—		—	—		—		—		—		5,455		5,455
Series A Preferred Stock distributions declared	—		—	—		—		—		(2,227)		—		(2,227)
Series A Preferred Stock accretion	—		—	—		—		—		(181)		—		(181)
Distributions to partially owned properties’ noncontrolling interests	—		—	—		—		—		—		(104)		(104)
Acquisition of noncontrolling interests	—		—	—		—		(2,211)		—		(650)		(2,861)
Holder redemption of Series A Preferred Stock and conversion into Class A common stock	9,103		1	—		—		164		—		—		165
Contributions from noncontrolling interests	—		—	—		—		—		—		991		991
Adjustment for noncontrolling interest ownership in the Operating Partnership	—		—	—		—		(936)		—		936		—
Net income (loss)	—		—	—		—		—		677		(5,471)		(4,794)
Balance, September 30, 2024	3,953,919	$	40	8,489	$	—	$	119,683	$	23,212	$	326,544	$	469,479

See Notes to Consolidated Financial Statements

Table of Contents

BLUEROCK HOMES TRUST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)


	Nine Months Ended
	September 30,
	2025		2024
Cash flows from operating activities
Net loss	$	(23,117)	$	(4,794)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		23,170		14,780
Amortization of fair value adjustments		244		46
Income from preferred equity investments		(7,199)		(8,308)
Income from investments in unconsolidated real estate funds		(717)		—
Impairment and (gain on sale) of real estate investments, net		2,383		(8,770)
Gain on sale of available-for-sale investments, net		(3,212)		—
Fair value adjustment of interest rate caps and swaps		1,727		3,444
(Recovery of) provision for credit losses, net		(104)		214
Loss on extinguishment of debt costs		12		118
Noncash operating lease expense		451		—
Distributions of income and income from preferred equity investments		22,000		2,092
Distributions from investments in unconsolidated real estate funds		270		—
Share-based compensation attributable to equity incentive plan		2,919		2,436
Share-based compensation to Manager – C-LTIP Units		665		5,455
Changes in operating assets and liabilities:
Due to affiliates, net		1,845		107
Accounts receivable, prepaids and other assets		(1,712)		(5,198)
Notes and accrued interest receivable		470		(742)
Accounts payable and other accrued liabilities		8,159		3,174
Net cash provided by operating activities		28,254		4,054

Cash flows from investing activities:
Acquisitions of real estate investments		(155,761)		(51,454)
Capital expenditures		(13,663)		(5,939)
Purchase of interest rate cap		(1,564)		(2,688)
Investment in notes receivable		—		(24,554)
Investment in unconsolidated real estate fund		(25,000)		—
Repayments on notes receivable		31,700		8,284
Proceeds from sale of real estate investments		16,794		43,996
Proceeds from sale and redemption of preferred equity investments		49,564		12,768
Insurance proceeds related to real estate investments		—		149
Investment in preferred equity investments		(11,101)		(3,005)
Net cash used in investing activities		(109,031)		(22,443)

Cash flows from financing activities:
Distributions to common stockholders		(1,004)		(3,879)
Distributions to noncontrolling interests		(2,279)		(8,509)
Distributions to partially owned properties’ noncontrolling interests		(1,221)		(104)
Distributions to preferred stockholders		(6,478)		(1,731)
Contributions from noncontrolling interests		72,369		991
Purchase of interests from noncontrolling interests		(1,054)		(2,573)
Borrowings on mortgages payable		88,265		23,660
Repayments on mortgages payable including prepayment penalties		(4,865)		(21,272)
Proceeds from revolving credit facilities		42,000		35,000
Repayments on revolving credit facilities		(81,000)		—
Payments of deferred financing fees		(3,550)		(1,504)
Net proceeds from issuance of 6.0% Series A Redeemable Preferred Stock		32,281		76,730
Payments to redeem 6.0% Series A Redeemable Preferred Stock		(637)		—
Payments to redeem Operating Partnership Units		(4)		—
Net cash provided by financing activities		132,823		96,809

Net increase in cash, cash equivalents and restricted cash	$	52,046	$	78,420
Cash, cash equivalents and restricted cash, beginning of year		131,241		86,384
Cash, cash equivalents and restricted cash, end of period	$	183,287	$	164,804

Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	162,732	$	155,131
Restricted cash		20,555		9,673
Total cash, cash equivalents and restricted cash, end of period	$	183,287	$	164,804

Supplemental disclosure of cash flow information
Cash paid for interest (net of interest capitalized)	$	13,799	$	7,948

Supplemental disclosure of non-cash investing and financing activities
Distributions payable – declared and unpaid	$	2,471	$	548
Repayment of revolving credit facility with borrowings on mortgages payable	$	60,000	$	—
Mortgage assumed upon property acquisition	$	—	$	24,333
Capital expenditures held in accounts payable and other accrued liabilities	$	1,371	$	276

See Notes to Consolidated Financial Statements

Table of Contents

BLUEROCK HOMES TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Organization and Nature of Business

Bluerock Homes Trust, Inc. (the “Company”) was incorporated in Maryland on December 16, 2021. The Company owns and operates a portfolio of institutional residential properties including single-family homes, build-to-rent communities, and other residential communities located in attractive markets with a focus on the knowledge-economy and high-quality of life growth markets of the Sunbelt and Western United States. The Company’s principal objective is to generate attractive risk-adjusted returns on investments where it believes it can drive growth in funds from operations and net asset value by acquiring residential units, developing residential communities, and through Value-Add renovations. The Company’s Value-Add strategy focuses on repositioning lower-quality, less current assets to drive rent growth and expand margins to increase net operating income and maximize the Company’s return on investment.

As of September 30, 2025, the Company held twenty-two real estate investments, consisting of seventeen consolidated investments and five preferred equity investments. The twenty-two investments represent an aggregate of 5,282 residential units, comprised of 4,170 consolidated units, of which 358 units are under development, and 1,112 units through preferred equity investments, which includes planned units and those under development. As of September 30, 2025, the Company’s consolidated operating investments were approximately 91.8% occupied; excluding units classified as held for sale and down/renovation units, the Company’s consolidated operating investments were approximately 93.7% occupied.

The Company has elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90% of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates and it would not be permitted to qualify as a REIT for four years following the year in which it lost its qualification. The Company intends to continue to organize and operate in such a manner as to remain qualified as a REIT.

Note 2 – Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The Company conducts its operations through Bluerock Residential Holdings, L.P., its operating partnership (the “Operating Partnership”), of which it is the sole general partner. The consolidated financial statements include the Company’s accounts and those of the Operating Partnership and its subsidiaries. As of September 30, 2025, limited partners other than the Company owned approximately 69.30% of the common units of the Operating Partnership, of which 55.74% were held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 13.56% were held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 2.99% which were not vested at September 30, 2025.

Certain amounts in prior year financial statement presentation have been reclassified to conform to the current year presentation.

Summary of Significant Accounting Policies

Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (“SEC”) on March 20, 2025 for discussion of the Company’s significant accounting policies. During the nine months ended September 30, 2025, there were no material changes to these policies.

Table of Contents

Consolidated Investments in Real Estate, Preferred Equity Investments, Notes Receivable and Unconsolidated Funds

The Company first analyzes an investment to determine if it is a variable interest entity (“VIE”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation and, if so, whether the Company is the primary beneficiary requiring consolidation of the entity. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests in a VIE that change in value with changes in the fair value of the VIE’s net assets. The Company continuously re-assesses at each level of the investment whether (i) the entity is a VIE, and (ii) the Company is the primary beneficiary of the VIE. If it was determined that an entity in which the Company holds an interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated.

If, after consideration of the VIE accounting literature, the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control.

In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures, the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members has either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause, or (ii) substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course of business.

The Company analyzes each investment that involves real estate acquisition, development, and construction to consider whether the investment qualifies as an investment in a real estate acquisition, development, and construction arrangement. The Company has evaluated its real estate investments as required by ASC 310-10 Receivables and concluded that no investments are considered an investment in a real estate acquisition, development, or construction arrangement. As such, the Company next evaluates if these investments are considered a security under ASC 320 Investments – Debt Securities.

For investments that meet the criteria of a security under ASC 320 Investments – Debt Securities, the Company classifies each investment as an available-for-sale (“AFS”) debt security as it does not have the positive intent to hold all investments to maturity. The Company accounts for these investments as preferred equity investments on its consolidated balance sheets, and it earns a fixed return on these investments which is included within income from preferred equity investments on its consolidated statements of operations and comprehensive income. AFS debt securities are carried at fair value in the Company’s consolidated balance sheets, and any unrealized gains or losses on AFS debt securities are reported as a component of accumulated other comprehensive income on its consolidated balance sheets, and as a component of other comprehensive income on its consolidated statements of operations and comprehensive income. The Company evaluates each AFS debt security that has an unrealized loss recorded at the reporting date for a provision for credit loss, as applicable. Refer to the Current Expected Credit Losses (“CECL”) section of this Note for further information regarding CECL and the Company’s provision for credit losses.

Prior to the fourth quarter 2024, the Company classified its preferred equity investments as held-to-maturity debt securities as the investments met the criteria of a security under ASC 320 Investments – Debt Securities. As of September 30, 2025, the Company does not have the positive intent to hold all the securities to maturity. As such, the Company has reclassified all its previously held-to-maturity debt securities to AFS debt securities.

For investments that do not meet the criteria of a security under ASC 320 Investments – Debt Securities, the Company will evaluate the characteristics and the facts and circumstances to determine if loan accounting treatment is appropriate. If loan accounting treatment is deemed appropriate, the Company recognizes interest income on its notes receivable on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected. Costs incurred to originate its notes receivable are deferred and amortized using the effective interest method over the term of the related note receivable.

Table of Contents

In circumstances where the Company does have significant influence in the investment, however the Company determines that the investment does not meet the criterial of a security under ASC 320 Investments – Debt Securities and that loan accounting treatment is not appropriate, the Company generally accounts for these investments under the equity method. The equity method of accounting requires these investments to be initially recorded at cost and subsequently increased (decreased) for the Company’s share of net income (loss), and increased (decreased) for contributions (distributions). The proportionate share of the results of operations of these investments is recognized on a one-quarter lag and is recorded in the Company’s earnings or losses.

Income Taxes

For the three and nine months ended September 30, 2025, the Company recorded current income tax expense of approximately $0.3 million and $1.1 million, respectively, and state income tax expense of $0.1 million and $0.3 million, respectively, related to income earned in certain taxable REIT subsidiaries. The Company records these amounts in income tax expense on the Company’s consolidated statements of operations and comprehensive income. No income tax expense was recorded in 2024.

Interim Financial Information

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the Unites States of America (“GAAP”) for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year.

The balance sheet at December 31, 2024 has been derived from the audited financial statements at that date but does not include all the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s audited consolidated financial statements for the year ended December 31, 2024 contained in the Annual Report on Form 10-K as filed with the SEC on March 20, 2025.

Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements

In November 2024, the FASB issued Accounting Standards Update No. 2024-03 “Disaggregation of Income Statement Expenses (Subtopic 220-40)” (“ASU 2024-03”). The amendments in ASU 2024-03 require additional disclosure of specified information about certain costs and expenses within the notes to the financial statements. The amendments in ASU 2024-03 are effective for the Company for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of adopting ASU 2024-03 on its financial disclosures.

Table of Contents

Current Expected Credit Losses

Preferred Equity Investments

The Company performs an individual assessment of expected credit losses for its preferred equity investments, which are accounted for as AFS debt securities, that have an unrealized loss recorded at the reporting date. The Company first evaluates whether it intends to sell, or it is more likely than not that it will be required to sell, the AFS debt security before recovery of its amortized cost basis. If either criteria regarding intent or requirement to sell is met, the amortized cost basis of the security is written down to its fair value through income. If these criteria are not met, the Company evaluates whether the decline in fair value of the AFS debt security has resulted from credit losses. If it is determined that the borrower is experiencing financial difficulty, or a foreclosure is probable, or the Company expects repayment through the sale of the collateral, the Company calculates expected credit losses based on the value of the underlying collateral as of the reporting date. During this review process, if the Company determines that it is probable that it will not be able to collect all amounts due for both principal and interest according to the contractual terms of an investment, the preferred equity investment is not considered fully recoverable. As such, a provision for credit loss is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any remaining noncredit loss component of unrealized loss would be recognized as a component of other comprehensive income.

Changes in the provision for credit loss are recorded as a provision for (or recovery of) credit loss expense. Losses are charged against the allowance when the Company believes the non-collectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses.

Significant Risks and Uncertainties

Uncertainty Due to Economic Volatility

The Company’s results of operations in the future may be directly or indirectly affected by uncertainties such as the effects of inflation and related volatility in the market. As inflation accelerated rapidly in the first half of 2023, the Federal Reserve increased interest rates a total of four times during 2023 to curb the effects of rising inflation. While the Federal Reserve reduced interest rates by an aggregate of 100-basis points during 2024 and by another 25-basis points in September 2025, there can be no assurances that interest rates will not rise again, and the Company’s operating costs, including utilities and payroll, may increase as a result of increases in inflation. Rising interest rates cause uncertainty in credit and capital markets which could have material and adverse effects on the Company’s financial condition, results of operations and cash flows. In addition, any tariffs imposed by the current administration or other countries may cause further inflationary pressures in the economy, uncertainty and volatility of debt and equity markets, and a slowdown in the U.S. and global economies. The announced tariffs are likely to increase construction costs and further reduce already constrained new supply starts, which could adversely impact the timing of actual completion and/or stabilization of build-to-rent communities, including potential delays due to supply shortages and labor shortages. The long-term impact of these economic developments will largely depend on any future action by the Federal Reserve, future laws that may be enacted, the impact on job growth and the broader economy, and reactions by consumers, companies, governmental entities and capital markets. The Company continues to closely monitor the impact of economic volatility on all aspects of its business.

Note 3 – Acquisition of Real Estate

Acquisition of Southern Pines Reserve

On April 28, 2025, the Company, through a Delaware statutory trust (the “Southern Pines DST”), acquired a 272-unit residential community located in Aberdeen, North Carolina known as Southern Pines Reserve, aka Hawthorne. The purchase price of $56.6 million was funded with (i) a $30.7 million senior loan secured by Southern Pines Reserve, (ii) borrowings of $20.0 million through the Company’s existing credit facility with KeyBank National Association (the “KeyBank Credit Facility” – refer to Note 10 for further information), and (iii) cash of $8.9 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions.

Acquisition of Skytop Apartments

On September 29, 2025, the Company, through a Delaware statutory trust (the “Skytop DST”), acquired a 361-unit residential community located in Cincinnati, Ohio known as Skytop Apartments. The purchase price of $88.5 million was funded with (i) a $57.5

Table of Contents

million senior loan secured by Skytop Apartments, (ii) borrowings of $22.0 million through the KeyBank Credit Facility, and (iii) cash of $13.0 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions.

Southern Pines Reserve and Skytop Apartments are the second and third properties, respectively, acquired by the Company through Delaware statutory trusts (each, a “DST”) to be part of private placement offerings through which interests in each DST will be issued to third party accredited investors therein. Refer to Note 9 for further information on the Company’s DST Program.

Harmony at Clear Creek Development

On September 30, 2025, the Company, through a joint venture with an unaffiliated third party (the “Harmony JV”), in which the Company holds an 85% interest, acquired land located in Shawnee, Kansas for a purchase price of $2.3 million for the development of an approximately 188-unit residential community to be known as Harmony at Clear Creek. In connection with the acquisition and planned development, the Harmony JV entered into a construction loan agreement providing for borrowings of up to $46.5 million. At September 30, 2025, the outstanding balance under the construction loan was negligible and is included in mortgages payable on the Company’s consolidated balance sheets. The interest rate cap associated with the construction loan, and any capitalized interest, is recorded within construction in process on the consolidated balance sheets. The Company accounts for Harmony at Clear Creek as a consolidated investment.

Purchase Price Allocation

The real estate acquisitions above have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets based on their estimated fair values at the dates of acquisition.

The following table summarizes the assets acquired at the acquisition dates for the Company’s acquisitions made during the nine months ended September 30, 2025 (amounts in thousands):


	Purchase
	Price
	Allocation
Land	$	15,723
Building		104,504
Building improvements		3,632
Land improvements		17,290
Furniture and fixtures		3,849
Construction in process		2,551
Accounts receivable, prepaids and other assets, net		5,534
In-place leases		2,678
Total assets acquired⁽¹⁾	$	155,761

(1)	The $155.8 million in total assets acquired includes $8.4 million of acquisition expenses that have been capitalized as the acquisitions have been accounted for as asset acquisitions.

In connection with the acquisition of Skytop Apartments, the Company allocated approximately $5.5 million of the purchase price to a real estate tax abatement, which is recorded as an intangible asset within accounts receivable, prepaids, and other assets, net on the Company’s consolidated balance sheets. The tax abatement is being amortized on a straight-line basis over its estimated remaining useful life of approximately 13.3 years. As the acquisition of Skytop Apartments occurred near the end of the reporting period, no amortization expense related to the tax abatement was recorded for the three or nine months ended September 30, 2025.

Table of Contents

The following table presents the estimated future amortization expense of the tax abatement as of September 30, 2025 (in thousands):


Year	Total
2025 (October 1 – December 31)	$	104
2026		418
2027		418
2028		418
2029		418
Thereafter		3,758
	$	5,534

Acquisition of Additional Interests in Investments

On July 11, 2025, the Company purchased the noncontrolling partner’s interest in each of the Peak JV 2 and Peak JV 3 portfolios for $0.2 million and $0.9 million, respectively. The Company increased its interest in (i) the Peak JV 2 portfolio from 80% to 100% and (ii) the Peak JV 3 portfolio from 56% to 100%.

Note 4 – Sale of Real Estate Assets

Sales of Consolidated Operating Units

During the three months ended September 30, 2025, the Company closed on the following sales: 3 units in the ILE portfolio, 2 units in the Indy-Springfield portfolio, 3 units in the Peak JV 2 portfolio, and 11 units in the Peak JV 3 portfolio, pursuant to the terms and conditions of multiple separate purchase and sale agreements. The 19 units were all previously classified as held for sale and sold for an aggregate of approximately $3.3 million, subject to certain closing costs, prorations and adjustments typical in such real estate transactions. After deducting the paydown of existing mortgage indebtedness encumbering 3 units in the ILE portfolio of approximately $0.4 million, the sales of the 19 units generated net proceeds of approximately $2.6 million and a gain on sales of approximately $0.2 million.

During the nine months ended September 30, 2025, the Company closed on the following sales: 20 units in the ILE portfolio, 14 units in the Indy-Springfield portfolio, 22 units in the Peak JV 2 portfolio, and 48 units in the Peak JV 3 portfolio, pursuant to the terms and conditions of multiple separate purchase and sale agreements. The 104 units were all previously classified as held for sale and sold for an aggregate of approximately $18.4 million, subject to certain closing costs, prorations and adjustments typical in such real estate transactions. After deducting the paydown of existing mortgage indebtedness encumbering 19 units in the ILE portfolio of approximately $3.5 million, the sales of the 104 units generated net proceeds of approximately $13.3 million and a gain on sales of approximately $2.0 million.

Held for Sale

At September 30, 2025 and December 31, 2024, the Company classified an aggregate of 84 units and 167 units, respectively, as held for sale on its consolidated balance sheets. For the three and nine months ended September 30, 2025 and 2024, the Company recorded an impairment of $0.4 million and $0.9 million, and $0.6 million and $2.1 million, respectively, related to held for sale units which is included in (impairment) and gain on sale of real estate investments, net on its consolidated statements of operations and comprehensive income. The 84 units classified as held for sale at September 30, 2025 are all reported in the Company’s scattered single-family homes segment and are included in the following portfolios: 4 units of Golden Pacific, 5 units of ILE, 23 units of Indy-Springfield, 10 units of Peak JV 2, and all 42 units of Peak JV 3. These units were identified based on submarket analysis and individual unit-level operational review. Real estate assets classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell and are presented separately within operating real estate held for sale, net on the Company’s consolidated balance sheets.

Table of Contents

Note 5 - Investments in Real Estate

As of September 30, 2025, the Company held twenty-two real estate investments, consisting of seventeen consolidated operating investments and five held through preferred equity investments. The following tables provide summary information regarding the Company’s consolidated operating investments and preferred equity investments.

Consolidated Investments


		Number of	Ownership
Operating Investment Name	Location / Market	Units ⁽¹⁾	Interest
Residential Communities
Allure at Southpark	Charlotte, NC	350	98	%
Amira at Westly	Tampa, FL	408	⁽²⁾
Avenue at Timberlin Park	Jacksonville, FL	200	100	%
Skytop Apartments ⁽³⁾	Cincinnati, OH	361	100	%
Southern Pines Reserve ⁽³⁾	Aberdeen, NC	272	54	%
Villas at Huffmeister	Houston, TX	294	95	%
Wayford at Concord	Concord, NC	150	83	%
Yauger Park Villas	Olympia, WA	80	95	%
Total Residential Communities Units		2,115

Scattered Single-Family Homes
Ballast	AZ / CO / WA	84	95	%
Golden Pacific	IN / KS / MO	169	97	%
ILE	TX / SE US	458	95	%
Indy-Springfield	IN / MO	309	100	%
Peak JV 2	Various / TX	551	100	%
Peak JV 3	Dallas-Fort Worth, TX	42	100	%
Savannah-84	Savannah, GA	84	100	%
Total Scattered Single-Family Homes		1,697
Total Operating Units		3,812

Development Investment Name
Residential Communities
Abode Wendell Falls	Wendell, NC	170	100	%
Harmony at Clear Creek	Shawnee, KS	188	85	%
Total Development Units		358
Total Units		4,170

(1)	Total number of units includes an aggregate of 84 units classified as held for sale, with such units included in the following portfolios: 4 units of Golden Pacific, 5 units of ILE, 23 units of Indy-Springfield, 10 units of Peak JV 2, and all 42 units of Peak JV 3.

(2)	Amira at Westly is held through the Company’s DST Program (refer to Note 9 for further information). The Amira at Westly DST has been fully subscribed with equity from individual investors.

(3)	Skytop Apartments and Southern Pines Reserve are held through the Company’s DST Program.

Depreciation expense was $6.3 million and $4.1 million, and $17.8 million and $12.4 million, for the three and nine months ended September 30, 2025 and 2024, respectively.

Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. Amortization expense related to the in-place leases was $0.5 million and $0.8 million, and $3.6 million and $1.3 million, for the three and nine months ended September 30, 2025 and 2024, respectively.

Table of Contents

Preferred Equity Investments


		Actual /
		Planned
		Number of
Development Investment Name	Location	Units
Canvas at Wildwood	Wildwood, FL	224
River Ford	Brunswick, GA	170
Sanford Marketplace	Sanford, NC	300
Total Development Units		694

Lease-up Investment Name
Chandler	Chandler, AZ	208
Total Lease-up Units		208

Operating Investment Name ⁽¹⁾
Wayford at Innovation Park	Charlotte, NC	210
Total Operating Units		210
Total Units		1,112

⁽¹⁾	Operating investment represents a stabilized operating property.

Note 6 – Notes and Interest Receivable

Following is a summary of the notes and accrued interest receivable due from loan investments at December 31, 2024 (amounts in thousands). The Company held no loan investments and there were no outstanding interest receivable amounts due to the Company at September 30, 2025.


	December 31,
Investment Name	2024
Notes Receivable ⁽¹⁾
Wayford at Pringle	$	22,300
Willow Park		9,400
Total notes receivable	$	31,700

Accrued Interest Receivable ⁽¹⁾
Wayford at Pringle	$	419
Willow Park		51
Total accrued interest receivable	$	470
Total notes and accrued interest receivable	$	32,170
Allowance for credit losses		(103)
Total, net	$	32,067

⁽¹⁾	In February and May 2025, the Company’s loan investments in each of Wayford at Pringle and Willow Park were paid off in full, respectively, including any accrued but unpaid interest amounts. Refer to the Loan Investment Summary disclosure below for further information.

Table of Contents

Allowance for Credit Losses

The allowance for credit losses of the Company’s loan investments at September 30, 2025 and December 31, 2024 are summarized in the table below (amounts in thousands).


	September 30,		December 31,
	2025		2024
Beginning balances, net as of January 1, 2025 and 2024, respectively	$	103	$	16
(Recovery of) provision for credit losses on pool of assets, net ⁽¹⁾		(103)		87
Allowance for credit losses, net, end of period	$	—	$	103

⁽¹⁾

Under CECL, a provision for, or recovery of, credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The recovery of credit losses during the period ended September 30, 2025 was attributable to the removal of the two remaining investments from the pool of assets.

Following is a summary of the interest income from loan investments for the three months ended September 30, 2024 and the nine months ended September 30, 2025 and 2024 (amounts in thousands). The Company did not record any interest income from loan investments during the three months ended September 30, 2025 as it held no loan investments during this period.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Investment Name		2025		2024		2025	2024
The Woods at Forest Hill ⁽¹⁾	$	—	$	7	$	—	$	254
Wayford at Pringle ⁽²⁾		—		601		327		1,118
Willow Park ⁽²⁾		—		122		271		363
Total	$	—	$	730	$	598	$	1,735

(1)	In August 2024, the Company’s loan investment in The Woods at Forest Hill was paid off in full.

(2)	In February and May 2025, the Company’s loan investments in each of Wayford at Pringle and Willow Park were paid off in full, respectively, including any accrued but unpaid interest amounts.

Loan Investment Summary

During the nine months ended September 30, 2025, the Company’s two remaining loan investments were paid off in full, including any accrued but unpaid interest amounts, as follows: (i) Wayford at Pringle in the aggregate amount of $23.0 million, which included the Company’s principal investment of $22.3 million and accrued interest of $0.7 million, and (ii) Willow Park in the aggregate amount of $9.4 million, which included the Company’s principal investment of $9.4 million and a negligible amount of accrued interest.

Note 7 – Investment in Unconsolidated Real Estate Fund

At September 30, 2025, the Company, through a wholly-owned subsidiary of the Operating Partnership, had one investment in an unconsolidated real estate fund which is accounted for under the equity method. The Company earns a return on its investment which is recognized on a one-quarter lag and is recorded in income from investments in unconsolidated real estate funds on its consolidated statement of operations and comprehensive income.

The carrying amount of the Company’s investment in the unconsolidated real estate fund at September 30, 2025 is summarized below (amounts in thousands). The Company held no investments in unconsolidated real estate funds at December 31, 2024.


	Weighted Average Company		September 30,
Investment Name	Ownership Percentage ⁽¹⁾		2025
Marble Capital Income and Impact Fund, LP ⁽²⁾	11.7	%	$	25,573
Total			$	25,573

(1)	Weighted average ownership percentage as of September 30, 2025.

(2)	The Company accounts for its investment in the Marble Capital Income and Impact Fund, LP under the equity method as the Company considers its degree of influence to be more than minor.

Table of Contents

Summary combined financial information for the Company’s investment in the unconsolidated real estate fund at June 30, 2025, and for the three and six months ended June 30, 2025, is summarized below (amounts in thousands):


	June 30,
Balance Sheet	2025
Investments	$	213,020
Cash and cash equivalents		4,219
Receivables and other assets		3,096
Total assets	$	220,335

Liabilities	$	2,565
Partners’ capital		217,770
Total liabilities and partners’ capital	$	220,335


	Three Months Ended		Six Months Ended
Operating Statement	June 30, 2025		June 30, 2025
Investment income	$	2,637	$	5,183
Expenses		(531)		(966)
Net investment income		2,106		4,217

Net gain on investments		6,333		6,507
Net decrease from non-controlling interest		(3)		—
Net increase in partners’ capital	$	8,436	$	10,724

Unconsolidated Real Estate Fund Investment Summary

On April 25, 2025, the Company closed on the acquisition of a limited partnership interest in Marble Capital Income and Impact Fund, LP (the “Marble Fund”) for a purchase price of $25.0 million. The Marble Fund owns a diversified portfolio of multifamily assets and build-to-rent multifamily investments located in the United States.

Table of Contents

Note 8 – Preferred Equity Investments

At September 30, 2025, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding preferred equity investments in five joint ventures which are classified as available-for-sale debt securities. The Company earns a fixed return on these investments which is included within income from preferred equity investments on its consolidated statements of operations and comprehensive income. Each joint venture’s purpose is to develop or operate a portfolio of residential units.

The carrying amount of the Company’s preferred equity investments at September 30, 2025 and December 31, 2024 is summarized in the table below (amounts in thousands):


	September 30,		December 31,
Investment Name	2025		2024
Canvas at Wildwood	$	7,727	$	1,928
Chandler		15,000		15,000
Indigo Cove ⁽¹⁾		—		3,581
River Ford		5,016		3,788
Sanford Marketplace		1,870		—
The Cottages at Myrtle Beach ⁽²⁾		—		17,913
The Cottages of Port St. Lucie ⁽²⁾		—		18,785
Wayford at Innovation Park		15,400		13,400
Wayford at Pringle ⁽¹⁾		—		7,800
Total	$	45,013	$	82,195
Gross unrealized gain (loss), net		78		(527)
Total, net	$	45,091	$	81,668

(1)	In April 2025, the Company’s preferred equity interests in Indigo Cove and Wayford at Pringle were sold. Refer to the Preferred Equity Investment Summary disclosure below for further information.

(2)	The Company’s preferred equity investments in The Cottages at Myrtle Beach and The Cottages of Port St. Lucie were fully redeemed in April and July 2025, respectively. Refer to the Preferred Equity Investment Summary disclosure below for further information.

The following table summarizes the net carrying amount and fair value of the Company’s preferred equity investments, which are classified as available-for-sale debt securities, by contractual maturity at September 30, 2025 (amounts in thousands):


	Available-for-sale
	Net carrying amount		Fair value
Due within one year	$	30,396	$	30,396
Due after one year through three years		6,912		6,912
Due after three years		7,783		7,783
Total	$	45,091	$	45,091

Table of Contents

The following table summarizes the Company’s income from preferred equity investments for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Investment Name	2025		2024		2025		2024
Canvas at Wildwood	$	258	$	—	$	524	$	—
Chandler		518		518		1,536		1,542
Indigo Cove ⁽¹⁾		—		102		200		104
Peak Housing ⁽²⁾		—		94		—		523
River Ford		238		—

Bluerock Homes Trust, Inc. 10-Q