8-K
Bluerock Homes Trust, Inc. (BHM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
**Pursuantto Section 13 or 15(**d) of the Securities Exchange Act of 1934
Dateof Report (Date of earliest event reported): May 3, 2024
Bluerock HomesTrust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
| Maryland | 001-41322 | 87-4211187 |
|---|---|---|
| (State or other jurisdiction of incorporation<br><br> or organization) | (Commission File<br> Number) | (I.R.S. Employer<br><br>Identification<br> No.) |
1345 Avenue of the Americas, 32nd Floor
New York, NY 10105
(Address of principal executive offices)
(212) 843-1601
(Registrant’s telephone number, including area code)
None.
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) ofthe Exchange Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Class<br> A Common Stock, $0.01 par value per share | BHM | NYSE<br> American |
Check the appropriate box below if the Form 8-K/A filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company x
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. ¨
| ITEM 8.01 | OTHER EVENTS |
|---|
Dividend Declaration
On May 3, 2024, Bluerock Homes Trust, Inc., a Maryland corporation (the “Company”) issued a press release announcing that its Board of Directors (the “Board”) has authorized and the Company has declared an additional enhancement with respect to the special dividends payable on the Company’s Series A Redeemable Preferred Stock (the “Series A Preferred Stock,” and such enhanced special dividends, the “Series A Preferred Enhanced Special Dividends”). The Series A Preferred Enhanced Special Dividends shall be declared for each month for which the Board declares the regular monthly dividend of $0.125 per outstanding share of Series A Preferred Stock, commencing in May 2024 (payable in June 2024). The Series A Preferred Enhanced Special Dividends (when applicable) will be aggregated with the regular monthly dividend on the Series A Preferred Stock so as to effect a dividend rate of the average one month term Secured Overnight Financing Rate (the “SOFR Rate”) plus 2.0%, subject to a 6.5% minimum and 8.5% maximum annual rate, calculated and paid monthly. The Series A Preferred Enhanced Special Dividends will be calculated based on the SOFR Rate for each day commencing on the 26^th^ day of the prior month and ending on the 25^th^ day of the applicable month, payable on the 5^th^ of each month. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K, which press release is furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
|---|---|
| (d) | Exhibits. |
| --- | --- |
| Exhibit No. | Description |
| --- | --- |
| 99.1 | Press release of Bluerock Homes Trust, Inc., dated May 3, 2024 |
| --- | --- |
| 104 | The cover page from this Current Report on Form 8-K, formatted in inline XBRL |
| --- | --- |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BLUEROCK HOMES TRUST, INC. | ||
|---|---|---|
| Date: May 7, 2024 | By: | /s/ Christopher J. Vohs |
| Christopher J. Vohs | ||
| Chief Financial Officer and Treasurer |
Exhibit 99.1
Corporate Headquarters
1345 Avenue of the Americas, 32nd Floor
New York, NY 10105
877.826.BLUE
PRESS RELEASE
For Immediate Release
Bluerock Homes Trust (BHM) Board Declares
Increased Dividends and Enhanced Terms For
Its Series A Preferred Stock
NewYork, NY (May 3, 2024) – Bluerock Homes Trust, Inc. (NYSE American: BHM) (the “Company”) today announced that its Board of Directors (the “Board”) has authorized the payment ofa new special dividend (the “Series A Preferred Special Dividends”) with respect to the Company’s Series A Redeemable Preferred Stock (the “Series A Preferred Stock”) replacing its previously announced special dividend. The Company intends to pay the Series A Preferred Special Dividends which will be seamlessly aggregated with the regular monthly dividend so as to effect a dividend rate of the average 1-month term SOFR rate (“SOFR Rate”) plus 2%, subject to a 6.5% minimum and 8.5% maximum annual rate, calculated and paid monthly.
By way of example, if the average SOFR Rate is equal to 5.3% for a particular month, the aggregate dividend per share with respect to that month would be 1/12th of 7.3% (the SOFR Rate plus 2%) based on the Stated Value of $25.00 per share, or $0.152. Conversely, if the average SOFR Rate is equal to 3.0% for a particular month, the aggregate dividend per share with respect to that month would be 1/12th of the 6.5% annual dividend minimum based on the Stated Value of $25.00 per share, or $0.135.
The Series A Preferred Special Dividends shall be declared for each month for which the Board declares the regular monthly dividend of $0.125 per outstanding share of Series A Preferred Stock, commencing in May 2024 (payable in June 2024). The Series A Preferred Special Dividends will be calculated based on the 1-month term SOFR Rate for each day commencing on the 26th day of the prior month and ending on the 25th day of the applicable month, payable on the 5th of each month.
About Bluerock HomesTrust, Inc.
Bluerock Homes Trust, Inc. (NYSE American: BHM), headquartered in New York, New York, is an externally managed REIT that owns and operates high-quality single-family properties located in attractive markets with a focus on the knowledge-economy and high quality of life regions of the Sunbelt and high growth areas of the Western United States. BHM’s principal objective is to generate attractive risk-adjusted investment returns by assembling a portfolio of pre-existing single-family rental homes and developing build-to-rent communities. BHM properties are located across a diverse group of growth markets and will seek to target a growing pool of middle-market renters seeking the single-family lifestyle without the upfront and ongoing investments associated with home ownership. For more information, please visit bluerockhomes.com.
Forward Looking Statements
This press releasecontains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securitieslaws. These forward-looking statements are based upon the Company’s present expectations, but these statements are not guaranteedto occur. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changesin underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not placeundue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, pleaserefer to the risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K filed by the Company with the U.S.Securities and Exchange Commission (“SEC”) on March 12, 2024*,** and subsequent filings by the Company with the SEC.We claim the safe harbor protection for forward looking statements contained in the Private Securities Litigation Reform Act of 1995.*
Contact(Media)
Josh Hoffman
(208) 475.2380
jhoffman@bluerockre.com