10-Q

Table of Contents ​

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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

OR

☐ 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:

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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

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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.

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			​	​	​
			​	​	​
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

​

​

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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

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​ 2

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 3

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)

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See Notes to Consolidated Financial Statements

​ 4

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

​ 5

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

​ 6

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

​ 7

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

​

​ 8

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 9

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. 10

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. 11

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. 12

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 13

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. 14

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.

​ 15

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. 16

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.
---	---

17

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.
---	---

18

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.

​ 19

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

​

​ 20

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	​		—	​		642	​		—
Sanford Marketplace	​	​	74	​	​	—	​	​	74	​	​	—
The Cottages at Myrtle Beach ^(3)^	​		—	​		664	​		815	​		1,977
The Cottages of Port St. Lucie ^(3)^	​		182	​		696	​		1,552	​		2,074
The Woods at Forest Hill ^(2)^	​	​	—	​	​	219	​		—	​		814
Wayford at Innovation Park	​	​	513	​	​	428	​	​	1,478	​	​	1,274
Wayford at Pringle ^(1)^	​		—	​		—	​		378	​		—
Total income from preferred equity investments ^(4)^	​	$	1,783	​	$	2,721	​	$	7,199	​	$	8,308
(1)	In April 2025, the Company’s preferred equity interests in Indigo Cove and Wayford at Pringle were sold.
---	---
(2)	The Company’s preferred equity investments in Peak Housing and The Woods at Forest Hill were fully redeemed in September and November 2024, respectively.
---	---
(3)	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.
---	---
(4)	Total income from preferred equity investments includes both current and accrued income amounts. For the three and nine months ended September 30, 2025 and 2024, the accrued portion of total income was $1.6 million and $2.6 million, and $4.3 million and $7.8 million, respectively. At September 30, 2025 and December 31, 2024, the Company had $10.4 million and $23.3 million, respectively, of total accrued preferred equity income, which is recorded in accounts receivable, prepaids and other assets, net on its consolidated balance sheets.
---	---

Preferred Equity Investment Summary

During the nine months ended September 30, 2025, the Company (i) increased its original capital commitment for preferred equity interests in Wayford at Innovation Park by $2.0 million, increasing its total investment to $15.4 million, (ii) entered into a joint venture agreement with an unaffiliated third party and made a commitment to invest $16.2 million for preferred equity interests in the development of an approximately 300-unit residential community located in Sanford, North Carolina known as Sanford Marketplace, and (iii) had its preferred equity investments in two joint ventures with unaffiliated third parties fully redeemed as follows: (a) The Cottages at Myrtle Beach redeemed in the aggregate amount of $28.1 million, which included the Company’s principal investment of $17.9 million, and accrued preferred return and outstanding amounts of $10.2 million, and (b) The Cottages of Port St. Lucie redeemed in the aggregate amount of $30.0 million, which included the Company’s principal investment of $18.8 million, and accrued preferred return and outstanding amounts of $11.2 million.

In addition, the Company sold its preferred equity interests in Indigo Cove and Wayford at Pringle to a joint venture, with such joint venture including an affiliate of Bluerock Homes Manager, LLC (the Company’s external manager), in the aggregate amounts of $4.2 million and $9.2 million, respectively, which included the Company’s outstanding principal investments and accrued preferred returns, net of any reimbursements.

As of September 30, 2025, the Company had funded $14.6 million of its $37.8 million aggregate commitment to fund capital for preferred equity interests in Canvas at Wildwood, River Ford, and Sanford Marketplace.

​ 21

Table of Contents Note 9 – DST Program

​

The Company has a program (collectively, the “DST Program”) through which it raises capital in private placement offerings of beneficial interests in specific Delaware statutory trusts (each, a “DST”) holding real properties (each, a “DST Property”). Each DST Property is leased-back by a wholly-owned subsidiary of the Operating Partnership on a long-term basis through a master lease agreement. The master lease agreement is partially guaranteed by the Operating Partnership in the form of a demand note capitalizing the lessee. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the DST from the investors in exchange for OP Units or cash commencing two years after full syndication. As the Company is the primary beneficiary of the DST Property for financial reporting purposes, the Company consolidates the DST Property and operations in its financial statements.

​

Under the master lease, a wholly-owned indirect subsidiary of the Operating Partnership is responsible for subleasing the property to tenants, paying certain underlying costs associated with operating the property, and remitting rent to the DST that owns such property.

​

The following table summarizes the Company’s offerings in its DST Program as of September 30, 2025 (amounts in thousands):

​

​	​	​	​	​	​	​	​	​
​	****	​	****	Net Offering Proceeds		****	​	​
Investment	​	Location	​	Raised		​	Net Real Estate Investments
Amira at Westly ^(1)^		Tampa, FL	​	$	59,812	​	$	102,740
Skytop Apartments ^(2)^		Cincinnati, OH	​		—	​		84,211
Southern Pines Reserve		Aberdeen, NC	​		15,651	​		56,949
Total	​	​	​	$	75,463	​	$	243,900

(1)The Amira at Westly DST has been fully subscribed with equity from individual investors.

(2)Skytop Apartments was acquired on September 29, 2025.

​

Note 10— Revolving Credit Facilities

The outstanding balances on the revolving credit facilities at September 30, 2025 and December 31, 2024 were as follows (amounts in thousands):

​

​	​	​	​	​	​	​
​	****	September 30,		****	December 31,
Revolving Credit Facilities	****	2025		****	2024
KeyBank Credit Facility	​	$	22,000	​	$	36,000
Amended DB Credit Facility	​		—	​		85,000
Total	​	$	22,000	​	$	121,000

​ 22

Table of Contents Amended Deutsche Bank Credit Facility (“Amended DB Credit Facility”)

In December 2023, certain of the Company’s subsidiaries entered into an amended and restated credit facility (the “Amended DB Credit Facility”) with Deutsche Bank Securities Inc. (“Deutsche Bank”), as sole lead arranger, Deutsche Bank AG, New York Branch, as administrative agent, the financial institutions party thereto as lenders and Computershare Trust Company, N.A., as paying agent and calculation agent, and the Company as a guarantor. The Amended DB Credit Facility provided for a revolving loan with a maximum commitment amount of $150 million. Borrowings under the Amended DB Credit Facility were limited to financings related to the acquisition, renovation, rehabilitation, maintenance and leasing of single-family residential units in the Indy-Springfield, Peak JV 2 and Savannah-84 portfolios. Borrowings under the Amended DB Credit Facility bore interest on the amount drawn at Term Secured Overnight Financing Rate (“SOFR”) plus 2.80%, and borrowings could be prepaid without premium or penalty. On April 4, 2025, the Company entered into an amended and restated agreement with Deutsche Bank that replaced the Amended DB Credit Facility with a senior loan (the “DB Loan” - refer to Note 11 for further information).

KeyBank Credit Facility

In October 2024, the Company, through a subsidiary of its Operating Partnership, entered into a credit agreement with KeyBank National Association (the “KeyBank Credit Facility”) related to the Company’s DST Program. The KeyBank Credit Facility provides for a revolving loan with a maximum commitment amount of $50 million. The Company has provided a guarantee on any outstanding balance and up to the full commitment and has pledged interests in certain assets as collateral. Borrowings under the KeyBank Credit Facility bear interest per annum, at the Company’s option, at SOFR (Daily Simple or Term) plus 3.60% or the base rate plus 2.50% (base rate determined by reference to the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.50%, and (iii) Adjusted Term SOFR for a one-month interest period plus 1.00%), and borrowings can be prepaid without premium or penalty. At September 30, 2025, the interest rate on outstanding borrowings was 7.76%. The Company pays a fee on the unused portion of the KeyBank Credit Facility at an annual rate of 0.30%. The KeyBank Credit Facility matures on October 25, 2026; however, borrowings under the KeyBank Credit Facility mature one-year from the date of funding, subject to certain minimum paydowns, and timing of such paydowns, pursuant to the terms of the KeyBank Credit Facility. The KeyBank Credit Facility contains certain financial and operating covenants, including maximum leverage ratio, minimum debt service coverage ratio and minimum tangible net worth. At September 30, 2025, the KeyBank Credit Facility was drawn at $22.0 million, and the Company was in compliance with all covenants under the KeyBank Credit Facility.

​ 23

Table of Contents Note 11 – Mortgages Payable

The following table summarizes certain information at September 30, 2025 and December 31, 2024 with respect to the Company’s senior mortgage indebtedness (amounts in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	****	Outstanding Principal						As of September 30, 2025
​	​	September 30,		​	December 31,		​	​	​	Interest-only	​	​
Property	****	2025		****	2024		****	Interest Rate	****	through date	****	Maturity Date
Fixed Rate:	​	​	​	​	​	​	​	​	​	​	​	​
Allure at Southpark	​	$	55,166	​	$	55,166	​	5.58	%	Interest-only	​	January 1, 2030
Amira at Westly	​	​	56,650	​	​	56,650	​	4.81	%	Interest-only	​	November 1, 2034
Avenue at Timberlin Park	​	​	23,660	​	​	23,660	​	5.47	%	August 2027	​	August 1, 2029
ILE ^(1)^	​	​	23,620	​	​	27,748	​	4.14	%	^(2)^	​	^(1)^
Skytop Apartments	​	​	57,525	​	​	—	​	4.98	%	Interest-only	​	October 1, 2035
Southern Pines Reserve	​	​	30,739	​	​	—	​	5.13	%	Interest-only	​	May 1, 2035
Villas at Huffmeister	​	​	26,977	​	​	27,357	​	3.56	%	^(2)^	​	October 1, 2029
Yauger Park Villas ^(3)^	​	​	13,804	​	​	14,044	​	4.86	%	^(2)^	​	April 1, 2026
Total Fixed Rate	​	$	288,141	​	$	204,625	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​
Floating Rate:	​	​	​	​	​	​	​	​	​	​	​	​
DB Loan ^(4)^	​	$	60,000	​	$	—	​	5.45	%	Interest-only	​	October 4, 2027
Harmony at Clear Creek ^(5)^	​	​	1	​	​	—	​	7.28	%	Interest-only	​	September 30, 2028
ILE ^(6)^	​	​	22,885	​	​	23,000	​	7.12	%	Interest-only	​	October 1, 2027
Wayford at Concord ^(7)^	​	​	32,973	​	​	32,973	​	4.73	%	May 2027	​	May 1, 2029
Total Floating Rate	​	$	115,859	​	$	55,973	​	​	​	​	​	​
Total	​	$	404,000	​	$	260,598	​	​	​	​	​	​
Fair value adjustments	​	​	(2,157)	​	​	(2,400)	​	​	​	​	​	​
Deferred financing costs, net	​	​	(7,953)	​	​	(5,416)	​	​	​	​	​	​
Total mortgages payable	​	$	393,890	​	$	252,782	​	​	​	​	​	​
^(1)^	ILE’s fixed rate debt represents the aggregate debt outstanding across three separate credit agreements. Of the outstanding balance, one credit agreement (“CA1”) has a balance of $3.4 million at a fixed rate of 3.50%, the second credit agreement (“CA2”) has a balance of $15.8 million at a fixed rate of 3.75%, and the third credit agreement (“CA3”) has a balance of $4.4 million at a fixed rate of 6.00%. CA1 and CA3 each bear interest at a floating rate that is subject to an interest rate swap to effectuate a fixed rate; refer to Note 13 for further information. CA1 and CA2 both mature in 2026; CA3 matures in 2028. The ILE credit agreements contain certain financial and operating covenants, including minimum liquidity and minimum debt service coverage.
---	---
^(2)^	The loan requires monthly payments of principal and interest.
---	---
^(3)^	The principal balance includes a $9.5 million senior loan at a fixed rate of 4.81% and a $4.3 million supplemental loan at a fixed rate of 4.96%.
---	---
^(4)^	The Deutsche Bank loan (“DB Loan”) bears interest at one-month Term SOFR plus 2.95%. In September 2025, the one-month Term SOFR in effect was 4.28%. The Term SOFR rate is subject to a 2.50% rate cap through April 2026; refer to Note 13 for further information. The DB Loan contains certain financial and operating covenants, including maximum leverage, minimum debt yield and minimum debt service coverage.
---	---
^(5)^	Represents a construction loan with a maximum commitment of $46.5 million. At September 30, 2025, a negligible amount was drawn on the loan.
---	---
^(6)^	The ILE loan bears interest at one-month Term SOFR plus 2.85%, subject to a 6.50% rate floor, and contains a minimum debt service coverage covenant.
---	---
^(7)^	The Wayford at Concord loan bears interest at the 30-day average SOFR plus 2.23%. In September 2025, the 30-day average SOFR in effect was 4.35%. SOFR rate is subject to a 2.50% rate cap through April 2027; refer to Note 13 for further information.
---	---

24

Table of Contents Deferred financing costs

Costs incurred in obtaining long-term financing are amortized on a straight-line basis to interest expense over the terms of the related financing agreements, as applicable, which approximates the effective interest method. Amortization of deferred financing costs, including amounts related to the revolving credit facilities (refer to Note 10 for further information), for the three and nine months ended September 30, 2025 and 2024 was $0.5 million and $0.4 million, and $1.7 million and $1.1 million, respectively.

Fair value adjustments of debt

The Company records a fair value adjustment based upon the fair value of the loans on the date they were assumed in conjunction with acquisitions. The fair value adjustments are being amortized to interest expense over the remaining life of the loans.

Loss on Extinguishment of Debt and Debt Modification Costs

Upon repayment of or in conjunction with a material change (i.e., a 10% or greater difference in the cash flows between instruments) in the terms of an underlying debt agreement, the Company writes-off any unamortized deferred financing costs and fair market value adjustments related to the original debt that was extinguished. Prepayment penalties incurred on the early repayment of debt and costs incurred in a debt modification that are not capitalized would also be included within loss on extinguishment of debt and debt modification costs on the consolidated statements of operations and comprehensive income. The Company had a negligible amount of loss on extinguishment of debt and no debt modification costs during the three and nine months ended September 30, 2025. The Company had $0.1 million of loss on extinguishment of debt and no debt modification costs for both the three and nine months ended September 30, 2024.

Debt maturities

At September 30, 2025, contractual principal payments of the Company’s borrowings, including its KeyBank Credit Facility, for the five subsequent years and thereafter are as follows (amounts in thousands):

​

​	​	​	​
Year	****	Total
2025 (October 1 - December 31)	​	$	459
2026	​		55,316
2027	​		83,992
2028	​		5,703
2029	​		80,450
Thereafter	​		200,080
​	​	$	426,000
Add: Unamortized fair value debt adjustment	​		(2,157)
Subtract: Deferred financing costs, net	​		(7,953)
Total	​	$	415,890

​

The net book value of real estate assets providing collateral for these above borrowings was $721.3 million at September 30, 2025.

The mortgage loans encumbering the Company’s properties are nonrecourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, the Company or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. The mortgage loans have a period where a prepayment fee or yield maintenance would be required.

​ 25

Table of Contents Note 12 – Fair Value of Financial Instruments

Fair Value Measurements

For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price the Company would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction.

In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions; preference is given to observable inputs. In accordance with GAAP and as defined in ASC Topic 820: Fair Value Measurement, these two types of inputs create the following fair value hierarchy:

●    Level 1:Quoted prices for identical instruments in active markets

●    Level 2:	Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable

●    Level 3:Significant inputs to the valuation model are unobservable

If the inputs used to measure the fair value fall within different levels of the hierarchy, the fair value is determined based upon the lowest level input that is significant to the fair value measurement. Whenever possible, the Company uses quoted market prices to determine fair value. In the absence of quoted market prices, the Company uses independent sources and data to determine fair value.

Fair Value of Financial Instruments

At September 30, 2025 and December 31, 2024, the carrying values of cash and cash equivalents, restricted cash, accounts receivable, due from and due to affiliates, revolving credit facilities, accounts payable, other accrued liabilities, and distributions payable approximate fair value based on their highly liquid nature and/or short-term maturities and are classified in Level 1 of the fair value hierarchy. The carrying values of notes receivable approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations.

At September 30, 2025, the fair value of the Marble Fund is based upon the net asset value reported within the Marble Fund’s financial information. This financial information represents market prices within an inactive market as the Marble Fund prices units based on the net asset value of the fund. Entrants to the fund are priced based upon the current net asset value of the fund at the time of investment. As such, the carrying value of the Marble Fund approximates fair value, and the financial information used to determine the fair value of the Company’s investment in the Marble Fund represents market-corroborated inputs of the asset, which is considered a Level 2 input within the fair value hierarchy. The Company held no investments in unconsolidated real estate funds at December 31, 2024. Refer to Note 7 for further information on the Marble Fund.

As of September 30, 2025 and December 31, 2024, based on the discounted amount of future cash flows using rates currently available to the Company for similar liabilities, the fair value of the Company’s mortgages payable is estimated at $401.4 million and $250.2 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $401.8 million and $258.2 million, respectively. The fair value of mortgages payable is estimated based on interest rates obtained from a third party for similar types of borrowing arrangements and accordingly, the fair value of mortgages payable is classified in Level 2 of the fair value hierarchy. 26

Table of Contents The carrying values and fair values of the Company’s financial instruments recorded at fair value on a recurring basis at September 30, 2025 and December 31, 2024 are summarized in the table below (amounts in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	September 30, 2025					​	December 31, 2024
​		​		Carrying Value			Fair Value			Carrying Value			Fair Value
Assets	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Preferred equity investments ^(1)^		Level 3	​	$	45,091	​	$	45,091	​	$	81,668	​	$	81,668
Derivative financial instruments ^(2)^	​	Level 2	​	​	1,057	​	​	1,057	​	​	1,220	​	​	1,220
^(1)^	Represents the Company’s preferred equity investments which are classified as available-for-sale (“AFS”) debt securities (refer to Note 8 for further information). The Company measures the fair value of its AFS preferred equity investments utilizing observable and unobservable market inputs. The observable market inputs include recent transactions and broker quotes (“market data”). However, given the implied price dispersion amongst the market data, the fair value determination for the AFS preferred equity investments has also utilized significant unobservable inputs in discounted cash flow models based on recent performance of the collateral, the underlying collateral characteristics, industry trends as well as expectations of macroeconomic events. At each measurement date, the Company considers both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs, the fair values of AFS preferred equity investments are classified in Level 3 of the fair value hierarchy.
---	---
^(2)^	The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps is determined using the market-standard methodology of discounting the future expected cash receipts which would occur if floating interest rates rise above the strike rate of the caps. The floating interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The fair value of interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The inputs used in the valuation of interest rate caps and swaps fall within Level 2 of the fair value hierarchy.
---	---

The Company’s operating units classified as held for sale for which it has recorded impairments, measured at fair value on a non-recurring basis, for the three and nine months ended September 30, 2025 and 2024 are summarized in the table below (amounts in thousands). The units classified as held for sale are all reported in the Company’s scattered single-family homes segment.

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	****	Three Months Ended					****	Nine Months Ended
​	​	September 30,					​	September 30,
Investment in operating units classified as held for sale (Level 3)	****	2025		****	2024		****	2025		****	2024
Pre-impairment amount	​	$	7,164	​	$	10,944	​	$	7,189	​	$	12,930
Total impairments ^(1)^	​		(384)	​	​	(948)	​	​	(409)	​		(2,079)
Fair value ^(2)^	​	$	6,780	​	$	9,996	​	$	6,780	​	$	10,851
^(1)^	Impairment amounts are included in (impairment) and gain on sale of real estate investments, net on the Company’s consolidated statements of operations and comprehensive income.
---	---
^(2)^	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. The estimated fair value is based on historical sales experience, estimates obtained from third-party brokers, and current market conditions.
---	---

27

Table of Contents Fair Value Measurements on a Nonrecurring Basis

The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its operating real estate and related intangible assets may not be recoverable. If the Company does not believe that it will be able to recover the carrying value of operating real estate, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the operating real estate. Fair value is determined by using valuation techniques appropriate to the specific operating asset, which may include discounted cash flow analysis or a broker’s opinion of value. These valuation methods utilize inputs that fall within Level 3 of the fair value hierarchy. During the three and nine months ended September 30, 2025, the Company recognized an impairment loss of approximately $3.8 million related to its Peak JV 2 portfolio, which is included in the Company’s scattered single-family homes segment. The impairment loss is reflected in (impairment) and gain on sale of real estate investments, net within the Company’s consolidated statements of operations and comprehensive income. Of the total impairment loss, approximately $3.5 million was attributable to a revised hold period assessment for 75 units within the portfolio that are now expected to be sold in the near term. The remaining $0.3 million impairment was driven by deterioration in submarket conditions. No impairment losses were recorded on operating real estate or related intangible assets during the three and nine months ended September 30, 2024.

​

The Company’s operating units for which it has recorded impairments, measured at fair value on a non-recurring basis, for the three and nine months ended September 30, 2025 and 2024 are summarized in the table below (amounts in thousands). The operating units for which the Company has recorded impairment losses are all reported in the Company’s scattered single-family homes segment.

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	****	Three Months Ended						Nine Months Ended
​	​	September 30,					​	September 30,
Investment in operating units (Level 3)	​	2025		****	2024		​	2025		****	2024
Pre-impairment amount	​	$	12,980	​	$	12,018	​	$	12,980	​	$	12,018
Total impairments ^(1)^	​		(3,792)	​		—	​		(3,792)	​		—
Fair value ^(2)^	​	$	9,188	​	$	12,018	​	$	9,188	​	$	12,018
(1)	Impairment amounts are included in (impairment) and gain on sale of real estate investments, net on the Company’s consolidated statements of operations and comprehensive income.
---	---
(2)	Operating real estate assets for which the Company has recorded impairment losses are reported at the lower of their carrying value or estimated fair value and are included within total net operating real estate investments on the Company’s consolidated balance sheets. The estimated fair value is based on estimates obtained from third-party brokers and current market conditions.
---	---

​

Note 13 – Derivative Financial Instruments

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings.

The Company’s objectives in using interest rate derivative financial instruments are to add stability to interest expense and to manage the Company’s exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate caps and swaps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The Company has not designated any of the interest rate derivatives as hedges. Although these derivative financial instruments were not designated or did not qualify for hedge accounting, the Company believes the derivative financial instruments mitigate increases in interest rates. The Company does not use derivative financial instruments for trading or speculative purposes. 28

Table of Contents At September 30, 2025, the Company had interest rate caps and swaps which effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying interest rate for $100.8 million of the Company’s debt. The following table summarizes the Company’s derivative financial instruments at September 30, 2025 ($ in thousands):

​

​	​	​	​	​	​	​
​	****	Interest Rate Caps		****	Interest Rate Swaps
Notional balance	​	$	139,493	​	$	10,511
Number of instruments	​		3	​		2
Earliest maturity date	​		May 2026	​		March 2026
Latest maturity date	​		October 2027	​		August 2028

​

The table below presents the classification and fair value of the Company’s derivative financial instruments on its consolidated balance sheets at September 30, 2025 and December 31, 2024 (amounts in thousands):

​

​	​	​	​	​	​	​	​	​
Derivatives not designated as hedging	****	​	****	Fair Values of Derivative Instruments
instruments under ASC 815-20	****	Balance Sheet Location	****	September 30, 2025		****	December 31, 2024
Interest rate caps		Accounts receivable, prepaids and other assets, net	​	$	970	​	$	857
Interest rate swaps		Accounts receivable, prepaids and other assets, net	​		87	​		363

​

The table below presents the classification and effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	****	The Effect of Derivative Instruments
​	​	​	****	on the Statements of Operations and Comprehensive Income
Derivatives not designated as hedging	​	Location of Loss	​	Three Months Ended September 30,					​	Nine Months Ended September 30,
instruments under ASC 815-20	****	Recognized in Income	****	2025		****	2024		****	2025		****	2024
Interest rate caps		Interest expense, net	​	$	(423)	​	$	(1,578)	​	$	(1,451)	​	$	(3,184)
Interest rate swaps		Interest expense, net	​		(71)	​	​	(310)	​		(277)	​		(260)

​

​

Note 14 – Related Party Transactions

Management Agreement

In October 2022, the Company entered into a management agreement (the “Management Agreement”) with the Operating Partnership and Bluerock Homes Manager, LLC (the “Manager”) pursuant to which the Manager provides for the day-to-day management of the Company’s operations. Pursuant to the terms of the Management Agreement, the Manager provides the Company with a management team and appropriate support personnel to provide such management services to the Company. The Management Agreement requires the Manager to manage the Company’s business affairs under the supervision and direction of the Company’s board of directors (the “Board”). Specifically, the Manager is responsible for (i) the selection, purchase and sale of the Company’s portfolio investments, (ii) the Company’s financing activities, and (iii) providing the Company with advisory services, in each case in conformity with the investment guidelines and other policies approved and monitored by its Board. The Management Agreement expires on October 6, 2025 and will be automatically renewed for a one-year term on each anniversary date thereafter unless earlier terminated or not renewed in accordance with the terms thereof. 29

Table of Contents The Company pays the Manager a base management fee (the “base management fee”) in an amount equal to 1.50% of the Company’s New Stockholders’ Equity (as defined in the Management Agreement) per year, as well as an incentive fee (the “incentive fee”) with respect to each calendar quarter (or part thereof that the Management Agreement is in effect) in arrears. The Company is required to reimburse the Manager for certain expenses and pay all operating expenses (the “operating expense reimbursement”) with respect to each calendar quarter (or part thereof that the Management Agreement is in effect) in arrears, except those specifically required to be borne by the Manager under the Management Agreement. Prior to the fourth quarter 2024, the Management Agreement provided that (i) the base management fee and the incentive fee would be allocated and payable as one half (50%) in C-LTIP Units (as defined in the Operating Partnership’s Partnership Agreement) and the remainder payable in cash or C-LTIP Units, at the discretion of the Board, and (ii) the operating expense reimbursement shall be payable either in cash or C-LTIP Units, at the discretion of the Board. Commencing with the fourth quarter 2024, the Management Agreement provides that (i) the base management fee shall be paid in cash unless there is an agreement between the Board and the Manager to pay all or a portion of the base management fee in C-LTIP Units, and (ii) the operating expense reimbursement remains payable either in cash or C-LTIP Units, at the discretion of the Board. The number of C-LTIP Units payable and issued to the Manager for the base management fee, the incentive fee and expense reimbursements will be equal to the dollar amount (of the portion deemed payable in C-LTIP Units) of the fees earned or reimbursement amount divided by the average of the closing prices of the Class A common stock for the five business days prior to issuance.

For the three and nine months ended September 30, 2025, the Company recorded base management fees of $2.6 million and $7.8 million, respectively, of which $0.2 million and $0.6 million, respectively, were, or shall be, paid in C-LTIP Units with the remainder paid in cash. For the three and nine months ended September 30, 2024, the Company recorded base management fees of $2.4 million and $6.6 million, respectively, of which one half (50%) was paid in C-LTIP Units and the remainder paid in cash. There have been no incentive fee expenses incurred during 2025 or the year ended December 31, 2024.

For the three and nine months ended September 30, 2025 and 2024, the Company recorded operating expense reimbursements of $1.0 million and $1.0 million, and $3.0 million and $3.3 million, respectively. Commencing with operating expense reimbursements for the first quarter 2024, the Company paid the operating expense reimbursement to the Manager entirely in cash. In addition, for the three and nine months ended September 30, 2025 and 2024, the Company recorded direct expense reimbursements of $0.1 million and $0.1 million, and $0.4 million and $0.3 million, respectively, which were, or shall be, paid to the Manager in cash. Both the operating and direct expense reimbursements were recorded as part of general and administrative expenses on the Company’s consolidated statements of operations and comprehensive income.

The table below presents the related party amounts payable to the Manager at September 30, 2025 and December 31, 2024 pursuant to the terms of the Management Agreement (amounts in thousands). The Company records these payables in due to affiliates on its consolidated balance sheets.

​

​	​	​	​	​	​	​
​	****	September 30,		****	December 31,
Amounts payable to the Manager under the Management Agreement	****	2025		****	2024
Base management fee	​	$	2,642	​	$	2,490
Operating and direct expense reimbursements	​		1,204	​		1,224
Offering expense reimbursements	​	​	—	​	​	148
Total amounts payable to the Manager	​	$	3,846	​	$	3,862

​

DST Program

Acquisition Fees

The Company, through consolidated subsidiaries associated with its DST Program, incurs a one-time acquisition fee for each DST private placement offering. During the nine months ended September 30, 2025 and the year ended December 31, 2024, the Company incurred one-time acquisition fees of $3.6 million and $2.1 million, respectively. Refer to Note 9 for further information on the Company’s DST Program. 30

Table of Contents Asset Management Fees

The Company engaged a related party as the DST asset manager to provide certain management services and oversee the performance of the property manager. The Company has agreed to pay an asset management fee equal to a stated percentage per annum of the purchase price of each property in the DST Program. During the three and nine months ended September 30, 2025, the Company incurred asset management fees related to the DST Program of $0.08 million and $0.2 million, respectively, which are recorded within property management and asset management fees on the Company’s consolidated statements of operations and comprehensive income. As the Company held no DST properties at September 30, 2024, it did not record any asset management fees related to the DST Program during the corresponding periods ended September 30, 2024.

The table below presents amounts payable to related parties at September 30, 2025 and December 31, 2024 (amounts in thousands) related to the Company’s DST Program. The Company records these payables in due to affiliates on its consolidated balance sheets.

​

​	​	​	​	​	​	​
Amounts payable to related parties – DST Program	****	September 30, 2025		****	December 31, 2024
One-time acquisition fees	​	$	3,628	​	$	2,060
Asset management fees		​	237		​	35
Other		​	—		​	23
Total amounts payable to related parties – DST Program	​	$	3,865	​	$	2,118

​

Unconsolidated Real Estate Fund

The Company’s investment in the Marble Fund, which is an unconsolidated real estate fund (refer to Note 7 for further information), is accounted for under the equity method as the Company considers its degree of influence to be more than minor. As such, the Company’s investment in the Marble Fund is considered a related party investment. 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. At September 30, 2025, the Company had $0.1 million of related party amounts payable to the Marble Fund pertaining to carried interest. The Company records these payables in due to affiliates on its consolidated balance sheets. The Company held no investments in unconsolidated real estate funds at December 31, 2024.

Leasehold Cost-Sharing Agreement with Bluerock Real Estate Holdings, LLC

In connection with a new lease on the Company’s New York (Manhattan) headquarters, effective May 2024, the Company and an unaffiliated third-party landlord entered into a lease for separate corporate space (the “NY Premises Lease”) located at 919 Third Avenue, New York, New York (the “NY Premises”). The NY Premises Lease commenced in November 2024 when the landlord made the NY Premises available to the Company to begin its own alterations and improvements. With respect to the NY Premises, the Company and Bluerock Real Estate Holdings, LLC (“BREH”), which is an affiliate of the Manager, entered into a leasehold cost-sharing agreement (the “Leasehold Cost-Sharing Agreement”) to provide for the allocation and sharing between BREH and the Company of the costs thereunder, including costs associated with tenant improvements. BREH and certain of its respective subsidiaries and/or affiliates will share occupancy of the NY Premises. Under the Leasehold Cost-Sharing Agreement, if there is a change in control of either BREH or the Company, the allocation of costs under the Leasehold Cost-Sharing Agreement shall be modified to thereafter allocate such costs based on the average of the cost-sharing percentages between BREH and the Company over the four most recently-completed calendar quarters immediately preceding the change in control date (or shall be the average cost-sharing percentages over such shorter period, if the change in control occurs earlier than the completion of four calendar quarters). Under the NY Premises Lease, the Company, through its Operating Partnership, issued a payment of approximately $450,000 as a security deposit. Payment by BREH of any amounts payable under the Leasehold Cost-Sharing Agreement to the Company will be made in cash.

The table below presents the related party amounts receivable from BREH at September 30, 2025 and December 31, 2024 pursuant to the terms of the Leasehold Cost-Sharing Agreement (amounts in thousands). The Company records these receivables in due from affiliates on its consolidated balance sheets.

​

​	​	​	​	​	​	​
Amounts receivable from BREH under the Leasehold Cost-Sharing Agreement	****	September 30, 2025		****	December 31, 2024
Capital improvement cost reimbursements	​	$	672	​	$	925
Operating and direct expense reimbursements		​	227		​	124
Total amounts receivable from BREH	​	$	899	​	$	1,049

​

​ 31

Table of Contents At September 30, 2025 and December 31, 2024, the Company had $0.04 million and zero in other receivables due from related parties.

Harmony at Clear Creek Development

In connection with the Harmony at Clear Creek land acquisition that occurred on September 30, 2025 (refer to Note 3 for further information), the Harmony JV entered into a joint venture agreement with BTR Preferred Investments, LLC (“BTR Preferred”), an entity that includes an affiliate of the Manager, in which BTR Preferred committed to fund up to $16.8 million of preferred equity interests in the Harmony at Clear Creek development. At September 30, 2025, BTR Preferred has not funded any of the committed amount.

Selling Commissions and Dealer Manager Fees

In conjunction with the offering of the Company’s Series A Preferred Stock (refer to Note 15 for further information), the Company engaged Bluerock Capital Markets, LLC, an affiliate of the Manager, as dealer manager, and pays up to 10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers and incurs costs in excess of the 10%, which costs are borne by the dealer manager without reimbursement by the Company. For the nine months ended September 30, 2025, the Company incurred $2.6 million in selling commissions and discounts and $1.1 million in dealer manager fees and discounts related to its offering of Series A Preferred Stock. In addition, the Manager was, or shall be, reimbursed by the Company for offering costs of $0.9 million in conjunction with the offering of Series A Preferred Stock during the nine months ended September 30, 2025. The selling commissions, dealer manager fees, discounts and reimbursements for offering costs were recorded as a reduction to the proceeds of the offering.

Note 15 – Stockholders’ Equity and Redeemable Preferred Stock

Net (Loss) Income Per Common Share

Basic and diluted net (loss) income per common share is computed by dividing net (loss) income attributable to common stockholders, less dividends on restricted stock and LTIP Units expected to vest, by the weighted average number of common shares outstanding for the period. Net (loss) income attributable to common stockholders is computed by adjusting net (loss) income for the non-forfeitable dividends paid on non-vested restricted stock and LTIP Units.

The Company considers the requirements of the two-class method when preparing earnings per share. The Company has two classes of common stock outstanding: Class A common stock, $0.01 par value per share, and Class C common stock, $0.01 par value per share. Earnings per share is not affected by the two-class method because the Company’s Class A and C common stock participate in dividends on a one-for-one basis. 32

Table of Contents The following table reconciles the components of basic and diluted net (loss) income per common share for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands, except share and per share amounts):

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended					​	Nine Months Ended
​	​	September 30,					​	September 30,
​	****	2025		****	2024		****	2025		****	2024
Net (loss) income	​	$	(9,961)	​	$	3,547	​	$	(23,117)	​	$	(4,794)
Less preferred stock dividends	​	​	(2,417)	​	​	(1,412)	​	​	(6,681)	​	​	(2,227)
Less preferred stock accretion	​	​	(1,574)	​	​	—	​	​	(3,370)	​	​	(181)
Less dividends on restricted stock and LTIP Units expected to vest	​	​	(69)	​	​	—	​	​	(204)	​	​	—
Addback net loss (income) attributable to noncontrolling interests	​	​	10,344	​	​	(1,214)	​	​	24,547	​	​	5,471
Net (loss) income attributable to common stockholders	​	$	(3,677)	​	$	921	​	$	(8,825)	​	$	(1,731)
​	​	​	​	​	​	​	​	​	​	​	​	​
Weighted average common shares outstanding ^(1)^	​	​	3,898,102	​	​	3,859,226	​	​	3,886,335	​		3,853,321
Potential dilutive shares^(2)^	​	​	—	​	​	11,975	​	​	—	​		—
Weighted average common shares outstanding and potential dilutive shares ^(1)^	​	​	3,898,102	​	​	3,871,201	​	​	3,886,335	​		3,853,321
​	​	​	​	​	​	​	​	​	​	​	​	​
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)
^(1)^	Amounts relate to shares of the Company’s Class A and Class C common stock outstanding.
---	---
^(2)^	For the three months ended September 30, 2025, the diluted shares calculation excludes the following as the effects are antidilutive: (i) potential vesting of restricted Class A common stock of 20,072 shares, and (ii) potential conversion of the Series A Preferred Stock into Class A common stock of 10,289,331 shares.
---	---

For the three months ended September 30, 2024, the potential vesting of restricted Class A common stock of 11,975 shares is included in the diluted shares calculation, whereas the potential conversion of the Series A Preferred Stock into Class A common stock of 4,142,972 shares is excluded from the diluted shares calculation as the effect is antidilutive.

For the nine months ended September 30, 2025 and 2024, the diluted shares calculations exclude the following as the effects are antidilutive: (i) potential vesting of restricted Class A common stock of 7,869 shares and 3,383 shares, respectively, and (ii) potential conversion of the Series A Preferred Stock into Class A common stock of 10,287,117 shares and 2,315,348 shares, respectively.

The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common stock on a one-for-one basis. The income allocable to such OP Units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share.

Series A Redeemable Preferred Stock

During the nine months ended September 30, 2025, the Company issued 1,493,372 shares of 6.0% Series A Redeemable Preferred Stock (the “Series A Preferred Stock”) at $25.00 per share (the “Stated Value”) under its continuous registered offering with net proceeds of approximately $32.3 million after commissions, dealer manager fees and sales discounts, and costs related to establishing the offering of Series A Preferred Stock. As of September 30, 2025, the Company had issued a total of 6,126,657 shares of Series A Preferred Stock with total net proceeds of approximately $133.4 million after commissions, dealer manager fees, sales discounts and offering costs. Additionally, as of September 30, 2025, the Company, at the request of holders, had redeemed a total of 10,960 shares of Series A Preferred Stock through the issuance of 18,653 shares of Class A common stock and redeemed a total of 27,868 shares of Series A Preferred Stock in cash.

In May 2024, the Company announced the payment of an enhanced special dividend replacing the previous special dividend. The enhanced special dividend is aggregated with the regular monthly dividend so as to effect a dividend rate of the average one-month Term SOFR rate plus two percent, subject to a 6.5% minimum and an 8.5% maximum annual rate, calculated and paid monthly. Commencing in May 2024, the Series A Preferred enhanced special dividend was declared for each month for which the Board declared the regular monthly dividend of $0.125 per outstanding share of Series A Preferred Stock. 33

Table of Contents At the date of issuance, the carrying amount of the Series A Preferred Stock was less than the redemption value. As a result of the Company’s determination that holder redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption value net of early redemption fees at the earliest redemption date. As of September 30, 2025, the Company had recorded a total of $3.6 million of accretion related to the Series A Preferred Stock.

Series A Preferred Stock Redemption Safeguard Policy

On February 6, 2025, the Company implemented a new Series A Preferred Stock Redemption Safeguard Policy (the “Policy”) with respect to its Series A Preferred Stock. The Policy is applicable in the event of any redemption of shares of Series A Preferred Stock in shares of the Company’s Class A common stock rather than in cash (each, a “Preferred Redemption in common stock”). The Policy provides that if, within 10 business days of any such Preferred Redemption in common stock, any such shares of Class A common stock are sold at a loss (i.e. a lower price than the Aggregate Redemption Value), the holder can apply to the Company for a cash payment to the holder in an amount equal to the difference between (i) the Aggregate Redemption Value of the Class A common stock so issued, and (ii) the Aggregate Sale Price at which such shares of Class A common stock were sold, subject to certain conditions and requirements as set forth in the Policy. The Policy applies both retroactively, and on a go-forward basis, to holders of the Company’s Series A Preferred Stock.

Class A Common Stock Repurchase Plan

On February 13, 2024, the Board authorized a stock repurchase plan for the repurchase of up to an aggregate of $5 million of the Company’s outstanding shares of Class A common stock. The repurchase plan had a term of one year and ended in February 2025. The Company made no repurchases of its Class A common stock under this plan.

On February 28, 2025, the Board authorized a new stock repurchase plan for the repurchase, from time to time, of up to an aggregate of $5 million of the Company’s outstanding shares of Class A common stock, with such repurchases to be conducted in accordance with the requirements of Rule 10b-18 of the Exchange Act and subject to Rule 10b-5 of the Exchange Act. The repurchase plan has a term of one year and may be discontinued at any time. The extent to which the Company repurchases shares of its Class A common stock under the repurchase plan, and the timing of any such repurchases, depends on a variety of factors including general business and market conditions and other corporate considerations. The Company expects that any repurchases of its Class A common stock will be through open market transactions, subject to market conditions, certain price limitations and other conditions established under the plan. Open market repurchases will be structured to occur in conformity with the method, timing, price and volume requirements of Rule 10b-18 of the Exchange Act. As of September 30, 2025, no repurchases of Class A common stock had been made by the Company.

Operating Partnership and Long-Term Incentive Plan Units

As of September 30, 2025, limited partners other than the Company owned approximately 69.30% of the common units of the Operating Partnership (7,365,404 OP Units, or 55.74%, were held by OP Unit holders, and 1,791,331 LTIP Units, or 13.56%, were held by LTIP Unit holders, including 2.99% which were not vested as of September 30, 2025). Subject to certain restrictions set forth in the Operating Partnership’s Partnership Agreement, OP Units are exchangeable for Class A common stock on a one-for-one basis, or, at the Company’s election, redeemable for cash. LTIP Units and C-LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock or, at the Company’s election, cash.

On March 7, 2025, the Company granted 21,254 C-LTIP Units, or approximately $245,000, to the Manager as partial payment of the total base management fee of $2.5 million for the fourth quarter 2024. On May 13, 2025, the Company granted 20,445 C-LTIP Units, or approximately $210,000, to the Manager as partial payment of the total base management fee of $2.5 million for the first quarter 2025. And on August 19, 2025, the Company granted 16,012 C-LTIP Units, or approximately $210,000, to the Manager as partial payment of the total base management fee of $2.6 million for the second quarter 2025. Such C-LTIP Units were issued pursuant to the Management Agreement and were fully vested upon issuance.

In the future, the Operating Partnership may issue OP Units or preferred OP Units from time to time in connection with acquisitions of properties or for financing, compensation or other reasons. 34

Table of Contents Equity Incentive Plans

Prior to the annual meeting of the Company’s stockholders held on June 11, 2025 (the “Annual Meeting”), the Company had in effect the Bluerock Homes Trust, Inc. 2022 Equity Incentive Plan for Individuals (the “2022 Individuals Plan”) and the Bluerock Homes Trust, Inc. 2022 Equity Incentive Plan for Entities (the “2022 Entities Plan,” and together with the 2022 Individuals Plan, the “2022 Incentive Plans”). At the Annual Meeting, the stockholders of the Company approved the amendment and restatement of each of the 2022 Individuals Plan (as so amended and restated, the “Amended Individuals Plan”) and the 2022 Entities Plan (as so amended and restated, the “Amended Entities Plan,” and together with the Amended Individuals Plan, the “Amended Incentive Plans,” and collectively with the 2022 Incentive Plans, the “BHM Incentive Plans”). The Amended Incentive Plans were approved by the Board on April 15, 2025, subject to the approval of the Company’s stockholders at the Annual Meeting, and became effective upon such stockholder approval. The BHM Incentive Plans provide for the grant of options to purchase shares of our common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards, and are administered by the compensation committee of the Board.

LTIP Unit and Restricted Stock Grants

Under the BHM Incentive Plans, (i) certain of the Manager’s executive management team and personnel who provide other services to the Manager (collectively, the “BREH Personnel”) were granted LTIP Units and/or shares of Class A common stock as restricted stock grants (“RSGs”) that vest over a three-year period, and (ii) each independent member of the Board was granted LTIP Units in payment of the equity portion of their respective annual retainers, with such LTIP Units fully vested upon issuance.

LTIP Units

On January 1, 2025, the Company granted 5,405 LTIP Units pursuant to the BHM Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. Such LTIP Units were fully vested upon issuance and the Company recognized expense of $0.3 million based on the fair value at the date of grant.

In April 2025, the Company issued 74,031 LTIP Units pursuant to the BHM Incentive Plans directly to and among certain of the BREH Personnel as an annual long-term incentive equity grant for the year ended December 31, 2024. Such LTIP Units will vest ratably on an annual basis over a three-year period from the date of grant.

The Company recognizes compensation expense ratably over the vesting period for time-based LTIP Units based on the fair value at the date of grant. During the three and nine months ended September 30, 2025 and 2024, the Company recognized compensation expense for such LTIP Units of approximately $0.7 million and $0.7 million, and $2.2 million and $2.0 million, respectively. Such expense was recorded as part of general and administrative expenses on the Company’s consolidated statements of operations and comprehensive income. As of September 30, 2025, there was $5.4 million of total unrecognized compensation expense related to unvested LTIP Units granted under the BHM Incentive Plans. The remaining expense is expected to be recognized over a period of 2.0 years.

Restricted Stock

On April 1, 2025, the Company issued 112,563 shares of Class A common stock as RSGs pursuant to the BHM Incentive Plans directly to and among certain of the BREH Personnel as an annual long-term incentive equity grant for the year ended December 31, 2024. Such RSGs will vest ratably on an annual basis over a three-year period from the date of grant.

The Company recognizes compensation expense ratably over the vesting period for time-based RSGs. During the three and nine months ended September 30, 2025 and 2024, the Company recognized compensation expense for RSGs of approximately $0.2 million and $0.2 million, and $0.6 million and $0.4 million, respectively. Such expense was recorded as part of general and administrative expenses on the Company’s consolidated statements of operations and comprehensive income. At September 30, 2025, there was $1.7 million of total unrecognized compensation expense related to the unvested RSGs granted under the BHM Incentive Plans. The remaining expense is expected to be recognized over a period of 2.0 years. 35

Table of Contents The Company currently uses authorized and unissued shares to satisfy share award grants.

Distributions

​

​	​	​	​	​	​	​	​
Declaration Date	****	Record Date	****	Amount		****	Paid / Payable Date
Class A common stock	​	​	​	​	​	​	​
March 11, 2025	​	March 25, 2025	​	$	0.125	​	April 4, 2025
March 11, 2025	​	June 25, 2025	​	​	0.125	​	July 3, 2025
March 11, 2025	​	September 25, 2025	​	​	0.125	​	October 3, 2025
March 11, 2025	​	December 24, 2025	​	​	0.125	​	January 5, 2026
Class C common stock	​	​	​	​	​	​	​
March 11, 2025	​	March 25, 2025	​	$	0.125	​	April 4, 2025
March 11, 2025	​	June 25, 2025	​	​	0.125	​	July 3, 2025
March 11, 2025	​	September 25, 2025	​	​	0.125	​	October 3, 2025
March 11, 2025	​	December 24, 2025	​	​	0.125	​	January 5, 2026
Series A Preferred Stock ^(1)^	​	​	​	​	​	​	​
October 14, 2024	​	December 24, 2024	​	$	0.125	​	January 3, 2025
January 15, 2025	​	January 24, 2025	​	​	0.125	​	February 5, 2025
January 15, 2025	​	February 25, 2025	​	​	0.125	​	March 5, 2025
January 15, 2025	​	March 25, 2025	​	​	0.125	​	April 4, 2025
April 15, 2025	​	April 25, 2025	​	​	0.125	​	May 5, 2025
April 15, 2025	​	May 23, 2025	​	​	0.125	​	June 5, 2025
April 15, 2025	​	June 25, 2025	​	​	0.125	​	July 3, 2025
July 15, 2025	​	July 25, 2025	​	​	0.125	​	August 5, 2025
July 15, 2025	​	August 25, 2025	​	​	0.125	​	September 5, 2025
July 15, 2025	​	September 25, 2025	​	​	0.125	​	October 3, 2025
Series A Preferred Enhanced Special Dividend ^(2)^	​	​	​	​	​	​	​
October 14, 2024	​	December 24, 2024	​	$	0.010417	​	January 3, 2025
January 15, 2025	​	January 24, 2025	​	​	0.010417	​	February 5, 2025
January 15, 2025	​	February 25, 2025	​	​	0.010417	​	March 5, 2025
January 15, 2025	​	March 25, 2025	​	​	0.010417	​	April 4, 2025
April 15, 2025	​	April 25, 2025	​	​	0.010417	​	May 5, 2025
April 15, 2025	​	May 23, 2025	​	​	0.010417	​	June 5, 2025
April 15, 2025	​	June 25, 2025	​	​	0.010417	​	July 3, 2025
July 15, 2025	​	July 25, 2025	​	​	0.010417	​	August 5, 2025
July 15, 2025	​	August 25, 2025	​	​	0.010417	​	September 5, 2025
July 15, 2025	​	September 25, 2025	​	​	0.010417	​	October 3, 2025
^(1)^	Holders of record of newly issued Series A Preferred Stock shares that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series A Preferred Stock was outstanding.
---	---
^(2)^	Holders of record of Series A Preferred Stock shares are entitled to an enhanced special dividend equal to the amount by which (i) the Stated Value of the Series A Preferred Stock multiplied by (a) the sum of (I) the average of the one-month Term SOFR for each day commencing on the 26^th^ of the prior month to the 25^th^ of the applicable month, plus (II) two percent, divided by (b) twelve, exceeds (ii) the standard monthly dividend of $0.125 per share of Series A Preferred Stock. The enhanced special dividend will be aggregated with the standard monthly dividend so as to effect a dividend rate on the Series A Preferred Stock that is subject to a 6.5% minimum and 8.5% maximum annual rate.
---	---

​

A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. Holders of restricted stock, OP Units, LTIP Units and C-LTIP Units are entitled to receive “distribution equivalents” at the same time as dividends are paid to holders of the Company’s Class A common stock. 36

Table of Contents Distributions declared and paid for the nine months ended September 30, 2025 were as follows (amounts in thousands):

​	​	​	​	​	​	​
​	​	Distributions
2025		Declared			Paid
First Quarter	​	​	​	​	​	​
Class A common stock	​	$	495	​	$	—
Class C common stock	​	​	1	​	​	—
Series A Preferred Stock ^(1)^	​	​	2,010	​	​	1,925
OP Units	​	​	921	​	​	—
LTIP / C-LTIP Units	​	​	212	​	​	—
Total first quarter	​	$	3,639	​	$	1,925
Second Quarter	​	​	​	​	​	​
Class A common stock	​	$	507	​	$	495
Class C common stock	​	​	1	​	​	1
Series A Preferred Stock ^(1)^	​	​	2,254	​	​	2,185
OP Units	​	​	921	​	​	921
LTIP / C-LTIP Units	​	​	225	​	​	212
Total second quarter	​	$	3,908	​	$	3,814
Third Quarter	​	​	​	​	​	​
Class A common stock	​	$	506	​	$	507
Class C common stock	​	​	1	​	​	1
Series A Preferred Stock ^(1)^	​	​	2,417	​	​	2,368
OP Units	​	​	921	​	​	921
LTIP / C-LTIP Units	​	​	223	​	​	225
Total third quarter	​	$	4,068	​	$	4,022
Total	​	$	11,615	​	$	9,761
^(1)^	Series A Preferred Stock amounts include the standard dividend at an annual rate of 6.0% of the Stated Value and any enhanced special dividends.
---	---

Note 16 – Commitments and Contingencies

The aggregate amount of the Company’s contractual commitments to fund future cash obligations in certain of its preferred equity investments was $23.2 million and $17.6 million at September 30, 2025 and December 31, 2024, respectively. In addition, the Company has two consolidated residential communities (Abode Wendell Falls and Harmony at Clear Creek) under construction comprised of an aggregate of 358 units. At September 30, 2025, the Company estimates the remaining costs to complete the construction of these two residential communities to be approximately $121.4 million. The Company intends to finance these costs through a combination of available cash, proceeds from construction loans, and preferred equity capital contributions.

The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company. 37

Table of Contents Lessee – Operating Lease

In connection with the Company moving its New York (Manhattan) headquarters, effective May 2024, the Company, as lessee, and an unaffiliated third-party landlord entered into the NY Premises Lease (hereinafter, the “Lease”) for the NY Premises. In accordance with ASC Topic 842 Leases, the Company classifies the Lease as an operating lease, and by way of practical expedient, the Company has elected to account for lease and non-lease (ex. common area maintenance) components of the Lease as a single lease component on its consolidated statements of operations and comprehensive income. The Company recognizes the single lease component on a straight-line basis over the term of the Lease, and expenses that are non-components of the lease, such as real estate taxes for which the Company is not a direct beneficiary of the arrangement, are expensed in the period in which the obligation for those payments are incurred. For the three and nine months ended September 30, 2025, the Company recorded $0.1 million and $0.3 million, respectively, of net rent expense related to the Lease. The Company did not record any net rent expense related to the Lease during the corresponding periods ended September 30, 2024.

Upon commencement of the Lease in November 2024, the Company recorded a right-of-use asset of $5.1 million and a lease liability of $5.0 million on its consolidated balance sheets. The right-of-use asset is included within accounts receivable, prepaids and other assets, net, and the lease liability is included within other accrued liabilities. In determining the right-of-use asset and lease liability, the discount rate implicit in the Lease was not readily determinable. As such, the Company used a third-party analysis to determine that a discount rate of 7.61% approximated the incremental borrowing rate that it would incur for a loan that was of a similar term as the Lease and with a similar form of underlying collateral. At September 30, 2025, the remaining right-of-use asset and lease liability balances were $4.6 million and $5.1 million, respectively, and the remaining Lease term was approximately 5.8 years. In addition, the Company incurred tenant improvement costs related to the renovation and buildout of the NY Premises which are capitalized and included within net real estate investments on the Company’s consolidated balance sheets. Such tenant improvement costs are depreciated on a straight-line basis over the term of the Lease.

The following table summarizes the future minimum lease payments and total operating lease liability as of September 30, 2025 (amounts in thousands):

​

​	​	​	​
Year	****	Total
2025 (October 1 – December 31)	​	$	268
2026	​		1,070
2027	​		1,070
2028	​		1,070
2029	​		1,070
Thereafter	​		1,773
Total future minimum lease payments (undiscounted cash flows)	​	$	6,321
Difference between future undiscounted cash flows and discounted cash flows	​		(1,240)
Total operating lease liability	​	$	5,081

​

​ 38

Table of Contents Note 17 – Segment Information

​

The Company owns and operates residential real estate assets that generate rental and other property-related income through the leasing of residential units to a diverse base of tenants. The Company evaluates operating performance on an individual property investment level and based on the investments’ similar economic characteristics. The Company’s Chief Operating Decision Makers (“CODMs”) are its Chief Executive Officer, Chief Investment Officer and Chief Financial Officer. The CODMs’ primary financial measure for operating performance is NOI as it measures the core operations of property performance by excluding corporate level expenses and those other items not related to property operating performance. CODMs are provided financial reports which include an income statement with property revenues, property operating expenses, and property net income. These financial reports assist the CODMs in assessing the Company’s financial performance and in allocating resources appropriately. The Company views its residential real estate assets as two reportable segments, consisting of (i) residential communities and (ii) scattered single-family homes. The CODMs do not distinguish or group operations on a geographic, tenant or other basis when assessing the financial performance of the Company’s portfolio of properties/investments.

​

Residential communities segment includes the acquisition, ownership, management, renovation, construction, and development of residential communities, which include both detached single-family home communities and attached unit communities such as apartments, townhouses, and duplexes. Each residential community is, generally, located on a single, contiguous land parcel and has amenities including clubhouses, gyms, pools and common areas. In addition, these residential communities typically have onsite property management.

​

Scattered single-family homes segment includes the acquisition, ownership, management, and renovation of scattered single-family homes, which are, generally, detached homes with no onsite property management.

​ 39

Table of Contents The following table summarizes NOI by the Company’s reportable segments for the three and nine months ended September 30, 2025 and 2024, and reconciles NOI to net (loss) income attributable to common stockholders on the Company’s statements of operations and comprehensive income. Prior year amounts have been reclassified to conform to the current period segment presentation (amounts in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​		Three Months Ended September 30,						Nine Months Ended September 30,
​	​	2025		****	2024		​	2025		​	2024
Rental and other property revenues		​			​		​	​	​	​	​	​
Residential communities	​	$	9,082	​	$	3,946	​	$	26,106	​	$	10,335
Scattered single-family homes	​		7,528	​		8,030	​	​	23,121	​	​	24,335
Total rental and other property revenues	​	****	16,610	​	****	11,976	​	​	49,227	​	​	34,670
​	​	​	​	​	​	​	​	​	​	​	​	​
Property operating expenses	​		​	​		​	​	​	​	​	​	​
Residential communities	​		4,416	​		1,836	​	​	11,813	​	​	4,356
Scattered single-family homes	​		4,313	​		4,598	​	​	12,745	​	​	13,035
Total property operating expenses	​	****	8,729	​	****	6,434	​	​	24,558	​	​	17,391
​	​	​	​	​	​	​	​	​	​	​	​	​
Net operating income	​		​	​		​	​	​	​	​	​	​
Residential communities	​		4,666	​		2,110	​	​	14,293	​	​	5,979
Scattered single-family homes	​		3,215	​		3,432	​	​	10,376	​	​	11,300
Total net operating income	​	****	7,881	​	****	5,542	​	​	24,669	​	​	17,279
Reconciling items:	​		​	​		​	​	​	​	​	​	​
Interest income from loan investments	​		—	​		730	​	​	598	​	​	1,735
Property management and asset management fee expenses	​		(1,305)	​		(1,181)	​	​	(3,966)	​	​	(3,472)
General and administrative expenses	​		(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)
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	​		1,762	​		—	​	​	3,212	​	​	—
Loss on extinguishment of debt	​		(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
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	​		10,344	​		(1,214)	​	​	24,547	​	​	5,471
Net (loss) income attributable to common stockholders	​	$	(3,608)	​	$	921	​	$	(8,621)	​	$	(1,731)

​ 40

Table of Contents The following table reconciles the Company’s total rental and other property revenues for reportable segments to total revenues on the Company’s consolidated statement of operations and comprehensive income 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,
​	​	2025		****	2024		****	2025		****	2024
Revenues		​			​		​	​	​	​	​	​
Rental and other property revenues		​			​		​	​	​	​	​	​
Residential communities	​	$	9,082	​	$	3,946	​	$	26,106	​	$	10,335
Scattered single-family homes	​		7,528	​		8,030	​	​	23,121	​	​	24,335
Total 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

​

Asset information by reportable segment is not provided as the CODMs do not use asset values to make decisions about the allocation of resources.

​

Note 18 – Subsequent Events

Declaration of Dividends

​

​	​	​	​	​	​	​	​
Declaration Date	****	Record Date	****	Amount		****	Paid / Payable Date
Series A Preferred Stock ^(1)^				​
October 15, 2025	​	October 24, 2025	​	$	0.125	​	November 5, 2025
October 15, 2025	​	November 25, 2025	​	​	0.125	​	December 5, 2025
October 15, 2025	​	December 24, 2025	​	​	0.125	​	January 5, 2026
Series A Preferred Enhanced Special Dividend	​	​	​	​	​	​	​
October 15, 2025	​	October 24, 2025	​	​	^(2)^	​	November 5, 2025
October 15, 2025	​	November 25, 2025	​	​	^(2)^	​	December 5, 2025
October 15, 2025	​	December 24, 2025	​	​	^(2)^	​	January 5, 2026
^(1)^	Holders of record of newly issued Series A Preferred Stock shares that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series A Preferred Stock was outstanding.
---	---
^(2)^	Holders of record of Series A Preferred Stock shares are entitled to an enhanced special dividend equal to the amount by which (i) the Stated Value of the Series A Preferred Stock multiplied by (a) the sum of (I) the average of the one-month Term SOFR for each day commencing on the 26^th^ of the prior month to the 25^th^ of the applicable month, plus (II) two percent, divided by (b) twelve, exceeds (ii) the standard monthly dividend of $0.125 per share of Series A Preferred Stock. The enhanced special dividend will be aggregated with the standard monthly dividend so as to affect a dividend rate on the Series A Preferred Stock that is subject to a 6.5% minimum and 8.5% maximum annual rate.
---	---

41

Table of Contents Distributions Paid

The following distributions were declared and/or paid to the Company’s stockholders subsequent to September 30, 2025 (amounts in thousands):

​	​	​	​	​	​	​	​	​	​	​	​	​
Shares	****	Declaration Date	****	Record Date	****	Date Paid	****	Distribution per Share		****	Total Distribution
Class A common stock	​	March 11, 2025	​	September 25, 2025	​	October 3, 2025	​	$	0.125000	​	$	506
Class C common stock	​	March 11, 2025	​	September 25, 2025	​	October 3, 2025	​		0.125000	​		1
Series A Preferred Stock ^(1)^	​	July 15, 2025	​	September 25, 2025	​	October 3, 2025	​	​	0.135417	​	​	819
OP Units	​	March 11, 2025	​	September 25, 2025	​	October 3, 2025	​	​	0.125000	​	​	921
LTIP / C-LTIP Units	​	March 11, 2025	​	September 25, 2025	​	October 3, 2025	​	​	0.125000	​	​	223
​	​	​	​	​	​	​	​	​	​	​	​	​
Series A Preferred Stock ^(1)^	​	October 15, 2025	​	October 24, 2025	​	November 5, 2025	​		0.135417	​		833
Total	​	​	​	​	​	​	​		​	​	$	3,303
^(1)^	Series A Preferred Stock distribution per share amounts include the standard dividend at an annual rate of 6.0% of the Stated Value and any enhanced special dividends.
---	---

​ 42

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

The following discussion and analysis should be read in conjunction with the accompanying financial statements of Bluerock Homes Trust, Inc., and the notes thereto. As used herein, the terms “the Company”, “we”, “our”, and “us” refer to Bluerock Homes Trust, Inc., a Maryland corporation formed on December 16, 2021, and, as required by context, Bluerock Residential Holdings, L.P., a Delaware limited partnership, which we refer to as our “Operating Partnership,” and to their subsidiaries. We refer to Bluerock Homes Manager, LLC, a Delaware limited liability company, and an entity affiliated with the Company, as our “Manager”. This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. The matters discussed in these forward-looking statements are subject to risk, uncertainties and other factors that could cause actual results to differ materially from those made, projected or implied in the forward-looking statements.

Forward-Looking Statements

All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws and may be identified by words such as “will,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “goal,” “future,” “outlook,” “guidance,” “target,” “estimate” and similar words or expressions, including the negative version of such words and expressions. These forward-looking statements are based upon our present expectations, estimates and projections about the industry and markets in which we operate, and beliefs of and assumptions made by our management involve uncertainty that could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and are not guaranteed to occur. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon these forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in these forward-looking statements due to numerous factors.

Additional factors that could have a material adverse effect on our operations and future prospects include, but are not limited to:

●	The impact of volatility in capital and credit markets, or unfavorable changes in economic conditions, including those caused by inflation and rising interest rates, in the markets in which we operate;
●	The impact of epidemics, pandemics, or other outbreaks of illness, disease or virus (such as the outbreak of novel coronavirus (“COVID-19”) and its variants) and the actions taken by government authorities and other related thereto, including the ability of our company, our properties and our tenants to operate;
---	---
●	the factors included in this Quarterly Report on Form 10-Q, including those set forth under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”;
---	---
●	use of proceeds of our securities offerings;
---	---
●	changes in national, regional and local economic conditions, which may be negatively impacted by concerns about inflation, deflation, tariffs and global trade tensions, government deficits, high unemployment rates, decreased consumer confidence and liquidity concerns, particularly in markets in which we have a high concentration of properties;
---	---
●	fluctuations and relative increases in interest rates, which could adversely affect our ability to obtain financing on favorable terms or at all;
---	---
●	the inability of tenants to pay rent;
---	---
●	the existence and quality of the competition, such as the attractiveness of our properties as compared to our competitors’ properties based on considerations such as convenience of location, rental rates and safety record;
---	---
●	increased operating costs, including increased real property taxes, homeowners association (“HOA”) fees, maintenance, insurance and utilities costs;
---	---
●	weather conditions that may increase or decrease energy costs and other weather-related expenses;
---	---

43

Table of Contents

●	oversupply of rental housing or a reduction in demand for real estate in the markets in which our properties are located;
●	development, redevelopment, and construction risks that could affect our profitability;
---	---
●	costs and time period required to convert acquisitions to rental properties;
---	---
●	a favorable interest rate environment that may result in a significant number of potential residents of our properties deciding to purchase homes instead of renting;
---	---
●	rules, regulations and/or policy initiatives by government and private actors, including HOAs, to discourage or deter the purchase of residential properties by entities owned or controlled by institutional investors;
---	---
●	our ability to lease newly acquired or newly constructed residential properties;
---	---
●	changes in, or increased costs of compliance with, laws and/or governmental regulations, including those governing usage, zoning, the environment and taxes;
---	---
●	rent control or stabilization laws, or other laws regulating rental housing, which could prevent us from raising rents to offset increases in operating costs;
---	---
●	the board of directors’ determination as to timing and payment of dividends, and our ability to pay future distributions at the dividend rates we have paid (if any);
---	---
●	our ability to qualify and maintain our qualification as a real estate investment trust (“REIT”); and
---	---
●	litigation, including costs associated with prosecuting or defending claims and any adverse outcomes.
---	---

Any of the assumptions underlying forward-looking statements could be inaccurate. You are cautioned not to place undue reliance on any forward-looking statements included in this report. All forward-looking statements are made as of the date of this report and the risk that actual results will differ materially from the expectations expressed in this report will increase with the passage of time. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this report, whether as a result of new information, future events, changed circumstances or any other reason. The forward-looking statements should be read in light of the risk factors set forth in Item 1A of this Quarterly Report on Form 10-Q, in Part I, Item 1A of our 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, and subsequent filings by us with the SEC, or “Risk Factors”.

Overview

We own and operate 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. Our principal objective is to generate attractive risk-adjusted returns on investments where we believe we can drive growth in funds from operations and net asset value by acquiring residential units, developing residential communities, and through Value-Add renovations. Our 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 our return on investment.

As of September 30, 2025, we 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, our consolidated operating investments were approximately 91.8% occupied; excluding units classified as held for sale and down/renovation units, our consolidated operating investments were approximately 93.7% occupied. 44

Table of Contents We have elected to be treated, and currently qualify, as a REIT for federal income tax purposes. As a REIT, we generally are not subject to corporate-level income taxes. To maintain our REIT status, we are required, among other requirements, to distribute annually at least 90% of our “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to our stockholders. If we fail to qualify as a REIT in any taxable year, we would be subject to federal income tax on our taxable income at regular corporate tax rates and we would not be permitted to qualify as a REIT for four years following the year in which we lost our qualification. Such an event could materially and adversely affect our net income and results of operations. We intend to continue to organize and operate in such a manner as to remain qualified as a REIT.

Industry Segments

We own and operate residential real estate assets that generate rental and other property-related income through the leasing of residential units to a diverse base of tenants. We view our residential real estate assets as two reportable segments, consisting of (i) residential communities and (ii) scattered single-family homes. Our Chief Operating Decision Makers, which are our Chief Executive Officer, Chief Investment Officer and Chief Financial Officer, do not distinguish or group operations on a geographic, tenant or other basis when assessing the financial performance of our portfolio of properties/investments.

Residential communities segment includes the acquisition, ownership, management, renovation, construction, and development of residential communities, which include both detached single-family home communities and attached unit communities such as apartments, townhouses, and duplexes. Each residential community is, generally, located on a single, contiguous land parcel and has amenities including clubhouses, gyms, pools and common areas. In addition, these residential communities typically have onsite property management.

Scattered single-family homes segment includes the acquisition, ownership, management, and renovation of scattered single-family homes, which are, generally, detached homes with no onsite property management.

Inflation and Related Economic Volatility

While inflationary pressures have shown signs of moderation, we continue to monitor increases in inflation and rising interest rates and resulting economic changes in credit and capital markets. Inflation and its related impacts, including increased prices for services and goods and higher interest rates and wages, and any policy interventions by the U.S. government, could negatively impact our residents’ ability to pay rents and our results of operations. Substantially all our leases are for a term of one year or less, which we believe mitigates our exposure to inflation, by permitting us to set rents commensurate with inflation (subject to rent regulations to the extent they apply and assuming our current or prospective residents will accept and can pay commensurate increased rents, of which there can be no assurance). Inflation could outpace any increases in rent and adversely affect us. We may not be able to mitigate the effects of inflation and related impacts, and the duration and extent of any prolonged periods of inflation, and any such related adverse effects on our results of operations and financial condition are unknown at this time. Inflation may also cause increased volatility in financial markets, which could affect our ability to access the capital markets or impact the cost or timing at which we are able to do so. Inflation may also increase the costs to complete our development projects, including costs of materials, labor and services from third-party contractors and suppliers. Higher construction costs could adversely impact our investments in real estate assets and our expected yields on development projects.

Additionally, developments in the banking industry in early 2023 caused uncertainty and concern regarding the strength of the banking system. As a result, the cost of obtaining debt from credit and capital markets increased as many lenders increased interest rates, enacted tighter lending standards, and reduced and, in some cases, ceased to provide funding to borrowers. Although our banking relationships are primarily with large national banks, a significant disruption to the banking system could lead to market-wide liquidity problems which could adversely affect our access to capital and our cost of capital. If we need to incur debt from a source other than our revolving credit facilities, we cannot be certain the additional financing will be available to the extent required and on acceptable terms. If debt financing on acceptable terms is not available, we may be unable to fully execute our growth strategy, otherwise take advantage of business opportunities, or respond to competitive pressures, any of which could have a material adverse effect on our results of operations and financial condition. 45

Table of Contents Other weakened economic conditions, including job losses, high unemployment levels, stock market volatility, and uncertainty about the future, could adversely affect rental rates and occupancy levels. In addition, during the nine months ended September 30, 2025, the current U.S. administration has introduced tariffs on imports from a broad set of countries, including Canada, Mexico, European Union member states, Japan and China, in response to which global trading partners have imposed or may impose their own tariffs. Such tariffs, and any additional 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 our build-to-rent communities, including potential delays due to supply shortages and labor shortages. Any of these factors could depress economic activity and have a material adverse effect on our business, financial condition, cash flows, and our results of operations.

Other Significant Developments

Investment Activity Summary

Provided below is a summary of our investment activity during the nine months ended September 30, 2025.

Acquisition of Southern Pines Reserve

On April 28, 2025, we, 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 our existing credit facility with KeyBank National Association (the “KeyBank Credit Facility”), and (iii) cash of $8.9 million funded by us, inclusive of certain adjustments typical in such real estate transactions.

Acquisition of Skytop Apartments

On September 29, 2025, we, 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 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 us, inclusive of certain adjustments typical in such real estate transactions.

Southern Pines Reserve and Skytop Apartments are the second and third properties, respectively, that we have acquired 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.

Harmony at Clear Creek Development

On September 30, 2025, we, through a joint venture with an unaffiliated third party (the “Harmony JV”), in which we hold 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 our 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. We account for Harmony at Clear Creek as a consolidated investment.

Acquisition of Additional Interests in Investments

On July 11, 2025, we 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. We increased our interest in (i) the Peak JV 2 portfolio from 80% to 100% and (ii) the Peak JV 3 portfolio from 56% to 100%. 46

Table of Contents Sales of Consolidated Operating Units

We 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.

Loan Investment Activity

Our 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 our 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 our principal investment of $9.4 million and a negligible amount of accrued interest.

Unconsolidated Real Estate Fund Summary

On April 25, 2025, we 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. We account for our investment in the Marble Fund under the equity method as we consider our degree of influence to be more than minor. The Marble Fund owns a diversified portfolio of multifamily assets and build-to-rent multifamily investments located in the United States.

Preferred Equity Investment Summary

Our preferred equity investment activity was as follows: (i) we increased our original capital commitment for preferred equity interests in Wayford at Innovation Park by $2.0 million, increasing our total investment to $15.4 million, (ii) we entered into a joint venture agreement with an unaffiliated third party and made a commitment to invest $16.2 million for preferred equity interests in the development of an approximately 300-unit residential community located in Sanford, North Carolina known as Sanford Marketplace, and (iii) had our preferred equity investments in two joint ventures with unaffiliated third parties fully redeemed as follows: (a) The Cottages at Myrtle Beach redeemed in the aggregate amount of $28.1 million, which included our principal investment of $17.9 million, and accrued preferred return and outstanding amounts of $10.2 million, and (b) The Cottages of Port St. Lucie redeemed in the aggregate amount of $30.0 million, which included our principal investment of $18.8 million, and accrued preferred return and outstanding amounts of $11.2 million.

In addition, we sold our preferred equity interests in Indigo Cove and Wayford at Pringle to a joint venture, with such joint venture including an affiliate of Bluerock Homes Manager, LLC (our “Manager”), in the aggregate amounts of $4.2 million and $9.2 million, respectively, which included our outstanding principal investments and accrued preferred returns, net of any reimbursements.

​

As of September 30, 2025, we had funded $14.6 million of our $37.8 million aggregate commitment to fund capital for preferred equity interests in Canvas at Wildwood, River Ford, and Sanford Marketplace.

​ 47

Table of Contents Held for Sale

At September 30, 2025 and December 31, 2024, we classified an aggregate of 84 units and 167 units, respectively, as held for sale on our consolidated balance sheets. For the three and nine months ended September 30, 2025 and 2024, we 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 our consolidated statements of operations and comprehensive income. The 84 units classified as held for sale at September 30, 2025 are all reported in our 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 our consolidated balance sheets.

Series A Redeemable Preferred Stock

During the nine months ended September 30, 2025, we issued 1,493,372 shares of 6.0% Series A Redeemable Preferred Stock (the “Series A Preferred Stock”) at $25.00 per share (the “Stated Value”) under a continuous registered offering with net proceeds of approximately $32.3 million after commissions, dealer manager fees and sales discounts, and costs related to establishing the offering of Series A Preferred Stock. As of September 30, 2025, we have issued a total of 6,126,657 shares of Series A Preferred Stock with total net proceeds of approximately $133.4 million after commissions, dealer manager fees, sales discounts and offering costs. Additionally, as of September 30, 2025, we, at the request of holders, had redeemed a total of 10,960 shares of Series A Preferred Stock through the issuance of 18,653 shares of Class A common stock and redeemed a total of 27,868 shares of Series A Preferred Stock in cash.

Series A Preferred Stock Redemption Safeguard Policy

On February 6, 2025, we implemented a new Series A Preferred Stock Redemption Safeguard Policy (the “Policy”) with respect to our Series A Preferred Stock. The Policy is applicable in the event of any redemption of shares of Series A Preferred Stock in shares of our Class A common stock rather than in cash (each, a “Preferred Redemption in common stock”). The Policy provides that if, within 10 business days of any such Preferred Redemption in common stock, any such shares of Class A common stock are sold at a loss (i.e. a lower price than the Aggregate Redemption Value), the holder can apply to us for a cash payment to the holder in an amount equal to the difference between (i) the Aggregate Redemption Value of the Class A common stock so issued, and (ii) the Aggregate Sale Price at which such shares of Class A common stock were sold, subject to certain conditions and requirements as set forth in the Policy. The Policy applies both retroactively, and on a go-forward basis, to holders of our Series A Preferred Stock.

Stockholders’ Equity

Our total stockholders’ equity decreased $7.4 million from $139.1 million as of December 31, 2024 to $131.7 million as of September 30, 2025. The decrease in our total stockholders’ equity is primarily attributable to dividends declared of $8.2 million, preferred stock accretion of $3.4 million, and a net adjustment of $0.7 million for noncontrolling interests, partially offset by the acquisitions of noncontrolling interests for $2.7 million, net income of $1.4 million, Class A common stock issuances, net of forfeitures, of $0.5 million, and comprehensive income of $0.2 million. 48

Table of Contents Results of Operations

The following is a summary of our consolidated real estate investments as of September 30, 2025:

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	****	​	****	​	​	​	​	​	​	​	​	​	​		Occupancy –	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	Excluding Held	​
​	​	​	​	Number of	****	Average	****	Ownership	****	Average			Occupancy –	​	for Sale/Reno	​
Operating Investment Name	****	Market / Location	****	Units ^(1)^	****	Year Built	****	Interest	****	Rent^(2)^			All Units ^(3)^		Units ^(4)^	​
Residential Communities		​	​	​	​	​	​	​	​	​	​		​	​	​	​
Allure at Southpark		Charlotte, NC	​	350	​	2014	​	98	%	$	1,705		90.3	%	90.5	%
Amira at Westly		Tampa, FL	​	408	​	1999/2023	​	^(5)^​	​		1,868		93.1	%	93.4	%
Avenue at Timberlin Park		Jacksonville, FL	​	200	​	2001	​	100	%		1,604		95.5	%	96.0	%
Skytop Apartments ^(6)^		Cincinnati, OH	​	361	​	2024	​	100	%		1,722		95.0	%	95.5	%
Southern Pines Reserve ^(6)^		Aberdeen, NC	​	272	​	2000/2003	​	54	%		1,492		95.6	%	95.9	%
Villas at Huffmeister	​	Houston, TX	​	294	​	2007	​	95	%	​	1,598	​	95.6	%	95.9	%
Wayford at Concord		Concord, NC	​	150	​	2019	​	83	%		2,169		92.7	%	93.3	%
Yauger Park Villas		Olympia, WA	​	80	​	2010	​	95	%		2,475		98.8	%	98.8	%
Total Residential Communities Units / Average	​	​	​	2,115	​	​	​	​	​	$	1,754	​	94.0	%	94.4	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Scattered Single-Family Homes		​	​	​	​	​	​	​	​		​		​	​	​	​
Ballast		AZ / CO / WA	​	84	​	1998	​	95	%	$	2,100		89.3	%	89.3	%
Golden Pacific	​	IN / KS / MO	​	169	​	1977	​	97	%	​	1,810	​	90.5	%	92.7	%
ILE	​	TX / SE US	​	458	​	1991	​	95	%	​	1,866	​	91.3	%	92.3	%
Indy-Springfield	​	IN / MO	​	309	​	1999	​	100	%	​	1,416	​	92.6	%	96.2	%
Peak JV 2	​	Various / TX	​	551	​	1982	​	100	%	​	1,373	​	88.9	%	90.9	%
Peak JV 3	​	Dallas-Fort Worth, TX	​	42	​	1960	​	100	%	​	1,192	​	19.0	%	—	​
Savannah-84	​	Savannah, GA	​	84	​	2022	​	100	%	​	1,880	​	97.6	%	97.6	%
Total Scattered Single-Family Homes / Average	​	​	​	1,697	​	​	​	​	​	$	1,626	​	89.1	%	92.7	%
Total Operating Units / Average	****	​	****	3,812	****	​	****	​	​	$	1,695	​	91.8	%	93.7	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Development Investment Name ^(7)^	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
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 operating 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)^	Represents the average of the ending average effective rent per occupied unit as of the last day of each month in the three months ended September 30, 2025.
---	---
^(3)^	Percent occupied is calculated as (i) the number of units occupied as of September 30, 2025 divided by (ii) total number of units, expressed as a percentage.
---	---
^(4)^	Percent occupied is calculated as (i) the number of units occupied as of September 30, 2025 divided by (ii) total number of units, expressed as a percentage, and excludes 84 units classified as held for sale and an aggregate of 10 down/renovation units.
---	---
^(5)^	Amira at Westly is held through our DST Program (refer to Note 9 of our consolidated financial statements for further information). The Amira at Westly DST has been fully subscribed with equity from individual investors.
---	---
^(6)^	Skytop Apartments and Southern Pines Reserve are held through our DST Program.
---	---
^(7)^	Represents build-to-rent development projects. Abode Wendell Falls commenced construction in 2024 and Harmony at Clear Creek is anticipated to commence construction in 2026.
---	---

49

Table of Contents The following is a summary of our consolidated operational results by reportable segment for the three and nine months ended September 30, 2025 and 2024 ($ in thousands, except average rental rates):

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	****	Three Months Ended September 30,							​	Nine Months Ended September 30,
​	​	2025		****	2024		****	Variance	​	2025		****	2024		****	Variance	****
Rental and other property revenues	​	​	​	​	​	​		​	​	​	​	​	​	​		​	​
Residential communities	​	$	9,082	​	$	3,946	​	130.2	%	$	26,106	​	$	10,335		152.6	%
Scattered single-family homes	​	​	7,528	​	​	8,030	​	(6.3)	%	​	23,121	​	​	24,335		(5.0)	%
Total rental and other property revenues	​	​	16,610	​	​	11,976	​	38.7	%	​	49,227	​	​	34,670	​	42.0	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Property operating expenses	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Residential communities	​	​	4,416	​	​	1,836	​	140.5	%	​	11,813	​	​	4,356	​	171.2	%
Scattered single-family homes	​	​	4,313	​	​	4,598	​	(6.2)	%	​	12,745	​	​	13,035	​	(2.2)	%
Total property operating expenses	​	​	8,729	​	​	6,434	​	35.7	%	​	24,558	​	​	17,391	​	41.2	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net operating income	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Residential communities	​	​	4,666	​	​	2,110	​	121.1	%	​	14,293	​	​	5,979	​	139.1	%
Scattered single-family homes	​	​	3,215	​	​	3,432	​	(6.3)	%	​	10,376	​	​	11,300	​	(8.2)	%
Total net operating income	​	$	7,881	​	$	5,542	​	42.2	%	$	24,669	​	$	17,279	​	42.8	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Residential communities	​	​	93.2	%	​	95.7	%	(250)	bps	​	93.3	%	​	95.4	%	(210)	bps
Scattered single-family homes	​	​	89.0	%	​	88.9	%	10	bps	​	89.8	%	​	90.6	%	(80)	bps
Average occupancy percentage ^(1)(2)^	​	​	91.2	%	​	90.9	%	30	bps	​	91.6	%	​	91.9	%	(30)	bps
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Residential communities	​	$	1,754	​	$	1,780	​	(1.5)	%	$	1,776	​	$	1,800	​	(1.3)	%
Scattered single-family homes	​	​	1,626	​	​	1,570	​	3.6	%	​	1,608	​	​	1,549	​	3.8	%
Average rental rate ^(2)(3)^	​	$	1,695	​	$	1,635	​	3.7	%	$	1,693	​	$	1,617	****	4.7	%
^(1)^	Represents the average of the ending occupancy as of the last day of each month in the period presented for all units in our consolidated portfolio.
---	---
^(2)^	The amounts presented for 2024 include Navigator Villas which was sold in August 2024.
---	---
^(3)^	Represents the average of the ending average effective rent per occupied unit as of the last day of each month in the period presented.
---	---

​ 50

Table of Contents The following is a summary of our preferred equity investments as of September 30, 2025:

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Total Actual /		​	​	​	​	Actual /		​	Actual /	​	Actual /	​	​	​	​	​
​	​	​	​	Actual /	​	Estimated		​	​	​	​	Estimated		​	Estimated	​	Estimated	​	​	​	Estimated
​	​	​	​	Planned	​	Construction		​	Cost to Date		​	Construction		​	Initial	​	Construction	​	​	​	Average
Development Investment Name ^(1)^	****	Location	****	Number of Units	****	Cost (in millions)		****	(in millions)		****	Cost Per Unit		****	Occupancy	****	Completion	****	% Occupied	****	Rent^(2)^
River Ford	​	Brunswick, GA	​	170	​	$	51.6	​	$	15.4	​	$	303,529	​	1Q 2026	​	1Q 2027	​	—	​	$	2,004
Sanford Marketplace	​	Sanford, NC	​	300	​	​	59.6	​	​	9.7	​	​	198,667	​	4Q 2026	​	2Q 2027	​	—	​	​	1,587
Canvas at Wildwood	​	Wildwood, FL	​	224	​	​	60.3	​	​	14.7	​	​	269,196	​	4Q 2026	​	4Q 2027	​	—	​	​	1,937
Total Development Units	​	​	​	694	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Lease-up Investment Name		​		​	​		​	​		​	​		​		​		​	​	​	​		​
Chandler	​	Chandler, AZ	​	208	​	​	48.2	​	​	48.2	​	​	231,731	​	2Q 2024	​	3Q 2024	​	87.5	%	​	1,920
Total Lease-up Units		​		208	​		​	​		​	​		​		​		​	​	​	​		​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Operating Investment Name ^(3)^	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Wayford at Innovation Park	​	Charlotte, NC	​	210	​	​	​	​	​	​	​	​	​	​	​	​	​	​	94.3	%	​	2,295
Total Operating Units	​	​	​	210	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total Units/Average	​	​	​	1,112	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	$	1,918
^(1)^	None of the development investments had commenced lease-up as of September 30, 2025.
---	---
^(2)^	Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units during the first full quarter of stabilization.
---	---
^(3)^	Operating investment represents a stabilized operating property.
---	---

Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024

Revenue

Rental and other property revenues increased $4.6 million, or 38%, to $16.6 million for the three months ended September 30, 2025 as compared to $12.0 million for the same prior year period. The increase was primarily due to: (i) the acquisition of 1,230 units at four residential communities, which was partially offset by sales of 176 units at one residential community and 165 single-family units in our portfolio since July 1, 2024, and (ii) rental rate improvement from our active management and organic market rent growth. Our average rent per occupied unit increased $60, or 3.7%, to $1,695 as compared to $1,635 during the prior year period. Average occupancy increased 30 basis points from 90.9% to 91.2% on a year over year basis.

Interest income from loan investments amounted to zero for the three months ended September 30, 2025 as compared to $0.7 million for the same prior year period due to the full payoff of three loan investments prior to the third quarter of 2025. We did not have any loan investments during the three months ended September 30, 2025.

Expenses

Property operating expenses increased $2.3 million, or 36%, to $8.7 million for the three months ended September 30, 2025 as compared to $6.4 million for the same prior year period. The increase was primarily due to the acquisition of 1,230 units at four residential communities, which was partially offset by sales of 176 units at one residential community and 165 single-family units in our portfolio since July 1, 2024.

Property management and asset management fee expenses were $1.3 million for the three months ended September 30, 2025 as compared to $1.2 million in the same prior year period. Property management fees are based on a stated percentage of property revenues and asset management fees are based on a stated percentage of capital contributions or assets under management, where applicable.

General and administrative expenses amounted to $2.7 million for the three months ended September 30, 2025 as compared to $2.5 million for the same prior year period. Of the $2.7 million total expense in the second quarter 2025, $1.7 million related to direct costs incurred by us, while the remaining $1.0 million related to the operating expense reimbursement to our Manager, which includes rent, utilities, and IT expenses. 51

Table of Contents Management fees to related party amounted to $2.6 million for the three months ended September 30, 2025 as compared to $2.4 million for the same prior year period. The increase was due to an increase in equity primarily from our continuous registered offering of Series A Preferred Stock. For the third quarter of 2025, we will pay $0.2 million of the base management fee in C-LTIP Units with the remainder in cash. Prior to the fourth quarter 2024, we paid the base management fee to the Manager as one half (50%) in C-LTIP Units and the remainder in cash.

Weather-related losses were negligible for the three months ended September 30, 2025 as compared to $0.2 million for the same prior year period. The 2024 expense primarily relates to hurricane damage in Texas.

Acquisition and other transaction costs amounted to $0.1 million for the three months ended September 30, 2025 and were negligible for the same prior year period. Acquisition costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods.

Depreciation and amortization expenses were $6.8 million for the three months ended September 30, 2025 as compared to $4.9 million for the same prior year period, with the increase primarily due to the acquisition of four residential communities since July 1, 2024. The increase was partially offset by (i) the sales of one residential community and single-family units in our portfolio since July 1, 2024 and (ii) in-place leases being fully amortized at two residential communities prior to the third quarter 2025.

Other Income and Expense

Other income and expense amounted to expense of $3.9 million for the three months ended September 30, 2025 as compared to income of $8.4 million for the same prior year period. This was primarily due to a $10.0 million decrease in gain on sales of real estate investments, a $3.2 million increase in impairment on real estate, a decrease in preferred returns of $0.9 million as funding to our preferred equity investments decreased to $45.0 million at September 30, 2025 as compared to $73.3 million at September 30, 2024. These changes were partially offset by a $1.8 million gain on the sale of one preferred equity investment.

Income Tax Expense

Income tax expense amounted to $0.4 million for the three months ended September 30, 2025 as compared to zero for the same prior year period. The 2025 expense primarily relates to income earned on certain taxable REIT subsidiaries for Amira at Westly, Southern Pines Reserve, and one preferred equity investment.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Revenue

Rental and other property revenues increased $14.5 million, or 42%, to $49.2 million for the nine months ended September 30, 2025 as compared to $34.7 million for the same prior year period. The increase was primarily due to: (i) the acquisition of 1,524 units at five residential communities, which was partially offset by sales of 176 units at one residential community and 202 single-family units in our portfolio since January 1, 2024, and (ii) rental rate improvement from our active management and organic market rent growth. Our average rent per occupied unit increased $76, or 4.7%, to $1,693 as compared to $1,617 during the prior year period. Average occupancy decreased 30 basis points from 91.9% to 91.6% on a year over year basis.

Interest income from loan investments amounted to $0.6 million for the nine months ended September 30, 2025 as compared to $1.7 million for the same prior year period due to the full payoff of three loan investments since the third quarter of 2024.

Expenses

Property operating expenses increased $7.2 million, or 41%, to $24.6 million for the nine months ended September 30, 2025 as compared to $17.4 million for the same prior year period. The increase was primarily due to the acquisition of 1,524 units at five residential communities, which was partially offset by sales of 176 units at one residential community and 202 single-family units in our portfolio since January 1, 2024.

Property management and asset management fee expenses were $4.0 million for the nine months ended September 30, 2025 as compared to $3.5 million in the same prior year period. Property management fees are based on a stated percentage of property revenues and asset management fees are based on a stated percentage of capital contributions or assets under management, where applicable. 52

Table of Contents General and administrative expenses amounted to $8.4 million for the nine months ended September 30, 2025 as compared to $7.8 million for the same prior year period. Of the $8.4 million total expense for the nine months ended September 30, 2025, $5.4 million related to direct costs incurred by us, while the remaining $3.0 million related to the operating expense reimbursement to our Manager, which includes rent, utilities, and IT expenses.

Management fees to related party amounted to $7.8 million for the nine months ended September 30, 2025 as compared to $6.6 million for the same prior year period. The increase was due to an increase in equity primarily from our continuous registered offering of Series A Preferred Stock. For the nine months ended September 30, 2025, we will pay $0.6 million of the base management fee in C-LTIP Units with the remainder in cash. Prior to the fourth quarter 2024, we paid the base management fee to the Manager as one half (50%) in C-LTIP Units and the remainder in cash

Weather-related losses amounted to $0.1 million for the nine months ended September 30, 2025 as compared to $0.2 million for the same prior year period. The 2025 expense relates to weather damage at two residential communities and the 2024 expense primarily relates to hurricane damage in Texas.

Acquisition and other transaction costs amounted to $0.3 million for the nine months ended September 30, 2025 and were negligible for the same prior year period. Acquisition costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods.

Depreciation and amortization expenses were $21.4 million for the nine months ended September 30, 2025 as compared to $13.7 million for the same prior year period, with the increase primarily due to the acquisition of five residential communities since January 1, 2024. The increase was partially offset by (i) the sales of one residential community and single-family units in our portfolio since January 1, 2024 and (ii) in-place leases being fully amortized at one residential community prior to 2025.

Other Income and Expense

Other income and expense amounted to expense of $5.0 million for the nine months ended September 30, 2025 as compared to income of $8.0 million for the same prior year period. This was primarily due to (i) a $9.0 million decrease in gain on sales of real estate investments, (ii) a $4.7 million increase in interest expense primarily attributable to an increase in the outstanding debt to $426.0 million at September 30, 2025 as compared to $166.7 million at December 31, 2023, (iii) a $2.2 million increase in impairment on real estate, and (iv) a decrease in preferred returns of $1.1 million as funding to our preferred equity investments decreased to $45.0 million at September 30, 2025 as compared to $81.3 million at December 31, 2023.

These changes were partially offset by a $3.2 million gain on the sale of two preferred equity investments and $0.7 million income from the investment in one unconsolidated real estate fund.

Income Tax Expense

Income tax expense amounted to $1.4 million for the nine months ended September 30, 2025 as compared to zero for the same prior year period. The 2025 expense primarily relates to income earned on certain taxable REIT subsidiaries for Amira at Westly, Southern Pines Reserve, and three preferred equity investments.

Net Operating Income

We believe that net operating income (“NOI”) is a useful measure of our operating performance. We define NOI as total property revenues less total property operating expenses, excluding depreciation and amortization and interest. Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. NOI also is a computation made by analysts and investors to measure a real estate company’s operating performance.

We believe that this measure provides an operating perspective not immediately apparent from operating income or net income prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). NOI allows us to evaluate the operating performance of our properties because it measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance and captures trends in rental housing and property operating expenses. 53

Table of Contents However, NOI should only be used as a supplemental measure of our financial performance. The following table reflects net (loss) income attributable to common stockholders together with a reconciliation to NOI, as computed in accordance with GAAP for the periods presented (amounts in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended					​	Nine Months Ended
​	​	September 30,					​	September 30,
​	****	2025		****	2024		****	2025		****	2024
Net (loss) income attributable to common stockholders	​	$	(3,608)	​	$	921	​	$	(8,621)	​	$	(1,731)
Add back: Net (loss) income attributable to Operating Partnership Units	​		(8,074)	​		2,010	​	​	(19,302)	​	​	(3,695)
Net (loss) income attributable to common stockholders and unit holders	​	****	(11,682)	​	****	2,931	​	​	(27,923)	​	​	(5,426)
Net loss attributable to partially owned properties’ noncontrolling interests	​		(2,270)	​		(796)	​	​	(5,245)	​	​	(1,776)
Real estate depreciation and amortization	​		6,740	​		4,851	​	​	21,392	​	​	13,604
Non-real estate depreciation and amortization	​		14	​		35	​	​	43	​	​	118
Non-cash interest expense	​		573	​		450	​	​	1,979	​	​	1,116
Unrealized loss on derivatives	​		494	​		1,888	​	​	1,728	​	​	3,444
Provision for (recovery of) credit losses	​		—	​		48	​	​	(104)	​	​	214
Property management and asset management fees	​		1,305	​		1,181	​	​	3,966	​	​	3,472
Management fees to related party	​		2,643	​		2,377	​	​	7,789	​	​	6,621
Acquisition and other transaction costs	​		107	​		17	​	​	318	​	​	21
Corporate operating expenses	​	​	2,705	​	​	2,448	​	​	8,427	​	​	7,746
Weather-related losses, net	​	​	37	​	​	178	​	​	82	​	​	178
Loss on extinguishment of debt costs	​	​	3	​	​	118	​	​	12	​	​	118
Interest income	​	​	(1,522)	​	​	(1,585)	​	​	(3,808)	​	​	(3,918)
Preferred dividends	​	​	2,417	​	​	1,412	​	​	6,681	​	​	2,227
Preferred stock accretion	​	​	1,574	​	​	—	​	​	3,370	​	​	181
Other expense (income), net	​	​	45	​	​	(166)	​	​	119	​	​	(106)
Income tax expense	​		400	​		—	​	​	1,372	​	​	—
Income from preferred equity investments	​		(1,783)	​		(2,721)	​	​	(7,199)	​	​	(8,308)
Income from investments in unconsolidated real estate funds	​	​	(717)	​	​	—	​	​	(717)	​	​	—
Interest income from loan investments	​		—	​		(730)	​	​	(598)	​	​	(1,735)
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	​	​	(1,762)	​	​	—	​	​	(3,212)	​	​	—
Total property income	​	****	3,265	​	****	2,632	​	​	10,855	​	​	9,021
Add back: Interest expense	​		4,616	​		2,910	​	​	13,814	​	​	8,258
Net operating income	​	$	7,881	​	$	5,542	​	$	24,669	​	$	17,279

​

Liquidity and Capital Resources

Liquidity is a measure of our ability to meet potential cash requirements, both short- and long-term. Our primary short-term liquidity requirements historically have related to (i) our operating expenses and other general business needs, (ii) investment in real estate, (iii) distributions to stockholders, (iv) committed investments and capital requirements to fund development and renovations at existing properties, and (v) ongoing commitments to repay borrowings, including our maturing debt and the KeyBank Credit Facility.

Our ability to access capital on favorable terms as well as to use cash from operations to continue to meet our short-term liquidity needs could be affected by various risks and uncertainties, including the risks detailed in Part I, Item 1A titled “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on March 20, 2025. While consolidated occupancy excluding units classified as held for sale and down/renovation units remains strong at 93.7% as of September 30, 2025, in future periods we may experience reduced levels of tenant retention, and reduced foot traffic and lease applications from prospective tenants. 54

Table of Contents In addition, in October 2024, we launched a program (collectively, the “DST Program”) to sponsor and raise capital in private placement offerings of beneficial interests in specific Delaware statutory trusts (each, a “DST”) holding real properties (each, a “DST Property”). We expect that the DST Program will give us the opportunity to expand and diversify our capital raise strategies by offering what we believe to be an attractive investment product for investors that may be seeking replacement properties to complete like-kind exchange transactions and create future pipeline acquisition opportunities. In conjunction with the DST Program, our Operating Partnership has issued certain non-interest bearing demand notes in relation to its role as the master tenant (the “Master Tenant”) under certain master leases (the “Master Leases”) related to the DST Program (the “Demand Notes”), which could be called upon if the net operating cash flow is insufficient to pay the rent required under the Master Leases (subject to limited deferral rights) or satisfy its other obligations under the Master Leases. As compensation for the Operating Partnership’s obligations under the Master Leases, we will share in the rent paid by the tenants of the underlying properties in accordance with the waterfall set forth in the applicable Master Lease. As of September 30, 2025, we had three DST Properties (Amira at Westly, Skytop Apartments and Southern Pines Reserve) in our DST Program and had raised net offering proceeds of $75.5 million, issued demand notes of $1.8 million, and had $243.9 million in total net real estate investments associated with the DST Program. The Amira at Westly DST had been fully subscribed with equity from individual investors as of September 30, 2025.

In conjunction with sponsoring of the DST Program, our Operating Partnership is granted an option to acquire DST interests from the DST Program’s beneficial owners at a later date for an aggregate value equal to such beneficial owner’s pro rata share of the appraised value of the properties, as determined by an independent appraisal firm, less any indebtedness encumbering such beneficial owner’s DST interest or the beneficial owner’s pro rata share of any indebtedness encumbering the properties, which will be assumed or paid off by our Operating Partnership.

In general, we believe our available cash balances, cash flows from operations, proceeds from the offering of our Series A Preferred Stock, proceeds from the KeyBank Credit Facility (as hereinafter defined, the “revolving credit facility”), proceeds from our DST Program, proceeds from future mortgage debt financings for acquisitions and/or development projects, and other financing arrangements will be sufficient to fund our liquidity requirements with respect to our existing portfolio for the next 12 months. In general, we expect that our results related to our existing portfolio will improve in future periods as a result of anticipated future investments in and acquisitions of residential properties and build-to-rent communities.

We believe we will be able to meet our primary liquidity requirements going forward through, among other sources:

●	$162.7 million in cash available at September 30, 2025;
●	capacity of $50 million on the KeyBank Credit Facility, of which $28 million was available at September 30, 2025 for use in our DST Program;
---	---
●	proceeds from future mortgage debt financings for acquisition and/or development projects;
---	---
●	cash generated from operating activities; and
---	---
●	proceeds from the offering of our Series A Preferred Stock and potential offerings of common and preferred stock, as well as issuances of units of limited partnership interest in our Operating Partnership (“OP Units”).
---	---

The following table summarizes our contractual obligations as of September 30, 2025 related to our mortgage notes secured by our properties and revolving credit facility. Our estimated future required payments on these obligations as of September 30, 2025 were as follows (amounts in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		Total			2025			2026-2027			2028-2029			Thereafter
Mortgages Payable (Principal)	​	$	404,000	​	$	459	​	$	117,308	​	$	86,153	​	$	200,080
Revolving Credit Facility	​		22,000	​	​	—	​	​	22,000	​	​	—	​	​	—
Estimated Interest Payments on Mortgages Payable and Revolving Credit Facility	​		113,835	​	​	5,282	​	​	41,218	​	​	27,866	​	​	39,469
Total	​	$	539,835	**** ​	$	5,741	**** ​	$	180,526	**** ​	$	114,019	**** ​	$	239,549

​

Estimated interest payments are based on the stated rates for mortgage notes payable assuming the interest rate in effect for the most recent quarter remains in effect through the respective maturity dates. 55

Table of Contents At September 30, 2025, we had contractual commitments to fund future cash obligations in certain of our preferred equity investments in the aggregate of $23.2 million. In addition, we have two consolidated residential communities (Abode Wendell Falls and Harmony at Clear Creek) under construction comprised of an aggregate of 358 units. As of September 30, 2025, we estimate that the remaining costs associated with the completion of construction for these two residential communities will be approximately $121.4 million. We intend to finance these costs through a combination of available cash, proceeds from construction loans, and preferred equity capital contributions.

As equity capital market conditions permit, we may supplement our capital for short-term liquidity needs with proceeds of potential offerings of our common and preferred stock, as well as the issuance of OP Units. Given the significant volatility in the trading price of REIT equities and our otherwise stable financial condition and liquidity position, we cannot provide assurances that these offerings are a likely source of capital to meet short-term liquidity needs.

On February 13, 2024, our board of directors (the “Board”) authorized a stock repurchase plan for the repurchase of up to an aggregate of $5 million of our outstanding shares of Class A common stock. The repurchase plan had a term of one year and ended in February 2025. We made no repurchases of our Class A common stock under the plan.

On February 28, 2025, our Board authorized a new stock repurchase plan for the repurchase, from time to time, of up to an aggregate of $5 million of our outstanding shares of Class A common stock, with such repurchases to be conducted in accordance with the requirements of Rule 10b-18 of the Exchange Act and subject to Rule 10b-5 of the Exchange Act. The repurchase plan has a term of one year and may be discontinued at any time. The extent to which we repurchase shares of our Class A common stock under the repurchase plan, and the timing of any such repurchases, depends on a variety of factors including general business and market conditions and other corporate considerations. We expect that any repurchases of our Class A common stock will be through open market transactions, subject to market conditions, certain price limitations and other conditions established under the plan. Open market repurchases will be structured to occur in conformity with the method, timing, price and volume requirements of Rule 10b-18 of the Exchange Act. As of September 30, 2025, we had not made any repurchases of our Class A common stock.

Our primary long-term liquidity requirements relate to (i) costs for additional residential investments, including development properties, (ii) repayment of long-term debt and our revolving credit facility, (iii) capital expenditures, (iv) cash redemption requirements related to our Series A Preferred Stock, (v) cash requirements related to our Series A Preferred Stock Safeguard Policy, and (vi) Class A common stock repurchases under our stock repurchase plan.

We intend to finance our long-term liquidity requirements with net proceeds of additional issuances of common and preferred stock, including issuances in connection with the continuous registered offering of our Series A Preferred Stock, our revolving credit facility, as well as future acquisition or project-based borrowings. Our success in meeting these requirements will therefore depend upon our ability to access capital. Further, our ability to access equity capital is dependent upon, among other things, general market conditions for REITs and the capital markets generally, market perceptions about us and our asset class, and current trading prices of our securities.

As we did in the nine months ended September 30, 2025, we may also selectively sell consolidated operating assets at appropriate times, which would be expected to generate cash sources for both our short-term and long-term liquidity needs.

We may also meet our long-term liquidity needs through borrowings from a number of sources, either at the corporate or project level. We believe our revolving credit facility will serve as our primary debt source that will continue to enable us to deploy our capital more efficiently and provide capital structure flexibility as we grow our asset base. In addition to restrictive covenants, our revolving credit facility contains material financial covenants. At September 30, 2025, we were in compliance with all covenants under our revolving credit facility. We will continue to monitor the debt markets, including Fannie Mae and Freddie Mac, and as market conditions permit, access borrowings that are advantageous to us.

If we are unable to obtain financing on favorable terms or at all, we would likely need to curtail our investment activities, including acquisitions and improvements to and developments of real properties, which could limit our growth prospects. This, in turn, could reduce cash available for distribution to our stockholders and may hinder our ability to raise capital by issuing more securities or borrowing more money. We also may be forced to dispose of assets at inopportune times to maintain REIT qualification and Investment Company Act exemption. 56

Table of Contents We expect to maintain a distribution on our Series A Preferred Stock in accordance with the terms which require monthly dividends. While our distributions through September 30, 2025 have been paid from cash flow from operations and in accordance with our policy, distributions in the future may be paid from cash flow from operations, proceeds from the offering of our Series A Preferred Stock, the sales of assets, and additional sources, such as from borrowings.

We have preferred equity interests in properties that are in various stages of development, in lease-up and operating, and our preferred equity investments are structured to provide a current and/or accrued preferred return during all phases. Each joint venture in which we own a preferred equity interest is required to redeem our preferred equity interests, plus any accrued preferred return, based on a fixed maturity date, generally in relation to the property’s construction loan or mortgage loan maturity. Upon redemption of the preferred equity interests, our income, FFO, CFFO and cash flows could be reduced below the preferred returns currently being recognized. Alternatively, if the joint ventures do not redeem our preferred membership interest when required, our income, FFO, CFFO and cash flows could be reduced if the development project does not produce sufficient cash flow to pays its operating expenses, debt service and preferred return obligations. We previously held notes receivable investments that were structured as senior loans. In the future, we may make additional notes receivable investments structured as senior loans or through mezzanine financing. The notes receivable provided a current stated return and required repayment based on a fixed maturity date. If the property did not repay the notes receivable upon maturity, our income, FFO, CFFO and cash flows could have been reduced below the stated returns if the property did not produce sufficient cash flow to pay its operating expenses and debt service, or to refinance its debt obligations. As we evaluate our capital position and capital allocation strategy, we may consider alternative means of financing our development loan and preferred equity investment activities at the subsidiary level.

Off-Balance Sheet Arrangements

As of September 30, 2025, we have off-balance sheet arrangements that may have a material effect on our financial condition, revenues or expenses, results of operations, liquidity, capital resources or capital expenditures. At September 30, 2025, we hold preferred equity interests in five joint ventures that are accounted for as available-for-sale debt securities.

Cash Flows from Operating Activities

As of September 30, 2025, we held twenty-two real estate investments, consisting of seventeen consolidated investments and five preferred equity investments, with the twenty-two investments representing an aggregate of 5,282 residential units. During the nine months ended September 30, 2025, net cash provided by operating activities was $28.3 million after net loss of $23.1 million was adjusted for the following:

●	distributions of income and income from preferred equity investments of $22.0 million;
●	non-cash items of $20.3 million;
---	---
●	an increase in accounts payable and other accrued liabilities of $8.2 million;
---	---
●	an increase in due to affiliates of $1.8 million;
---	---
●	a decrease in notes and accrued interest receivable of $0.5 million; and
---	---
●	distributions from investments in unconsolidated real estate funds of $0.3 million; offset by:
---	---
●	an increase in accounts receivable, prepaids and other assets of $1.7 million.
---	---

Cash Flows from Investing Activities

During the nine months ended September 30, 2025, net cash used in investing activities was $109.0 million, due to the following:

●	$155.7 million used in the acquisition of real estate investments;
●	$25.0 million used in an investment in an unconsolidated real estate fund;
---	---
●	$13.7 million used on capital expenditures;
---	---
●	$11.1 million used in investments in preferred equity investments; and
---	---
●	$1.6 million used in the purchase of rate caps; offset by:
---	---
●	$49.6 million of proceeds from the sale and redemption of preferred equity investments;
---	---
●	$31.7 million of repayments on notes receivable; and
---	---
●	$16.8 million of proceeds from the sales of real estate investments.
---	---

​ 57

Table of Contents Cash Flows from Financing Activities

During the nine months ended September 30, 2025, net cash provided by financing activities was $132.8 million, primarily due to the following:

●	borrowings of $88.3 million on mortgages payable;
●	$72.4 million of contributions from noncontrolling interests;
---	---
●	proceeds of $42.0 million from borrowings on revolving credit facilities; and
---	---
●	net proceeds of $32.3 million from the issuance of shares of Series A Preferred Stock; offset by:
---	---
●	$81.0 million of repayments on revolving credit facilities;
---	---
●	$6.5 million of cash distributions paid to preferred stockholders;
---	---
●	$4.9 million of repayments on mortgages payable;
---	---
●	$3.6 million in deferred financing costs;
---	---
●	$2.3 million of distributions to noncontrolling interests;
---	---
●	$1.2 million of distributions to partially owned properties’ noncontrolling interests;
---	---
●	$1.1 million used in the purchase of interests from noncontrolling interests;
---	---
●	$1.0 million of cash distributions paid to common stockholders; and
---	---
●	$0.6 million paid for the redemption of Series A Preferred Stock.
---	---

Capital Expenditures

The following table summarizes our total capital expenditures for the nine months ended September 30, 2025 and 2024 (amounts in thousands):

​

​	​	​	​	​	​	​
​	​	Nine Months Ended
​	​	September 30,
​	****	2025		****	2024
New development	​	$	6,035	​	$	346
Redevelopment/renovations	​	​	4,203	​	​	2,222
Routine capital expenditures	​	​	3,132	​	​	2,939
Normally recurring capital expenditures	​	​	875	​	​	470
Total capital expenditures	​	$	14,245	​	$	5,977

​

New development represents the expenditures for the planning, land development, and construction of residential homes and communities. Redevelopment and renovation costs are non-recurring capital expenditures for significant projects, such as preparing a unit for rental. The renovation work varies, but may include flooring, cabinetry, paint, plumbing, appliances and other items required to make the unit rent ready. Routine capital expenditures are necessary non-revenue generating improvements that extend the useful life of the property and that are less frequent in nature, such as roof repairs and concrete work/asphalt resurfacing. Normally recurring capital expenditures are necessary non-revenue generating improvements that occur on a regular ongoing basis, such as flooring and appliances.

​ 58

Table of Contents Funds from Operations and Core Funds from Operations Attributable to Common Stockholders and Unit Holders

We believe that funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), and core funds from operations (“CFFO”) are important non-GAAP supplemental measures of operating performance for a REIT.

FFO attributable to common stockholders and unit holders is a non-GAAP financial measure that is widely recognized as a measure of REIT operating performance. We consider FFO to be an appropriate supplemental measure of our operating performance as it is based on a net income analysis of property portfolio performance that excludes non-cash items such as depreciation. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT, using historical accounting for depreciation, could be less informative. We define FFO, consistent with the NAREIT definition, as net income (loss), computed in accordance with GAAP, excluding gains or losses on sales of depreciable real estate property, plus depreciation and amortization of real estate assets, plus impairment write-downs of certain real estate assets and investments in entities where the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for notes receivable, preferred equity investments and joint ventures will be calculated to reflect FFO on the same basis.

CFFO makes certain adjustments to FFO, removing the effect of items that do not reflect ongoing property operations such as acquisition and other transaction costs, non-cash interest, unrealized gains or losses on derivatives, provision for (recovery of) credit losses, non-cash returns on unconsolidated real estate funds, losses on extinguishment of debt and debt modification costs (includes prepayment penalties incurred and the write-off of unamortized deferred financing costs and fair market value adjustments of assumed debt), one-time weather-related costs, equity compensation expense, non-recurring income tax, and preferred stock accretion. We believe that CFFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core recurring property operations. As a result, we believe that CFFO can help facilitate comparisons of operating performance between periods and provides a more meaningful predictor of future earnings potential.

Our calculation of CFFO differs from the methodology used for calculating CFFO by certain other REITs and, accordingly, our CFFO may not be comparable to CFFO reported by other REITs. Our management utilizes FFO and CFFO as measures of our operating performance after adjustment for certain non-cash items, such as depreciation and amortization expenses, and acquisition and other transaction costs that are required by GAAP to be expensed but may not necessarily be indicative of current operating performance and that may not accurately compare our operating performance between periods. Furthermore, although FFO and CFFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we also believe that FFO and CFFO may provide us and our stockholders with an additional useful measure to compare our financial performance to certain other REITs.

Neither FFO nor CFFO is equivalent to net income (loss), including net income (loss) attributable to common stockholders, or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Neither FFO nor CFFO should be considered as an alternative to net income, including net income (loss) attributable to common stockholders, as an indicator of our operating performance or as an alternative to cash flow from operating activities as a measure of our liquidity. 59

Table of Contents The table below presents our calculation of FFO and CFFO for the three and nine months ended September 30, 2025 and 2024 ($ in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended					​	Nine Months Ended
​	​	September 30,					​	September 30,
​	****	2025		****	2024		****	2025		****	2024
Net (loss) income attributable to common stockholders	​	$	(3,608)	​	$	921	​	$	(8,621)	​	$	(1,731)
Add back: Net (loss) income attributable to Operating Partnership Units	​		(8,074)	​		2,010	​		(19,302)	​		(3,695)
Net (loss) income attributable to common stockholders and unit holders	​	****	(11,682)	​	****	2,931	​	****	(27,923)	​	****	(5,426)
​	​	​	​	​	​	​	​	​	​	​	​	​
Real estate depreciation and amortization	​		6,740	​	​	4,851	​		21,392	​		13,604
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	​	​	(1,762)	​	​	—	​	​	(3,212)	​	​	—
Adjustment for partially owned properties’ noncontrolling interests	​	​	(1,113)	​	​	(573)	​	​	(2,654)	​	​	(1,500)
FFO attributable to common stockholders and unit holders	​	****	(3,873)	​	​	(2,095)	​		(10,014)	​		(2,092)
​	​	​	​	​	​	​	​	​	​	​	​	​
Acquisition and other transaction costs	​		107	​	​	17	​		318	​		21
Non-cash interest expense	​		573	​	​	450	​		1,979	​		1,116
Unrealized loss on derivatives	​		494	​	​	1,888	​		1,728	​		3,444
Provision for (recovery of) credit losses	​		—	​	​	48	​		(104)	​		214
Non-cash returns on unconsolidated real estate funds	​		(447)	​		—	​		(447)	​		—
Loss on extinguishment of debt costs	​		3	​	​	118	​		12	​		118
Weather-related losses, net	​		37	​	​	178	​		82	​		178
Non-real estate depreciation and amortization	​	****	14	​	​	35	​	****	43	​		118
Other expense (income), net	​	​	39	​	​	(166)	​	​	295	​	​	(106)
Non-cash equity compensation	​	​	1,117	​	​	2,068	​	​	3,551	​	​	5,747
Non-recurring income tax expense	​	​	187	​	​	—	​	​	933	​	​	—
Preferred stock accretion	​	​	1,574	​	​	—	​	​	3,370	​	​	181
Adjustment for partially owned properties’ noncontrolling interests	​	​	(253)	​	​	(112)	​	​	(666)	​	​	(244)
CFFO attributable to common stockholders and unit holders	​	$	(428)	​	$	2,429	​	$	1,080	​	$	8,695
​	​	​	​	​	​	​	​	​	​	​	​	​
Per Share and Unit Information:	​	​	​	​	​	​	​	​	​	​	​	​
FFO attributable to common stockholders and unit holders - diluted	​	$	(0.31)	​	$	(0.17)	​	$	(0.79)	​	$	(0.17)
CFFO attributable to common stockholders and unit holders - diluted	​	$	(0.03)	​	$	0.20	​	$	0.09	​	$	0.71
​	​		​	​	​	​	​		​	​		​
Weighted average common shares and units outstanding - diluted	​	​	12,689,829	**** ​	​	12,324,022	​	​	12,614,111	​	​	12,180,721

​

Operating cash flow, FFO and CFFO may also be used to fund all or a portion of certain capitalizable items that are excluded from FFO and CFFO.

Presentation of this information is intended to assist the reader in comparing the sustainability of the operating performance of different REITs, although it should be noted that not all REITs calculate FFO or CFFO the same way, so comparisons with other REITs may not be meaningful. FFO or CFFO should not be considered as an alternative to net income (loss) attributable to common stockholders or as an indication of our liquidity, nor is either indicative of funds available to fund our cash needs, including our ability to make distributions. Both FFO and CFFO should be reviewed in connection with other GAAP measurements. 60

Table of Contents Distributions

​	​	​	​	​	​	​	​
Declaration Date	****	Record Date	****	Amount		****	Paid / Payable Date
Class A common stock	​	​	​	​	​	​	​
March 11, 2025	​	March 25, 2025	​	$	0.125	​	April 4, 2025
March 11, 2025	​	June 25, 2025	​	​	0.125	​	July 3, 2025
March 11, 2025	​	September 25, 2025	​	​	0.125	​	October 3, 2025
March 11, 2025	​	December 24, 2025	​	​	0.125	​	January 5, 2026
Class C common stock	​	​	​	​	​	​	​
March 11, 2025	​	March 25, 2025	​	$	0.125	​	April 4, 2025
March 11, 2025	​	June 25, 2025	​	​	0.125	​	July 3, 2025
March 11, 2025	​	September 25, 2025	​	​	0.125	​	October 3, 2025
March 11, 2025	​	December 24, 2025	​	​	0.125	​	January 5, 2026
Series A Preferred Stock ^(1)^	​	​	​	​	​	​	​
October 14, 2024	​	December 24, 2024	​	$	0.125	​	January 3, 2025
January 15, 2025	​	January 24, 2025	​	​	0.125	​	February 5, 2025
January 15, 2025	​	February 25, 2025	​	​	0.125	​	March 5, 2025
January 15, 2025	​	March 25, 2025	​	​	0.125	​	April 4, 2025
April 15, 2025	​	April 25, 2025	​	​	0.125	​	May 5, 2025
April 15, 2025	​	May 23, 2025	​	​	0.125	​	June 5, 2025
April 15, 2025	​	June 25, 2025	​	​	0.125	​	July 3, 2025
July 15, 2025	​	July 25, 2025	​	​	0.125	​	August 5, 2025
July 15, 2025	​	August 25, 2025	​	​	0.125	​	September 5, 2025
July 15, 2025	​	September 25, 2025	​	​	0.125	​	October 3, 2025
Series A Preferred Enhanced Special Dividend ^(2)^	​	​	​	​	​	​	​
October 14, 2024	​	December 24, 2024	​	$	0.010417	​	January 3, 2025
January 15, 2025	​	January 24, 2025	​	​	0.010417	​	February 5, 2025
January 15, 2025	​	February 25, 2025	​	​	0.010417	​	March 5, 2025
January 15, 2025	​	March 25, 2025	​	​	0.010417	​	April 4, 2025
April 15, 2025	​	April 25, 2025	​	​	0.010417	​	May 5, 2025
April 15, 2025	​	May 23, 2025	​	​	0.010417	​	June 5, 2025
April 15, 2025	​	June 25, 2025	​	​	0.010417	​	July 3, 2025
July 15, 2025	​	July 25, 2025	​	​	0.010417	​	August 5, 2025
July 15, 2025	​	August 25, 2025	​	​	0.010417	​	September 5, 2025
July 15, 2025	​	September 25, 2025	​	​	0.010417	​	October 3, 2025
^(1)^	Holders of record of newly issued Series A Preferred Stock shares that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series A Preferred Stock was outstanding.
---	---
^(2)^	Holders of record of Series A Preferred Stock shares are entitled to an enhanced special dividend equal to the amount by which (i) the Stated Value of the Series A Preferred Stock multiplied by (a) the sum of (I) the average of the one-month Term SOFR for each day commencing on the 26^th^ of the prior month to the 25^th^ of the applicable month, plus (II) two percent, divided by (b) twelve, exceeds (ii) the standard monthly dividend of $0.125 per share of Series A Preferred Stock. The enhanced special dividend will be aggregated with the standard monthly dividend so as to effect a dividend rate on the Series A Preferred Stock that is subject to a 6.5% minimum and 8.5% maximum annual rate.
---	---

A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that we will continue to declare dividends or at this rate. Holders of OP Units, LTIP Units and C-LTIP Units are entitled to receive “distribution equivalents” at the same time as dividends are paid to holders of our Class A common stock. 61

Table of Contents Our Board will determine the amount of dividends to be paid to our stockholders. The determination of our Board will be based on several factors, including funds available from operations, our capital expenditure requirements and the annual distribution requirements necessary to maintain our REIT status for federal income tax purposes. As a result, our distribution rate and payment frequency may vary from time to time. However, to maintain our REIT status for tax purposes, we must make distributions equal to at least 90% of our “REIT taxable income”, as defined by the Internal Revenue Code of 1986, determined without regard to the dividends paid deduction and excluding net capital gains, to our stockholders each year. While our policy is generally to pay distributions from cash flow from operations, we may declare distributions in excess of funds from operations.

Significant Accounting Policies and Critical Accounting Estimates

Our significant accounting policies and critical accounting estimates are disclosed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” of our Consolidated Financial Statements.

Subsequent Events

Other than the items disclosed in Note 18 “Subsequent Events” to our interim Consolidated Financial Statements for the period ended September 30, 2025, no material events have occurred that required recognition or disclosure in these financial statements. Refer to Note 18 of our interim Consolidated Financial Statements for discussion.

​

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are exposed to interest rate risk primarily through borrowing activities. There is inherent roll-over risk for borrowings as they mature and are renewed at current market rates. The extent of this risk is not quantifiable or predictable because of the variability of future interest rates and our future financing requirements. We are not subject to foreign exchange rates or commodity price risk, and all our financial instruments were entered into for other than trading purposes.

Our interest rate risk is monitored using a variety of techniques. The table below ($ in thousands) presents the principal payments and the weighted average interest rates on outstanding debt, by year of expected maturity, to evaluate the expected cash flows and sensitivity to interest rate changes. Fair value adjustments and unamortized deferred financing costs, net, of approximately $(10.1) million are excluded.

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	****	2025		****	2026		****	2027		****	2028		****	2029		****	Thereafter		****	Total		****
Mortgage Notes Payable	​	$	459	​	$	33,316	​	$	83,992	​	$	5,703	​	$	80,450	​	$	200,080	​	$	404,000	​
Weighted Average Interest Rate	​		3.98	%		4.18	%		7.17	%		5.76	%		5.12	%		5.12	%		5.48	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Revolving Credit Facility	​	$	—	​	$	22,000	​	$	—	​	$	—	​	$	—	​	$	—	​	$	22,000	​
Weighted Average Interest Rate	​		—	​		7.76	%		—	​		—	​		—	​		—	​		7.76	%

​

The fair value of mortgages payable is estimated at $401.4 million at September 30, 2025.

The table above incorporates those exposures that exist at September 30, 2025; it does not consider those exposures or positions which could arise after that date. As a result, our ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period and interest rates.

At September 30, 2025, we had interest rate caps and swaps, which are not accounted for as hedges, that we primarily use as part of our interest rate risk management strategy. Our interest rate caps and swaps mitigate our exposure to interest rate risk by providing a ceiling on the underlying interest rate for $100.8 million of our debt.

Based on our debt outstanding and interest rates in effect at September 30, 2025, a 100-basis point increase or decrease in interest rates on the portion of our debt bearing interest at variable rates would increase interest expense by approximately $112,000 or decrease interest expense by approximately $112,000, respectively, for the quarter ended September 30, 2025.

​ 62

Table of Contents Item 4. Controls and Procedures

Disclosure Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our management, including our Chief Executive Officer and Chief Financial Officer, evaluated, as of September 30, 2025, the effectiveness of our disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) and Rule 15d-15(e). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2025 to provide reasonable assurance that information required to be disclosed by us in this report filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Exchange Act and is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures.

We believe, however, that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls systems are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud or error, if any, within a company have been detected.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal controls over financial reporting that occurred during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

​ 63

Table of Contents PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

Other than the following, there have been no material changes to our potential risks and uncertainties as presented in the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on March 20, 2025.

Your interests could be subordinated and/or diluted by the incurrence of additional debt, the issuance of additional shares of preferred stock, including additional shares of Series A Preferred Stock, and by other transactions.

As of September 30, 2025, our total indebtedness was approximately $426.0 million, which includes $22.0 million outstanding under our revolving credit facility. We may incur significant additional debt in the future. The Series A Preferred Stock is subordinate to all our existing and future debt and liabilities and those of our subsidiaries. Our future debt may include restrictions on our ability to pay dividends to preferred stockholders in the event of a default under the debt facilities or under other circumstances. In addition, our charter currently authorizes the issuance of up to 250,000,000 shares of preferred stock in one or more classes or series, of which 30,000,000 have been classified as shares of Series A Preferred Stock. As of September 30, 2025, we had issued and outstanding 6,087,829 shares of Series A Preferred Stock. The issuance of additional preferred stock on parity with or senior to the Series A Preferred Stock or any other class or series of preferred stock would dilute the interests of the holders of shares of preferred stock of the applicable class or series, and any issuance of preferred stock senior to the Series A Preferred Stock or any other class or series of preferred stock, or any issuance of additional indebtedness, could affect our ability to pay dividends on, redeem or pay the liquidation preference on any or all of the foregoing class or series of preferred stock. We may issue preferred stock on parity with the Series A Preferred Stock without the consent of the holders of the Series A Preferred Stock. Other than the right of holders to cause us to redeem the Series A Preferred Stock upon a change of control, none of the provisions relating to the Series A Preferred Stock or any other class or series of preferred stock relate to or limit our indebtedness or afford the holders of shares thereof protection in the event of a highly leveraged or other transaction, including a merger or the sale, lease or conveyance of all or substantially all our assets or business, that might adversely affect the holders of such shares.

Development, redevelopment, and construction risks could affect our profitability.

Development and redevelopment are subject to numerous risks, including the following:

●	we may be unable to obtain, or experience delays in obtaining, necessary zoning, occupancy, or other required governmental or third-party permits and authorizations, which could result in increased costs or the delay or abandonment of opportunities;
●	we may incur costs that exceed our original estimates due to increased material, labor, or other factors and costs, such as those resulting from litigation, program changes, inflation, interest rate increases, the implementation of tariffs, or supply chain disruptions;
---	---
●	we may be unable to complete construction and lease-up of a residential community on schedule, including as a result of global supply chain disruptions, resulting in increased construction and financing costs and a decrease in expected rental revenues;
---	---
●	occupancy rates and rents at a residential community may fail to meet our expectations for a number of reasons, including changes in market and economic conditions beyond our control and the development of competing communities;
---	---
●	we may be unable to obtain financing, including construction loans, with favorable terms, or at all, which may cause us to delay or abandon an opportunity;
---	---
●	we may abandon opportunities that we have already begun to explore, or stop projects we have already commenced, for a number of reasons, including changes in local market conditions or increases in construction or financing costs, and, as a result, we may fail to recover costs already incurred in exploring those opportunities;
---	---

64

Table of Contents

●	we may incur liabilities to third parties during the development or redevelopment process, and we may be faced with claims for construction defects after a property has been developed;
●	we may face opposition from local community or political groups with respect to the development, construction, or operations at a particular site;
---	---
●	health and safety incidents or other accidents on site may occur during development;
---	---
●	unexpected events or circumstances may arise during the development or redevelopment process that affect the timing of completion and the cost and profitability of the development or redevelopment;
---	---
●	loss of a key member of a development team could adversely affect our ability to deliver developments and redevelopments on time and within our budget;
---	---
●	government restrictions, standards or regulations intended to reduce greenhouse gas emissions and potential climate change impacts may increase in the future in the form of restrictions or additional requirements on development in certain areas; and
---	---
●	environmental, social, governance and other sustainability matters and our responses to these matters could impact development.
---	---

Some of these development risks may be heightened given current uncertain and potentially volatile market conditions. If market volatility causes economic conditions to remain unpredictable or to trend downwards, we may not achieve our expected returns on residential communities under development and we could lose some or all of our investments in those properties. In addition, the lead time required to develop, construct, and lease-up a development property may increase, which could adversely impact our projected returns or result in a termination of the development project.

The construction of real estate projects entails unique risks, including risks that the project will fail to conform to building plans, specifications, and timetables. These failures could be caused by labor strikes, weather, government regulations, and other conditions beyond our control. In addition, we may become liable for injuries and accidents occurring during the construction process that are underinsured.

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

None.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the quarter ended September 30, 2025, none of our directors or officers (as defined in Section 16 of the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (each as defined in Item 408(a) and (c), respectively, of Regulation S-K).

​ 65

Table of Contents Item 6. Exhibits

​	​	​
3.1		Second Articles of Amendment and Restatement of Bluerock Homes Trust, Inc., incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on October 6, 2022
​	​	​
3.2	​	Amended and Restated Bylaws of Bluerock Homes Trust, Inc., incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on October 6, 2022
​	​	​
3.3	​	Articles Supplementary of the Company, dated December 1, 2022, incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on December 5, 2022
​	​	​
3.4	​	Articles Supplementary of the Company, dated January 24, 2023, incorporated by reference to Exhibit 3.3 to the Company’s Registration Statement on Form S-11 (SEC File No. 333-269415) filed on January 25, 2023
​	​	​
3.5	​	Articles Supplementary of the Company, dated March 14, 2023, incorporated by reference to Exhibit 3.5 to the Company’s Annual Report on Form 10-K filed on March 22, 2023
​	​	​
4.1	​	Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated April 2, 2014, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on April 8, 2014
​	​	​
4.2	​	Thirteenth Amendment to Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated September 22, 2022, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Bluerock Residential Growth REIT, Inc. on September 22, 2022
​	​	​
4.3	​	Fourteenth Amendment to Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated December 1, 2022, incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on December 5, 2022
​	​	​
4.4	​	Fifteenth Amendment to Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated January 24, 2023, incorporated by reference to Exhibit 4.4 to the Company’s Registration Statement on Form S-11 (SEC File No. 333-269415) filed on January 25, 2023
​	​	​
23.1	​	Consent of Plante Moran, PC, incorporated by reference to Exhibit 23.1 to the Company’s Current Report on Form 8-K/A filed on July 1, 2025
​	​	​
23.2	​	Consent of Deloitte & Touche LLP, incorporated by reference to Exhibit 23.1 to the Company’s Current Report on Form 8-K/A filed on July 8, 2025
​	​	​
31.1		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
​	​	​
31.2	​	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
​	​	​
32.1	​	Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002
​	​	​

​

​ 66

Table of Contents

99.1	​	Audited consolidated financial statements of Marble Capital Income and Impact Fund, LP and Subsidiaries as of and for the year ended December 31, 2024, and the notes related thereto, and the Report of Deloitte & Touche LLP, Independent Auditors, dated April 25, 2025, incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K/A filed on July 8, 2025
​	​	​
99.2	​	Audited consolidated financial statements of Marble Capital Income and Impact Fund, LP and Subsidiaries as of and for the year ended December 31, 2023, and the notes related thereto, and the Report of Deloitte & Touche LLP, Independent Auditors, dated April 26, 2024, incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K/A filed on July 8, 2025
​	​	​
99.3	​	Unaudited consolidated financial statements as of March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024, and the notes related thereto, incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-K/A filed on July 8, 2025
​	​	​
101.1	​	The following information from the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2025, formatted in iXBRL (inline eXtensible Business Reporting Language): (i) Balance Sheets; (ii) Statements of Operations and Comprehensive Income; (iii) Statement of Stockholders’ Equity; (iv) Statements of Cash Flows; (v) notes to consolidated financial statements.
​	​	​
104	​	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

​

​

​ 67

Table of Contents SIGNATURES

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 thereunto duly authorized.

	BLUEROCK HOMES TRUST, INC.
DATE: November 6, 2025		/s/ R. Ramin Kamfar
		R. Ramin Kamfar
		Chief Executive Officer
		(Principal Executive Officer)

​

DATE: November 6, 2025	/s/ Christopher J. Vohs
	Christopher J. Vohs
	Chief Financial Officer and Treasurer
	(Principal Financial Officer, Principal Accounting Officer)

​

​

​ 68

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, R. Ramin Kamfar, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Bluerock Homes Trust, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
---	---
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
---	---
a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
---	---
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
---	---
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this based on such evaluation; and
---	---
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
---	---
5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
---	---
a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
---	---
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
---	---

​

Date: November 6, 2025	/s/ R. Ramin Kamfar
​	R. Ramin Kamfar
​	Chief Executive Officer (Principal Executive Officer)

​

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Christopher J. Vohs, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Bluerock Homes Trust, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
---	---
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
---	---
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
---	---
a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
---	---
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
---	---
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this based on such evaluation; and
---	---
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
---	---
5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
---	---
a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
---	---
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
---	---

​

Date: November 6, 2025	/s/ Christopher J. Vohs
​	Christopher J. Vohs
​	Chief Financial Officer and Treasurer (Principal Financial Officer)

​

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. § 1350, as created by Section § 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of Bluerock Homes Trust, Inc. (the “Company”) hereby certify, to such officers’ knowledge, that:

(i)	The accompanying Quarterly Report on Form 10-Q for the period ended September 30, 2025 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
(ii)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
---	---

​

November 6, 2025	/s/ R. Ramin Kamfar
​	R. Ramin Kamfar
​	Chief Executive Officer <br>(Principal Executive Officer)

​

November 6, 2025	/s/ Christopher J. Vohs
​	Christopher J. Vohs
​	Chief Financial Officer and Treasurer <br>(Principal Financial Officer)

​

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 and, accordingly, is not being filed with the Securities and Exchange Commission as part of the Report and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934 (whether made before or after the date of the Report, irrespective of any general incorporation language contained in such filing).