Key Highlights

  • Second quarter revenue rose to $19.3 million, while the net loss attributable to common stockholders widened to $3.5 million.
  • A subsidiary lent $33.1 million at 13.0% fixed to an entity ultimately owned by an affiliate of the external manager.
  • Single-family sales continued, including an interest in 75 Lubbock homes sold on September 30 for about $8.0 million.
  • Cash and cash equivalents were $172.1 million at June 30, against $421.9 million of mortgages payable.

Bluerock Homes Trust (NYSE American:BHM) shares were trading near their 52-week low at USD 8.24 on October 19, 2026, up 2.36%. The externally managed owner of single-family rental homes and other residential assets posted a wider second quarter loss, and filings since August describe home sales, an amended management agreement and a loan to an affiliate of its manager.

Second quarter results: higher revenue, larger loss

Total revenues were $19.3 million for the quarter ended June 30, 2026, compared with $16.8 million a year earlier, while total expenses rose to $25.4 million from $22.2 million. The net loss was $9.0 million against $5.8 million. The net loss attributable to common stockholders was $3.5 million, or $0.90 per basic and diluted share, compared with $2.5 million, or $0.66, with preferred stock dividends of $2.7 million and accretion of $1.6 million in the period.

For the six months, revenues were $39.0 million against $33.2 million, and the loss attributable to common stockholders was $6.9 million, or $1.80 per share, against $5.0 million, or $1.33. Net interest expense for the quarter was $6.5 million, up from $5.6 million. Real estate impairments were $520 thousand against $71 thousand, and gains on property sales were $318 thousand against $929 thousand.

Home sales, balance sheet and distributions

At March 31, the portfolio included 1,543 units in six scattered single-family portfolios. In the Golden Pacific joint venture, where the company holds 97%, 26 units sold between May 28 and August 7 for about $7.2 million and $6.4 million of net proceeds, bringing the 2026 total to 61 units. In Ballast, a 95% joint venture, 21 units sold from June 3 to August 11 for about $7.1 million and $6.4 million of net proceeds, bringing the 2026 total to 45. On September 30, the company sold its interest in 75 units in Lubbock, Texas, held in the Peak JV 2 portfolio, for about $8.0 million, with net proceeds of about $7.3 million.

At June 30, total assets were $1.15 billion. Cash and cash equivalents were $172.1 million and restricted cash $22.7 million, while mortgages payable were $421.9 million. Preferred equity investments grew to $55.6 million from $35.7 million at year-end, and total stockholders' equity fell to $120.9 million from $128.7 million. Distributions declared on common stock were $515 thousand for the quarter, and on 6.0% Series A preferred stock $2.6 million.

Affiliate loan, management terms and items ahead

On August 7, the board, including its independent directors, approved a third amendment to the management agreement with Bluerock Homes Manager that expands the definition of an investment transaction to include a financing transaction. All other terms were unchanged. On August 13, the company issued 24,649 C-LTIP units to two manager executives in payment of $210,000 of the second quarter base fee.

On August 27, a subsidiary lent $33.1 million to BR HPE ZC Investment Co, a subsidiary of an entity ultimately owned by Bluerock Asset Management, an affiliate of the manager. The loan carries a 13.0% fixed rate and a 36-month term and is secured by a pledge of the borrower's Class II interests in a Delaware statutory trust. The trust bought an eight-story office and lab building in Northern California in a sale-leaseback priced at about $330.8 million. Repayment is expected from proceeds of a private placement of the trust's Class I interests. The company also gave a non-recourse carve-out guaranty on the trust's $310.0 million senior note and earns a $125,000 annual guarantor fee capped at $625,000. The audit committee, made up of independent directors, approved the loan and guaranty under its related-party policy.