Bluerock Homes Trust, Inc. is a US-listed company in the single-family residential REITs industry. Its financial year ends in December.
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~$5.5
Dividend discount (growing dividend)
Base case. Range ~$4.6–$7.0. Today's dividend growing 2.5% a year, discounted at the cost of equity.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Bluerock Homes Trust, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $75m, up 24.8% on a year earlier, slower than the 29.9% growth a quarter earlier. That growth ranks 13 of 151 among the real estate companies we cover. Our valuation models combined value is $8.66 a share, against a share price of $7.42.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Bluerock Homes Trust, Inc.'s trailing-twelve-month revenue grew 24.8% year on year, with a free-cash-flow margin of -14.0%. Where it stands out: revenue growth of 24.8% ranks 14 of 168 real estate companies we cover. Where it lags: change in growth rate of -5.1pp ranks 146 of 168 real estate companies we cover.
Current signal Balance sheet growing far ahead of sales: Total assets grew 421% year over year while revenue grew 25% — the balance sheet is expanding 396 points faster than the business it supports.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Bluerock Homes Trust, Inc. as an equity reit, with every model that fits that kind of business. Cost of equity 7.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.52 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$5.5 ~$4.6–$7.0 | Primary model, counts double |
| Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient. |
| Combined value Weighted average of the models that apply: the primary model (dividend discount (growing dividend)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$5.5 ~$4.6–$7.0 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bluerock Homes Trust, Inc. with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | — | — | $80m | +17% |
| Next | — | — | $88m | +11% |
Last 12 months −18.1%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $60m | $75m | +24.8% |
| P/S multiple | 0.6x | 0.4x | −33.7% |
| Share count | 4m | 4m | −1.0% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
Last 3 years −38.5%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $39m | $75m | +92.1% |
| P/S multiple | 1.2x | 0.4x | −67.4% |
| Share count | 4m | 4m | −1.7% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|
| Return | ||||
| BHM | −30% | −5% | −16% | −25% |
| Industry peers (median) | +20% | −3% | −11% | −0% |
| S&P 500 | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||
| BHM | 50% | 33% | 33% | 18% |
| S&P 500 | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||
| BHM | −46% | −30% | −43% | −37% |
| S&P 500 | −10% | −8% | −19% | −9% |
Worst fall since September 28, 2022: 68% from October 28, 2022 to October 28, 2026. Getting back needed a 208% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $40.3M |
| FY23 Q4 | $41.1M |
| FY24 Q1 | $42.1M |
| FY24 Q2 | $44.4M |
| FY24 Q3 | $46.9M |
| FY24 Q4 | $50.2M |
| FY25 Q1 | $55.5M |
| FY25 Q2 | $59.7M |
| FY25 Q3 | $63.6M |
| FY25 Q4 | $68.7M |
| FY26 Q1 | $72M |
| FY26 Q2 | $74.5M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 33.5% |
| FY23 Q4 | 20.4% |
| FY24 Q1 | 15.3% |
| FY24 Q2 | 14.4% |
| FY24 Q3 | 16.4% |
| FY24 Q4 | 22.2% |
| FY25 Q1 | 31.6% |
| FY25 Q2 | 34.6% |
| FY25 Q3 | 35.7% |
| FY25 Q4 | 36.9% |
| FY26 Q1 | 29.9% |
| FY26 Q2 | 24.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY22 Q2 | -17.7% |
| FY22 Q3 | -23.1% |
| FY22 Q4 | -29.1% |
| FY23 Q1 | -35.6% |
| FY23 Q2 | -36.6% |
| FY23 Q3 | -38.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -24.2% |
| FY23 Q4 | 10.6% |
| FY24 Q1 | 18.9% |
| FY24 Q2 | 13.9% |
| FY24 Q3 | 6.1% |
| FY24 Q4 | -0.5% |
| FY25 Q1 | -4.5% |
| FY25 Q2 | 11.9% |
| FY25 Q3 | 25.5% |
| FY25 Q4 | 15.1% |
| FY26 Q1 | 1.4% |
| FY26 Q2 | -14.0% |
| Fiscal year | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue | 15 | 34 | 41 | 50 | 69 | 75 |
| EBITDA | 10 | 9 | — | — | — | — |
| Operating income | 0 | −10 | — | — | — | — |
| Net income | 34 | −1 | −5 | −4 | −11 | −13 |
| Diluted EPS | $8.93 | −$0.26 | −$1.30 | −$1.10 | −$3.02 | −$3.44 |
| Growth (year on year) | ||||||
| Revenue | — | +133.4% | +20.4% | +22.2% | +36.9% | +24.8% |
| EBITDA | — | −13.7% | — | — | — | — |
| Operating income | — | <−999% | — | — | — | — |
| Net income | — | −102.9% | — | — | — | — |
| Diluted EPS | — | −102.9% | — | — | — | — |
| Margins | ||||||
| EBITDA margin | 69.8% | 25.8% | — | — | — | — |
| Operating margin | 2.7% | −29.1% | — | — | — | — |
| Net margin | 234.6% | −2.9% | −11.0% | −8.4% | −16.7% | −18.1% |
| Free-cash-flow margin | 55.4% | −44.4% | 10.6% | −0.5% | 15.1% | −14.0% |
| Cash flow | ||||||
| Cash from operations | 10 | 3 | 14 | 9 | 28 | 7 |
| Capital spending | 2 | 19 | 10 | 9 | 17 | 18 |
| Free cash flow | 8 | −15 | 4 | −0 | 10 | −10 |
| Balance sheet | ||||||
| Cash | 129 | 78 | 80 | 115 | 170 | 172 |
| Total debt | 63 | 98 | 97 | 382 | 441 | 433 |
| Net debt (negative = net cash) | −66 | 20 | 17 | 266 | 271 | 261 |
| Diluted shares | 4m | 4m | 4m | 4m | 4m | 4m |
| Returned to shareholders | ||||||
| Dividends | — | — | — | 4 | 2 | 5 |
| Total returned | — | — | — | 4 | 2 | 5 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 13 | 14 | 16 | 17 | 17 | 19 | 20 | 19 |
| Net income | 1 | −3 | −3 | −3 | −4 | −3 | −3 | −4 |
| Diluted EPS | $0.24 | −$0.65 | −$0.67 | −$0.66 | −$0.94 | −$0.75 | −$0.90 | −$0.90 |
| Growth (year on year) | ||||||||
| Revenue | +24.8% | +31.5% | +46.9% | +34.2% | +30.7% | +36.9% | +20.0% | +15.0% |
| Net income | — | — | — | — | −491.7% | — | — | — |
| Diluted EPS | — | — | — | — | −491.7% | — | — | — |
| Margins | ||||||||
| Net margin | 7.2% | −18.1% | −15.4% | −15.2% | −21.7% | −15.2% | −17.4% | −18.3% |
| Free-cash-flow margin | −4.7% | 11.8% | −17.6% | 53.4% | 51.2% | −22.1% | −62.4% | −12.9% |
| Cash flow | ||||||||
| Cash from operations | 2 | 5 | 1 | 14 | 13 | −0 | −8 | 3 |
| Capital spending | 2 | 3 | 4 | 5 | 5 | 4 | 4 | 5 |
| Free cash flow | −1 | 2 | −3 | 9 | 9 | −4 | −12 | −2 |
| Last 12 months unless stated | BHM | LAND | INVH | Median |
|---|---|---|---|---|
| Revenue, last 12 months | $75m | $88m | $2.9bn | $88m |
| Revenue growth, last 12 months | 24.8% | 21.6% | 7.2% | 21.6% |
| Revenue growth, 3-year average | 24.3% | −1.1% | 6.7% | 6.7% |
| Revenue growth, latest quarter | 15.0% | 3.2% | 6.3% | 6.3% |
| Operating margin | −38.9% | 32.6% | 15.5% | 15.5% |
| Net margin | −18.1% | −7.3% | 23.5% | −7.3% |
| Cash from operations / revenue | 9.5% | 31.4% | 41.0% | 31.4% |
| Free-cash-flow margin | −14.0% | −9.3% | 14.4% | −9.3% |
| Free-cash-flow margin, 3-year average | 3.9% | −10.2% | 32.3% | 3.9% |
| Change in share count | 1.0% | 9.1% | −2.1% | 1.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 24.8% | 5.3% | 14 of 168 |
| Change in growth rate Growth | -5.1pp | +0.1pp | 146 of 168 |
| Net margin Profitability | -18.1% | 7.8% | 141 of 167 |
| Long-term debt as % of assets Balance sheet | 36.8% | 42.4% | 49 of 129 |
| Change in share count Balance sheet | 1.0% | 0.6% | 86 of 152 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Residential Communities | $37.6M | 55.1% | ▲ 128.3% |
| Scattered Single Family Homes | $30.6M | 44.9% | ▼ 4.8% |
From Bluerock Homes Trust, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Cambridge Investment Research Advisors, Inc. | $2.6M | 284K | 21.9% | ▲ 100.2% |
| Quinn Opportunity Partners LLC | $2.1M | 228K | 17.6% | 0.0% |
| Vanguard Capital Management LLC | $1.3M | 148K | 11.5% | ▲ 1.1% |
| Arkadios Wealth Advisors | $1.1M | 122K | 9.4% | ▲ 11.1% |
| Millennium Management LLC | $768,555 | 85K | 6.6% | ▼ 3.1% |
| Tudor Investment Corp Et Al | $600,849 | 67K | 5.2% | 0.0% |
| Rbf Capital, LLC | $521,586 | 58K | 4.5% | 0.0% |
| Blackrock, Inc. | $484,020 | 54K | 4.2% | ▲ 1.9% |
| Dearborn Partners LLC | $365,511 | 24K | 3.1% | ▲ 72.2% |
| Dimensional Fund Advisors LP | $359,358 | 40K | 3.1% | ▼ 2.1% |
| Geode Capital Management, LLC | $349,855 | 39K | 3.0% | ▼ 3.9% |
| Bluespring Wealth Management, LLC | $316,286 | 35K | 2.7% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bluerock Homes Trust, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Vohs Christopher J. CFO and Treasurer | June 5, 2026 | Buy | 2,400 | $22.50 | $54,000 |
| Kamfar Ramin Chairman and CEO | March 20, 2026 | Buy | 5,707 | $10.97 | $62,606 |
| Kamfar Ramin Chairman and CEO | March 19, 2026 | Buy | 3,071 | $10.68 | $32,798 |
| Kamfar Ramin Chairman and CEO | March 18, 2026 | Buy | 22,727 | $10.97 | $249,315 |
| Kamfar Ramin Chairman and CEO | March 3, 2026 | Buy | 25,000 | $11.65 | $291,250 |
| Kamfar Ramin Chairman and CEO | December 12, 2025 | Buy | 100 | $8.45 | $845 |
| Kamfar Ramin Chairman and CEO | December 12, 2025 | Buy | 500 | $8.80 | $4,400 |
| Kamfar Ramin Chairman and CEO | December 12, 2025 | Buy | 100 | $8.50 | $850 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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