Bluerock Homes Trust, Inc. 10-Q

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 ) ​ 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 no t 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 no t 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 no t 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 no t 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