2 unchanged sentences
Our shares of Class A common stock have been traded on the NYSE American under the symbol “BHM” since October 6, 2022, which is the date the Company was spun-off from Bluerock Residential.
−Removed: On March 6, 2025, the closing price of our Class A common stock, as reported on the NYSE American, was $11.90.
+Added: On February 20, 2026, the closing price of our Class A common stock, as reported on the NYSE American, was $11.45.
Period Ending
4 unchanged sentences
Stockholder Information
−Removed: As of March 6, 2025, we had approximately 3,953,219 shares of Class A common stock outstanding held by a total of 496 stockholders, one of which is the holder for all beneficial owners who hold in street name.
+Added: As of February 20, 2026, we had approximately 4,047,114 shares of Class A common stock outstanding held by a total of 442 stockholders, one of which is the holder for all beneficial owners who hold in street name.
Distributions
Future distributions paid by us on our Class A common stock and Class C common stock will be at the discretion of our Board, and will depend upon our actual cash flow, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and such other factors as our Board deems relevant.
−Removed: Except for the special dividend addressed below, no distributions were paid on our Class A common stock and Class C common stock for the years ended December 31, 2024 and 2023.
−Removed: On December 19, 2023 our Board authorized, and we declared a special dividend of $1.00 per share on our Class A common stock, Class C common stock, OP Units and LTIP Units, which was payable to the stockholders of record as of December 29, 2023, and which was paid in cash on January 5, 2024.
+Added: Distributions paid on our Class A common shares, Class C common shares, OP Units and LTIP Units that are entitled to receive distribution equivalents when dividends are paid on the common stock, by quarter for the years ended December 31, 2025 and 2024, were as follows (amounts in thousands, except per share amounts):
+Added: Distributions
+Added: Declared Per Share
+Added: First Quarter
+Added: First Quarter
+Added: Second Quarter
+Added: Third Quarter
+Added: Fourth Quarter
+Added: First Quarter
On January 15, 2026, our Board authorized, and we declared, (i) regular monthly dividends for the first quarter 2026 equal to a monthly rate of $0.125 per share on our Series A Preferred Stock (the “Series A Preferred Dividends”), payable monthly to the stockholders of record as of January 23, February 25 and March 25 of 2026, and (ii) enhanced special dividends on shares of our Series A Preferred Stock for the first quarter 2026, which will be seamlessly aggregated with the regular monthly Series A Preferred Dividends 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.
−Removed: The Series A Preferred Dividends and enhanced special dividends for the months of January and February were paid in cash on February 5, 2025 and March 5, 2025, respectively, with the March dividends to be paid in cash on April 4, 2025.
−Removed: On March 11, 2025, we declared, and our Board previously authorized, quarterly cash dividends of $0.125 per share, or $0.50 per share annually, for our Class A common stock and Class C common stock for each quarter of fiscal year 2025.
−Removed: The common stock dividends will be payable quarterly to the stockholders of record as of (i) March 25, 2025, (ii) June 25, 2025, (iii) September 25, 2025, and (iv) December 24, 2025, which will be paid in cash on (i) April 4, 2025, (ii) July 3, 2025, (iii) October 3, 2025, and (iv) January 5, 2026, respectively.
+Added: The Series A Preferred Dividends and enhanced special dividends for the month of January were paid in cash on February 5, 2026, with the February and March dividends to be paid in cash on March 5, 2026 and April 2, 2026, respectively.
+Added: On January 15, 2026, our Board authorized, and we declared, regular monthly dividends for the first quarter 2026 equal to a monthly rate of $0.15625 per share on our Series B Preferred Stock (the “Series B Preferred Dividends”), payable monthly to the stockholders of record as of January 23, February 25 and March 25 of 2026.
+Added: The Series B Preferred Dividends for the months of February and March will be paid in cash on March 5, 2026 and April 2, 2026, respectively.
+Added: There were no holders of our Series B Preferred Stock as of the January record date.
+Added: Distributions paid for the years ended December 31, 2025 and 2024 were funded from cash provided by operating activities except with respect to $6.9 million for the year ended December 31, 2024, which was funded from sales of real estate, borrowings, and/or proceeds from our equity offerings.
+Added: Although we may use alternative sources of cash to fund distributions in a given period, we expect that distribution requirements for an entire year will be met with cash flows from operating activities.
+Added: Cash provided by operations
+Added: Cash distributions to preferred stockholders
+Added: Cash distributions to common stockholders
+Added: Cash distributions to noncontrolling interests
+Added: Total distributions
+Added: Excess (shortfall)
+Added: Proceeds from redemption of preferred equity investments
+Added: Net proceeds from sale of real estate assets
Return of Capital
−Removed: For the year ended December 31, 2024, 100% of the distributions received by the common stockholders were classified as a return of capital.
−Removed: The distributions received by the preferred stockholders were classified for income tax purposes as 8.0406% ordinary, 30.4154% as a return of capital, and 61.5440% as capital gains, with 30.2646% of the capital gains qualifying as long-term capital gains and 69.7354% qualifying as Section 1250 gains.
−Removed: For the year ended December 31, 2023, 100% of the distributions received by both the common and preferred stockholders were classified as capital gains for income tax purposes and none were a return of capital, with 0.4022% and 0.5665% of the capital gains qualifying as Section 1250 gains for the common and preferred stockholders, respectively.
+Added: Cash dividends distributed for the years ended December 31, 2025 and 2024 related to preferred stock and common stock were classified for federal income tax purposes as follows:
+Added: Preferred Stock Dividends (rounded)
+Added: Capital Gains
+Added: Non-dividend / Return of capital
+Added: Capital Gain Detail:
+Added: Section 1250 gain
+Added: Common Stock Dividends (rounded)
+Added: Non-dividend / Return of capital
Unregistered Sales of Equity Securities
−Removed: We previously disclosed our issuances during the years ended December 31, 2024 and 2023 of equity securities that were not registered under the Securities Act of 1933, as amended, in our Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission (the “SEC”) on November 9, 2023, and on Form 8-K filed with the SEC on January 5, 2023, February 23, 2023, May 19, 2023, May 26, 2023, August 16, 2023, November 15, 2023, January 10, 2024, February 23, 2024, April 5, 2024, May 2, 2024, May 15, 2024, August 12, 2024 and November 13, 2024.
+Added: We previously disclosed our issuances during the years ended December 31, 2025 and 2024 of equity securities that were not registered under the Securities Act of 1933, as amended, on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on January 10, 2024, February 23, 2024, April 5, 2024, May 2, 2024, May 15, 2024, August 12, 2024, November 13, 2024, January 3, 2025, March 11, 2025, April 7, 2025, April 24, 2025, May 14, 2025, August 20, 2025 and November 12, 2025.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.