Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
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.
On February 20, 2026, the closing price of our Class A common stock, as reported on the NYSE American, was $11.45.
Period Ending
Index
10/06/22
12/31/22
12/31/23
12/31/24
12/31/25
Bluerock Homes Trust, Inc.
100.00
92.57
65.11
61.76
51.91
Russell 3000 Index
100.00
102.36
128.92
159.62
186.98
Russell 2000 Index
100.00
100.89
117.97
131.58
148.43
Dow Jones Equity All REIT Index
100.00
105.65
117.58
123.29
126.25
MSCI U.S. REIT Index
100.00
106.01
120.58
131.13
135.00
Stockholder Information
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.
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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):
Distributions
Declared Per Share
Total Paid
2024
First Quarter
$
—
$
12,388
2025
First Quarter
$
0.500
$
—
Second Quarter
—
1,629
Third Quarter
—
1,654
Fourth Quarter
—
1,651
Total
$
0.500
$
4,934
2026
First Quarter
$
—
$
1,655
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. 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.
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. 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. There were no holders of our Series B Preferred Stock as of the January record date.
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.
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.
2025
2024
Cash provided by operations
$
27,763
$
9,058
Cash distributions to preferred stockholders
(8,971)
(3,457)
Cash distributions to common stockholders
(1,511)
(3,879)
Cash distributions to noncontrolling interests
(5,710)
(8,654)
Total distributions
$
(16,192)
$
(15,990)
Excess (shortfall)
$
11,571
$
(6,932)
Proceeds from redemption of preferred equity investments
$
64,564
$
16,238
Net proceeds from sale of real estate assets
$
16,690
$
26,196
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Return of Capital
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:
2025
2024
Preferred Stock Dividends (rounded)
Ordinary
53.26
%
8.04
%
Capital Gains
18.09
%
61.54
%
Non-dividend / Return of capital
28.65
%
30.42
%
Total
100.00
%
100.00
%
Capital Gain Detail:
20% gain
73.31
%
30.26
%
Section 1250 gain
26.69
%
69.74
%
Total
100.00
%
100.00
%
Common Stock Dividends (rounded)
Non-dividend / Return of capital
100.00
%
100.00
%
Unregistered Sales of Equity Securities
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.
Item 6. [ Reserved]