Bluerock Homes Trust, Inc. 10-K

Item 9A. Controls and Procedures Disclosure Controls and Procedures Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. As required by Rule 13a-15(b) and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our management, including our Chief Executive Officer and Chief Financial Officer, evaluated, as of December 31, 2025, the effectiveness of our disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) and Rule 15d-15(e). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2025 to provide reasonable assurance that information required to be disclosed by us in this report filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Exchange Act and is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures. We believe, however, that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls systems are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud or error, if any, within a company have been detected. ​ 88 Table of Contents Management’s Annual Report on Internal Control over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)). Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated, as of December 31, 2025, the effectiveness of our internal control over financial reporting based on the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our internal control over financial reporting, as of December 31, 2025, was effective. Changes in Internal Control over Financial Reporting There has been no change in internal control over financial reporting that occurred during the quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. ​ Item 9B. Other Information During the quarter ended December 31, 2025, none of our directors or officers (as defined in Section 16 of the Exchange Act) adopted or terminated a “ Rule 10b5-1 trading arrangement” or a “ non-Rule 10b5-1 trading arrangement” (each as defined in Item 408(a) and (c), respectively, of Regulation S-K). Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections Not applicable. ​ 89 Table of Contents PART III Item 10. Directors, Executive Officers and Corporate Governance . The information required by this Item is incorporated by reference from the Company’s 2026 Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2025. Item 11. Executive Compensation The information required by this Item is incorporated by reference from the Company’s 2026 Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2025. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by this Item is incorporated by reference from the Company’s 2026 Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2025. Item 13. Certain Relationships and Related Transactions and Director Independence The information required by this Item is incorporated by reference from the Company’s 2026 Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2025. Item 14. Principal Accountant Fees and Services The information required by this Item is incorporated by reference from the Company’s 2026 Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2025. PART IV Item 15. Exhibits and Financial Statement Schedules (a) List of Documents Filed. 1. Financial Statements The list of the financial statements filed as part of this Annual Report on Form 10-K is set forth on page F-1 herein. (b) Exhibits. The exhibits filed in response to Item 601 of Regulation S-K are listed on the Exhibit Index attached hereto. (c) Financial Statement Schedules. Our consolidated financial statements and supplementary data are included as a separate section in this Annual Report on Form 10-K commencing on page F-1 and are incorporated herein by reference. Item 16. Form 10-K Summary None. ​ 90 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ​ ​ ​ ​ BLUEROCK HOMES TRUST, INC . ​ Date: February 27, 2026 ​ /s/ R. Ramin Kamfar ​ R. Ramin Kamfar ​ Chief Executive Officer ​ (Principal Executive Officer) ​ Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. ​ ​ ​ ​ BLUEROCK HOMES TRUST, INC . ​ Date: February 27, 2026 ​ /s/ R. Ramin Kamfar ​ R. Ramin Kamfar ​ Chief Executive Officer ​ (Principal Executive Officer) ​ Date: February 27, 2026 ​ /s/ Christopher J. Vohs ​ Christopher J. Vohs ​ Chief Financial Officer and Treasurer ​ (Principal Financial Officer and Principal Accounting Officer) ​ Date: February 27, 2026 ​ /s/ Elizabeth Harrison ​ Elizabeth Harrison ​ Director ​ Date: February 27, 2026 ​ /s/ Kamal Jafarnia ​ Kamal Jafarnia ​ Director ​ Date: February 27, 2026 ​ /s/ I. Bobby Majumder ​ I. Bobby Majumder ​ Director ​ Date: February 27, 2026 ​ /s/ Romano Tio ​ Romano Tio ​ Director ​ ​ ​ 91 Table of Contents INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Financial Statements Report of Independent Registered Public Accounting Firm (PCAOB ID Number 248 ) F-2 Consolidated Balance Sheets as of December 31, 2025 and 2024 F-3 Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2025 and 2024 F-4 Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2025 and 2024 F-5 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024 F-6 Notes to Consolidated Financial Statements F-7 ​ ​ ​ F-1 Table of Contents Report of Independent Registered Public Accounting Firm The Board of Directors and Shareholders Bluerock Homes Trust, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Bluerock Homes Trust, Inc. (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income (loss), changes in shareholders’ equity, and cash flows for each of the two years in the period ended December 31, 2025, and the related notes and financial statement schedules included under Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Basis for opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ GRANT THORNTON LLP We have served as the Company’s auditor since 2021. Dallas, Texas February 27, 2026 ​ F-2 Table of Contents BLUEROCK HOMES TRUST, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ASSETS ​ ​ ​ ​ Net real estate investments ​ ​ ​ ​ Land ​ $ 123,260 ​ $ 103,713 Buildings and improvements ​ 755,813 ​ 580,110 Furniture, fixtures and equipment ​ 28,934 ​ 19,414 Construction in process ​ ​ 10,050 ​ ​ 986 Total gross operating real estate investments ​ 918,057 ​ 704,223 Accumulated depreciation ​ ( 65,318 ) ​ ( 42,410 ) Total net operating real estate investments ​ 852,739 ​ 661,813 Operating real estate held for sale, net ​ ​ 15,647 ​ ​ 21,815 Total Net Real Estate Investments ​ ​ 868,386 ​ ​ 683,628 Cash and cash equivalents ​ 169,561 ​ 115,209 Restricted cash ​ 24,901 ​ ​ 16,032 Notes and accrued interest receivable, net ​ — ​ 32,067 Investment in unconsolidated real estate funds ​ ​ 25,692 ​ ​ — Accounts receivable, prepaids and other assets, net ​ 21,966 ​ 34,575 Preferred equity investments, net ​ ​ 35,738 ​ ​ 81,668 Other intangible assets, net ​ ​ 7,494 ​ ​ 2,749 Due from affiliates ​ ​ 653 ​ ​ 1,049 Non-real estate assets associated with operating real estate held for sale ​ 14 ​ 16 TOTAL ASSETS ​ $ 1,154,405 ​ $ 966,993 ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ ​ ​ ​ Mortgages payable ​ $ 428,392 ​ $ 252,782 Revolving credit facilities ​ — ​ 121,000 Accounts payable ​ 1,130 ​ 803 Other accrued liabilities ​ 20,643 ​ 16,914 Due to affiliates ​ 9,782 ​ 5,980 Distributions payable ​ 2,504 ​ 617 Liabilities associated with operating real estate held for sale ​ ​ 114 ​ ​ 6 Total Liabilities ​ 462,565 ​ 398,102 Commitments and contingencies (Note 16) ​ ​ ​ ​ ​ ​ 6.0 % Series A Redeemable Preferred Stock, liquidation preference $ 25.00 per share, 30,000,000 shares authorized; 6,288,703 and 4,628,681 shares issued and outstanding at December 31, 2025 and 2024, respectively ​ ​ 142,117 ​ ​ 102,154 7.5 % Series B Redeemable Preferred Stock, liquidation preference $ 25.00 per share, 14,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and 2024 ​ ​ — ​ ​ — Equity ​ ​ ​ ​ ​ ​ Stockholders’ Equity ​ ​ ​ ​ ​ ​ Preferred stock, $ 0.01 par value, 206,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and 2024 ​ ​ — ​ ​ — Common stock - Class A, $ 0.01 par value, 562,500,000 shares authorized; 4,047,114 and 3,953,919 shares issued and outstanding at December 31, 2025 and 2024, respectively ​ ​ 40 ​ ​ 40 Common stock - Class C, $ 0.01 par value, 187,500,000 shares authorized; 8,489 shares issued and outstanding at December 31, 2025 and 2024 ​ ​ — ​ ​ — Additional paid-in-capital ​ ​ 121,489 ​ ​ 118,495 Cumulative earnings in excess of distributions ​ ​ 7,200 ​ ​ 20,709 Accumulated other comprehensive income (loss) ​ ​ 11 ​ ​ ( 164 ) Total Stockholders’ Equity ​ ​ 128,740 ​ ​ 139,080 Noncontrolling Interests ​ ​ ​ ​ Operating partnership units ​ ​ 292,817 ​ ​ 310,275 Partially owned properties ​ 128,166 ​ 17,382 Total Noncontrolling Interests ​ 420,983 ​ 327,657 Total Equity ​ 549,723 ​ 466,737 TOTAL LIABILITIES AND EQUITY ​ $ 1,154,405 ​ $ 966,993 ​ See Notes to Consolidated Financial Statements F-3 Table of Contents BLUEROCK HOMES TRUST, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (In thousands, except share and per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Revenues ​ ​ ​ ​ Rental and other property revenues ​ $ 68,136 ​ $ 48,584 Interest income from loan investments ​ 598 ​ 1,630 Total revenues ​ 68,734 ​ 50,214 ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ Property operating ​ 33,185 ​ 24,144 Property management and asset management fees ​ 5,372 ​ 4,715 General and administrative ​ 11,249 ​ 10,592 Management fees to related party ​ ​ 10,471 ​ ​ 9,111 Acquisition and other transaction costs ​ 418 ​ 255 Weather-related losses, net ​ ​ 59 ​ ​ 170 Depreciation and amortization ​ 29,418 ​ 19,940 Total expenses ​ 90,172 ​ 68,927 ​ ​ ​ ​ ​ ​ ​ Other (expense) income ​ ​ ​ ​ Other (expense) income, net ​ ( 139 ) ​ 330 Income from preferred equity investments ​ ​ 8,759 ​ ​ 11,937 Share of net earnings of equity method investment ​ ​ 1,058 ​ ​ — Recovery of credit losses, net ​ 103 ​ 93 (Impairment) and gain on sale of real estate investments, net ​ ​ ( 4,216 ) ​ ​ 7,081 Gain on sale of available-for-sale investments, net ​ ​ 3,664 ​ ​ — Loss on extinguishment of debt costs ​ ​ ( 27 ) ​ ​ ( 151 ) Interest expense, net ​ ( 23,988 ) ​ ( 18,092 ) Interest income ​ ​ 5,258 ​ ​ 5,424 Total other (expense) income ​ ( 9,528 ) ​ 6,622 Loss before income taxes ​ ( 30,966 ) ​ ( 12,091 ) Income tax expense ​ ​ ( 1,632 ) ​ ​ — Net loss ​ ​ ( 32,598 ) ​ ​ ( 12,091 ) Preferred stock dividends ​ ​ ( 9,203 ) ​ ​ ( 4,022 ) Preferred stock accretion ​ ​ ( 4,538 ) ​ ​ ( 244 ) Net loss attributable to noncontrolling interests ​ ​ ​ ​ Operating partnership units ​ ​ 25,797 ​ ​ 9,232 Partially-owned properties ​ ​ 9,051 ​ ​ 2,891 Net loss attributable to noncontrolling interests ​ ​ 34,848 ​ ​ 12,123 Net loss attributable to common stockholders ​ $ ( 11,491 ) ​ $ ( 4,234 ) ​ ​ ​ ​ ​ ​ ​ Net loss per common share – Basic ​ $ ( 3.02 ) ​ $ ( 1.10 ) Net loss per common share - Diluted ​ $ ( 3.02 ) ​ $ ( 1.10 ) ​ ​ ​ ​ ​ ​ ​ Weighted average basic common shares outstanding ​ ​ 3,889,301 ​ ​ 3,856,162 Weighted average diluted common shares outstanding ​ ​ 3,889,301 ​ ​ 3,856,162 ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on available for sale investments ​ $ 568 ​ $ ( 527 ) Less unrealized (gain) loss attributable to Operating partnership units ​ ​ ( 393 ) ​ ​ 363 Other comprehensive income (loss) attributable to common stockholders ​ ​ 175 ​ ​ ( 164 ) Comprehensive loss attributable to noncontrolling interests ​ ​ 34,455 ​ ​ 12,486 Comprehensive loss attributable to common stockholders ​ $ ( 11,316 ) ​ $ ( 4,398 ) ​ See Notes to Consolidated Financial Statements ​ F-4 Table of Contents BLUEROCK HOMES TRUST, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands, except share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Stock ​ Class C Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Number of ​ Par ​ Paid-in ​ Cumulative ​ Comprehensive ​ Noncontrolling ​ ​ ​ ​ ​ ​ ​ Shares ​ ​ ​ Par Value ​ ​ ​ Shares ​ ​ ​ Value ​ ​ ​ Capital ​ Earnings ​ ​ ​ (Loss) Income ​ ​ ​ 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 ​ — ​ — ​ — ​ 451 ​ ​ — ​ — ​ — ​ 451 Issuance of long-term incentive plan (“LTIP”) Units for equity incentive plan compensation ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,865 ​ ​ 2,865 Issuance of C-LTIP Units to Bluerock Homes Manager, LLC (“Manager”) ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,644 ​ ​ 6,644 Series A Preferred Stock distributions declared ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 4,022 ) ​ ​ — ​ ​ — ​ ​ ( 4,022 ) Series A Preferred Stock accretion ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 244 ) ​ ​ — ​ ​ — ​ ​ ( 244 ) Distributions to partially owned properties’ noncontrolling interests ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 145 ) ​ ( 145 ) Acquisition of noncontrolling interests ​ — ​ ​ — ​ — ​ ​ — ​ ​ ( 2,211 ) ​ ​ — ​ ​ — ​ ​ ( 650 ) ​ ​ ( 2,861 ) Total comprehensive loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 164 ) ​ ​ ( 363 ) ​ ( 527 ) Holder redemption of Series A Preferred Stock and conversion into Class A common stock ​ 9,103 ​ ​ 1 ​ — ​ ​ — ​ ​ 164 ​ ​ — ​ ​ — ​ ​ — ​ ​ 165 Contributions from noncontrolling interests ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 5,903 ​ ​ 5,903 Adjustment for noncontrolling interest ownership in the Operating Partnership — ​ — — ​ — ​ ( 2,417 ) ​ ​ — ​ — ​ 2,417 ​ — Adjustment for noncontrolling interest ownership in partially owned properties ​ — ​ ​ — ​ — ​ ​ — ​ ​ 139 ​ ​ — ​ ​ — ​ ​ ( 139 ) ​ ​ — Net income (loss) — ​ — — ​ — ​ — ​ ​ 32 ​ — ​ ( 12,123 ) ​ ( 12,091 ) Balance, December 31, 2024 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 83,645 ​ — — ​ — ​ ​ 647 ​ ​ — ​ — ​ — ​ 647 Issuance of LTIP Units for equity incentive plan compensation, net of forfeitures ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,346 ​ ​ 3,346 Issuance of C-LTIP Units to Manager ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 875 ​ ​ 875 Common stock distributions declared ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 2,018 ) ​ ​ — ​ ​ — ​ ​ ( 2,018 ) Series A Preferred Stock distributions declared — ​ — — ​ — ​ — ​ ​ ( 9,203 ) ​ — ​ — ​ ( 9,203 ) Series A Preferred Stock accretion — ​ — — ​ — ​ — ​ ​ ( 4,538 ) ​ — ​ — ​ ( 4,538 ) Distributions to Operating Partnership noncontrolling interests — ​ — — ​ — ​ — ​ ​ — ​ — ​ ( 4,571 ) ​ ( 4,571 ) Distributions to partially owned properties’ noncontrolling interests ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 2,287 ) ​ ​ ( 2,287 ) Acquisition of noncontrolling interests — ​ — — ​ — ​ 2,659 ​ ​ — ​ — ​ ( 3,713 ) ​ ( 1,054 ) Contributions from noncontrolling interests ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 133,640 ​ ​ 133,640 Total comprehensive income — ​ — — ​ — ​ — ​ ​ — ​ 175 ​ 393 ​ 568 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 ​ — ​ ​ — ​ — ​ ​ — ​ ​ 73 ​ ​ — ​ ​ — ​ ​ — ​ ​ 73 Adjustment for noncontrolling interest ownership in the Operating Partnership — ​ — — ​ — ​ ( 8,308 ) ​ ​ — ​ — ​ 8,308 ​ — Adjustment for noncontrolling interest ownership in partially owned properties ​ — ​ ​ — ​ — ​ ​ — ​ ​ 7,805 ​ ​ — ​ ​ — ​ ​ ( 7,805 ) ​ ​ — Net income (loss) — ​ — — ​ — ​ — ​ ​ 2,250 ​ — ​ ( 34,848 ) ​ ( 32,598 ) Balance, December 31, 2025 4,047,114 ​ $ 40 8,489 ​ $ — ​ $ 121,489 ​ $ 7,200 ​ $ 11 ​ $ 420,983 ​ $ 549,723 ​ See Notes to Consolidated Financial Statements ​ F-5 Table of Contents BLUEROCK HOMES TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Cash flows from operating activities ​ ​ ​ ​ Net loss ​ $ ( 32,598 ) ​ $ ( 12,091 ) Adjustments to reconcile net loss to net cash provided by operating activities: ​ ​ ​ ​ Depreciation and amortization ​ 31,690 ​ 21,566 Amortization of fair value adjustments ​ 325 ​ 127 Income from preferred equity investments ​ ​ ( 8,759 ) ​ ​ ( 11,937 ) Share of net earnings of equity method investment ​ ​ ( 1,058 ) ​ ​ — Impairment and (gain on sale) of real estate investments, net ​ ​ 4,216 ​ ​ ( 7,081 ) Gain on sale of available-for-sale investments, net ​ ​ ( 3,664 ) ​ ​ — Fair value adjustment of interest rate caps and swaps ​ 2,105 ​ 3,885 Recovery of credit losses, net ​ ( 103 ) ​ ( 93 ) Loss on extinguishment of debt costs ​ ​ 27 ​ ​ 151 Noncash operating lease expense ​ ​ 604 ​ ​ — Distributions of income from preferred equity investments ​ 26,575 ​ 2,348 Distributions from investments in unconsolidated real estate funds ​ ​ 553 ​ ​ — Share-based compensation attributable to equity incentive plan ​ ​ 3,993 ​ ​ 3,316 Share-based compensation to Manager – C-LTIP Units ​ ​ 875 ​ ​ 6,644 Changes in operating assets and liabilities: ​ ​ ​ ​ Due to (from) affiliates, net ​ 4,011 ​ ( 638 ) Accounts receivable, prepaids and other assets ​ ( 4,890 ) ​ 1,255 Notes and accrued interest receivable ​ 470 ​ ( 341 ) Accounts payable and other accrued liabilities ​ 3,391 ​ 1,947 Net cash provided by operating activities ​ 27,763 ​ 9,058 ​ ​ ​ ​ ​ ​ ​ Cash flows from investing activities ​ ​ ​ ​ Acquisitions of real estate investments ​ ( 226,463 ) ​ ( 248,205 ) Capital expenditures ​ ( 17,360 ) ​ ( 9,311 ) Purchase of interest rate cap ​ ​ ( 1,564 ) ​ ​ ( 2,688 ) Investment in notes receivable ​ — ​ ( 22,300 ) Repayments on notes receivable ​ 31,700 ​ 8,284 Investments in unconsolidated real estate funds ​ ​ ( 25,000 ) ​ ​ — Proceeds from sale of real estate investments ​ 21,462 ​ 50,013 Proceeds from redemption of preferred equity investments ​ 64,564 ​ 16,238 Insurance proceeds related to real estate investments ​ ​ — ​ ​ 149 Investments in preferred equity investments ​ ( 16,785 ) ​ ( 17,097 ) Net cash used in investing activities ​ ( 169,446 ) ​ ( 224,917 ) ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities ​ ​ ​ ​ Distributions to common stockholders ​ ( 1,511 ) ​ ( 3,879 ) Distributions to noncontrolling interests ​ ( 3,423 ) ​ ( 8,509 ) Distributions to partially owned properties’ noncontrolling interests ​ ( 2,287 ) ​ ( 145 ) Distributions to preferred stockholders ​ ​ ( 8,971 ) ​ ​ ( 3,457 ) Contributions from noncontrolling interests ​ 133,640 ​ 5,903 Purchase of interests from noncontrolling interests ​ ​ ( 1,054 ) ​ ​ ( 2,861 ) Borrowings on mortgages payable ​ 126,890 ​ 158,476 Repayments on mortgages payable including prepayment penalties ​ ( 6,704 ) ​ ( 22,338 ) Proceeds from revolving credit facilities ​ 42,000 ​ 71,000 Repayments on revolving credit facilities ​ ( 103,000 ) ​ ( 20,000 ) Payments of deferred financing fees ​ ( 6,343 ) ​ ( 6,331 ) Net proceeds from issuance of 6.0 % Series A Redeemable Preferred Stock ​ ​ 36,539 ​ ​ 92,857 Payments to redeem 6.0 % Series A Redeemable Preferred Stock ​ ​ ( 868 ) ​ ​ — Payments to redeem Operating Partnership Units ​ ​ ( 4 ) ​ ​ — Net cash provided by financing activities ​ 204,904 ​ 260,716 ​ ​ ​ ​ ​ ​ ​ Net increase in cash, cash equivalents and restricted cash ​ ​ 63,221 ​ ​ 44,857 Cash, cash equivalents and restricted cash, beginning of year ​ 131,241 ​ 86,384 Cash, cash equivalents and restricted cash, end of year ​ $ 194,462 ​ $ 131,241 ​ ​ ​ ​ ​ ​ ​ Reconciliation of cash, cash equivalents and restricted cash ​ ​ ​ ​ Cash and cash equivalents ​ $ 169,561 ​ $ 115,209 Restricted cash ​ 24,901 ​ 16,032 Total cash, cash equivalents and restricted cash, end of year ​ $ 194,462 ​ $ 131,241 ​ ​ ​ ​ ​ ​ ​ Supplemental disclosure of cash flow information ​ ​ ​ ​ Cash paid for interest (net of interest capitalized) ​ $ 19,102 ​ $ 11,581 Cash paid for income taxes ​ $ 1,136 ​ $ — ​ ​ ​ ​ ​ ​ ​ Supplemental disclosure of non-cash investing and financing activities ​ ​ ​ ​ Repayment of revolving credit facility with borrowings on mortgage payable ​ $ 60,000 ​ $ — Capital expenditures held in accounts payable and other accrued liabilities ​ $ 1,563 ​ $ 790 Distributions payable to common stockholders – declared and unpaid ​ $ 507 ​ $ — Distributions payable to noncontrolling interests – declared and unpaid ​ $ 1,148 ​ $ — Distributions payable to preferred stockholders – declared and unpaid ​ $ 849 ​ $ 617 Mortgage assumed upon property acquisition ​ $ — ​ $ 24,333 Conversion of note receivable to preferred equity investment ​ $ — ​ $ 7,800 Right-of-use asset recognized ​ $ — ​ $ 5,058 Lease liability recognized ​ $ — ​ $ 4,969 ​ See Notes to Consolidated Financial Statements ​ ​ F-6 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” or “Bluerock Homes”) was incorporated as a Maryland corporation on December 16, 2021. The Company owns and operates a portfolio of institutional residential properties including apartments, build-to-rent communities, single-family homes, 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 current investment strategy is focused on growing its portfolio of residential communities. 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 December 31, 2025, the Company held twenty-five real estate investments, consisting of nineteen consolidated investments, five preferred equity investments, and one unconsolidated real estate fund investment. The twenty-four consolidated and preferred equity investments represent an aggregate of 5,572 residential units, comprised of 4,423 consolidated units, of which 370 units are under development or in lease–up, and 1,149 units through preferred equity investments, which includes planned units and those under development. 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 Principles of Consolidation and Basis of Presentation 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 December 31, 2025, limited partners other than the Company owned approximately 69.36 % of the common units of the Operating Partnership, of which 55.65 % were held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 13.71 % were held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 2.37 % which are not vested at December 31, 2025. Certain amounts in prior year financial statement presentation have been reclassified to conform to the current year presentation. These reclassifications had no impact on net income (loss) as reported in the consolidated statements of operations, total assets, liabilities or equity as reported in the consolidated balances sheets, or the classifications within the consolidated statements of cash flows. In-place lease amounts previously presented separately on the consolidated balance sheets have been reclassified and are included within other intangible assets, net. F-7 Table of Contents Summary of Significant Accounting Policies 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 in its consolidated balance sheets, and it earns a fixed return on these investments which is included within income from preferred equity investments in its consolidated statements of operations and comprehensive income (loss). 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 in its consolidated balance sheets, and as a component of other comprehensive income in its consolidated statements of operations and comprehensive income (loss). 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 previously 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 December 31, 2024, the Company did not have the positive intent to hold all the securities to maturity, and as such, the Company reclassified all its previously held-to-maturity debt securities to AFS debt securities. As of December 31, 2025, the Company continues to not have the positive intent to hold all the securities to maturity due to the sale of two preferred equity investments (refer to Note 8 for further information). F-8 Table of Contents For investments that do not meet the criteria of a security under ASC 320 Investments – Debt Securities , the Company evaluates 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. In circumstances where the Company does have significant influence in the investment, however the Company determines that the investment does not meet the criteria 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. Fair Value of Financial Instruments As of December 31, 2025 and December 31, 2024, the carrying values of cash and cash equivalents, restricted cash, accounts receivable, due to and due from affiliates, revolving credit facilities, accounts payable, other accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. 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. The Company measures the fair value of its AFS debt securities 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 debt securities 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 debt securities are classified in Level 3 of the fair value hierarchy. Refer to Note 12 for further information regarding fair value measurements. Real Estate Assets Real Estate Purchase Price Allocations Upon acquisition, the Company evaluates its acquired residential properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Purchases of residential properties are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Acquisition costs typically include legal fees, broker commissions and title fees, as well as other closing costs. In making estimates of fair values for purposes of allocating the purchase price of acquired properties, the Company utilizes various sources including its own market knowledge obtained from historical transactions, published market data, and independent appraisers. In this regard, the Company may also utilize information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates. F-9 Table of Contents Capital Additions, Depreciation and Amortization The Company capitalizes costs incurred in connection with its capital additions activities, including redevelopment, development and construction projects, other tangible improvements, and replacements of existing components. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Accordingly, many factors are considered as part of the Company’s evaluation processes with no one factor necessarily determinative. Depreciation and amortization expense are computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: ​ ​ ​ ​ Buildings ​ ​ ​ 30 – 40 years Building improvements ​ 5 – 15 years Land improvements ​ 5 – 15 years Furniture, fixtures and equipment ​ 3 – 8 years In-place leases ​ 6 months ​ Intangible Assets In-place leases - The value of in-place leases represents the estimated fair value of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company records the value of in-place leases within other intangible assets, net on its consolidated balance sheets. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months . Amortization expense related to in-place leases was $ 4.6 million and $2.5 million for the years ended December 31, 2025 and 2024, respectively. The following table summarizes the Company’s in-place lease intangible assets at December 31, 2025 and 2024 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Gross carrying value ​ $ 13,359 ​ $ 9,757 Accumulated amortization ​ ( 11,295 ) ​ ( 7,008 ) Net carrying value ​ $ 2,064 ​ $ 2,749 ​ The following table summarizes the Company’s in-place lease activity for the years ended December 31, 2025 and 2024 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 2024 Beginning balances as of January 1, 2025 and 2024, respectively ​ $ 2,749 $ — Acquisitions ​ 3,905 ​ ​ 5,309 Amortization ​ ( 4,590 ) ​ ​ ( 2,560 ) In-place lease intangible assets, net, end of period ​ $ 2,064 ​ $ 2,749 ​ At December 31, 2025, the Company’s estimated aggregate amortization of its in-place lease intangible assets for the next five years is $ 2.1 million, with the full amount expected to be incurred in 2026 and no amount thereafter. Real estate tax abatement - In connection with the acquisition of Skytop Apartments in September 2025 (refer to Note 3 for further information), the Company allocated approximately $ 5.5 million of the purchase price to a real estate tax abatement, which is recorded within other intangible 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 13.0 years. During the year ended December 31, 2025, the Company recorded amortization expense of $ 0.1 million related to the tax abatement. F-10 Table of Contents The following table summarizes the real estate tax abatement at December 31, 2025 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2025 Gross carrying value ​ $ 5,534 Accumulated amortization ​ ( 104 ) Net carrying value ​ $ 5,430 ​ The following table presents the estimated future amortization expense of the real estate tax abatement as of December 31, 2025 (amounts in thousands): ​ ​ ​ ​ Year ​ ​ ​ Total 2026 ​ $ 418 2027 ​ 418 2028 ​ 418 2029 ​ 418 2030 ​ 418 Thereafter ​ 3,340 ​ ​ $ 5,430 ​ Impairment of Operating Real Estate Assets 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. The evaluation of real estate assets for potential impairment requires the Company’s management to exercise significant judgement and make certain key assumptions, including the following: (i) capitalization rate, (ii) discount rate, (iii) number of years the property will be held, (iv) property operating revenue including occupancy and market rental rates, and (v) property operating expenses. There are inherent uncertainties in making these estimates such as market conditions, and performance and sustainability of property operations. When indicators of potential impairment suggest that the carrying value of operating real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether it will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the operating real estate and related intangible assets, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the operating real estate and related intangible assets. 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. During the year ended December 31, 2025, the Company recognized an impairment loss of $ 3.8 million related to its Peak JV 2 portfolio, which is included in its scattered single-family homes segment. 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 loss was driven by deterioration in submarket conditions. During 2024, the Lubbock, Texas submarket experienced deterioration, and as a result, the Company recorded a $ 1.4 million impairment loss on the Peak JV 2 portfolio as of December 31, 2024. The impairment losses for 2025 and 2024 are recorded within (impairment) and gain on sale of real estate investments, net on its consolidated statements of operations and comprehensive income (loss). Held for Sale Real Estate Assets Real estate assets are classified as held for sale when they meet the applicable GAAP criteria in accordance with ASC 360-10 Property, Plant, and Equipment - Overall , including, but not limited to, the availability of the real estate asset for immediate sale in its present condition, the existence of an active program to locate a buyer, the probable sale of the real estate asset within one year, and actions required to complete the sale of the real estate asset are likely to occur. 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 consolidated balance sheets. At December 31, 2025 and 2024, the Company had 107 units and 167 units, respectively, classified as held for sale, and for the years ended December 31, 2025 and 2024, the Company recorded impairments related to held for sale units of $ 2.1 million and $ 3.3 million, respectively, which is included in (impairment) and gain on sale of real estate investments, net on its consolidated statements of operations and comprehensive income (loss). F-11 Table of Contents Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. Restricted Cash Restricted cash includes amounts established pursuant to various agreements which limit the use of funds for specific purposes related to property preservation and compliance, such as lender-imposed escrow accounts for replacement reserves, tenant deposits, real estate taxes and insurance. Concentration of Credit Risk The Company maintains cash balances with high-quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third-party costs associated with obtaining financing. Fees associated with the Company’s revolving lines of credit are recorded within accounts receivable, prepaids and other assets on the consolidated balance sheets. Deferred fees associated with its lines of credit are amortized to interest expense over the terms of the financing agreements using the straight-line method, which approximates the effective interest method. Partially Owned Properties’ Noncontrolling Interests Partially owned properties’ noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement. Revenue Recognition The Company recognizes rental revenue on a straight-line basis over the terms of the rental agreements and in accordance with ASC Topic 842 Leases . Rental revenue is recognized on an accrual basis and when the collectability of the amounts due from tenants is deemed probable. Rental revenue is included within rental and other property revenues on the Company’s consolidated statements of operations and comprehensive income (loss). Amounts received in advance are recorded as a liability within other accrued liabilities on the Company’s consolidated balance sheets. Other property revenues are recognized in the period earned. The Company recognizes a gain or loss on the sale of real estate assets when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtains control. F-12 Table of Contents Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 Compensation-Stock Compensation . ASC Topic 718 requires companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. The cost of the share award is expensed over the requisite service period (usually the vesting period). Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders to maintain its REIT status. Distributions to stockholders will be determined by the Company’s board of directors (the “Board”) and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements to maintain the Company’s status as a REIT, and other considerations as the Board may deem relevant. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared. Dividends may be funded from a variety of sources. In particular, the Company expects that, initially, dividends may exceed net income under accounting principles generally accepted in the United States of America (“GAAP”) because of non-cash expenses, mainly depreciation and amortization expense, which are included in net income. To the extent that funds available for distribution are less than the amount required to be distributed to stockholders to satisfy the requirements to maintain its REIT status, the Company may consider various means to cover any such shortfall, including borrowing under loans, selling certain assets or using a portion of the net proceeds from future offerings of equity, equity-related securities or debt securities or declaring taxable share dividends. In addition, the Company’s charter allows the issuance of preferred equity shares that could have a preference on dividends, and such dividend preference on the preferred equity could limit the ability to pay dividends to the holders of the Company’s common stock. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2022. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income (loss) and net cash available for distribution to stockholders; however, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. The Company incurred federal, state, and local income taxes primarily from its taxable REIT subsidiaries (“TRS”) which manage the non-REIT activities. The Company’s operating partnerships are flow-through entities which are generally not subject to income taxes. The following is a summary of the income tax expense recorded by the Company for the year ended December 31, 2025 (amounts in thousands). The Company incurred no income tax expense for the year ended December 31, 2024. ​ ​ ​ ​ ​ ​ ​ ​ 2025 Current Income Tax Expense ​ ​ ​ U.S. federal ​ $ 1,299 State and local ​ 333 Total current income tax expense ​ 1,632 Deferred Income Tax Expense (Benefit) ​ — Total income tax expense ​ $ 1,632 ​ F-13 Table of Contents The income tax expense is computed by applying the U.S. federal statutory rate of 21 % to pretax loss for the years ended December 31, 2025 and 2024 as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ ​ 2024 ​ ​ ​ ​ Amount ​ ​ ​ Percentage ​ ​ ​ Amount ​ ​ ​ Percentage U.S. federal statutory tax rate ​ $ ( 6,503 ) ​ 21.00 % $ ( 2,539 ) ​ 21.00 % State and local income taxes, net of federal tax effect ​ 264 ( 0.85 ) % ​ — — ​ Benefit of non-taxable entities ​ 7,714 ( 24.91 ) % ​ 2,539 ( 21.00 ) % Changes in valuation allowance ​ 55 ( 0.18 ) % ​ — — ​ Other non-taxable or non-deductible items ​ 102 ( 0.33 ) % ​ — — ​ Total income tax expense and effective tax rate ​ $ 1,632 ( 5.27 ) % $ — — ​ ​ As of December 31, 2025, the Company had federal and state net operating loss carryovers of $ 0.6 million. The Company had no deferred tax assets and liabilities for the years ended December 31, 2025 and 2024. During the year ended December 31, 2025, the Company paid the following amounts related to income taxes (amounts in thousands). The Company paid no amounts related to income taxes in the year ended December 31, 2024. ​ ​ ​ ​ ​ ​ ​ ​ 2025 U.S. federal income taxes ​ $ 1,052 State and local income taxes ​ 84 Total income taxes paid ​ $ 1,136 ​ The Company has no t identified any uncertain tax positions for the years ended December 31, 2025 or 2024. The Company does not anticipate that the total amount of the unrecognized tax benefits will change significantly within the next twelve months. The Company has analyzed its filing positions in all of the jurisdictions where it is required to file income tax returns, as well as all open years in these jurisdictions. Generally, tax years open for examination by the Internal Revenue Service and various state tax jurisdictions include the years 2022, 2023 and 2024. Lessor Accounting The Company’s current portfolio generates rental revenue by leasing residential units. As lease revenues for residential units fall under the scope of ASC Topic 842 Leases , such lease revenues are classified as operating leases with straight-line recognition over the terms of the relevant lease agreement and inclusion within rental revenue. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between the Company and the resident. Non-lease components of the Company’s leases are combined with the related lease component and accounted for as a single lease component under ASC Topic 842. The balances of net real estate investments and related depreciation on the Company’s consolidated financial statements relate to assets for which the Company is the lessor. Lessee Accounting In accordance with ASC Topic 842 Leases , the Company determines whether an arrangement is a lease at inception. For operating leases with a term of greater than one year, a lease liability and a right-of-use asset are recognized and recorded in the Company’s consolidated balance sheets. The lease liability represents the Company’s obligation to make lease payments arising from a lease and is measured as the present value of the lease payments at the commencement date. As the rate implicit in a lease may not be known at lease commencement, the Company will use its incremental borrowing rate to discount its lease obligation. The right-of-use asset represents the Company’s right to use a specified asset for the lease term and is determined as the initial measurement of the lease liability, adjusted for any lease payments made at or before the commencement date, less any lease incentives received, plus any initial direct costs incurred by the Company. By way of practical expedient, the Company elects to account for lease and non-lease components as a single lease component in its consolidated statements of operations and comprehensive income (loss). 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. Refer to Note 16 for further information about the Company’s current lease for separate corporate space in which it is the lessee. F-14 Table of Contents 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 December 2023, the FASB issued Accounting Standards Update No. 2023-09 “Improvements to Income Tax Disclosures (Topic 740)” (“ASU 2023-09”). The amendments in ASU 2023-09 require additional disclosure with respect to the effective tax rate reconciliation and information on income taxes paid. The amendments in ASU 2023-09 are effective for the Company for annual reporting periods beginning after December 15, 2024. The Company evaluated the impact of ASU 2023-09 on its financial disclosures and has included additional income tax disclosures as applicable in the notes to its consolidated financial statements. 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. In November 2025, the FASB issued Accounting Standards Update No. 2025 - 08, “Financial Instruments – Credit Losses (Topic 326)” (“ASU 2025 - 08”). The amendments in ASU 2025 - 08 expand the use of the gross - up approach for the recognition of expected credit losses on certain acquired loans, requiring that loans deemed “purchased seasoned loans” be accounted for similarly to purchased financial assets with credit deterioration at the acquisition date. The amendments are effective for the Company for annual reporting periods beginning after December 15, 2026. The Company is currently evaluating the impact of adopting ASU 2025 - 08 on its consolidated financial statements. In December 2025, the FASB issued Accounting Standards Update No. 2025 - 11, “Interim Reporting (Topic 270)” (“ASU 2025 - 11”). The amendments in ASU 2025 - 11 clarify which disclosures are required in interim reporting periods and introduce a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments also clarify the types of interim reporting and the form and content of interim financial statements. The amendments are effective for the Company for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of adopting ASU 2025 - 11 on its interim financial statement disclosures. 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. F-15 Table of Contents 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 an aggregate of 75-basis points during 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 Villas at Huffmeister On March 25, 2024, the Company, through a 95 % owned joint venture entity, acquired a 294 -unit residential community located in Houston, Texas known as Villas at Huffmeister. The purchase price of $ 41.2 million was funded with a $ 24.3 million senior loan assumption secured by Villas at Huffmeister, along with cash of $ 18.1 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions. Acquisition of Avenue at Timberlin Park On July 31, 2024, the Company acquired a 200 -unit residential community located in Jacksonville, Florida known as Avenue at Timberlin Park. The Company has a full ownership interest in the community, and the purchase price of $ 33.8 million was funded with a $ 23.7 million senior loan secured by Avenue at Timberlin Park, along with cash of $ 12.9 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions. Acquisition of Allure at Southpark On December 6, 2024, the Company, through a 98.05 % owned joint venture entity, acquired a 350 -unit residential community located in Charlotte, North Carolina known as Allure at Southpark. The purchase price of $ 92.0 million was funded with a $ 55.2 million senior loan secured by Allure at Southpark, along with cash of $ 39.3 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions. Acquisition of Residential Communities through Delaware Statutory Trusts The Company acquired the following four properties through separate Delaware statutory trusts (each, a “DST”) to be part of private placement offerings through which interests in each DST are issued to third party accredited investors therein. Refer to Note 9 for further information on the Company’s DST Program. Amira at Westly – 408 -unit residential community located in Tampa, Florida acquired on October 31, 2024 known as Amira at Westly. The purchase price of $ 103.0 million was funded with (i) a $ 56.7 million senior loan secured by Amira at Westly, (ii) borrowings of $ 36.0 million through a credit facility with KeyBank National Association (the “KeyBank Credit Facility”), and (iii) cash of $ 14.5 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions. F-16 Table of Contents Southern Pines Reserve – 272 -unit residential community located in Aberdeen, North Carolina acquired on April 28, 2025 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 KeyBank Credit Facility, and (iii) cash of $ 8.9 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions. Skytop Apartments – 361 -unit residential community located in Cincinnati, Ohio acquired on September 29, 2025 known as Skytop Apartments. The purchase price of $ 88.5 million was funded with (i) a $ 57.5 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. District at Parkview – 264 -unit residential community located in Stone Mountain, Georgia acquired on December 18, 2025 known as District at Parkview. The purchase price of $ 66.6 million was funded with (i) a $ 38.6 million senior loan secured by District at Parkview, (ii) cash of $ 21.3 million funded by the Company, and (iii) cash of $ 9.7 million funded by an affiliate of Bluerock Homes Manager, LLC, an entity affiliated with the Company, inclusive of certain adjustments typical in such real estate transactions. 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 December 31, 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. Parkside at Summers Corner On November 26, 2025, the Company entered into an agreement with an unaffiliated third party to acquire full interest in a total of 100 residential community units in Summerville, South Carolina to be known as Parkside at Summers Corner. Units are to be acquired in tranches as construction is completed, and as of December 31, 2025, the Company had acquired 12 of the total 100 units for an aggregate purchase price of $ 3.1 million. 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. ​ F-17 Table of Contents The following table summarizes the assets acquired and mortgage assumed at the acquisition dates for the Company’s acquisitions made during the years ended December 31, 2025 and 2024 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase Price Allocation ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Land ​ $ 22,762 ​ $ 38,440 Building ​ ​ 159,168 ​ ​ 200,794 Building improvements ​ 5,817 ​ 4,861 Land improvements ​ 22,090 ​ 20,376 Furniture and fixtures ​ 6,185 ​ 4,818 Construction in process ​ ​ 1,002 ​ ​ — Other intangible assets, net ​ ​ 9,439 ​ ​ 5,309 Total assets acquired (1) ​ $ 226,463 ​ $ 274,598 ​ ​ ​ ​ ​ Mortgage assumed ​ $ — ​ $ 27,440 Fair value adjustment ​ — ​ ( 3,107 ) Total liabilities assumed ​ $ — ​ $ 24,333 (1) For 2025, the $ 226.5 million of total assets acquired includes $ 9.4 million of acquisition expenses that have been capitalized as the acquisitions have been accounted for as asset acquisitions. For 2024, the $ 274.6 million of total assets acquired includes $ 4.7 million of acquisition expenses that have been capitalized as the acquisitions have been accounted for as asset acquisitions. 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 and Held for Sale Real Estate Assets Sale of Navigator Villas Prior to the sale of the property, and to effectuate a tax-deferred exchange under Section 1031 of the Code, the Company purchased its joint venture partner’s interest in Navigator Villas for $ 2.9 million, inclusive of estimated post-close adjustments. On August 7, 2024, the Company closed on the sale of Navigator Villas located in Pasco, Washington for a sale price of $ 36.4 million, subject to certain prorations and adjustments typical in such real estate transactions. After deductions for the payoff of existing mortgage indebtedness encumbering the property in the amount of $ 19.5 million, the purchase price of the joint venture partner’s interest, the payment of early extinguishment of debt costs, and closing costs and fees, the sale of Navigator Villas generated net proceeds of approximately $ 12.7 million and a gain on sale of approximately $ 10.0 million. The Company recorded a loss on extinguishment of debt of $ 0.1 million related to the sale. F-18 Table of Contents Sales of Consolidated Operating Units During 2024, the Company closed on the following sales: 4 units in the ILE portfolio, 11 units in the Indy-Springfield portfolio, 23 units in the Peak JV 2 portfolio, and 60 units in the Peak JV 3 portfolio, pursuant to the terms and conditions of multiple separate purchase and sales agreements. The 98 units were sold for an aggregate of approximately $ 15.3 million, subject to certain closing costs, prorations and adjustments typical in such real estate transactions. After deducting the paydown of existing mortgage indebtedness encumbering the 4 units in the ILE portfolio of approximately $ 0.9 million, the sales of the 98 units generated net proceeds of approximately $ 13.5 million and a gain on sales of approximately $ 1.8 million. The gain on sales is included in (impairment) and gain on sale of real estate investments, net on the Company’s consolidated statements of operations and comprehensive income (loss). During 2025, the Company closed on the following sales: 8 units in the Golden Pacific portfolio, 28 units in the ILE portfolio, 19 units in the Indy-Springfield portfolio, 24 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 sales agreements. The 127 units were all previously classified as held for sale and sold for an aggregate of approximately $ 23.5 million, subject to certain closing costs, prorations and adjustments typical in such real estate transactions. After deducting the paydown of existing mortgage indebtedness encumbering 27 units in the ILE portfolio of approximately $ 4.9 million, the sales of the 127 units generated net proceeds of approximately $ 16.6 million and a gain on sales of approximately $ 1.7 million. The gain on sales is included in (impairment) and gain on sale of real estate investments, net on the Company’s consolidated statements of operations and comprehensive income (loss). Held for Sale At December 31, 2025 and 2024, the Company classified an aggregate of 107 units and 167 units, respectively, as held for sale on its consolidated balance sheets, with all units reported in the Company’s scattered single-family homes segment. For the years ended December 31, 2025 and 2024, the Company recorded an impairment of $ 2.1 million and $ 3.3 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 (loss). The 107 units classified as held for sale at December 31, 2025 are included in the following portfolios: 12 units of Golden Pacific, 27 units of ILE, 18 units of Indy-Springfield, 8 units of Peak JV 2, and all 42 units of Peak JV 3. Units classified as held for sale 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. Real estate assets classified as held for sale generally represent assets that are actively marketed or contracted for sale with the closing expected to occur within one year. F-19 Table of Contents Note 5 – Investments in Real Estate As of December 31, 2025, the Company held nineteen consolidated investments and five preferred equity investments. The following tables provide summary information regarding the Company’s consolidated 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 % District at Parkview (3) ​ Stone Mountain, GA ​ 264 ​ ​ 69 % Skytop Apartments (3) ​ Cincinnati, OH ​ 361 ​ ​ 3 % Southern Pines Reserve (3) ​ Aberdeen, NC ​ 272 ​ ​ 22 % 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 ​ 2,379 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Scattered Single-Family Homes ​ ​ ​ ​ ​ ​ ​ ​ Ballast ​ AZ / CO / WA ​ 84 ​ ​ 95 % Golden Pacific ​ IN / KS / MO ​ 161 ​ ​ 97 % ILE ​ TX / SE US ​ 450 ​ ​ 95 % Indy-Springfield ​ IN / MO ​ 304 ​ ​ 100 % Peak JV 2 ​ Various / TX ​ 549 ​ ​ 100 % Peak JV 3 ​ Dallas-Fort Worth, TX ​ 42 ​ ​ 100 % Savannah-84 ​ Savannah, GA ​ 84 ​ ​ 100 % Total Scattered Single-Family Homes ​ ​ ​ 1,674 ​ ​ ​ ​ Total Operating Units ​ ​ ​ 4,053 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development / Lease-up Investment Name ​ ​ ​ ​ ​ ​ ​ ​ Residential Communities ​ ​ ​ ​ ​ ​ ​ ​ Abode Wendell Falls (4) ​ Wendell, NC ​ 170 ​ ​ 100 % Harmony at Clear Creek (4) ​ Shawnee, KS ​ 188 ​ ​ 85 % Parkside at Summers Corner (5) ​ Summerville, SC ​ 12 ​ ​ 100 % Total Development Units ​ ​ ​ 370 ​ ​ ​ ​ Total Units ​ ​ ​ 4,423 ​ ​ ​ ​ (1) Total number of units includes an aggregate of 107 units classified as held for sale, with such units included in the following portfolios: 12 units of Golden Pacific, 27 units of ILE, 18 units of Indy-Springfield, 8 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) District at Parkview, Skytop Apartments and Southern Pines Reserve are held through the Company’s DST Program. (4) Represents a development project with no units delivered as of December 31, 2025. (5) Parkside at Summers Corner represents a development project with units to be acquired in tranches as construction is completed. Of the total 100 units that the Company has committed to acquire, 12 units had been acquired as of December 31, 2025. Depreciation expense was $ 24.7 million and $ 17.4 million for the years ended December 31, 2025 and 2024, respectively. F-20 Table of Contents The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all the risks and benefits of ownership of the consolidated real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as a security deposit vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not individually significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of their security deposit. Security deposits received in cash related to tenant leases are included within other accrued liabilities in the accompanying consolidated balance sheets and totaled $ 2.9 million and $ 2.4 million as of December 31, 2025 and 2024, respectively, for the Company’s consolidated real estate investments. No individual tenant represents over 10% of the Company’s annualized base rent for the consolidated real estate investments. Preferred Equity Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual / ​ ​ ​ ​ Planned Development Investment Name ​ ​ ​ Location ​ ​ ​ Number of Units Archer at RiverBlue ​ Asheville, NC ​ 245 Canvas at Wildwood ​ Wildwood, FL ​ 224 River Ford ​ Brunswick, GA ​ 170 Sanford Marketplace ​ Sanford, NC ​ 300 Total Development Units ​ ​ ​ 939 ​ ​ ​ ​ ​ Operating Investment Name (1) ​ ​ Wayford at Innovation Park ​ Charlotte, NC ​ 210 Total Operating Units ​ ​ ​ 210 Total Units ​ 1,149 (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 December 31, 2025. ​ ​ ​ ​ 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 Wayford at Pringle and Willow Park were paid off in full, respectively, including any accrued but unpaid interest amounts. Refer to Loan Investment Summary disclosure below for further information. F-21 Table of Contents Allowance for Credit Losses The allowance for credit losses of the Company’s loan investments at December 31, 2025 and 2024 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 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 year ended December 31, 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 years ended December 31, 2025 and 2024 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Investment Name ​ ​ ​ 2025 ​ ​ ​ 2024 The Woods at Forest Hill (1) ​ $ — ​ $ 254 Wayford at Pringle (2) ​ 327 ​ 849 Willow Park (2) ​ 271 ​ 527 Total ​ $ 598 ​ $ 1,630 (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 Wayford at Pringle and Willow Park were paid off in full, respectively, including any accrued but unpaid interest amounts. Loan Investment Summary During the year ended December 31, 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 December 31, 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 share of net earnings of equity method investment on its consolidated statement of operations and comprehensive income (loss). The carrying amount of the Company’s investment in the unconsolidated real estate fund at December 31, 2025 is summarized below (amounts in thousands). The Company held no investments in unconsolidated real estate funds at December 31, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company Ownership ​ ​ ​ December 31, Investment Name ​ Percentage (1) ​ 2025 Marble Capital Income and Impact Fund, LP (2) 11.6 % $ 25,692 Total ​ ​ $ 25,692 (1) Represents the Company’s ownership percentage at December 31, 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 significant. ​ F-22 Table of Contents Summary combined financial information for the Company’s investment in the unconsolidated real estate fund at September 30, 2025, and for the three and nine months ended September 30, 2025, is summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, Balance Sheet ​ 2025 Investments ​ $ 216,733 Cash and cash equivalents ​ 2,095 Receivables and other assets ​ 3,316 Total assets ​ $ 222,144 ​ ​ ​ ​ Liabilities ​ $ 2,777 Partners’ capital ​ 219,264 Non-controlling interest ​ 103 Total liabilities and partners’ capital ​ $ 222,144 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended Operating Statement ​ September 30, 2025 Investment income ​ $ 8,067 Expenses ​ ( 1,518 ) Net investment income ​ 6,549 ​ ​ ​ ​ Net unrealized gain on investments ​ 7,774 Net increase in partners’ capital ​ $ 14,323 ​ 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. ​ F-23 Table of Contents Note 8 – Preferred Equity Investments At December 31, 2025, the Company, through wholly-owned subsidiaries of the Operating Partnership, had entered into five joint venture agreements for preferred equity investments 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 (loss). 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 December 31, 2025 and 2024 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Investment Name ​ ​ ​ 2025 ​ ​ ​ 2024 Archer at RiverBlue (1) ​ $ — ​ $ — Canvas at Wildwood ​ ​ 9,862 ​ ​ 1,928 Chandler (2) ​ ​ — ​ ​ 15,000 Indigo Cove (3) ​ ​ — ​ ​ 3,581 River Ford ​ ​ 5,391 ​ ​ 3,788 Sanford Marketplace ​ ​ 5,044 ​ ​ — 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 (3) ​ ​ — ​ ​ 7,800 Total ​ $ 35,697 ​ $ 82,195 Gross unrealized gain (loss), net ​ ​ 41 ​ ​ ( 527 ) Total, net ​ $ 35,738 ​ $ 81,668 (1) In December 2025, the Company entered into a joint venture agreement and made a commitment to invest capital for preferred equity interests in Archer at RiverBlue. No capital had been funded as of December 31, 2025. Refer to the Preferred Equity Investment Summary disclosure below for further information. (2) The Company’s preferred equity investments in Chandler, The Cottages at Myrtle Beach and The Cottages of Port St. Lucie were fully redeemed in November, April and July of 2025, respectively. Refer to the Preferred Equity Investment Summary disclosure below for further information. (3) 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. 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 December 31, 2025 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale ​ ​ ​ ​ Net carrying amount ​ ​ ​ Fair value Due within one year ​ $ 20,748 ​ $ 20,748 Due after one year through three years ​ 14,990 ​ 14,990 Total ​ $ 35,738 ​ $ 35,738 ​ F-24 Table of Contents The following table summarizes the Company’s income from preferred equity investments for the years ended December 31, 2025 and 2024 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Investment Name ​ ​ ​ 2025 ​ ​ ​ 2024 Archer at RiverBlue (1) ​ $ — ​ $ — Canvas at Wildwood ​ ​ 886 ​ ​ 17 Chandler (2) ​ ​ 1,806 ​ ​ 2,060 Indigo Cove (3) ​ ​ 200 ​ ​ 256 Peak Housing (4) ​ — ​ 523 River Ford ​ ​ 903 ​ ​ 44 Sanford Marketplace ​ ​ 226 ​ ​ — The Cottages at Myrtle Beach (2) ​ 815 ​ 2,641 The Cottages of Port St. Lucie (2) ​ 1,552 ​ 2,770 The Woods at Forest Hill (4) ​ — ​ 861 Wayford at Innovation Park ​ 1,993 ​ 1,702 Wayford at Pringle (3) ​ ​ 378 ​ ​ 1,063 Total income from preferred equity investments (5) ​ $ 8,759 ​ $ 11,937 (1) In December 2025, the Company entered into a joint venture agreement and made a commitment to invest capital for preferred equity interests in Archer at RiverBlue. No capital had been funded as of December 31, 2025. (2) The Company’s preferred equity investments in Chandler, The Cottages at Myrtle Beach and The Cottages of Port St. Lucie were fully redeemed in November, April and July of 2025, respectively. (3) In April 2025, the Company’s preferred equity interests in Indigo Cove and Wayford at Pringle were sold. (4) The Company’s preferred equity investments in Peak Housing and The Woods at Forest Hill were fully redeemed in September 2024 and November 2024, respectively. (5) Total income from preferred equity investments includes both current and accrued income amounts. For the years ended December 31, 2025 and 2024, the accrued portion of the total income was $ 4.0 million and $ 10.6 million, respectively. At December 31, 2025 and 2024, the Company had $ 7.9 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 year ended December 31, 2025, the Company’s preferred equity investment activity was as follows: (i) it 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, and (ii) it entered into two separate joint venture agreements with unaffiliated third parties and made commitments to invest up to (a) $ 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 (b) $ 9.5 million for preferred equity interests in the development of an approximately 245 -unit residential community located in Asheville, North Carolina known as Archer at RiverBlue. In addition, the Company had its preferred equity investments in three separate joint ventures with unaffiliated third parties fully redeemed as follows: (i) 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, (ii) 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, and (iii) Chandler redeemed in the aggregate amount of $ 19.6 million, which included the Company’s principal investment of $ 15.0 million, and accrued preferred return and outstanding amounts of $ 4.6 million. 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 December 31, 2025, the Company had funded $ 20.3 million of its $ 47.3 million aggregate commitment to fund capital for preferred equity interests in Archer at RiverBlue, Canvas at Wildwood, River Ford, and Sanford Marketplace. F-25 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 December 31, 2025 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Offering Proceeds ​ ​ ​ Net Real Estate Investment ​ ​ ​ Location ​ Raised ​ Investments Amira at Westly (1) Tampa, FL ​ $ 59,812 ​ $ 102,069 District at Parkview (2) Stone Mountain, GA ​ — ​ 67,664 Skytop Apartments Cincinnati, OH ​ 40,088 ​ 83,566 Southern Pines Reserve Aberdeen, NC ​ 26,833 ​ 57,009 Total ​ ​ ​ $ 126,733 ​ $ 310,308 (1) The Amira at Westly DST has been fully subscribed with equity from individual investors. (2) District at Parkview was acquired on December 18, 2025. Note 10 — Revolving Credit Facilities The outstanding balances on the revolving credit facilities at December 31, 2024 were as follows (amounts in thousands). At December 31, 2025, the KeyBank Credit Facility had no outstanding balance and the Amended DB Credit Facility was amended and restated (refer to below for further information). ​ ​ ​ ​ ​ Revolving Credit Facilities ​ ​ ​ 2024 KeyBank Credit Facility ​ $ 36,000 Amended DB Credit Facility ​ ​ 85,000 Total ​ $ 121,000 ​ 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). F-26 Table of Contents 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. 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 December 31, 2025, the KeyBank Credit Facility was fully paid down with no outstanding balance. Note 11 – Mortgages Payable The following table summarizes certain information at December 31, 2025 and 2024 with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal ​ ​ ​ As of December 31, 2025 ​ ​ December 31, ​ 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 ​ District at Parkview ​ ​ 38,625 ​ ​ — ​ 5.18 % Interest-only ​ January 1, 2036 ​ ILE (1) ​ ​ 23,096 ​ ​ 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 ​ ​ 26,846 ​ ​ 27,357 ​ 3.56 % (2) ​ October 1, 2029 ​ Yauger Park Villas (3) ​ 13,720 ​ 14,044 4.86 % (2) ​ April 1, 2026 ​ Total Fixed Rate ​ $ 326,027 ​ $ 204,625 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ DB Loan (4) ​ $ 60,000 ​ $ — ​ 5.45 % Interest-only ​ October 4, 2027 ​ Harmony at Clear Creek (5) ​ ​ 1 ​ ​ — ​ 6.91 % Interest-only ​ September 30, 2028 ​ ILE (6) ​ ​ 21,782 ​ ​ 23,000 6.69 % Interest-only ​ October 1, 2027 ​ Wayford at Concord (7) ​ 32,973 ​ 32,973 4.73 % May 2027 ​ May 1, 2029 ​ Total Floating Rate ​ $ 114,756 ​ $ 55,973 ​ ​ ​ ​ ​ Total ​ $ 440,783 ​ $ 260,598 ​ ​ ​ ​ ​ Fair value adjustments ​ ( 2,075 ) ​ ( 2,400 ) ​ ​ ​ ​ ​ Deferred financing costs, net ​ ( 10,316 ) ​ ( 5,416 ) ​ ​ ​ ​ ​ Total mortgages payable ​ $ 428,392 ​ $ 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 $ 15.3 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 $ 4.2 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 December 2025, the one-month Term SOFR in effect for this loan was 3.87 % . 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 December 31, 2025, a negligible amount was drawn on the loan. F-27 Table of Contents (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. In December 2025, the one-month Term SOFR in effect for this loan was 3.84 % . (7) The Wayford at Concord loan bears interest at the 30-day average SOFR plus 2.23 %. In December 2025, the 30-day average SOFR in effect for this loan was 4.00 %. SOFR rate is subject to a 2.50 % rate cap through April 2027; refer to Note 13 for further information. 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 years ended December 31, 2025 and 2024 was $ 2.3 million and $ 1.6 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. Amortization of fair value adjustments for the years ended December 31, 2025 and 2024 was $ 0.3 million and $ 0.1 million, respectively. 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 are also included within loss on extinguishment of debt and debt modification costs on the consolidated statements of operations and comprehensive income (loss). The Company had a negligible amount of loss on extinguishment of debt and no debt modification costs during the year ended December 31, 2025. The Company had $ 0.2 million of loss on extinguishment of debt costs and no debt modification costs during the year ended December 31, 2024. Debt maturities The following table summarizes the Company’s contractual principal payments of its borrowings at December 31, 2025 for the five subsequent years and thereafter (amounts in thousands): ​ ​ ​ ​ ​ Year ​ ​ ​ Total 2026 ​ $ 33,036 2027 ​ 82,889 2028 ​ 5,703 2029 ​ 80,450 2030 ​ ​ 55,166 Thereafter ​ 183,539 ​ ​ $ 440,783 Add: Unamortized fair value debt adjustment ​ ( 2,075 ) Subtract: Deferred financing costs, net ​ ​ ( 10,316 ) Total ​ $ 428,392 ​ The net book value of real estate assets providing collateral for these above borrowings was $ 780.4 million at December 31, 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 its 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. F-28 Table of Contents Note 12 – Fair Value 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 December 31, 2025 and 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 December 31, 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 December 31, 2025 and 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 $ 436.4 million and $ 250.2 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $ 438.7 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. The carrying values and fair values of the Company’s financial instruments recorded at fair value on a recurring basis at December 31, 2025 and 2024 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ December 31, 2024 ​ ​ ​ ​ Carrying Value ​ Fair Value ​ Carrying Value ​ Fair Value Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred equity investments (1) Level 3 ​ $ 35,738 ​ $ 35,738 ​ $ 81,668 ​ $ 81,668 Derivative financial instruments (2) ​ Level 2 ​ ​ 679 ​ ​ 679 ​ ​ 1,220 ​ ​ 1,220 F-29 Table of Contents (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 years ended December 31, 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. ​ ​ ​ ​ ​ ​ ​ Investment in operating units classified as held for sale (Level 3) ​ ​ ​ 2025 ​ ​ ​ 2024 Pre-impairment amount ​ $ 14,117 ​ $ 13,631 Total impairments (1) ​ ( 1,921 ) ​ ( 2,541 ) Fair value (2) ​ $ 12,196 ​ $ 11,090 (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 (loss). (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, discussions with third-party brokers, and current market conditions. 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 and related intangible assets, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the operating real estate and related intangible assets. 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 year ended December 31, 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. 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. During 2024, the Lubbock, Texas submarket experienced deterioration, and as a result, we recorded a $ 1.4 million impairment loss on the Peak JV 2 portfolio as of December 31, 2024. The impairment losses for 2025 and 2024 are recorded within (impairment) and gain on sale of real estate investments, net on the Company’s consolidated statements of operations and comprehensive income (loss). F-30 Table of Contents The Company’s operating units for which it has recorded impairments, measured at fair value on a non-recurring basis, for the years ended December 31, 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Investment in operating units (Level 3) ​ ​ ​ ​ Pre-impairment amount ​ $ 12,875 ​ $ 3,507 Total impairments (1) ​ ( 3,792 ) ​ ( 1,375 ) Fair value (2) ​ $ 9,083 ​ $ 2,132 (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 (loss). (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 Risk Management Objective of Using Derivatives 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. At December 31, 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 $ 100.7 million of the Company’s debt. The following table summarizes the Company’s derivative financial instruments at December 31, 2025 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate Caps ​ ​ ​ Interest Rate Swaps Notional balance ​ $ 139,493 ​ $ 10,438 Number of instruments ​ 3 ​ 2 Earliest maturity date ​ May 2026 ​ March 2026 Latest maturity date ​ October 2027 ​ August 2028 ​ F-31 Table of Contents The table below presents the classification and fair value of the Company’s derivative financial instruments on its consolidated balance sheets at December 31, 2025 and 2024 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ ​ ​ ​ ​ ​ ​ Fair Values of Derivative instruments under ASC 815-20 ​ Balance Sheet Location ​ Instruments ​ ​ 2025 ​ ​ ​ 2024 Interest rate caps Accounts receivable, prepaids and other assets ​ $ 616 ​ $ 857 Interest rate swaps Accounts receivable, prepaids and other assets ​ 63 ​ 363 ​ The table below presents the classification and effect of the Company’s derivative financial instruments on its consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2025 and 2024 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Effect of Derivative Instruments Derivatives not designated as hedging ​ Location of Loss ​ on the Statements of Operations instruments under ASC 815-20 ​ Recognized in Income ​ and Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Interest rate caps Interest expense, net ​ $ ( 1,805 ) ​ $ ( 3,765 ) Interest rate swaps Interest expense, net ​ ( 300 ) ​ ​ ( 120 ) ​ Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. ​ Note 14 – Related Party Transactions Management Agreement with the Manager 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, 2026 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. 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. F-32 Table of Contents For the year ended December 31, 2025, the Company recorded an aggregate base management fee of $ 10.5 million, of which $ 0.8 million was, or shall be, paid in C-LTIP Units, with the remainder of the fee paid in cash. For the year ended December 31, 2024, the Company recorded an aggregate base management fee of $ 9.1 million, of which $ 3.6 million was paid in C-LTIP Units, with the remainder of the fee paid in cash. There have been no incentive fee expenses incurred during the years ended December 31, 2025 and 2024. For the years ended December 31, 2025 and 2024, the Company recorded operating expense reimbursements of $ 4.0 million and $ 4.4 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 years ended December 31, 2025 and 2024, the Company recorded direct expense reimbursements of $ 0.6 million and $ 0.4 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 (loss). The table below presents the related party amounts payable to the Manager at December 31, 2025 and 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. ​ ​ ​ ​ ​ ​ ​ Amounts payable to the Manager under the Management Agreement ​ ​ ​ 2025 ​ ​ ​ 2024 Base management fee ​ $ 2,682 ​ $ 2,490 Operating and direct expense reimbursements ​ 1,206 ​ 1,224 Offering expense reimbursements ​ ​ 97 ​ ​ 148 Total amounts payable to the Manager ​ $ 3,985 ​ $ 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 years ended December 31, 2025 and 2024, the Company incurred one-time acquisition fees of $ 5.3 million and $ 2.1 million, respectively. Refer to Note 9 for further information on the Company’s DST Program. 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 years ended December 31, 2025 and 2024, the Company incurred asset management fees related to the DST Program of $ 0.3 million and $ 0.04 million, respectively, which are recorded within property management and asset management fees on the Company’s consolidated statements of operations and comprehensive income (loss). The table below presents amounts payable to related parties at December 31, 2025 and 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 ​ ​ ​ 2025 ​ ​ ​ 2024 One-time acquisition fees ​ $ 5,293 ​ $ 2,060 Asset management fees ​ 317 ​ 35 Other ​ — ​ 23 Total amounts payable to related parties – DST Program ​ $ 5,610 ​ $ 2,118 ​ District at Parkview DST In December 2025, the Company, through a DST, acquired District at Parkview to be included in its DST Program. The purchase price of District at Parkview, inclusive of certain adjustments typical in such real estate transactions, was funded by (i) a senior loan secured by the property, (ii) cash funded by the Company, and (iii) cash funded by Bluerock Real Estate Holdings, LLC, an affiliate of the Manager. Refer to Note 3 for further information. F-33 Table of Contents 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 significant. 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 share of net earnings of equity method investment on its consolidated statements of operations and comprehensive income (loss). At December 31, 2025, the Company had $ 0.2 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 December 31, 2025 and 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 ​ ​ ​ 2025 ​ 2024 Capital improvement cost reimbursements ​ $ 621 ​ $ 925 Operating and direct expense reimbursements ​ ​ 32 ​ 124 Total amounts receivable from BREH ​ $ 653 ​ $ 1,049 ​ At December 31, 2025 and 2024, the Company had no 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 December 31, 2025, BTR Preferred had not funded any of the committed amount. Archer at RiverBlue In December 2025, the Company entered into a joint venture agreement with two unaffiliated third parties to develop Archer at RiverBlue (refer to Note 8 for further information). The Company and one joint venture partner will each hold preferred equity interests in Archer at RiverBlue, and the remaining joint venture partner will hold the common equity interests. Per the terms of the joint venture agreement, the common equity partner is obligated to pay a facilitation fee in an amount equal to $ 570 K to Bluerock Enterprise Holdings, LP, an affiliate of the Manager, for consulting services to be provided to the common equity partner. F-34 Table of Contents Preferred Equity Investments During 2025, 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 the Manager. Refer to Note 8 for further information. Selling Commissions and Dealer Manager Fees The Company engaged Bluerock Capital Markets, LLC, an affiliate of the Manager, as dealer manager for offerings in its DST Program and the offering of its Series A Preferred Stock. For offerings in its DST Program, the Company pays up to 8.65 % of the gross offering proceeds from the offerings 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. For its offering of the Series A Preferred Stock (refer to Note 15 for further information), Company’s 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 year ended December 31, 2025, the Company incurred $ 3.0 million in selling commissions and discounts and $ 1.3 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 for offering costs of $ 1.2 million in conjunction with the offering of Series A Preferred Stock during the year ended December 31, 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 Net Loss Per Common Share Basic and diluted net loss per common share is computed by dividing net loss 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 attributable to common stockholders is computed by adjusting net loss 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. The following table reconciles the components of basic and diluted net loss per common share for the years ended December 31, 2025 and 2024 (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 2024 Net loss ​ $ ( 32,598 ) ​ $ ( 12,091 ) Less preferred stock dividends ​ ​ ( 9,203 ) ​ ​ ( 4,022 ) Less preferred stock accretion ​ ( 4,538 ) ​ ( 244 ) Less dividends on restricted stock and LTIP Units expected to vest ​ ​ ( 263 ) ​ ​ — Addback net loss attributable to noncontrolling interests ​ 34,848 ​ 12,123 Net loss attributable to common stockholders ​ $ ( 11,754 ) ​ $ ( 4,234 ) ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (1) ​ 3,889,301 ​ 3,856,162 Potential dilutive shares (2) ​ — ​ — Weighted average common shares outstanding and potential dilutive shares (1) ​ 3,889,301 ​ 3,856,162 ​ ​ ​ ​ ​ ​ ​ Net loss per common share, basic ​ $ ( 3.02 ) ​ $ ( 1.10 ) Net loss per common share, diluted ​ $ ( 3.02 ) ​ $ ( 1.10 ) (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. F-35 Table of Contents (2) For the years ended December 31, 2025 and 2024, the diluted shares calculations exclude the following as the effects are antidilutive: (i) the potential vesting of restricted Class A common stock of 7,208 shares and 5,288 shares, respectively, and (ii) the potential conversion of the Series A Preferred Stock into Class A common stock of 11,190,214 shares and 3,310,998 shares, respectively. ​ The effect of the conversion of OP Units, which are exchangeable for Class A common stock on a one -for-one basis, and LTIP Units are not reflected in the computation of basic and diluted earnings per share. The income allocable to 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 The 6.0 % Series A Redeemable Preferred Stock (the “Series A Preferred Stock”) ranks senior to all classes of the Company’s common stock and on parity with the Series B Redeemable Preferred Stock. The Series A Preferred Stock is entitled, when and as authorized by the Board and declared by the Company out of legally available funds, to priority cumulative dividends at an annual rate of 6.0 % of the stated value of $ 25.00 per share (the “Stated Value”) to be paid monthly, in arrears. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 12 % redemption fee. After year one , the redemption fee decreases to 9 %, after year two it decreases to 6 %, after year three it decreases to 3 %, and after year four there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company, at its option, in either cash or in equal value of shares of its Class A common stock. The Company has the right to redeem the Series A Preferred Stock beginning two years from the original issuance for the Stated Value, plus any accrued and unpaid dividends, in either cash or in equal value of shares of its Class A common stock, at the Company’s option, with the number of shares of Class A common stock issued for redemption (if any) based on the closing price per share of the Class A common stock for the single trading day prior to the date of redemption. 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. At the date of issuance, the carrying amount of the Series A Preferred Stock is 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 December 31, 2025, the Company had recorded a total of $ 4.8 million of accretion related to the Series A Preferred Stock. 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. During the year ended December 31, 2025, the Company issued 1,704,028 shares of Series A Preferred Stock at the Stated Value under its continuous registered offering with net proceeds of approximately $ 36.5 million after commissions, dealer manager fees and sales discounts, and costs related to establishing the offering of Series A Preferred Stock. As of December 31, 2025, the Company had issued a total of 6,337,313 shares of Series A Preferred Stock with total net proceeds of approximately $ 137.6 million after commissions, dealer manager fees, sales discounts and offering costs. Additionally, as of December 31, 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 37,650 shares of Series A Preferred Stock for $ 0.9 million in cash. F-36 Table of Contents Series B Redeemable Preferred Stock On December 10, 2025, the Securities and Exchange Commission (the “SEC”) declared effective the Company’s registration statement on Form S-11 (File No. 333-290772) (the “2025 Registration Statement”). On December 11, 2025, the Company filed a prospectus supplement to the 2025 Registration Statement offering a maximum of 14,000,000 shares of 7.5 % Series B Redeemable Preferred Stock (the “Series B Preferred Stock”) at $ 25.00 per share, for a maximum offering amount of $ 350 million in Series B Preferred Stock. The Series B Preferred Stock ranks senior to all classes of the Company’s common stock and on parity with the Series A Preferred Stock. The Series B Preferred Stock is entitled, when and as authorized by the Board and declared by the Company out of legally available funds, to priority cumulative dividends at an annual rate of 7.5 % of the stated value of $ 25.00 per share to be paid monthly, in arrears. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 12 % redemption fee. After year one , the redemption fee decreases to 9 %, after year two it decreases to 6 %, after year three it decreases to 3 %, and after year four there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company, at its option, in either cash or in equal value of shares of its Class A common stock. The Company has the right to redeem the Series B Preferred Stock beginning two years from the original issuance for the stated value of $ 25.00 per share, plus any accrued and unpaid dividends, in either cash or in equal value of shares of its Class A common stock, at the Company’s option, with the number of shares of Class A common stock issued for redemption (if any) based on the closing price per share of the Class A common stock for the single trading day prior to the date of redemption. As of December 31, 2025, the Company had no t issued any shares of its Series B Preferred Stock. Class C Common Stock The Company’s Class C common stock will be equivalent in all material respects to, and rank on parity with, the Company’s Class A common stock, except that each share of Class C common stock will entitle the holder thereof to up to fifty votes. A holder of Class C common stock will not be entitled to a number of votes in excess of the number of its direct and indirect economic interests in the Operating Partnership. Therefore, no holder of Class C common stock will have a number of votes in respect of its shares of Class C common stock that exceeds the number of shares of Class C common stock, C-LTIP units, LTIP units, C-OP units and OP units beneficially owned by such holder. In order to implement this limitation, the number of votes (“Class C Votes”) per share of Class C common stock beneficially owned by a holder will equal the lesser of: (x) 50 and (y) the quotient of (A) the sum of (1) the number of shares of Class C common stock beneficially owned by such holder plus (2) the number of C-LTIP units beneficially owned by such holder plus (3) the number of LTIP units beneficially owned by such holder plus (4) the number of C-OP units beneficially owned by such holder plus (5) the number of OP units beneficially owned by such holder (each of a share of Class C common stock, a C-LTIP unit, a LTIP unit, a C-OP unit and an OP Unit, a “Class C Interest”) divided by (B) the number of shares of Class C common stock beneficially owned by such holder. If any Class C Interest is beneficially owned by more than one holder of Class C common stock and would, in the absence of this sentence, increase the number of Class C Votes of more than one such holder of Class C common stock by virtue of clause (y) of the immediately preceding sentence, then such Class C Interest shall only increase the number of Class C Votes of the ultimate beneficial owner of such Class C Interest that is also such a holder of Class C common stock, and not any other holder of Class C common stock. Shares of the Company’s Class C common stock may be converted, or automatically convert, in certain circumstances to shares of the Company’s Class A common stock on a one -for-one basis. Subject to the preferential rights, if any, of holders of any class or series of the Company’s stock other than the Company’s Class A common stock and to the provisions of the Company’s charter regarding the restrictions on the ownership and transfer of stock, the holders of the Company’s Class C common stock will be entitled to receive distributions authorized by the Company’s Board and declared by the Company out of legally available funds after payment of, or provision for, full cumulative distributions on and any required redemptions of shares of any series of preferred stock then outstanding. 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. F-37 Table of Contents 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. The repurchase plan has a term of one year ending on February 28, 2026, and may be discontinued at any time. As of December 31, 2025, no repurchases of Class A common stock had been made by the Company under this plan. The Board did authorize a new stock repurchase plan on February 10, 2026; refer to Note 18 for further information. Operating Partnership and Long-Term Incentive Plan Units On April 2, 2014, Bluerock Residential entered into the Second Amended and Restated Agreement of Limited Partnership of its Operating Partnership, Bluerock Residential Holdings, L.P. (the “Partnership Agreement”), pursuant to which Bluerock Residential was the sole general partner of the Operating Partnership. On September 22, 2022, the Partnership Agreement was amended by the Thirteenth Amendment thereto, pursuant to which Bluerock Residential withdrew as the general partner of the Operating Partnership and the Company was admitted as the sole general partner thereof. The Company may not be removed as general partner of the Operating Partnership by the limited partners with or without cause. The Partnership Agreement, as amended, provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests: OP Units and LTIP Units. Certain OP units will be designated as “C-OP Units” and certain LTIP units will be designated as “C-LTIP Units.” The Company expects that its Operating Partnership will issue OP units to limited partners, including the Company, in exchange for capital contributions of cash or property, including in connection with the contribution of the net proceeds of any future offering of the Company’s shares, as described above, and that the Company’s Operating Partnership will issue LTIP units, pursuant to the BHM Incentive Plans, to persons (including its Manager, directors and employees) or entities who provide services to the Company. In addition, the Company’s Operating Partnership will issue C-LTIP Units to the Company’s Manager pursuant to the Management Agreement and may issue C-LTIP Units to the Company’s executive officers and certain other service providers to the Company at the discretion of its board. In calculating the percentage interests of the partners in the Operating Partnership, LTIP Units are treated as OP Units. In general, LTIP Units will receive the same per-unit distributions as the OP Units. Initially, each LTIP Unit will have a capital account balance of zero and, therefore, will not have full parity with OP Units with respect to any liquidating distributions. However, the Partnership Agreement, as amended provides that “book gain,” or economic appreciation, in the Company’s assets realized by the Operating Partnership as a result of the actual sale of all or substantially all of the Operating Partnership’s assets, or the revaluation of the Operating Partnership’s assets as provided by applicable U.S. Department of Treasury regulations, will be allocated first to the holders of LTIP Units until their capital account per unit is equal to the average capital account per-unit of the Company’s OP Unit holders in the Operating Partnership. As of December 31, 2025, limited partners other than the Company owned approximately 69.36 % of the common units of the Operating Partnership ( 7,365,404 OP Units, or 55.65 %, were held by OP Unit holders, and 1,813,663 LTIP Units, or 13.71 %, were held by LTIP Unit holders, including 2.37 % which are not vested at December 31, 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. During the year ended December 31, 2025, the Company granted C-LTIP Units to the Manager pursuant to the Management Agreement as follows: (i) 21,254 C-LTIP Units, or approximately $ 245,000 , granted on March 7, 2025 as partial payment of the total base management fee of $ 2.5 million for the fourth quarter 2024; (ii) 20,445 C-LTIP Units, or approximately $ 210,000 , granted on May 13, 2025 as partial payment of the total base management fee of $ 2.5 million for the first quarter 2025; (iii) 16,012 C-LTIP Units, or approximately $ 210,000 , granted on August 19, 2025 as partial payment of the total base management fee of $ 2.6 million for the second quarter 2025; and (iv) 22,332 C-LTIP Units, or approximately $ 210,000 , granted on November 11, 2025 as partial payment of the total base management fee of $ 2.6 million for the third quarter 2025. All such C-LTIP Units 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. F-38 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. The aggregate number of shares of the Company’s common stock authorized for issuance under the BHM Incentive Plans is 4,022,109 , with (i) 1,625,000 shares available for issuance under the BHM Incentive Plans, and (ii) 2,397,109 shares subject to awards granted under the Bluerock Residential Growth REIT, Inc. Amended and Restated 2014 Equity Incentive Plan for Individuals and the Bluerock Residential Growth REIT, Inc. Amended and Restated 2014 Equity Incentive Plan for Entities (together, the “Prior Plans”) that may become available for issuance or reissuance, as applicable, under the BHM Incentive Plans if such awards are forfeited, canceled or otherwise terminated (other than by exercise). LTIP Unit and Restricted Stock Grants 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, pursuant to the BHM Incentive Plans, issued 74,031 LTIP Units directly to and among certain of the Manager’s executive management team and personnel who provide other services to the Manager 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. A summary of the status of the Company’s non-vested LTIP Units granted under the BHM Incentive Plans as of December 31, 2024 and 2025 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average grant- ​ ​ LTIP Units ​ date fair value Balance at January 1, 2024 466,298 ​ $ 20.83 Granted 122,529 ​ 16.45 Vested ( 129,902 ) ​ 20.07 Forfeited ( 57,670 ) ​ 16.69 Balance at December 31, 2024 401,255 ​ $ 20.34 Granted ​ 95,651 ​ ​ 11.24 Vested ​ ( 164,709 ) ​ ​ 19.20 Forfeited ​ ( 19,170 ) ​ ​ 13.34 Balance at December 31, 2025 ​ 313,027 ​ $ 18.58 ​ F-39 Table of Contents 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 years ended December 31, 2025 and 2024, the Company recognized compensation expense for such LTIP Units of approximately $ 3.1 million and $ 2.6 million, respectively. Such expense was recorded as part of general and administrative expenses on the Company’s consolidated statements of operations and comprehensive income (loss). As of December 31, 2025, there was $ 4.5 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 1.8 years. Once vested, these awards of LTIP Units may convert to OP Units upon reaching capital account equivalency with the OP Units held by the Company, and may then be redeemed for cash or, at the option of the Company and after a one year holding period (including any period during which the LTIP Units were held), settled in shares of the Company’s Class A common stock on a one -for-one basis. The holders of such LTIP Units will be entitled to receive “distribution equivalents” with respect to such LTIP Units, whether or not vested, at the same time distributions are paid to the holders of the Company’s Class A common stock. During the years ended December 31, 2025 and 2024, the Company recognized expense of $ 0.3 million and $ 0.3 million, respectively, based on the fair value at the date of grant for the LTIP Units granted to each independent member of the Board. Such expense was recorded as part of general and administrative expenses on the Company’s consolidated statements of operations and comprehensive income (loss). In April 2025, the Company, pursuant to the BHM Incentive Plans, issued 112,563 shares of Class A common stock as restricted stock grants (“RSGs”) directly to and among certain of the Manager’s executive management team and personnel who provide other services to the Manager 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. A summary of the status of the Company’s non-vested shares granted under the BHM Incentive Plans as of December 31, 2024 and 2025 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average grant- ​ ​ Shares ​ date fair value Balance at January 1, 2024 31,260 ​ $ 16.69 Granted 77,281 ​ 16.86 Vested ( 7,025 ) ​ 16.69 Forfeited ( 330 ) ​ 16.87 Withheld for employee taxes ( 3,400 ) ​ 16.69 Balance at December 31, 2024 97,786 ​ $ 16.83 Granted 112,563 ​ 11.44 Vested ( 23,930 ) ​ 16.81 Forfeited ( 16,999 ) ​ 13.12 Withheld for employee taxes ( 11,919 ) ​ 16.81 Balance at December 31, 2025 157,501 ​ $ 13.38 ​ The Company recognizes compensation expense ratably over the vesting period for time-based RSGs. During the years ended December 31, 2025 and 2024, the Company recognized compensation expense for RSGs of approximately $ 0.8 million and $ 0.5 million, respectively. Such expense was recorded as part of general and administrative expenses on the Company’s consolidated statements of operations and comprehensive income (loss). As of December 31, 2025, there was $ 1.4 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 1.8 years. F-40 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 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 (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 October 15, 2025 ​ October 24, 2025 ​ ​ 0.010417 ​ November 5, 2025 October 15, 2025 ​ November 25, 2025 ​ ​ 0.010417 ​ December 5, 2025 October 15, 2025 ​ December 24, 2025 ​ ​ 0.010417 ​ 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 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. F-41 Table of Contents Distributions declared and paid for the year ended December 31, 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 Fourth Quarter ​ ​ ​ ​ Class A common stock ​ $ 506 ​ $ 506 Class C common stock ​ 1 ​ 1 Series A Preferred Stock (1) ​ ​ 2,522 ​ ​ 2,493 OP Units ​ 921 ​ 921 LTIP / C-LTIP Units ​ 227 ​ 223 Total fourth quarter ​ $ 4,177 ​ $ 4,144 Total ​ $ 15,792 ​ $ 13,905 (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 $ 27.0 million and $ 17.6 million at December 31, 2025 and 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 December 31, 2025, the Company estimates the remaining costs to complete the construction of these two residential communities to be approximately $ 113.6 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 also committed to acquire an aggregate of 100 residential community units known as Parkside at Summers Corner. The Company expects acquisitions to occur in tranches as construction is completed, and as of December 31, 2025, 88 units remain to be acquired, representing an aggregate purchase price of $ 22.6 million. 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. F-42 Table of Contents Lessee – Operating Lease In connection with the Company moving its New York (Manhattan) headquarters, effective May 31, 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 in its consolidated statements of operations and comprehensive income (loss). 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 years ended December 31, 2025 and 2024, the Company recorded $ 0.3 million and $ 0.03 million, respectively, of net rent expense related to the Lease. 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. The calculation of these amounts includes minimum lease payments over the Lease term, and the value of the right-of-use asset exceeds the value of the lease liability due to a prepaid lease payment. 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 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. The Lease contains an extension option; however, the extension option was not included when determining the right-of-use asset or lease liability as it is not reasonably certain that the Company will exercise its option. The Lease does not include any residual value guarantees , and no variable lease payments were identified or included in the right-of-use asset and lease liability calculations. At December 31, 2025, the remaining right-of-use asset and lease liability balances were $ 4.4 million and $ 4.9 million, respectively, and the remaining Lease term was approximately 5.6 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 December 31, 2025 (amounts in thousands): ​ ​ ​ ​ Year ​ ​ ​ Total 2026 ​ $ 1,070 2027 ​ 1,070 2028 ​ 1,070 2029 ​ 1,070 2030 ​ 1,106 Thereafter ​ 667 Total future minimum lease payments (undiscounted cash flows) ​ $ 6,053 Difference between future undiscounted cash flows and discounted cash flows ​ ( 1,144 ) Total operating lease liability ​ $ 4,909 ​ ​ 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. F-43 Table of Contents 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 ownership, management, and renovation of scattered single-family homes, which are, generally, detached homes with no onsite property management. The following table summarizes NOI by the Company’s reportable segments for the years ended December 31, 2025 and 2024, and reconciles NOI to net loss attributable to common stockholders on the Company’s statements of operations and comprehensive income (loss) (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Rental and other property revenues ​ ​ ​ ​ ​ ​ Residential communities ​ $ 37,554 ​ $ 16,449 Scattered single-family homes ​ ​ 30,582 ​ ​ 32,135 Total rental and other property revenues ​ 68,136 ​ 48,584 ​ ​ ​ ​ ​ ​ ​ Property operating expenses ​ ​ ​ ​ Residential communities ​ 16,651 ​ 6,950 Scattered single-family homes ​ 16,534 ​ 17,194 Total property operating expenses ​ 33,185 ​ 24,144 ​ ​ ​ ​ ​ ​ ​ Net operating income ​ ​ ​ ​ Residential communities ​ 20,903 ​ 9,499 Scattered single-family homes ​ 14,048 ​ 14,941 Total net operating income ​ 34,951 ​ 24,440 Reconciling items: ​ ​ ​ ​ Interest income from loan investments ​ 598 ​ 1,630 Property management and asset management fee expenses ​ ( 5,372 ) ​ ( 4,715 ) General and administrative expenses ​ ( 11,249 ) ​ ( 10,592 ) Management fees to related party ​ ( 10,471 ) ​ ( 9,111 ) Acquisition and other transaction costs ​ ( 418 ) ​ ( 255 ) Weather-related losses, net ​ ( 59 ) ​ ( 170 ) Depreciation and amortization ​ ( 29,418 ) ​ ( 19,940 ) Other (expense) income, net ​ ( 139 ) ​ 330 Income from preferred equity investments ​ 8,759 ​ 11,937 Share of net earnings of equity method investment ​ ​ 1,058 ​ ​ — Recovery of credit losses, net ​ 103 ​ 93 (Impairment) and gain on sale of real estate investments, net ​ ​ ( 4,216 ) ​ ​ 7,081 Gain on sale of available-for-sale investments ​ 3,664 ​ — Loss on extinguishment of debt ​ ( 27 ) ​ ( 151 ) Interest expense, net ​ ( 23,988 ) ​ ( 18,092 ) Interest income ​ 5,258 ​ 5,424 Income tax expense ​ ​ ( 1,632 ) ​ ​ — Net loss ​ ( 32,598 ) ​ ( 12,091 ) Preferred stock dividends ​ ( 9,203 ) ​ ( 4,022 ) Preferred stock accretion ​ ( 4,538 ) ​ ( 244 ) Net loss attributable to noncontrolling interests ​ 34,848 ​ 12,123 Net loss attributable to common stockholders ​ $ ( 11,491 ) ​ $ ( 4,234 ) ​ F-44 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 (loss) for the years ended December 31, 2025 and 2024 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Revenues ​ ​ ​ ​ ​ ​ Rental and other property revenues ​ ​ ​ ​ ​ ​ Residential communities ​ $ 37,554 ​ $ 16,449 Scattered single-family homes ​ ​ 30,582 ​ ​ 32,135 Total rental and other property revenues ​ 68,136 ​ 48,584 Interest income from loan investments ​ ​ 598 ​ ​ 1,630 Total revenues ​ $ 68,734 ​ $ 50,214 ​ At December 31, 2025 and 2024, net real estate assets totaled $ 556.2 million and $ 338.6 million for residential communities, respectively, and $ 311.8 million and $ 344.5 million for scattered single-family homes, respectively. ​ Note 18 – Subsequent Events Issuance of LTIP Units under the BHM Incentive Plans On January 1, 2026, the Company granted 7,824 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. Declaration of Dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date ​ ​ ​ Record Date ​ ​ ​ Amount ​ ​ ​ Paid / Payable Date Series A Preferred Stock (1) ​ ​ ​ ​ ​ January 15, 2026 ​ January 23, 2026 ​ $ 0.12500 ​ February 5, 2026 January 15, 2026 ​ February 25, 2026 ​ 0.12500 ​ March 5, 2026 January 15, 2026 ​ March 25, 2026 ​ 0.12500 ​ April 2, 2026 Series A Preferred Enhanced Special Dividend ​ ​ ​ ​ ​ ​ January 15, 2026 ​ January 23, 2026 ​ ​ (2) ​ February 5, 2026 January 15, 2026 ​ February 25, 2026 ​ ​ (2) ​ March 5, 2026 January 15, 2026 ​ March 25, 2026 ​ ​ (2) ​ April 2, 2026 Series B Preferred Stock (1) ​ ​ ​ ​ ​ ​ ​ January 15, 2026 ​ January 23, 2026 ​ $ 0.15625 ​ February 5, 2026 January 15, 2026 ​ February 25, 2026 ​ ​ 0.15625 ​ March 5, 2026 January 15, 2026 ​ March 25, 2026 ​ ​ 0.15625 ​ April 2, 2026 (1) Holders of record of newly issued Series A Preferred Stock shares and Series B 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 and Series B 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. F-45 Table of Contents Distributions Paid The following distributions were declared and/or paid to the Company’s stockholders subsequent to December 31, 2025 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution ​ ​ ​ Total Shares ​ ​ ​ Declaration Date ​ ​ ​ Record Date ​ ​ ​ Date Paid ​ ​ ​ per Share ​ ​ ​ Distribution Class A common stock ​ March 11, 2025 ​ December 24, 2025 ​ January 5, 2026 ​ $ 0.125000 ​ $ 506 Class C common stock ​ March 11, 2025 ​ December 24, 2025 ​ January 5, 2026 ​ ​ 0.125000 ​ ​ 1 Series A Preferred Stock (1) ​ October 15, 2025 ​ December 24, 2025 ​ January 5, 2026 ​ ​ 0.135417 ​ ​ 849 OP Units ​ March 11, 2025 ​ December 24, 2025 ​ January 5, 2026 ​ ​ 0.125000 ​ ​ 921 LTIP / C-LTIP Units ​ March 11, 2025 ​ December 24, 2025 ​ January 5, 2026 ​ ​ 0.125000 ​ ​ 227 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A Preferred Stock (1) ​ January 15, 2026 ​ January 23, 2026 ​ February 5, 2026 ​ ​ 0.135417 ​ ​ 855 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,359 (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. Class A Common Stock Repurchase Plan ​ On February 10, 2026, the Board authorized a new stock repurchase plan, effective March 1, 2026, for the repurchase, from time to time, of up to an aggregate of $ 10 million of our 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 ends on February 28, 2027, 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. ​ Sales of Consolidated Operating Units ​ Subsequent to December 31, 2025 and through February 25, 2026, the Company closed on the following sales: 7 units in the Golden Pacific portfolio, 25 units in the ILE portfolio, 1 unit in the Indy-Springfield portfolio, 29 units in the Peak JV 2 portfolio, and the remaining 42 units in the Peak JV 3 portfolio, pursuant to the terms and conditions of multiple separate purchase and sales agreements. The 104 units sold for an aggregate of approximately $ 14.9 million, subject to certain closing costs, prorations and adjustments typical in such real estate transactions. ​ ​ F-46 Table of Contents ​ ​ ​ ​ Bluerock Homes Trust, Inc. ​ Schedule III - Real Estate and Accumulated Depreciation December 31, 2025 (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COLUMN A ​ ​ ​ COLUMN B ​ ​ ​ ​ COLUMN C ​ ​ ​ COLUMN D ​ ​ ​ ​ COLUMN E ​ ​ ​ COLUMN F ​ ​ ​ COLUMN G ​ ​ ​ COLUMN H ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life on Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation in ​ ​ ​ ​ ​ ​ ​ Initial Cost ​ Capitalized ​ Gross Amount at Which Carried at Close of Period ​ ​ ​ ​ ​ ​ Latest Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ Subsequent ​ ​ Building and ​ ​ ​ ​ ​ Accumulated ​ Date of ​ Statement is Property ​ ​ ​ Location ​ Encumbrance ​ Land Improvements to Acquisition ​ Land Improvements ​ Total ​ Depreciation Acquisition Computed Real Estate Held for Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Abode Wendell Falls (1) ​ NC ​ ​ — ​ ​ 6,514 ​ ​ — ​ ​ 6,868 ​ ​ 6,514 ​ ​ 6,868 ​ ​ 13,382 ​ ​ — ​ 2023 ​ 3 - 40 Years Allure at Southpark ​ NC ​ ​ 55,166 ​ ​ 10,451 ​ ​ 80,917 ​ ​ 1,086 ​ ​ 10,451 ​ ​ 82,003 ​ ​ 92,454 ​ ​ 2,507 ​ 2024 ​ 3 - 40 Years Amira at Westly ​ FL ​ ​ 56,650 ​ ​ 15,287 ​ ​ 88,602 ​ ​ 1,700 ​ ​ 15,290 ​ ​ 90,299 ​ ​ 105,589 ​ ​ 3,520 ​ 2024 ​ 3 - 40 Years Avenue at Timberlin Park ​ FL ​ ​ 23,660 ​ ​ 4,752 ​ ​ 28,512 ​ ​ 1,891 ​ ​ 4,752 ​ ​ 30,403 ​ ​ 35,155 ​ ​ 1,615 ​ 2024 ​ 3 - 40 Years Ballast ​ ​ ​ AZ / CO / WA ​ ​ ​ ​ — ​ ​ ​ ​ 7,272 ​ ​ ​ ​ 25,900 ​ ​ ​ ​ 1,616 ​ ​ ​ ​ 7,321 ​ ​ ​ ​ 27,467 ​ ​ ​ ​ 34,788 ​ ​ ​ ​ 3,665 ​ ​ ​ 2022 ​ ​ ​ 3 - 40 Years District at Parkview GA ​ 38,625 ​ 6,705 ​ 60,959 ​ — ​ 6,705 ​ 60,959 ​ 67,664 ​ — 2025 3 - 40 Years Golden Pacific IN / KS / MO ​ — ​ 5,219 ​ 25,935 ​ 4,599 ​ 5,219 ​ 30,534 ​ 35,753 ​ 4,256 2021 / 2022 3 - 40 Years Harmony at Clear Creek (1) ​ KS ​ ​ 1 ​ ​ 3,142 ​ ​ 1,002 ​ ​ 1,759 ​ ​ 3,142 ​ ​ 2,761 ​ ​ 5,903 ​ ​ — ​ 2025 ​ 3 - 40 Years ILE ​ TX / SE US ​ ​ 44,878 ​ ​ 19,824 ​ ​ 79,344 ​ ​ 12,578 ​ ​ 19,824 ​ ​ 91,922 ​ ​ 111,746 ​ ​ 13,281 ​ 2021 / 2022 ​ 3 - 40 Years Indy-Springfield ​ IN / MO ​ ​ 21,277 ​ ​ 7,254 ​ ​ 39,001 ​ ​ 4,732 ​ ​ 7,259 ​ ​ 43,728 ​ ​ 50,987 ​ ​ 6,897 ​ 2021 ​ 3 - 40 Years Parkside at Summers Corner (2) ​ SC ​ ​ — ​ ​ 334 ​ ​ 3,026 ​ ​ — ​ ​ 334 ​ ​ 3,026 ​ ​ 3,360 ​ ​ 8 ​ 2025 ​ 3 - 40 Years Peak JV 2 Various / TX ​ 29,196 ​ 8,953 ​ 64,008 ​ 11,203 ​ 8,965 ​ 75,199 ​ 84,164 ​ 12,178 2021 / 2022 3 - 40 Years Peak JV 3 (3) TX ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — 2021 3 - 40 Years Savannah-84 GA ​ 9,527 ​ 2,698 ​ 17,880 ​ 508 ​ 2,698 ​ 18,388 ​ 21,086 ​ 2,089 2022 3 - 40 Years Southern Pines Reserve NC ​ 30,739 ​ 4,240 ​ 53,406 ​ 788 ​ 4,240 ​ 54,194 ​ 58,434 ​ 1,425 2025 3 - 40 Years Skytop Apartments OH ​ 57,525 ​ 8,341 ​ 75,869 ​ 3 ​ 8,341 ​ 75,872 ​ 84,213 ​ 648 2025 3 - 40 Years Villas at Huffmeister ​ TX ​ ​ 26,846 ​ ​ 7,950 ​ ​ 32,818 ​ ​ 1,187 ​ ​ 7,950 ​ ​ 34,005 ​ ​ 41,955 ​ ​ 2,274 ​ 2024 ​ 3 - 40 Years Wayford at Concord NC ​ 32,973 ​ 2,933 ​ 40,922 ​ 318 ​ 2,933 ​ 41,240 ​ 44,173 ​ 6,221 2021 3 - 40 Years Yauger Park Villas WA ​ 13,720 ​ 1,322 ​ 24,575 ​ 854 ​ 1,322 ​ 25,429 ​ 26,751 ​ 4,614 2021 3 - 40 Years Subtotal ​ ​ 440,783 ​ 123,191 ​ 742,676 ​ 51,690 ​ 123,260 ​ 794,297 ​ 917,557 ​ 65,198 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Single-family properties held for sale (4) ​ Various ​ ​ — ​ ​ 2,880 ​ ​ 12,809 ​ ​ 1,718 ​ ​ 2,880 ​ ​ 14,527 ​ ​ 17,407 ​ ​ 1,760 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Real Estate assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ REIT Operating Partnership ​ MI ​ ​ — ​ ​ — ​ ​ — ​ ​ 458 ​ ​ — ​ ​ 458 ​ ​ 458 ​ ​ 78 ​ 2024 ​ 5 Years REIT Operator MI ​ — ​ — ​ 185 ​ ( 143 ) ​ — ​ 42 ​ 42 ​ 42 2017 5 Years Subtotal ​ ​ — ​ — ​ 185 ​ 315 ​ — ​ 500 ​ 500 ​ 120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ $ 440,783 ​ $ 126,071 ​ $ 755,670 ​ $ 53,723 ​ $ 126,140 ​ $ 809,324 ​ $ 935,464 ​ $ 67,078 ​ ​ (1) Represents a build-to-rent development project with no units delivered as of December 31, 2025. (2) Parkside at Summers Corner represents a build-to-rent project with units to be acquired in tranches as construction is completed. Of the total 100 units that the Company has committed to acquire, 12 units had been acquired as of December 31, 2025. (3) All 42 units of Peak JV 3 were classified as held for sale at December 31, 2025 and are included in Total Single-family properties held for sale. (4) An aggregate of 107 units are classified as held for sale from the following portfolios: 12 units of Golden Pacific, 27 units of ILE, 18 units of Indy-Springfield, 8 units of Peak JV 2, and all 42 units of Peak JV 3. ​ ​ F-47 Table of Contents ​ ​ ​ ​ Bluerock Homes Trust, Inc. ​ Notes to Schedule III December 31, 2025 (amounts in thousands) ​ ​ 1. Reconciliation of Real Estate Properties The following table reconciles the Real Estate Properties from January 1, 2024 to December 31, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Balance at January 1 ​ $ 727,798 ​ $ 498,542 Acquisition of real estate ​ 217,024 ​ 269,289 Capital expenditures ​ 18,133 ​ 9,863 Impairment ​ ​ ( 5,905 ) ​ ​ ( 4,703 ) Disposition of real estate ​ ​ ( 21,586 ) ​ ​ ( 45,193 ) Balance at December 31 ​ $ 935,464 ​ $ 727,798 ​ 2. Reconciliation of Accumulated Depreciation The following table reconciles the Real Estate Properties from January 1, 2024 to December 31, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Balance at January 1 ​ $ 44,170 ​ $ 33,642 Current year depreciation expense ​ 24,723 ​ 17,379 Disposition of real estate ​ ( 1,815 ) ​ ( 6,851 ) Balance at December 31 ​ $ 67,078 ​ $ 44,170 ​ ​ ​ F-48 Table of Contents ​ ​ ​ ​ Bluerock Homes Trust, Inc. ​ Schedule IV - Mortgage Loans on Real Estate December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Amount of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face Amount of ​ Carrying Amount of ​ Mortgages Subject to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Periodic Payment ​ ​ ​ Mortgages ​ Mortgages ​ Delinquent Description ​ ​ ​ Property Name ​ ​ ​ Location ​ ​ ​ Interest Rate ​ ​ ​ Maturity Date ​ ​ ​ Terms ​ ​ ​ Prior Liens ​ ​ ​ (in thousands) ​ ​ ​ (in thousands) ​ ​ ​ Principal or Interest Real Estate Loans on ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Rental Community (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ $ — ​ $ — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ — ​ $ — ​ ​ (1) The Company held no loan investments on real estate at December 31, 2025. ​ ​ F-49 Table of Contents Bluerock Homes Trust, Inc. Note to Schedule IV - Reconciliation of Mortgage Loans on Real Estate (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Balance at beginning of period ​ $ 31,700 ​ $ 17,684 Additions during period: ​ ​ ​ ​ Purchases ​ — ​ 22,300 Deductions during period: ​ ​ ​ ​ Collections of principal ​ ( 31,700 ) ​ ( 8,284 ) Balance at end of period ​ $ — ​ $ 31,700 ​ ​ ​ F-50 Table of Contents EXHIBIT INDEX Exhibit Number ​ ​ ​ Description ​ ​ ​ 2.1 ​ Separation and Distribution Agreement, dated as of October 5, 2022, by and among Bluerock Residential Growth REIT, Inc., Badger Parent LLC, Badger Holdco LLC, Bluerock Residential Holdings, L.P. and Bluerock Homes Trust, Inc., incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 3.1 ​ Second Articles of Amendment and Restatement of Bluerock Homes Trust, Inc., incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 3.2 ​ Amended and Restated Bylaws of Bluerock Homes Trust, Inc., incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 3.3 ​ Articles Supplementary of the Company, dated December 1, 2022, incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on December 5, 2022 ​ ​ ​ 3.4 ​ Articles Supplementary of the Company, dated January 24, 2023, incorporated by reference to Exhibit 3.3 to the Company’s Registration Statement on Form S-11 (SEC File No. 333-269415) filed on January 25, 2023 ​ ​ ​ 3.5 ​ Articles Supplementary of the Company, dated March 14, 2023, incorporated by reference to Exhibit 3.5 to the Company’s Annual Report on Form 10 - K filed on March 22, 2023 ​ ​ ​ 3.6 ​ Articles Supplementary of the Company, dated October 7, 2025, incorporated by reference to Exhibit 3.6 to the Company’s Registration Statement on Form S-11 (SEC File No. 333-290772) filed on October 8, 2025 ​ ​ ​ 4(vi) ​ Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 ​ ​ ​ 10.1 ​ Tax Matters Agreement, dated as of October 5, 2022, by and among Bluerock Residential Growth REIT, Inc., Badger Parent LLC, Badger Holdco LLC, Bluerock Residential Holdings, L.P., Bluerock REIT Holdings, LLC and Bluerock Homes Trust, Inc., incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.2 ​ Management Agreement, dated as of October 5, 2022, by and among Bluerock Homes Manager, LLC, Bluerock Homes Trust, Inc. and Bluerock Residential Holdings, L.P., incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.3 ​ Amendment to Management Agreement, dated January 10, 2023, by and among Bluerock Homes Manager, LLC, Bluerock Homes Trust, Inc. and Bluerock Residential Holdings, L.P., incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on January 12, 2023 ​ ​ ​ 10.4 ​ Second Amendment to Management Agreement, dated February 28, 2025, by and among Bluerock Homes Manager, LLC, Bluerock Homes Trust, Inc. and Bluerock Residential Holdings, L.P., incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 6, 2025 ​ ​ ​ 10.5 ​ Bluerock Homes Trust, Inc. Amended and Restated Equity Incentive Plan for Individuals, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 12, 2025 ​ ​ ​ 10.6 ​ Bluerock Homes Trust, Inc. Amended and Restated Equity Incentive Plan for Entities, incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on June 12, 2025 ​ ​ ​ 10.7 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and R. Ramin Kamfar, effective October 6, 2022, incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed on October 6, 2022 92 Table of Contents ​ ​ ​ 10.8 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Jordan Ruddy, effective October 6, 2022, incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.9 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Ryan MacDonald, effective October 6, 2022, incorporated by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.10 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and James G. Babb, III, effective October 6, 2022, incorporated by reference to Exhibit 10.8 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.11 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Christopher J. Vohs, effective October 6, 2022, incorporated by reference to Exhibit 10.9 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.12 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Michael DiFranco, effective October 6, 2022, incorporated by reference to Exhibit 10.10 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.13 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Jason Emala, effective October 6, 2022, incorporated by reference to Exhibit 10.11 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.14 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and I. Bobby Majumder, effective October 6, 2022, incorporated by reference to Exhibit 10.12 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.15 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Elizabeth Harrison, effective October 6, 2022, incorporated by reference to Exhibit 10.13 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.16 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Kamal Jafarnia, effective October 6, 2022, incorporated by reference to Exhibit 10.14 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.17 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Romano Tio, effective October 6, 2022, incorporated by reference to Exhibit 10.15 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.18 ​ Loan Agreement, dated April 6, 2022, by and among persons that are party thereto listed as Borrowers, persons party thereto that are listed as Equity Owners, Bluerock Residential Holdings, LP, persons that are party thereto listed as Lenders, Deutsche Bank Securities Inc., Deutsche Bank AG, New York Branch and Computershare Trust Company, N.A., incorporated by reference to Exhibit 10.16 to the Company’s Quarterly Report on Form 10-Q filed on November 4, 2022 ​ ​ ​ 10.19 ​ Sponsor Guaranty, dated April 6, 2022, by and between Bluerock Homes Trust, Inc. and Deutsche Bank AG, New York Branch, incorporated by reference to Exhibit 10.17 to the Company’s Quarterly Report on Form 10-Q filed on November 4, 2022 ​ ​ ​ 10.20 ​ Managing Broker Dealer Agreement by and among Bluerock Homes Trust, Inc. and Bluerock Capital Markets, LLC, dated November 1, 2022, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 5, 2022 ​ ​ ​ 93 Table of Contents 10.21 ​ Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated April 2, 2014, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on April 8, 2014 ​ ​ ​ 10.22 ​ First Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated October 21, 2015, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on October 21, 2015 ​ ​ ​ 10.23 ​ Second Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated December 21, 2015, incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on December 22, 2015 ​ ​ ​ 10.24 ​ Third Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated March 1, 2016, incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on March 1, 2016 ​ ​ ​ 10.25 ​ Fourth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated March 29, 2016, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on April 19, 2016 ​ ​ ​ 10.26 ​ Fifth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated July 15, 2016, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on July 18, 2016 ​ ​ ​ 10.27 ​ Sixth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated October 11, 2016, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on October 12, 2016 ​ ​ ​ 10.28 ​ Seventh Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated July 21, 2017, incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on July 21, 2017 ​ ​ ​ 10.29 ​ Eighth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated October 31, 2017, incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on November 6, 2017 ​ ​ ​ 10.30 ​ Ninth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated November 15, 2017, incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on November 20, 2017 ​ ​ ​ 10.31 ​ Tenth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated August 6, 2018, incorporated by reference to Exhibit 10.6 to the Quarterly Report on Form 10-Q of Bluerock Residential Growth REIT, Inc. filed on August 8, 2018 ​ ​ ​ 10.32 ​ Eleventh Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated November 16, 2018, incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on November 19, 2018 ​ ​ ​ 10.33 ​ Twelfth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated November 19, 2019, incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on November 19, 2019 ​ ​ ​ 94 Table of Contents 10.34 ​ Thirteenth Amendment to Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated September 22, 2022, incorporated by reference to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on September 22, 2022 ​ ​ ​ 10.35 ​ Fourteenth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated December 1, 2022, incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on December 5, 2022 ​ ​ ​ 10.36 ​ Fifteenth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated January 24, 2023, incorporated by reference to Exhibit 4.4 to the Company’s Registration Statement on Form S-11 (SEC File No. 333-269415) filed on January 25, 2023 ​ ​ ​ 10.37 ​ Sixteenth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated October 7, 2025, incorporated by reference to Exhibit 4.5 to the Company’s Registration Statement on Form S-11 (SEC File No. 333-290772) filed on October 8, 2025 ​ ​ ​ 10.38 ​ Form of Dealer Manager Agreement by and among Bluerock Homes Trust, Inc. and Bluerock Capital Markets, LLC, incorporated by reference to Exhibit 10.18 to the Company’s Registration Statement on Form S-11 (SEC File No. 333-269415) filed on January 25, 2023 ​ ​ ​ 10.39 ​ Contribution Agreement by and between BR S2 Allure JV, LLC, S2 Allure REIT Subsidiary LLC, S2C REIT OP, LP, S2 Allure BEVE LLC, S2 Allure ARO LLC, S2 Allure VAU LLC, and S2 Allure LLC, dated as of November 20, 2024, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on November 26, 2024 ​ ​ ​ 10.40 ​ Purchase and Sale Agreement by and between BHM DST Acquisitions, LLC, and Hawthorne Pines, LLC, dated as of April 8, 2025, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on April 11, 2025 ​ ​ ​ 10.41 ​ Form of Dealer Manager Agreement by and among Bluerock Homes Trust, Inc. and Bluerock Capital Markets, LLC, incorporated by reference to Exhibit 10.21 to the Company’s Registration Statement on Form S-11 (SEC File No. 333-290772) filed on October 8, 2025 ​ ​ ​ 14.1 ​ Code of Business Conduct and Ethics, effective October 6, 2022, incorporated by reference to Exhibit 14.1 to the Company’s Quarterly Report on Form 10-Q filed on November 4, 2022 ​ ​ ​ 14.2 ​ Code of Ethics for Senior Executive and Financial Officers, effective October 6, 2022, incorporated by reference to Exhibit 14.2 to the Company’s Quarterly Report on Form 10-Q filed on November 4, 2022 ​ ​ ​ 19 ​ Bluerock Homes Trust, Inc. Amended and Restated Insider Trading Policy ​ ​ ​ 21.1 ​ Subsidiaries of the Registrant ​ ​ ​ 23.1 ​ Consent of Grant Thornton LLP ​ ​ ​ 23.2 ​ Consent of RSM US LLP, incorporated by reference to Exhibit 23.1 to the Current Report on Form 8-K/A filed by the Company on January 16, 2025 ​ ​ ​ 23.3 ​ Consent of Plante Moran, incorporated by reference to Exhibit 23.1 to the Current Report on Form 8-K/A filed by the Company on February 18, 2025 ​ ​ ​ 23.4 ​ Consent of Plante Moran, incorporated by reference to Exhibit 23.1 to the Current Report on Form 8-K/A filed by the Company on July 1, 2025 ​ ​ ​ 95 Table of Contents 23.5 ​ Consent of Deloitte & Touche, incorporated by reference to Exhibit 23.1 to the Current Report on Form 8-K/A filed by the Company on July 8, 2025 ​ ​ ​ 23.6 ​ Consent of Plante Moran, incorporated by reference to Exhibit 23.1 to the Current Report on Form 8-K/A filed by the Company on October 3, 2025 ​ ​ ​ 31.1 ​ Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 ​ ​ ​ 31.2 ​ Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 ​ ​ ​ 32.1 ​ Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002 ​ ​ ​ 97 ​ Bluerock Homes Trust, Inc. Executive Incentive-Based Compensation Recoupment Policy dated October 6, 2022 ​ ​ ​ 99.1 ​ Press Release of Bluerock Homes Trust, Inc. dated February 6, 2025, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by the Company on February 12, 2025 ​ ​ ​ 99.2 ​ Consent of Kroll, LLC, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by the Company on February 18, 2025 ​ ​ ​ 99.3 ​ Press Release of Bluerock Homes Trust, Inc. dated March 6, 2025, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by the Company on March 6, 2025 ​ ​ ​ 99.4 ​ Unaudited Pro Forma Condensed Consolidated Financial Statements, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by the Company on April 17, 2025 ​ ​ ​ 99.5 ​ Presentation, dated June 4, 2025, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by the Company on June 4, 2025 ​ ​ ​ 99.6 ​ Audited consolidated financial statements of Marble Capital Income and Impact Fund, LP and Subsidiaries as of and for the year ended December 31, 2024, and the notes related thereto, and the Report of Deloitte & Touche LLP, Independent Auditors, dated April 25, 2025, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K/A filed by the Company on July 8, 2025 ​ ​ ​ 99.7 ​ Audited consolidated financial statements of Marble Capital Income and Impact Fund, LP and Subsidiaries as of and for the year ended December 31, 2023, and the notes related thereto, and the Report of Deloitte & Touche LLP, Independent Auditors, dated April 26, 2024, incorporated by reference to Exhibit 99.2 to the Current Report on Form 8-K/A filed by the Company on July 8, 2025 ​ ​ ​ 99.8 ​ Unaudited consolidated financial statements of Marble Capital Income and Impact Fund, LP and Subsidiaries as of March 31, 2025 and December 31, 2024, and for the three months ended March 31, 2025 and 2024, and the notes related thereto, incorporated by reference to Exhibit 99.3 to the Current Report on Form 8-K/A filed by the Company on July 8, 2025 ​ ​ ​ 101.1 ​ The following information from the Company’s annual report on Form 10-K for the year ended December 31, 2025, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Balance Sheets; (ii) Statements of Operations; (iii) Statement of Stockholders’ Equity; (iv) Statements of Cash Flows ​ ​ ​ 104.1 ​ Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101.1) ​ ​ ​ 96