A Business at a Glance
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Bluerock Homes Trust, Inc. (“Bluerock Homes,” “the Company,” “we,” “us,” or “our”) was incorporated on December 16, 2021 under the laws of the state of Maryland. We have elected to be taxed and currently qualify as a real estate investment trust (“REIT”) for federal income tax purposes beginning with our taxable year ended December 31, 2022. As a REIT, we generally are not subject to corporate-level income taxes. In order to maintain our REIT status, we are required, among other requirements, to distribute annually at least 90% of our “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to our stockholders. If we fail to maintain our qualification as a REIT in any taxable year, we would be subject to federal income tax on our taxable income at regular corporate tax rates and we would not be permitted to qualify as a REIT for four years following the year in which we lost our qualification.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 69M | 69M | 50M | 41M | 34M | - |
| Net Income | -11M | -11M | -4.2M | -4.5M | -1.0M | 34M |
| EPS | $-3.02 | $-3.02 | $-1.10 | $-1.30 | $-0.26 | $8.93 |
| Free Cash Flow | 10M | 10M | -253K | 4.4M | -15M | 8.1M |
| ROIC | 2.9% | 5.6% | 0.1% | 0.4% | 2.4% | 24.7% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 3.33 | 3.33 | 2.69 | 1.13 | 0.96 | 0.42 |
| Dividends/Share | $0.40 | $0.40 | $1.01 | $0.02 | - | - |
| Operating Income | 14M | 14M | 330K | 627K | 3.7M | 37M |
| Operating Margin | 20.6% | 20.6% | 0.7% | 1.5% | 10.9% | - |
| ROE | -8.9% | -8.6% | -3.0% | -3.1% | -0.6% | 22.8% |
| Shares Outstanding | 4M | 4M | 4M | 3M | 4M | 4M |
| Metric | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | N/A | 34M | 41M | 50M | 69M | 69M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 4.6M | 7.1M | 8.0M | 11M | 11M | 11M |
| EBIT | 37M | 3.7M | 627K | 330K | 14M | 14M |
| Op. Margin | N/A | 10.9% | 1.5% | 0.7% | 20.6% | 20.6% |
| Net Income | 34M | -1.0M | -4.5M | -4.2M | -11M | -11M |
| Net Margin | N/A | -2.9% | -11.0% | -8.4% | -16.7% | -16.7% |
| Non-Recurring | 0 | 0 | -1.0M | 7.1M | -4.2M | -4.2M |
| Returns on Capital | ||||||
| ROIC | 24.7% | 2.4% | 0.4% | 0.1% | 5.6% | 2.9% |
| ROE | 22.8% | -0.6% | -3.1% | -3.0% | -8.6% | -8.9% |
| ROA | 6.3% | -0.2% | -0.7% | -0.4% | -1.1% | -1.0% |
| Cash Flow | ||||||
| Op. Cash Flow | 9.8M | 3.5M | 14M | 9.1M | 28M | 28M |
| Free Cash Flow | 8.1M | -15M | 4.4M | -253K | 10M | 10M |
| Owner Earnings | -18K | -15M | -5.4M | -13M | -3.9M | -3.9M |
| CapEx | 1.7M | 19M | 9.5M | 9.3M | 17M | 17M |
| Maint. CapEx | 9.8M | 19M | 19M | 22M | 32M | 32M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 9.8M | 19M | 19M | 22M | 32M | 32M |
| CapEx/OCF | N/A | 533.1% | 68.6% | 102.8% | 62.5% | 62.5% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 78K | 3.9M | 1.5M | 1.5M |
| Dividend Yield | N/A | N/A | 0.2% | 6.7% | 3.6% | 3.6% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||
| Net Debt | -196M | -3.7M | 6.3M | 143M | 89M | 259M |
| Cash & Equiv. | 129M | 78M | 80M | 115M | 170M | 170M |
| Long-Term Debt | 63M | 98M | 97M | 253M | 428M | 428M |
| Debt/Equity | 0.42 | 0.96 | 1.13 | 2.69 | 3.33 | 3.33 |
| Interest Coverage | 12.8 | 0.7 | 0.0 | 0.0 | 0.6 | 0.6 |
| Equity | 151M | 160M | 147M | 139M | 129M | 129M |
| Total Assets | 541M | 659M | 672M | 967M | 1.2B | 1.2B |
| Total Liabilities | 79M | 167M | 193M | 398M | 463M | 463M |
| Intangibles | N/A | N/A | N/A | 2.7M | 7.5M | 7.5M |
| Retained Earnings | 34M | 33M | 25M | 21M | 7.2M | 7.2M |
| Working Capital | -3.2M | -5.6M | -3.2M | -882K | 4.3M | 4.3M |
| Current Assets | 7.5M | 4.1M | 6.2M | 16M | 25M | 25M |
| Current Liabilities | 11M | 9.8M | 9.4M | 17M | 21M | 21M |
| Per Share Data | ||||||
| EPS | 8.93 | -0.26 | -1.30 | -1.10 | -3.02 | -3.02 |
| Owner EPS | -0.00 | -3.97 | -1.56 | -3.25 | -1.03 | -1.03 |
| Book Value | 39.24 | 41.60 | 42.54 | 36.13 | 33.83 | 33.83 |
| Cash Flow/Share | 2.55 | 0.91 | 4.01 | 2.35 | 7.30 | 5.31 |
| Dividends/Share | N/A | N/A | 0.02 | 1.01 | 0.40 | 0.40 |
| Shares Out. | 3.8M | 3.8M | 3.5M | 3.8M | 3.8M | 3.8M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | -3.7 |
| P/FCF | N/A | N/A | 10.5 | N/A | 4.1 | 4.1 |
| EV/EBIT | N/A | 18.4 | 82.7 | 582.1 | 9.4 | 21.3 |
| Price/Book | N/A | 0.5 | 0.3 | 0.4 | 0.3 | 0.3 |
| Price/Sales | N/A | 2.3 | 1.3 | 1.2 | 0.6 | 0.6 |
| FCF Yield | N/A | -21.0% | 9.6% | -0.5% | 24.1% | 24.7% |
| Market Cap | N/A | 72M | 45M | 49M | 43M | 42M |
| Avg. Price | N/A | 20.83 | 14.92 | 15.09 | 11.14 | 11.09 |
| Year-End Price | N/A | 18.75 | 13.13 | 12.66 | 11.34 | 11.09 |
Bluerock Homes Trust, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 4.3x vs a median of 7.3x. The company's 5-year average ROIC is 6.6%. Total shareholder yield (dividends) is 3.6%. At current prices, the estimated annualized return to fair value is -4.0%.
Bluerock Homes Trust, Inc. (BHM) has a 5-year average return on invested capital (ROIC) of 6.6%. This is below average and may indicate limited pricing power.
Bluerock Homes Trust, Inc. (BHM) has a market capitalization of $42M. It is classified as a small-cap stock.
Yes, Bluerock Homes Trust, Inc. (BHM) pays a dividend with a trailing twelve-month yield of 3.58%.
Bluerock Homes Trust, Inc. (BHM) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Bluerock Homes Trust, Inc. (BHM) reported annual revenue of $69 million in its most recent fiscal year, based on SEC EDGAR filings.
Bluerock Homes Trust, Inc. (BHM) has a net profit margin of -16.7%. The company is currently unprofitable.
Bluerock Homes Trust, Inc. (BHM) generated $10 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Bluerock Homes Trust, Inc. (BHM) has a debt-to-equity ratio of 3.33. This indicates higher leverage, which may increase financial risk.
Bluerock Homes Trust, Inc. (BHM) reported earnings per share (EPS) of $-3.02 in its most recent fiscal year.
Bluerock Homes Trust, Inc. (BHM) has a return on equity (ROE) of -8.6%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 5 years of financial data for Bluerock Homes Trust, Inc. (BHM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Bluerock Homes Trust, Inc. (BHM) has a book value per share of $33.83, based on its most recent annual SEC filing.