One-glance verdict
Within fair range
$22.45 our estimate vs market $7.44
Wall Street consensus: $10.00 (-55.5% lower than our fair-value estimate)
67% below our estimate
Fundamentals snapshot
Bluerock Homes Trust, Inc.
BHM · ASE · Real Estate · REIT - Residential
Current price
$7.44
52-week range
$6.58 - $13.30
Market cap
$85.36M
Balance sheet
Distressed
-0.87x Concerning
Net debt $253.18M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 12.2% last year.
- Reward Free cash flow was positive in 2/10 years.
- Risk Net debt grew 246.2% over 3 years.
- Risk Return on equity was -5.9% last year — the company lost money on shareholders' equity.
What this company does
Bluerock Homes Trust, Inc.
Bluerock Homes Trust, Inc. buys, builds, and renovates homes and apartment buildings in growing parts of the United States, like the Sunbelt and Western states, to rent out. Their main goal is to make money by owning these properties and renting them to people who can afford to choose where they live. This strategy matters because it focuses on areas with a steady demand for places to live and aims to attract renters with good incomes, which can lead to predictable income for the company.
How the company got here
Bluerock Homes Trust, Inc. was established on December 16, 2021, and is headquartered in New York. It's a real estate investment trust (REIT) that focuses on acquiring, owning, and operating residential properties. The company was formed to assemble a portfolio of single-family rental homes in high-growth markets, particularly in the Sunbelt and Western United States. These areas are chosen for their strong job growth, expanding populations, and high quality of life, often anchored by universities, technology, and healthcare industries. Bluerock Homes Trust aims to generate attractive investment returns by focusing on markets with strong long-term demand for rental properties, targeting renters with high disposable income. The company's strategy involves acquiring existing homes, developing new communities, and renovating properties to enhance their value and rental appeal.
What it actually does
Bluerock Homes Trust operates as a real estate investment trust (REIT), which means it owns and manages income-producing real estate. Essentially, the company buys residential properties, such as single-family homes and entire communities, with the goal of renting them out to generate income. They focus on specific types of markets, often referred to as 'Knowledge/Quality' markets, which are areas experiencing significant economic growth and population increases. Bluerock Homes Trust also engages in renovating and developing properties to improve their rental appeal and value, aiming to provide attractive returns for its investors.
Scattered Single-Family Homes
This segment of Bluerock Homes Trust involves acquiring, owning, managing, and renovating individual single-family homes that are spread out across various locations. These are typically detached houses that do not have on-site property management. The company focuses on these homes in growing markets, aiming to provide rental housing options for middle-income renters. By renovating these properties, Bluerock Homes Trust seeks to increase rental income and improve tenant retention.
Residential Communities
This business line focuses on the development, acquisition, ownership, management, and renovation of entire residential communities. These communities can include detached single-family homes, as well as attached units like apartments, townhouses, and duplexes. By developing and managing these communities, Bluerock Homes Trust aims to achieve operational efficiencies and scale its portfolio in high-growth areas. This segment allows the company to offer a broader range of housing options and potentially capture more value through integrated development and management strategies.
What management is betting on now
Bluerock Homes Trust's management is focused on strategically growing its portfolio of residential communities, particularly in high-growth markets within the Sunbelt and Western United States. They are prioritizing the acquisition of properties in 'Knowledge/Quality' markets, which are characterized by strong job and population growth. A key part of their strategy involves a shift towards developing and acquiring institutional-quality residential communities, moving away from scattered single-family homes to improve operational efficiency and scale. Management also emphasizes disciplined capital allocation and active asset management to adapt to evolving market conditions and deliver attractive risk-adjusted returns for investors.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$1.63M
FY2025 Q1
$-2.89M
FY2025 Q2
$8.78M
FY2025 Q3
$8.71M
FY2025 Q4
$-4.19M
FY2026 Q1
$-12.30M
FY2026 Q2
$-2.49M
FY2026 Q3
$-7.69M
Revenue
$19.20M
Net income
—
Diluted EPS
-0.81
Operating cash flow
$1.74M
Free cash flow
$-7.69M
Fetching…
Sources
Revenue
$19.33M
Net income
—
Diluted EPS
-0.90
Operating cash flow
$2.77M
Free cash flow
$-2.49M
Fetching…
Sources
Revenue
$19.70M
Net income
—
Diluted EPS
-0.90
Operating cash flow
$-8.45M
Free cash flow
$-12.30M
Fetching…
Sources
Revenue
$18.91M
Net income
—
Diluted EPS
-0.75
Operating cash flow
$-491.00K
Free cash flow
$-4.19M
Fetching…
Sources
Revenue
$16.61M
Net income
—
Diluted EPS
-0.94
Operating cash flow
$13.44M
Free cash flow
$8.71M
Fetching…
Sources
Revenue
$16.80M
Net income
—
Diluted EPS
-0.66
Operating cash flow
$13.86M
Free cash flow
$8.78M
Fetching…
Sources
Revenue
$16.41M
Net income
—
Diluted EPS
-0.67
Operating cash flow
$951.00K
Free cash flow
$-2.89M
Fetching…
Sources
Revenue
$13.81M
Net income
—
Diluted EPS
-0.65
Operating cash flow
$5.00M
Free cash flow
$1.63M
Fetching…
Sources
Is it cheap or expensive?
Fair value $22.45 vs current price $7.44
Wall Street consensus is the average analyst price target: $10.00 (-55.5% lower than our fair-value estimate).
Our most-likely fair value is $22.45 a share — about 201.7% away from today's price of $7.44, so the stock currently looks fairly priced.
Is it drowning in debt?
Distressed
Net debt $253.2M. Interest coverage -0.9x.
Net debt
$253.18M
Interest coverage
-0.87x
Bluerock Homes Trust, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
BHM
BASELINE
Bluerock Homes Trust, Inc.
Total debt $426.47M Interest coverage -0.87x This is the baseline the peer rows are being compared against.
Total debt $1.28B Interest coverage 0.72x This peer still has a real interest-payment cushion, while BHM does not.
Total debt $518.65M Interest coverage 0.47x This peer still has a real interest-payment cushion, while BHM does not.
Total debt $1.59B Interest coverage 0.34x This peer still has a real interest-payment cushion, while BHM does not.
Total debt $854.06M Interest coverage 1.61x This peer still has a real interest-payment cushion, while BHM does not.
Total debt $673.71M Interest coverage 2.69x This peer still has a real interest-payment cushion, while BHM does not.
What you should know
The case for and against BHM
3 Rewards
2 Risks
Rewards
-
Revenue grew 12.2% last year.
-
Free cash flow was positive in 2/10 years.
-
Dividend yield is 6.5% with 4-year payout history.
Risks
-
Net debt grew 246.2% over 3 years.
-
Return on equity was -5.9% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
—
P/B
0.25x
P/S
1.03x
EV/EBITDA
46.18x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
48.7%
Operating margin
-14.3%
Net margin
2.6%
ROE
-5.9%
ROA
-0.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.62x
Current ratio
5.70x
Quick ratio
4.73x
Total debt
$426.47M
Total cash
$173.30M
Growth
How the business has been compounding
Revenue TTM
$77.14M
Revenue 5Y CAGR
26.3%
EPS TTM
-3.49
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-4.43M
Free CF TTM
$10.40M
FCF margin
13.5%
Dividend
Shareholder payout
Yield
6.5%
Payout ratio
0.0%
Last ex-div date
2026-09-25