Bluerock Homes Trust, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bluerock Homes Trust, Inc. has filed its 2023 10-K report detailing financial performance and key events.</b>

AI Summary

Bluerock Homes Trust, Inc. (BHM) filed a Annual Report (10-K) with the SEC on March 12, 2024. Bluerock Homes Trust, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes financial data for the periods ending December 31, 2023, 2022, and 2021. Key financial statement components such as Retained Earnings, Noncontrolling Interest, and Additional Paid-In Capital are detailed for these periods. Subsequent events noted include the issuance of Long-term Incentive Plan Units on January 8, 2024, and a loan financing on January 10, 2024. The company's business address is 1345 Avenue of the Americas, 32nd Floor, New York, NY 10105.

Why It Matters

For investors and stakeholders tracking Bluerock Homes Trust, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bluerock Homes Trust's financial position and operational results for the fiscal year 2023, crucial for investors assessing the company's stability and growth prospects. The inclusion of subsequent events, such as incentive plan unit issuances and loan financing, offers insights into the company's forward-looking strategies and potential impact on future financial statements.

Risk Assessment

Risk Level: medium — Bluerock Homes Trust, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the absence of specific financial performance metrics like revenue or net income in the provided snippet necessitates a 'medium' risk assessment as a full analysis requires more data.

Analyst Insight

Review the full 10-K filing to analyze revenue, net income, and debt-to-equity ratios to form a complete investment thesis.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-12 — Filing Date (Date of submission)
• 2021-12-31 — Prior Fiscal Year End (Comparative period)
• 2022-12-31 — Prior Fiscal Year End (Comparative period)

Key Players & Entities

• Bluerock Homes Trust, Inc. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-12 (date) — Filing date
• 1345 Avenue of the Americas, 32nd Floor, New York, NY 10105 (address) — Business address
• 2024-01-08 (date) — Subsequent event date
• 2024-01-10 (date) — Subsequent event date

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-12: Filing Date — Date the 10-K report was officially submitted to the SEC.
• 2024-01-08: Subsequent Event — Issuance of Long-term Incentive Plan Units.
• 2024-01-10: Subsequent Event — Loan financing event.

Key Financial Figures

• $0.01 — hich registered Class A Common Stock, $0.01 par value per share BHM NYSE Americ
• $150 million — cts, cash from property operations, our $150 million revolving credit facility, and the proc

Filing Documents

• bhm-20231231x10k.htm (10-K) — 4142KB
• bhm-20231231xex4dvi.htm (EX-4.(VI)) — 53KB
• bhm-20231231xex21d1.htm (EX-21.1) — 41KB
• bhm-20231231xex23d1.htm (EX-23.1) — 2KB
• bhm-20231231xex31d1.htm (EX-31.1) — 15KB
• bhm-20231231xex31d2.htm (EX-31.2) — 15KB
• bhm-20231231xex32d1.htm (EX-32.1) — 9KB
• bhm-20231231xex97.htm (EX-97) — 11KB
• bhm-20231231x10k005.jpg (GRAPHIC) — 47KB
• 0001410578-24-000183.txt (&nbsp;) — 16232KB
• bhm-20231231.xsd (EX-101.SCH) — 124KB
• bhm-20231231_cal.xml (EX-101.CAL) — 66KB
• bhm-20231231_def.xml (EX-101.DEF) — 460KB
• bhm-20231231_lab.xml (EX-101.LAB) — 874KB
• bhm-20231231_pre.xml (EX-101.PRE) — 694KB
• bhm-20231231x10k_htm.xml (XML) — 2998KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 56 Item 1C . Cybersecurity 56 Item 2. Investments 58 Item 3.

Legal Proceedings

Legal Proceedings 59 Item 4. Mining Safety Disclosures 59 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 60 Item 6. [Reserved] 61 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 61 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 80 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 80 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 80 Item 9A.

Controls and Procedures

Controls and Procedures 81 Item 9B. Other Information 81 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 81 PART III Item 10. Directors, Executive Officers and Corporate Governance 82 Item 11.

Executive Compensation

Executive Compensation 82 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 82 Item 13. Certain Relationships and Related Transactions, and Director Independence 82 Item 14. Principal Accountant Fees and Services 82 PART IV Item 15. Exhibits and Financial Statement Schedules 82 Item 16. Form 10-K Summary 82

SIGNATURES

SIGNATURES 83 3 Table of Contents

Forward-Looking Statements

Forward-Looking Statements All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws and may be identified by words such as "will," "expect," "believe," "plan," "anticipate," "intend," "goal," "future," "outlook," "guidance," "target," "estimate" and similar words or expressions, including the negative version of such words and expressions. These forward-looking statements are based upon our present expectations, estimates and projections about the industry and markets in which we operate and beliefs of and assumptions made by our management, involve uncertainty that could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and are not guaranteed to occur. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon these forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in these forward-looking statements due to numerous factors. Additional factors that could have a material adverse effect on our operations and future prospects include, but are not limited to: use of proceeds of our securities offerings; changes in national, regional and local economic conditions, which may be negatively impacted by concerns about inflation, deflation, government deficits, high unemployment rates, decreased consumer confidence and liquidity concerns, particularly in markets in which we have a high concentration of properties; fluctuations and relative increases in interest r

Business

Item 1. Business Organization Bluerock Homes Trust, Inc. ("Bluerock Homes," "the Company," "we," "us," or "our") was formed in Maryland as a wholly owned subsidiary of Bluerock Residential Growth REIT, Inc. ("Bluerock Residential" or "Parent") on December 16, 2021, and historically operated as part of Bluerock Residential and not as a standalone company. On October 6, 2022, Bluerock Residential completed a spin-off transaction that resulted in its single-family residential real estate business and certain other assets being contributed to us and Bluerock Homes becoming an independent publicly traded company. We have elected to be taxed and have qualified 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. We intend to continue to organize and operate in such a manner as to remain qualified as a REIT. Unless otherwise indicated or the context requires otherwise, all references to "the Company," "we," "us" and "our" mean Bluerock Homes Trust, Inc., a Maryland corporation, together with its consolidated subsidiaries, including, without limitation, Bluerock Residential Holdings, L.P., a Delaware limited partnership (our "Operating Partnership"), of which we are the sole general partner. References to our shares of Class A common stock on a "fully diluted basis" includes all outstanding shares o

View Full Filing

View this 10-K filing on SEC EDGAR