Bluerock Homes Trust, Inc. · AMEX:BHM
Bluerock Homes Trust — NAREIT Conference June 2025
27 slides from Bluerock Homes Trust's conference presentation, June 2025
Slide 1: The Residential Rental Opportunity
1 T H E R E S I D E N T I A L R E N TA L O P P O R T U N I T Y NAREIT Conference June 2025 Sponsored By Listed On
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements The information in this presentation has been prepared solely for informational purposes by Bluerock Homes Trust, Inc. (“BHM”) and does not constitute an offer to sell or the solicitation of an offer to purchase any securities. This presentation is not, and should not be
Slide 3: Bluerock Homes Trust (NYSE American: BHM)
3 Bluerock Homes Trust (NYSE American: BHM) Building an Infill Portfolio of Build-To-Rent (BTR) & Multifamily Assets Through Acquisitions & Development Created through a spinout from Bluerock Residential Growth REIT (BRG), a multifamily focused REIT led by the same management team BRG was sold to af
Slide 4: Experienced Management Team With an Industry Leading Track Record
4 Experienced Management Team With an Industry Leading Track Record ✓ Well-Aligned Management with 29 Years Average Experience and ~66% Equity Ownership1 ✓ Executed Sale of Bluerock Residential Growth REIT (“BRG”) to Blackstone, Which Represented Largest M&A Premium in REIT M&A History2 Ramin Kamfar
Slide 5: Sponsor With Industry Leading Residential Investing Track Record
5 Sponsor With Industry Leading Residential Investing Track Record Bluerock Residential Track Record Overview SOLD 25% IRR / 2x MOIC 44,000 on 127 monetized investments Investment Units Bluerock Residential Growth $8.4B $350M Zero REIT has been acquired by Realized GAV Credit Investments Realized Cr
Slide 6: Targeted Strategy to Build Desirable Residential Portfolio Leveraging Bluerock's Differentiated Platform
6 Targeted Strategy to Build Desirable Residential Portfolio Leveraging Bluerock’s Differentiated Platform Invest in First Ring Target Newer-Built Focus on Suburban / Infill BTR & Multifamily Assets Knowledge Economy Locations Through Acquisitions & Growth Markets1 Development Invest in Equity & Tea
Slide 7: BHM is Well Positioned to Create Shareholder Value
7 BHM is Well Positioned to Create Shareholder Value BHM cash balance in excess $10.34 per share in cash-on-hand versus BHM share price of $10.321 of fully diluted market cap Strong credit portfolio invested $144M of existing “credit” investments earning 13% interest rate on average 2 at attractive
Slide 8: Tailwinds Driving Attractive Market Opportunity
8 TA ILW IN D S DR IV IN G AT TR A C T IV E M AR K E T O P PO R T U NI TY
Slide 9: Undersupply has Left Residential Inventories at an All Time Low
9 Undersupply has Left Residential Inventories at an All Time Low The national housing shortage has worsened since the Great Financial Crisis. Overall demographic growth is expected to generate demand for an additional 15 million housing units over the next decade 1 U.S. Housing Surplus/Shortage2 US
Slide 10: Demand from Millennials is Expected to Reach an All Time High
10 Demand from Millennials is Expected to Reach an All Time High Millennials in Prime Household Formation Years are Driving SFR Housing Demand Single-Family Renter Households by Age Cohort Projected Population Growth (%) MILLIONS There are nearly as many 4.0 SF renter households 3.7M 3.6M over age 5
Slide 11: Affordability Gap Between Mortgage Payments & Average Rent Widest On Record
11 Affordability Gap Between Mortgage Payments & Average Rent Widest On Record The median cost to rent vs. own a home is at its widest gap on record, reaching more than $1,300 per month, 4x higher than historical averages 2011 2012 2014 2016 2018 2020 2022 2013 2015 2017 2019 2021 2023 Source: Marcu
Slide 12: Population Growth in the Sunbelt Translates to a Housing Need
12 Population Growth in the Sunbelt Translates to a Housing Need The Sun Belt represents 50% of the nation’s population (335M) and is expected to rise to 55% by 20401 Over the past decade, the region accounted for 80% of U.S. population growth (12 out of the total 15MM).2 Over the next decade, Sun B
Slide 13: Targeting the Knowledge Worker in Demographically Attractive Growth Markets
13 Targeting the Knowledge Worker in Demographically Attractive Growth Markets Average earnings per worker (inflation adjusted) 2029 Employment Growth CAGRs1 Advanced 1.2% Industries: +68% 0.7% Non-Advanced 0.3% Industries: +25% Sources: [Employment Growth] Bureau of Labor Statistics and U.S. Census
Slide 14: Executing on Differentiated Growth Strategy
14 E XE C U T IN G O N D IF FE R E N TI ATE D G R O W TH S T R ATE G Y
Slide 15: Invested in Credit Throughout Downturn as a Store of Value
15 Invested in “Credit” Throughout Downturn as a Store of Value Bluerock’s BTR credit investments have outperformed the apartment index by 44% Bluerock Build-to-Rent Returns vs. Green Street Apartment Index 25.0% 20.0% 25.0% 15.0% 10.0% Returns 5.0% 0.0% -5.0% -10.0% -15.0% -19.0% -20.0% Bluerock Bu
Slide 16: Opportunistic Recycling of Scattered Home Investments to Maximize ROIC
16 Opportunistic Recycling of Scattered Home Investments to Maximize ROIC Scattered home rental portfolio acquired pre-downturn has been a great store of value Active One-Off Dispo Program for Scattered Homes Recycled into Build-to-Rent/Multifamily Investments Cap Rates Stabilized Cap 4.0% on One-Of
Slide 17: Reinvesting into Attractive Residential Common Equity and High Yield Credit
17 Reinvesting into Attractive Residential Common Equity and High Yield Credit Operating Portfolio Mezz / Preferred Portfolio • Primarily Class B+ / A assets • Provides stable income stream with lower LTV basis profile • Target above trend market NOI growth • Higher yielding investments Equity • Bui
Slide 18: $494M Invested in BTR and Multifamily Equity & Credit at Cyclical Lows
18 $494M Invested in BTR and Multifamily Equity & Credit at Cyclical Lows 2023 – 2025 YTD Investment Activity ($’s in M’s) BHM Property Type Year Units GAV Invest. Houston, TX Multifamily 2024 294 $44 $18 Raleigh, NC (1) BTR 2024 170 $57 $20 Jacksonville, FL Multifamily 2024 200 $34 $13 Charlotte, N
Slide 19: Closed Deal – Acquisition of Multifamily Building 20% Below Previous Sale
19 Closed Deal – Acquisition of Multifamily Building 20% Below Previous Sale Investment Highlights ✓ 350-unit mid-rise in infill Charlotte, NC ✓ Impending loan maturity catalyzed need for transaction ✓ Prior Owner Basis - $114M1 ✓ BHM Basis - $92M2 ✓ Rents are ~ 30% below market; seller lacked cash
Slide 20: Closed Deal – Opportunistic Credit Investment in Multifamily Asset
20 Closed Deal – Opportunistic “Credit” Investment in Multifamily Asset Investment Highlights ✓ 208-unit Class “A” fully amenitized community in downtown Chandler, AZ ✓ 71% LTC detachment point; $19M of common equity behind BHM investment ✓ Invested into deal immediately prior to construction comple
Slide 21: Well-Positioned Balance Sheet and Access to Capital
21 W E LL - P O SIT IO N E D B A LA N C E S H EE T A N D A C C ES S TO C A PI TAL
Slide 22: Low Leverage Balance Sheet with No Near-Term Maturities
22 Low Leverage Balance Sheet with No Near-Term Maturities No Near-Term Debt Maturities with $150M+ of Cash on the Balance Sheet 4 $1B+ GROSS ASSET VALUE1 $200 Equity $483M $108 $111 $100 $84 Series A Non-Traded Preferred Stock2 $132M $36 Senior Debt3 $5 $344M $0 $0 2025 2026 2027 2028 2029 Thereaft
Slide 23: Non-Traded Convertible Preferred Security Issuance Provides Unique Access to Accretive Capital
23 Attractive Non-Traded Convertible Preferred Security Issuance Provides BHM with Unique Access to Accretive Capital for Investment Sample Institutional Convertible Preferred 1-Month Term SOFR + 2% Rate Range Exceeding 10% (6.5% Floor & 8.5% Cap) Non-Call Period 2 Years 5+ Years Conversion Election
Slide 24: Successful Track Record of Raising & Investing Non-Traded Convertible Preferred Equity
24 Successful Track Record of Raising & Investing “Non-Traded” Convertible Preferred Equity with Bluerock Residential Growth REIT NYSE-AMERICAN (BRG) Listed: Apr 2014 | Sold: Oct 2022 BRG Capital Stack (IPO vs. BX Sale) in millions $4,000 Non-Traded Preferred Equity $3,500 • Accretive cost of capita
Slide 25: Corporate Responsibility
25 C O R PO R AT E R E SP O N SI BI LI TY
Slide 26: Bluerock's Commitment to Corporate Responsibility
26 Bluerock’s Commitment to Corporate Responsibility Reduce Energy Consumption, Improve Waste & Water Management • Building New Developments built to reduce energy and water use and waste to landfills Environmental • Installing Green Upgrades on Renovations Responsibility • Recycling Programs, Limit
Slide 27: Sponsored By / Listed On
BHM BLUEROCK Homes Trust” sponsored 8y HE] BLUEROCK = tsteson Illlll