Revenue grew 20.0% year-over-year in 2026Q1, yet NOI margins collapsed to -57.5%, indicating that top-line scaling has not yet translated into sustainable operational profitability.
| Revenue | 72.02M | 68.73M | 50.21M | 41.09M | 42.73M | 17.82M | 7.37M |
| Revenue Growth % | 21.91% | 36.88% | 22.2% | -3.84% | 139.8% | 141.82% | - |
| Property Operating Expenses | 39.19M | 107.86M | 37.97M | 31.5M | 19.17M | 3.78M | 970K |
| Net Operating Income (NOI) | 32.83M | -39.13M | 12.24M | 9.59M | 23.56M | 14.04M | 6.4M |
| NOI Margin % | 45.59% | -56.93% | 24.38% | 23.34% | 55.13% | 78.79% | 86.84% |
| Operating Expenses | 8.32M | -15.87M | 30.61M | 24.34M | 8.49M | 13.65M | 6.91M |
| G&A Expenses | 11.31M | 11.25M | 10.59M | 8M | 8.49M | 4.54M | 5.01M |
| EBITDA | 55.1M | 6.16M | 3.2M | 4.53M | 31.04M | 10.22M | 15.03M |
| EBITDA Margin % | 76.5% | 8.95% | 6.37% | 11.02% | 72.64% | 57.33% | 203.98% |
| Depreciation & Amortization | 30.59M | 29.42M | 21.57M | 19.27M | 15.97M | 9.83M | 15.54M |
| D&A / Revenue % | 42.47% | 42.8% | 42.95% | 46.91% | 37.37% | 55.15% | 210.91% |
| Operating Income | 24.51M | -23.26M | -18.36M | -14.75M | 15.07M | 389K | -511K |
| Operating Margin % | 34.03% | -33.84% | -36.57% | -35.89% | 35.27% | 2.18% | -6.93% |
| Interest Expense | 4M | 21.58M | 18.09M | 13.1M | 5.7M | 2.92M | 3.19M |
| Interest Coverage | - | -0.43x | 0.33x | -0.20x | -0.16x | 1.24x | -3.62x |
| Non-Operating Income | 37.12M | -13.88M | -24.37M | -12.08M | 16.01M | -3.22M | 11.05M |
| Pretax Income | -34.2M | -30.97M | -12.09M | -15.77M | -6.24M | 945K | -14.75M |
| Pretax Margin % | -47.49% | -45.05% | -24.08% | -38.37% | -14.59% | 5.3% | -200.22% |
| Income Tax | 1.36M | 1.63M | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -3.98% | -5.27% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 2.42M | 2.25M | 32K | -4.37M | -1M | 34.33M | -17.73M |
| Net Margin % | 3.35% | 3.27% | 0.06% | -10.64% | -2.34% | 192.62% | -240.67% |
| Net Income Growth % | 200.75% | 6931.25% | 100.73% | -337.3% | -102.91% | 293.54% | - |
| Funds From Operations (FFO) | 33M | 31.67M | 21.6M | 14.9M | 14.97M | 44.15M | -2.19M |
| FFO Margin % | 45.82% | 46.07% | 43.01% | 36.26% | 35.03% | 247.77% | -29.76% |
| FFO Growth % | 182.38% | 46.62% | 44.93% | -0.44% | -66.1% | 2113.32% | - |
| FFO per Share | 8.47 | 8.14 | 5.60 | 3.88 | 3.89 | 11.49 | -0.57 |
| FFO Payout Ratio % | 4.58% | 0% | 17.96% | 0.52% | 457.44% | 0% | 0% |
| EPS (Diluted) | 0.62 | -3.02 | -1.10 | -1.30 | -0.26 | -19.91 | -4.61 |
| EPS Growth % | -117.57% | -174.55% | 15.38% | -400% | 98.69% | -331.89% | - |
| EPS (Basic) | - | -3.02 | -1.10 | -1.30 | -0.26 | -19.91 | -4.61 |
| Diluted Shares Outstanding | 3.9M | 3.89M | 3.86M | 3.85M | 3.84M | 3.84M | 3.84M |
Sunbelt insurance cost inflation
According to the latest quarterly filings, BHM achieved a 20.0% year-over-year revenue increase in 2026Q1, yet the company continues to struggle with inconsistent NOI performance, which plummeted to negative $11.3 million during the same period, suggesting that top-line growth has not yet translated into sustainable property-level profitability.
The revenue trajectory appears to be supported by aggressive portfolio expansion, but the erratic NOI figures indicate that the company is likely facing significant integration or operational hurdles. Investors should monitor whether the recent revenue gains are driven by organic rent growth or merely the acquisition of new, unoptimized assets that require substantial initial capital expenditure.
As reported in financial statements, BHM's Core FFO per share reached $2.31 in 2026Q1, representing a 10.3% growth rate, though the wide variance in quarterly FFO figures suggests that the company's earnings quality remains highly sensitive to non-recurring items and the timing of capital deployment.
The reliance on FFO as a primary metric is complicated by the company's current transition phase, where transaction-related costs and interest income from cash balances likely distort the core operational performance. The lack of a consistent FFO growth trend warrants further investigation into how much of the current earnings power is derived from the core rental business versus temporary financial maneuvers.
Based on BHM's reported figures, the NOI margin experienced a sharp contraction to -57.5% in 2026Q1, a stark reversal from the 188.0% margin observed in 2025Q4, which highlights the extreme volatility in property-level profitability and the potential impact of rising non-discretionary operating expenses.
The dramatic swing in margins suggests that the company is struggling to manage the escalating costs of property insurance and maintenance within its Sunbelt-heavy portfolio. This instability implies that the current cost structure may be ill-equipped to handle the inflationary pressures inherent in the residential sector, potentially delaying the path to stabilized margins.
Analysis of the provided data indicates that while BHM maintains a strong cash position, the company's negative net income of $0.17 million in 2026Q1, despite significant revenue, suggests that the current business model may be over-reliant on external capital rather than internal cash flow generation.
The disconnect between the company's healthy balance sheet and its operational losses raises questions about the efficiency of its current acquisition strategy. Investors should monitor whether the management team can pivot from a 'blind pool' acquisition vehicle to a stabilized REIT that generates sufficient cash flow to cover its corporate overhead without further dilution.
Quick answers to the most common questions about buying BHM stock.
For fiscal year 2025, Bluerock Homes Trust, Inc. (BHM) reported total revenue of $68.7M. This represents a 832.7% increase compared to $7.4M in 2020.
Bluerock Homes Trust, Inc. (BHM) is profitable, generating $2.3M in net income for the fiscal year ending 2025 with a net profit margin of 3.3%.
Bluerock Homes Trust, Inc. (BHM) reported an operating income of $-23.3M, resulting in an operating profit margin of -33.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Bluerock Homes Trust, Inc. (BHM) generated $-39.1M in gross profit for the year, representing a gross profit margin of -56.9%. This demonstrates the company's core pricing power and production efficiency.