Bluerock Homes Trust, Inc.

BHM

Bluerock Homes Trust, Inc. is an externally managed REIT that owns and operates a portfolio of institutional residential properties including single-family homes, build-to-rent communities, and other residential communities located in attractive markets with a focus on the knowledge-economy and high quality of life regions of the Sunbelt and high growth areas of the Western United States.

About the company

Country: United StatesPrice: $7.50Market Cap: $100.9M

Investment snapshot

0%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

1 / 15

NEUTRAL / FAIL

Median fair value

$72.28

+863.7% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

BHM undervalued: all 2 models price fair value above $7.50 (median $72.28)

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	Not ranked	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	NEUTRAL	FAIL	FAIL	FAIL
Score
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Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A	N/A		N/A	N/A	N/A		N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	+84.6%	N/A	N/A	N/A	+92.2%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	TTM ended 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-10 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-27 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-27 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-27 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-27 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-27 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-27 Score computed: 2026-11-14	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-10 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14	TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14

Where It Passes

Valuation models100% pass✓ 2▾
BHM undervalued: all 2 models price fair value above $7.50 (median $72.28)
Munger fair value$48.73
✓Munger+84.6% margin vs $7.50
Ackman fair value$95.82
✓Ackman+92.2% margin vs $7.50

Where It Falls Short

Profitability0% pass✓ 1✗ 34▾
No clean pass — all 16 investors flag at least one profitability criterion
Positive EPS (10 years)1/6 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)1/6 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-4.5%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$-18.3M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-31.6%
✗Lynch> 15%
EBIT / Enterprise Value-3.3%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-3.3%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-2.82%
✗PiotroskiROA > 0
ROA Change YoY-1.25% -> -2.82% (delta: -1.57%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=2.40%, ROA=-2.82%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue-47.9%
✗Dreman>= 8%
Net Income / Shareholders' Equity-31.6%
✗Dreman> 12%
Margin of Safety
✗PabraiP/FFO < 15
Return on Equity-14.9% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency1/5 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity-31.6%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-36.90%; #4917/6340 (top 77.6%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-31.60%; #3929/5226 (top 75.2%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0332; #2039/5884 (top 34.7%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years1/5 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Debt & Leverage0% pass✗ 15▾
All 12 investors flag BHM's debt & leverage
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 3.33, IC: -0.6x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity3.70
✗Lynch< 0.33
Cash - Long-term Debt$-270.8M
✗LynchPositive preferred
LT Debt / Total Assets Change26.14% -> 37.11%
✗PiotroskiDecreased YoY
Current Assets / Current Liabilities
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity3.70
✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
Debt Levels3.70
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=-0.6x, D/EBITDA=21.6x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity3.70
✗Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-3.7019; #4004/4210 (top 95.1%)
✗AsnessTop 30% of eligible cross-section
Valuation0% pass✓ 7✗ 18▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / FFO per ShareN/A (non-positive FFO)
✗Graham<= 15x✗Dreman< 12x✗Ackman<= 25
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value-3.3%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-3.3%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Price / (CFO / Shares)1.1x
✓Dreman< 8x
Valuation ReasonablenessOE Yield=-62.6%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/FFO or FFO YieldFFO Yield=-0.9%
✗PabraiP/FFO < 15 or FFO Yield > 10%
P/B or P/E vs. Historical AverageP/B=0.2x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / EPS
✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price vs. Trailing Low100% of trailing low ($7.50)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Price / Book Value per Share0.2x
✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
Net income / market capitalization-36.90%; #4917/6340 (top 77.6%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+1.1676; #1248/6449 (top 19.4%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share0.23x
✓SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change-15.7%
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.7647; #2100/5247 (top 40.0%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization-26.44%; #3619/4519 (top 80.1%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-33.27%; #4544/6202 (top 73.3%)
✗OshaughnessyTop 10% of eligible cross-section
Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency1/5 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth22.2%
✓Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Efficiency0% pass✓ 1✗ 10▾
No clean pass — all 8 investors flag at least one efficiency criterion
Current Ratio
✗Graham>= 2.0
ROIC (3-5 yr avg)-2.0%
✗Buffett> 10%
ROIC - WACC-12.0%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)
✗Greenblatt> 25%
Current Ratio Change YoY
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.05x -> 0.06x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities
✗Dreman> 1.5
Return on Invested Capital
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/2 years above 12% (latest -3.0%)
✗SleepROIC > 12% in a majority of years
Verdicts0% pass✗ 15▾
Split decision: 15 FAIL · 1 NEUTRAL
Overall verdict
✗GrahamFAIL (0/7)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)•GreenblattNot ranked✗PiotroskiFAIL (F-Score 3)✗DremanFAIL (2/10)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (0/6)✗MarksFAIL (2/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (3/7)✗OshaughnessyFAIL (Rank #941/963 (Top 97.7%))
Cash Flow50% pass✓ 4✗ 3▾
3 of 6 pass — Buffett, Neff and Oshaughnessy object
Free Cash Flow Proxy$-18.3M
✗BuffettPositive and growing
Operating Cash Flow$27.8M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=2.40%, ROA=-2.82%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)1.1x
✓Dreman< 8x
Positive Operating Cash Flow frequency5/5 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$-26.7M
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization-26.44%; #3619/4519 (top 80.1%)
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Trading

SIC Sector: Holding & Investment Offices

Size: Micro Cap($100.9M)

Revenue: $68.7M+36.9% YoY

Net Income: $32.6M-169.6% YoY

Financial Snapshot

Operating Margin--

Return on Equity-25.3%

Debt / Equity3.33

Current Ratio--

EPS (Diluted)$-3.02

Shares Retired−0.9% / −1.1% 2y

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Sector-adjusted criteria: REIT

Depreciation distorts REIT earnings and book value, so FFO-based criteria replace P/E and free-cash-flow tests, and P/B tests are omitted.

Shareholder Return

Fiscal 2025

Issued 0.9% of shares last year, 1.1% issued over two.

Buybacks: —
Dividends: $1.5M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-K · 2026-02-27 10-Q · 2026-05-07 10-Q · 2026-08-13 10-Q · 2026-11-10 Derived from cumulative filings: revenue, net income, pre tax income, interest expense, operating cash flow, depreciation amortization, capex, dividends paid.	Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-11-10 Derived from cumulative filings: operating cash flow, capex.	Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter values 10-Q · 2026-08-13 Derived from cumulative filings: operating cash flow, capex.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-07	FY 2025 Sources 10-K · 2026-02-27	FY 2024 Sources 10-K · 2025-03-20	FY 2023 Sources 10-K · 2024-03-12	FY 2022 Sources 10-K · 2023-03-22	FY 2021 Sources 10-K · 2023-03-22
Market Cap	$100.9Mcurrent	--	--	--	$33.5Mest.	$42.4Mest.	$49.5Mest.	$73.4Mest.	$68.8Mest.
Revenue	$77.1M	$19.2M↑16%	$19.3M↑15%	$19.7M	$68.7M↑37%	$50.2M↑22%	$41.1M↑20%	$34.1M↑133%	$14.6M
Operating Income	--	--	--	--	--	--	--	-$9.9M↓2658%	$389.0K
Net Income	-$37.2M	-$8.5M↑15%	-$9.0M↓54%	-$10.3M	-$32.6M↓170%	-$12.1M↑23%	-$15.8M↓1477%	-$1.0M↓103%	$34.3M
EPS (Diluted)	--	$-0.81↑14%	$-0.90↓36%	$-0.90	$-3.02↓175%	$-1.10↑15%	$-1.30↓400%	$-0.26↓103%	$8.93
Gross Margin	—	—	—	—	—	—	—	—	—
Operating Margin	—	—	—	—	—	—	—	-29.1%↓1196%	2.7%
ROE	-31.6%	—	—	—	-25.3%↓191%	-8.7%↑19%	-10.7%↓1612%	-0.6%↓103%	22.8%
Total Debt	$436.0M	$436.0M↑5%	$421.9M↑25%	$416.8M	$428.4M↑15%	$373.8M↑287%	$96.7M↓2%	$98.2M↑56%	$63.0M
Shareholders' Equity	$117.8M	$117.8M↓11%	$120.9M↓11%	$124.8M	$128.7M↓7%	$139.1M↓6%	$147.4M↓8%	$160.0M↑6%	$150.8M
Current Ratio	—	—	—	—	—	—	—	—	—
Debt / Equity	3.70	3.70↑17%	3.49↑39%	3.34	3.33↑24%	2.69↑310%	0.66↑7%	0.61↑47%	0.42
Operating Cash Flow	-$4.4M	$1.7M↓87%	$2.8M↓80%	-$8.5M	$27.8M↑207%	$9.1M↓35%	$13.9M↑297%	$3.5M↓64%	$9.8M
Free Cash Flow	-$26.7M	-$7.7M↓188%	-$2.5M↓128%	-$12.3M	$10.4M↑4212%	-$253.0K↓106%	$4.4M↑129%	-$15.2M↓287%	$8.1M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Trading

BHM vs Peers — Financial Grading

Revenue$68.7MBottom 25%

Net Income$32.6MBottom 25%

ROE-25.3%Bottom 25%

D/E3.33Bottom 25%

Op. Margin—

Curr. Ratio—

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