MeritValue

Bluerock Homes Trust, Inc.

BHMdata completeness 100%5 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Bluerock Homes Trust, Inc. earns about -2% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$9.28M1$32.9M2$41M3$48.6M4$68.1M4
Net income$34.3M5−$1M5−$15.8M6−$12.1M7−$32.6M7
Operating cash flow$9.81M8$3.5M9$13.9M10$9.06M11$27.8M11
Capital expenditure$1.7M12$18.6M13$9.53M14$9.31M15$17.4M15
Free cash flow (derived)$8.11M8−$15.2M9$4.35M10−$253,00011$10.4M11
Total debt$63M16$196.4M17$193.3M18$626.6M19$856.8M19
Cash & equivalents$129.4M20$78.4M21$80.2M22$115.2M23$169.6M23
Diluted shares3.8M3.8M3.8M3.9M3.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$331.01
your share of equity
Profit it earned you last year
−$83.81
Free cash flow it threw off
$26.75
Debt you’d be carrying
$2,202.93

10 shares is a claim on $331.01 of net worth that earned you −$83.81 and generated $26.75 of cash last year, against $2,202.93 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 5y
FY21 1%FY22 -2%FY23 -5%FY24 -1%FY25 -3%

It earned an average -2% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 1260% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$4.35M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$4.35M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001410578-23-000330 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-24-000183 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001410578-25-000400 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-021568 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001410578-23-000330 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001410578-25-000400 (ProfitLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001104659-26-021568 (ProfitLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001410578-23-000330 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001410578-24-000183 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001410578-25-000400 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001104659-26-021568 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001410578-23-000330 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2022-12-31 · accession 0001410578-24-000183 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2023-12-31 · accession 0001410578-25-000400 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2024-12-31 · accession 0001104659-26-021568 (PaymentsToAcquireProductiveAssets)
  16. 10-K · period ending 2021-12-31 · accession 0001410578-23-000330 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-12-31 · accession 0001410578-24-000183 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-12-31 · accession 0001410578-25-000400 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001104659-26-021568 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001410578-23-000330 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001410578-24-000183 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001410578-25-000400 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001104659-26-021568 (CashAndCashEquivalentsAtCarryingValue)