Bluerock Homes Trust, Inc.
For the period ended Jun 10, 2026. Filed Apr 14, 2026.
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Jun 10, 2026 · Filed Apr 14, 2026
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Contents
DST Program
Acquisition Fees
The Company, through consolidated subsidiaries associated with its program to sponsor and raise capital through private placement offerings of Delaware statutory trusts (each, a “DST”) holding residential properties (collectively, the “DST Program”), incurs a one-time acquisition fee for each DST private placement offering. During the years ended December 31, 2025 and 2024, the Company incurred one-time acquisition fees of $5.3 million and $2.1 million, respectively. Refer to Note 9 to the Consolidated Financial Statements appearing in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for further information on the Company’s DST Program.
Asset Management Fees
The Company engaged a related party as the DST asset manager to provide certain management services and oversee the performance of the property manager. The Company has agreed to pay an asset management fee equal to a stated percentage per annum of the purchase price of each property in the DST Program. During the years ended December 31, 2025 and 2024, the Company incurred asset management fees related to the DST Program of $0.3 million and $0.04 million, respectively, which are recorded within property management and asset management fees on the Company’s consolidated statements of operations and comprehensive income (loss).
The table below presents amounts payable to related parties at December 31, 2025 and 2024 (amounts in thousands) related to the Company’s DST Program. The Company records these payables in due to affiliates on its consolidated balance sheets.
| Amounts payable to related parties – DST Program · · · 2025 · · · 2024 · | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| One-time acquisition fees | | | | $5,293 | | | | | $2,060 | | | ||
| Asset management fees | | | | | 317 | | | | | | 35 | | |
| Other | | | | | — | | | | | | 23 | | |
| Total amounts payable to related parties – DST Program | | | | $5,610 | | | | | $2,118 | | | ||
District at Parkview DST
In December 2025, the Company, through a DST, acquired District at Parkview to be included in its DST Program. The purchase price of District at Parkview, inclusive of certain adjustments typical in such real estate transactions, was funded by (i) a senior loan secured by the property, (ii) cash funded by the Company, and (iii) cash funded by Bluerock Real Estate Holdings, LLC, an affiliate of the Manager. Refer to Note 3 to the Consolidated Financial Statements appearing in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for further information.
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