Bluerock Homes Trust, Inc. 8-K

What Happened
Bluerock Homes Trust, Inc. (BHM) filed an 8-K (Feb 17, 2026) reporting that on Feb 10, 2026 its Board approved an estimated value per share for the Company’s Series A redeemable preferred stock of $25.00 plus accreted dividends. The estimate is based substantially on a Kroll, LLC valuation of the Company’s estimated equity interest in its real estate portfolio as of September 30, 2025.

Key Details

• Board-approved estimated per-share value: $25.00 plus accreted dividends (as of Sept. 30, 2025).
• Kroll engagement: independent valuation firm Kroll prepared an “as‑is” market value analysis of the Portfolio (did not inspect properties; relied on Company-provided data).
• Portfolio composition: 22 real estate investments, 5,282 residential units (4,170 consolidated units including 358 under development; 1,112 units via preferred equity).
• Valuation outputs and assumptions: Kroll’s overall cap rates used ~4.13%–5.27%, terminal cap rates 5.00%–6.00%, discount rates 6.00%–7.00%; Company reported Series A Preferred Stock liquidation value ≈ $152.2 million; Adjusted Portfolio Equity exceeded that liquidation value. A 25 bps increase in discount rates (all else equal) would still support at least $25.00 per share.

Why It Matters
This 8-K gives broker-dealers an estimated per-share value they can use for customer account reporting under FINRA rules. The valuation indicates the Company’s assets (per Kroll’s analysis and the Company’s provided data) exceed the liquidation value of the Series A preferred stock as of Sept. 30, 2025, supporting a $25.00+ accreted-dividend per-share estimate. Investors should note the estimate is not audited GAAP fair value, relies on assumptions and company-supplied inputs (which Kroll did not verify), does not reflect events after Sept. 30, 2025, and may differ materially from prices in an actual market transaction.