Bluerock Homes is a residential REIT that owns and rents single-family homes and apartment communities across U.S. Sun Belt and growth markets. The portfolio totals approximately 5,572 units and spans two types of assets: residential communities (apartment complexes, townhouses, and duplexes with shared amenities and onsite management) and scattered single-family homes (detached homes managed remotely). Bluerock Homes targets what it calls the "high disposable income renter by choice" — people who can afford to own but prefer to rent — and differentiates through lifestyle amenities, community programming, and value-add renovation to attract higher-income tenants and charge premium rents. The company is externally managed by a related-party manager and has no employees of its own. Revenue is driven by occupancy (approximately 93% as of year-end 2025) and rental rates, with NOI as the core profitability metric. Beyond direct ownership, Bluerock Homes holds preferred equity interests in third-party residential development projects, which generate current income and sometimes include conversion rights to take full ownership at completion. Bluerock Homes is actively winding down its scattered single-family segment through ongoing asset sales, redeploying proceeds into residential communities. The company focuses growth on Sun Belt markets like Charlotte, Jacksonville, Tampa, Houston, and Atlanta, and uses a build-to-rent strategy — financing third-party developers via preferred equity, then converting to ownership — to expand its residential communities segment.