Q2 2026 Revenue up 15% year over year to $19.3M · 46¢ of every $1 of revenue lost · operating margin -46.4%
Bluerock Homes Trust made $19.3M in Q2 2026 (+15% Y/Y): Residential communities $12.9M, Scattered single-family homes $6.5M. Operating margin -46.4%, net loss $9.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
Revenue$19.3M
Year over year+15%
Operating margin-46.4%
Net earnings−$9.0M
Operating cash flow$2.8M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $19.3M in Q2 2026, up 15% year over year and down 2% from the previous quarter. Residential communities was the largest line at 67% of revenue. Residential communities added $3.9M year over year (up 44%), 156% of the total change. Scattered single-family homes declined 17%.
Operating costs exceeded revenue by $9.0M, an operating margin of -46.4%. Total costs grew 29% against revenue growth of 15%. The fastest-growing cost line was Other operating costs (+33%). The quarter ended with a net loss of $9.0M, narrower than the previous quarter's $10.3M loss. Minority interests bore $5.4M of it: to shareholders the quarter was a loss of $3.5M.
Operating cash flow was $2.8M (down 80% year over year). Non-cash charges added back $7.9M of depreciation and amortization. Working capital and other items added $3.9M. Capital expenditures of $5.3M exceeded it, leaving free cash flow of −$2.5M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 13, 2026
$19.3M
+15%
-46.4%
−$9.0M
$2.8M
Q1 2026
10-Q
May 7, 2026
$19.7M
+20%
-51.9%
−$10.3M
−$8.5M
Q4 2025
10-K
Feb 27, 2026
$18.9M
+37%
-48.8%
−$9.5M
−$491K
Q3 2025
10-Q
Nov 6, 2025
$16.6M
+31%
-57.6%
−$10.0M
$13.2M
Q2 2025
10-Q
Aug 13, 2025
$16.8M
+34%
-30.9%
−$5.8M
$14.1M
Q1 2025
10-Q
May 9, 2025
$16.4M
+47%
-42.6%
−$7.3M
$951K
Q4 2024
10-K
Mar 20, 2025
$13.8M
+32%
-52.8%
−$7.3M
$5.0M
Charts
Latest (Q2 2026): Y/Y +15%, Q/Q -2%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income −$9.0M, Operating cash flow $2.8M.+1.2% since FY2021: more shares outstanding (issuance, stock pay).Cash $170M, short-term investments —, long-term debt $428M at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Bluerock Homes Trust, Inc. (“Bluerock Homes,” “the Company,” “we,” “us,” or “our”) was incorporated on December 16, 2021 under the laws of the state of Maryland. We have elected to be taxed and currently qualify as a real estate investment trust (“REIT”) for federal income tax purposes beginning with our taxable year ended December 31, 2022. As a REIT, we generally are not subject to corporate-level income taxes. In order to maintain our REIT status, we are required, among other requirements, to distribute annually at least 90% of our “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to our stockholders.
In its own words, from its 10-K, filed Feb 27, 2026.
Bluerock Homes Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +15% against the peers' median +14%. Operating margin: -46.4% against the peers' median 15.9%.