Filing Flows › Bluerock Homes Trust (BHM) › Q3 2025
Bluerock Homes Trust (BHM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Bluerock Homes Trust (BHM) reported revenue of $16.6M for the third quarter 2025 (Q3 2025), +31% from a year earlier and -1% from the quarter before. Operating margin was -57.6%, net loss $10.0M (60.0% of revenue).
Bluerock Homes Trust, Q3 2025: revenue $16.6M (+31% year over year), operating margin -57.6%, net loss $10.0M, operating cash flow $13.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16.6M | -1% | +31% |
| Operating profit | −$9.6M | — | — |
| Net earnings | −$10.0M | — | — |
| Operating cash flow | $13.2M | -6% | +686% |
| Free cash flow | $8.5M | -5% | — |
What changed
Revenue was $16.6M in Q3 2025, up 31% year over year and down 1% from the previous quarter. Residential communities was the largest line at 55% of revenue. Residential communities added $5.1M year over year (up 130%), 132% of the total change. Scattered single-family homes declined 6%.
Operating costs exceeded revenue by $9.6M, an operating margin of -57.6%. Total costs grew 186% against revenue growth of 31%. The fastest-growing cost line was Other operating costs (+250%). The quarter ended with a net loss of $10.0M, wider than the previous quarter's $5.8M loss. Minority interests bore $6.4M of it: to shareholders the quarter was a loss of $3.6M.
Operating cash flow was $13.2M (up 686% year over year). Non-cash charges added back $7.2M of depreciation and amortization. Working capital and other items added $16.0M. Capital expenditures of $4.7M left free cash flow of $8.5M.
Questions
What was Bluerock Homes Trust's revenue in the third quarter 2025?
Bluerock Homes Trust (BHM) reported revenue of $16.6M for the third quarter 2025 (Q3 2025), +31% from a year earlier and -1% from the quarter before.
Was Bluerock Homes Trust profitable in the third quarter 2025?
Operating loss was $9.6M (-57.6% of revenue) and net loss $10.0M.