Bluerock Homes Trust (BHM) 10-K 22 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 15, 2023	Jun. 30, 2022
Document Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-41322
Entity Registrant Name	Bluerock Homes Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	87-4211187
Entity Address, Address Line One	1345 Avenue of the Americas, 32nd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	843-1601
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	BHM
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Central Index Key	0001903382
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Southfield, Michigan
Class A common stock
Document Entity Information
Entity Common Stock, Shares Outstanding		3,835,013
Class C common stock
Document Entity Information
Entity Common Stock, Shares Outstanding		8,489

COMBINED CONSOLIDATED BALANCE S

COMBINED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Net Real Estate Investments
Land	$ 69,369	$ 41,997
Buildings and improvements	412,463	278,592
Furniture, fixtures and equipment	8,159	2,459
Total Gross Real Estate Investments	489,991	323,048
Accumulated depreciation	(17,865)	(4,964)
Total Net Real Estate Investments	472,126	318,084
Cash and cash equivalents	78,426	129,389
Restricted cash	4,136	7,540
Notes and accrued interest receivable, net		38,883
Due from affiliates	0	428
Accounts receivable, prepaids and other assets, net	17,916	5,094
Preferred equity investments in unconsolidated real estate joint ventures, net	86,289	39,521
In-place lease intangible assets, net		2,525
TOTAL ASSETS	658,893	541,464
LIABILITIES AND EQUITY
Mortgages payable	98,191	63,007
Revolving credit facilities	55,000
Accounts payable	1,751	2,087
Other accrued liabilities	9,752	10,778
Due to affiliates	2,211	506
Distributions payable		3,115
Total Liabilities	166,905	79,493
Stockholders' Equity
Preferred stock, $0.01 par value, 250,000,000 and no shares authorized at December 31, 2022 and 2021, respectively; no shares issued and outstanding as of December 31, 2022 and 2021
Common stock	38
Predecessor Bluerock Homes equity		116,510
Additional paid-in-capital	126,623
Retained earnings	33,325	34,325
Total Stockholders' Equity	159,986	150,835
Noncontrolling Interests
Operating partnership units	307,825	289,258
Partially owned properties	24,177	21,878
Total Noncontrolling Interests	332,002	311,136
Total Equity	491,988	461,971
TOTAL LIABILITIES AND EQUITY	$ 658,893	$ 541,464

COMBINED CONSOLIDATED BALANCE_2

COMBINED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	250,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	562,500,000	0
Common stock, shares issued	3,835,013	0
Common stock, shares outstanding	3,835,013	0
Class C common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	187,500,000	0
Common stock, shares issued	8,489	0
Common stock, shares outstanding	8,489	0

COMBINED CONSOLIDATED STATEMENT

COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021
Revenues
Rental and other property revenues		$ 32,859	[1]	$ 9,275
Interest income from loan investments		1,285	[1]	5,355
Total revenues		34,144	[1]	14,630
Expenses
Property operating		15,171	[1]	3,230
Property management and asset management fees		3,834	[1]	550
General and administrative		7,102	[1]	4,570
Management fees to related party	[1]	1,787
Acquisition and pursuit costs	[1]	167
Weather-related losses, net	[1]	25
Depreciation and amortization		16,007	[1]	5,891
Total expenses		44,093	[1]	14,241
Operating (loss) income		(9,949)	[1]	389
Other income (expense)
Other income		446	[1]	253
Preferred returns on unconsolidated real estate joint ventures		8,588	[1]	3,190
Recovery of credit losses		402	[1]	28
Transaction costs	[1]	(24)
Interest expense, net		(5,699)	[1]	(2,915)
Total other income		3,713	[1]	556
Net (loss) income from continuing operations		(6,236)	[1]	945
Discontinued operations
Income on operations of rental property		53	[1]	340
Loss on extinguishment of debt				(6,172)
Gain on sale of assets from discontinued operations		258	[1]	116,690
Income from discontinued operations		311	[1]	110,858
Net (loss) income		(5,925)	[1]	111,803
Net (loss) income attributable to noncontrolling interests
Operating partnership units		(1,927)	[1]	65,826
Partially-owned properties		(2,998)	[1]	11,652
Net (loss) income attributable to noncontrolling interests		(4,925)	[1]	77,478
Net (loss) income attributable to common stockholders		$ (1,000)	[1]	$ 34,325
Net (loss) income per common share - Basic
Continuing operations		$ (0.29)	[1]	$ 0.14
Discontinued operations		0.03	[1]	8.79
Total Net (loss) income per common share - Basic		(0.26)	[1]	8.93
Net (loss) income per common share - Diluted
Continuing operations		(0.29)	[1]	0.14
Discontinued operations		0.03	[1]	8.79
Total Net (loss) income per common share - Diluted		$ (0.26)	[1]	$ 8.93
Weighted average basic common shares outstanding		3,843,502	[1]	3,843,502
Weighted average diluted common shares outstanding		3,843,502	[1]	3,843,502
[1] The combined consolidated statement of operations for the year ended December 31, 2022 includes (i) the Company’s results of operations for the period of October 6 – December 31, 2022, which represents the Company’s results of operations following its spin-off from Bluerock Residential, and (ii) the Company’s results of operations for the period ending and prior to October 6, 2022, which represents a carve-out of revenues and expenses attributable to the Company related to Bluerock Residential’s single-family residential home business. The Company’s historical financial information for the year ended December 31, 2021 was prepared on the same basis as the carve-out period of 2022. As a result, results of operations for the year ended December 31, 2022 may not be comparative to the Company’s results of operations reported for the prior year presented.

COMBINED CONSOLIDATED STATEME_2

COMBINED CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY - USD ($) $ in Thousands	Common Stock Class A common stock	Common Stock Class C common stock	Predecessor Bluerock Homes Equity	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interests	Total
Beginning Balance at Dec. 31, 2020			$ (43,854)			$ 227,825	$ 183,971
Contributions, net			160,364			22,353	182,717
Distributions to partially owned noncontrolling interests						(16,520)	(16,520)
Net income (loss)					$ 34,325	77,478	111,803
Ending Balance at Dec. 31, 2021			116,510		34,325	311,136	461,971
Contributions, net			98,204			7,223	105,427
Cash distribution to Parent at spin-off			(68,470)				(68,470)
Predecessor Bluerock Homes Equity reclassified at spin-off			$ (146,244)	$ 128,714		17,530
Issuance of common stock at spin-off	$ 38						38
Issuance of common stock at spin-off (in shares)	3,835,013	8,489
Issuance of LTIP Units for director compensation						566	566
Issuance of LTIP Units to Manager						306	306
Distributions to partially owned noncontrolling interests						(1,925)	(1,925)
Adjustment for noncontrolling interest ownership in the Operating Partnership				(2,091)		2,091
Net income (loss)					(1,000)	(4,925)	(5,925)	[1]
Ending Balance at Dec. 31, 2022	$ 38			$ 126,623	$ 33,325	$ 332,002	$ 491,988
Ending balance (Shares) at Dec. 31, 2022	3,835,013	8,489
[1] The combined consolidated statement of operations for the year ended December 31, 2022 includes (i) the Company’s results of operations for the period of October 6 – December 31, 2022, which represents the Company’s results of operations following its spin-off from Bluerock Residential, and (ii) the Company’s results of operations for the period ending and prior to October 6, 2022, which represents a carve-out of revenues and expenses attributable to the Company related to Bluerock Residential’s single-family residential home business. The Company’s historical financial information for the year ended December 31, 2021 was prepared on the same basis as the carve-out period of 2022. As a result, results of operations for the year ended December 31, 2022 may not be comparative to the Company’s results of operations reported for the prior year presented.

COMBINED CONSOLIDATED STATEME_3

COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021
Cash flows from operating activities
Net (loss) income	$ (5,925)	[1]	$ 111,803
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	18,768		9,827
Amortization of fair value adjustments	(319)		(261)
Preferred returns on unconsolidated real estate joint ventures	(8,588)		(3,190)
Gain on sale of assets from discontinued operations	(258)		(116,690)
Fair value adjustment of interest rate caps and swaps	(3,084)
Loss on extinguishment of debt			6,172
Recovery of credit losses	(402)		(28)
Distributions of income and preferred returns from preferred equity investments in unconsolidated real estate joint ventures	2,125		4,437
Share-based compensation attributable to equity incentive plan	566
Share-based compensation to Manager - LTIP Units	306
Changes in operating assets and liabilities:
Due to affiliates, net	2,134		151
Accounts receivable, prepaids and other assets	127		(1,264)
Notes and accrued interest receivable	2,942		(1,867)
Accounts payable and other accrued liabilities	(4,894)		719
Net cash provided by operating activities	3,498		9,809
Cash flows from investing activities
Acquisitions of real estate investments	(147,813)		(255,400)
Capital expenditures	(18,648)		(1,702)
Investment in notes receivable	(9,645)		(10,419)
Repayments on notes receivable	45,645		22,319
Proceeds from sale of real estate investments			401,780
Proceeds from sale and redemption of unconsolidated real estate joint ventures			41,262
Investments in unconsolidated real estate joint venture interests	(46,716)		(39,792)
Net cash (used in) provided by investing activities	(177,177)		158,048
Cash flows from financing activities
Distributions to noncontrolling interests	(1,925)		(16,520)
Contributions from noncontrolling interests	7,223		22,353
Contribution from Parent	98,204		160,364
Cash distribution to Parent at spin-off	(68,470)
Other financing activities	38
Borrowings on mortgages payable	41,942		2,573
Repayments on mortgages payable including prepayment penalties	(5,819)		(219,021)
Proceeds from revolving credit facilities	55,000		30,000
Repayments on revolving credit facilities			(63,000)
Payments of deferred financing fees	(4,616)		(1,209)
Purchase of interest rate caps	(2,265)
Net cash provided by (used in) financing activities	119,312		(84,460)
Net (decrease) increase in cash, cash equivalents and restricted cash	(54,367)		83,397
Cash, cash equivalents and restricted cash, beginning of year	136,929		53,532
Cash, cash equivalents and restricted cash, end of year	82,562		136,929
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	78,426		129,389
Restricted cash	4,136		7,540
Total cash, cash equivalents and restricted cash, end of year	82,562		136,929
Supplemental disclosure of cash flow information
Cash paid for interest (net of interest capitalized)	5,926		4,599
Supplemental disclosure of non-cash investing and financing activities
Mortgages assumed upon property acquisitions			40,501
Capital expenditures held in accounts payable and other accrued liabilities	$ 1,585		$ 909
[1] The combined consolidated statement of operations for the year ended December 31, 2022 includes (i) the Company’s results of operations for the period of October 6 – December 31, 2022, which represents the Company’s results of operations following its spin-off from Bluerock Residential, and (ii) the Company’s results of operations for the period ending and prior to October 6, 2022, which represents a carve-out of revenues and expenses attributable to the Company related to Bluerock Residential’s single-family residential home business. The Company’s historical financial information for the year ended December 31, 2021 was prepared on the same basis as the carve-out period of 2022. As a result, results of operations for the year ended December 31, 2022 may not be comparative to the Company’s results of operations reported for the prior year presented.

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Dec. 31, 2022
Organization and Nature of Business
Organization and Nature of Business	Note 1 – Organization and Nature of Business Bluerock Homes Trust, Inc. (the “Company” or “Bluerock Homes”) was incorporated as a Maryland corporation on December 16, 2021. The Company had historically operated as part of Bluerock Residential Growth REIT, Inc (“Bluerock Residential” or “Parent”) and not as a standalone company. On October 6, 2022, Bluerock Residential completed a spin-off transaction (see “Separation and Distribution Agreement” below) that resulted in its single-family residential real estate business and certain other assets being contributed to the Company. The accompanying combined consolidated financial statements have been derived from (i) Bluerock Residential’s historical accounting records and are presented on a carve-out basis for the period ended and prior to October 6, 2022, and (ii) the Company’s accounting records as a standalone company subsequent to the spin-off transaction. All revenues and costs as well as assets and liabilities directly associated with the business activity of the Company are included in the financial statements. The financial statements also include allocations of certain general, administrative, sales and marketing expenses and operations from Bluerock Residential for the period ended and prior to October 6, 2022. However, amounts recognized by the Company are not representative of the amounts that would have been reflected in the financial statements had the Company operated independently of Bluerock Residential. Related-party allocations are discussed further in Note 13. All significant intercompany balances and transactions have been eliminated. Any references to “the Company,” “we,” “us,” or “our” for all periods ended October 6, 2022 and prior refer to Bluerock Homes as owned by Bluerock Residential, and for all periods subsequent to October 6, 2022 refer to Bluerock Homes as an independent, publicly traded company. The Company owns and operates high-quality single-family properties located in attractive markets with a focus on the knowledge-economy and high-quality of life growth markets of the Sunbelt and Western United States. The Company’s principal objective is to generate attractive risk-adjusted returns on investments where it believes it can drive growth in funds from operations and net asset value by acquiring pre-existing single-family residential homes, developing build-to-rent communities, and through Value-Add renovations. The Company’s Value-Add strategy focuses on repositioning lower-quality, less current assets to drive rent growth and expand margins to increase net operating income and maximize the Company’s return on investment. As of December 31, 2022, the Company held an aggregate of 3,977 residential units held through seventeen real estate investments, consisting of ten consolidated operating investments and seven investments held through preferred equity investments. As of December 31, 2022, the Company’s consolidated operating investments were approximately 94.8% occupied. The Company intends to elect to be taxed and to operate in a manner that will allow it to qualify as a real estate investment trust (“REIT”) for federal income tax purposes beginning with its taxable year ended December 31, 2022 upon the filing of our U.S. federal income tax return for such taxable year. As a REIT, the Company generally will not be subject to corporate-level income taxes. To qualify and maintain our REIT status, the Company will be required, among other requirements, to distribute annually at least 90% of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify and maintain its qualification as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates. Separation and Distribution Agreement On October 5, 2022, the Company entered into a Separation and Distribution Agreement (the “Separation Agreement”) with Bluerock Residential, Badger Parent, Badger Holdco LLC and Bluerock Residential Holdings, L.P., the Company’s operating partnership (the “Operating Partnership”) in connection with the Company’s separation and spin-off from Bluerock Residential (see “Spin-Off” below). The Separation Agreement contains the key provisions relating to the separation from Bluerock Residential of its single-family residential real estate business and certain other assets (the “Separation”). It also sets forth certain other covenants and agreements between the Company and Bluerock Residential related to the Separation, including, among other things, provisions concerning the allocation of cash to the Company prior to the Separation and the treatment of shared contracts following the Separation, as well as certain covenants and agreements that govern aspects of the ongoing relationship between the Company and Bluerock Residential following the Distribution, including, among other things, provisions with respect to the release of claims, insurance, employee liabilities, expenses and indemnification. On October 6, 2022, pursuant to the Separation and Distribution Agreement, Bluerock Residential contributed to the Company the SpinCo Cash Amount (as that term is defined the Separation and Distribution Agreement) of approximately $74 million in cash; in addition, the Company held $22 million at its properties for a total cash and restricted cash balance of approximately $96 million on October 6, 2022. The foregoing description of the Separation Agreement is only a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, which is filed as Exhibit 2.1 to the Company’s current report on Form 8-K filed with the Securities and Exchange Commission on October 6, 2022 Spin-Off On October 6, 2022, following the Separation and pursuant to the Separation Agreement, Bluerock Residential completed the spin-off of the Company by distributing all of the Company’s outstanding shares of Class A common stock and Class C common stock to the holders of Bluerock Residential common stock (the “Distribution”) as of the record date, September 29, 2022 (the “Spin-Off”). As a result of the Separation, the Distribution and the Spin-Off, the Company became an independent publicly-traded company and our Class A common stock is listed under the symbol “BHM” on the NYSE American. Following the Separation, the Distribution and the Spin-Off, the former holders of Bluerock Residential common stock who received shares of the Company’s common stock in the Distribution indirectly owned approximately 34% of the Company’s single-family residential business, and holders of units in the Operating Partnership (other than the holders of the Company’s common stock) indirectly owned approximately 66% of the Company’s single-family residential business. Articles of Amendment and Restatement and Bylaws In connection with the Separation and the Distribution, the Company filed Articles of Amendment and Restatement (the “Second Articles of Amendment and Restatement”) with the Maryland State Department of Assessments and Taxations on October 5, 2022, which became effective as of 12:00 a.m. on October 6, 2022, amending and restating its charter. The Second Articles of Amendment and Restatement provide for, among other things, (i) an increase in our authorized number of shares of capital stock to 1,000,000,000 shares, consisting of 750,000,000 shares of common stock, $0.01 par value per share and 250,000,000 shares of preferred stock, $0.01 par value per share, and (ii) restrictions on transfer and ownership intended to enable the Company to qualify and maintain its qualification as a real estate investment trust. On October 6, 2022, the Company also amended and restated its bylaws (the “Amended and Restated Bylaws”) to provide terms appropriate as an ongoing publicly traded company. The foregoing description of the Second Articles of Amendment and Restatement and the Amended and Restated Bylaws is only a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of each of the Second Articles of Amendment and Restatement and the Amended and Restated Bylaws, which are filed as Exhibits 3.1 3.2 Tax Matters Agreement In connection with the Separation and the Distribution, on October 5, 2022, the Company entered into a Tax Matters Agreement with Bluerock Residential, Badger Parent, Badger Holdco LLC, Bluerock REIT Holdings, LLC (“REIT Holdings”) and the Operating Partnership that governs the respective rights, responsibilities and obligations of Bluerock Residential and the Company after the Distribution with respect to tax liabilities and benefits, tax attributes, certain indemnification rights with respect to tax matters, the preparation and filing of tax returns, the control of audits and other tax proceedings, the intended federal income tax characterization of the Separation and the Distribution and the agreed-upon reporting thereof, and certain other tax matters. The Company’s obligations under the Tax Matters Agreement are not limited in amount or subject to any cap. The foregoing description of the Tax Matters Agreement is only a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of the Tax Matters Agreement, which is filed as Exhibit 10.1 to the Company’s current report on Form 8-K filed with the Securities and Exchange Commission on October 6, 2022

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 – Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Company conducts its operations through the Operating Partnership, of which it is the sole general partner. The combined consolidated financial statements include the Company’s accounts and those of the Operating Partnership and its subsidiaries. As of December 31, 2022, limited partners other than the Company owned approximately 67.0% of the common units of the Operating Partnership (35.03% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 31.97% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 3.48% which are not vested at December 31, 2022). Bluerock Homes consists of the combined consolidated financial statements of the Operating Partnership and Bluerock REIT Operator, LLC, as well as the following investments and certain related entities: Alexan Southside Place, ARIUM Grandewood, Ballast, Golden Pacific, ILE, James at South First, Marquis at The Cascades, Mira Vista, Navigator Villas, Peak Housing, Peak JV 1 (formerly Indy and Springfield), Peak JV 2 (formerly Axelrod, Granbury, Granbury 2.0, Lubbock, Lubbock 2.0, Lubbock 3.0, Lynnwood, Lynnwood 2.0, Springtown, Springtown 2.0, Texarkana and Texas Portfolio 183), Peak JV 3 (formerly DFW 189), Peak JV 4 (formerly Savannah 319), Park & Kingston, Plantation Park, The Conley, The Cottages at Myrtle Beach, The Cottages at Warner Robins, The Cottages of Port St. Lucie, The District at Scottsdale, The Hartley at Blue Hill, The Woods at Forest Hill, Thornton Flats, Vickers Historic Roswell, Wayford at Concord, Wayford at Innovation Park, Weatherford 185, Willow Park and Yauger Park Villas. The financial statements include allocations of certain general, administrative, sales and marketing expenses and operations from Bluerock Residential for the period ended and prior to October 6, 2022. The combined consolidated financial statements include certain prior period reclassifications made by the Company to reflect the Operating Partnership unitholders’ approximately 66% ownership in the Company following the Separation and Distribution. Reclassifications to net (loss) income on the combined consolidated statements of operations, along with reclassifications to stockholders’ equity and noncontrolling interest for Operating Partnership unitholders on the combined consolidated balances sheets and statements of stockholders’ equity, were made for the period ending and prior to October 6, 2022 and for the year ended December 31, 2021. Significant Risks and Uncertainties The COVID-19 Pandemic For much of 2020, the ongoing pandemic of the novel coronavirus and variants thereof (“COVID-19”) created significant uncertainty and economic disruption that adversely affected the Company and its tenants. The adverse impact of the pandemic moderated during 2021 and has significantly diminished during 2022. However, the continuing impact of the COVID-19 pandemic and its duration are unclear, and various factors could erode the progress that has been made against the virus to date. If conditions similar to those experienced in 2020, at the height of the pandemic, were to reoccur, such conditions and any resulting macro-economic changes could have material and adverse effects on the Company’s financial condition, results of operations and cash flows. The Company continues to closely monitor the impact of COVID-19 on all aspects of its business. For further information regarding the impact of COVID-19 on the Company, see the section titled “Risk Factors---Risks Related to Our Business, Properties and Industry” set forth in Item 1A of this Annual Report on Form 10-K. Summary of Significant Accounting Policies Real Estate Investments, Preferred Equity Investments and Notes Receivable (Real Estate Loan Investment) The Company first analyzes an investment to determine if it is a variable interest entity (“VIE”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation determined that an entity in which the Company holds an interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. If, after consideration of the VIE accounting literature, the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures, the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members has either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course of business. The Company analyzes each investment that involves real estate acquisition, development, and construction to consider whether the investment qualifies as an investment in a real estate acquisition, development, and construction arrangement. The Company has evaluated its real estate investments as required by ASC 310-10 Receivables Investments – Debt Securities For investments that meet the criteria of a security under ASC 320 Investments – Debt Securities For investments that do not meet the criteria of a security under ASC 320 Investments – Debt Securities Fair Value of Financial Instruments As of December 31, 2022 and December 31, 2021, the carrying values of cash and cash equivalents, restricted cash, accounts receivable, due to and due from affiliates, accounts payable, other accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations. Refer to Note 11 for further information regarding fair value measurements. Real Estate Assets Real Estate Purchase Price Allocations Upon acquisition, the Company evaluates its acquired residential properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Purchases of residential properties are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Acquisition costs typically include legal fees, broker commissions and title fees, as well as other closing costs. In making estimates of fair values for purposes of allocating the purchase price of acquired properties, the Company utilizes various sources including its own market knowledge obtained from historical transactions, published market data, and independent appraisers. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. Intangible assets include the value of in-place leases which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates. Capital Additions, Depreciation and Amortization The Company capitalizes costs incurred in connection with its capital additions activities, including redevelopment, development and construction projects, other tangible improvements, and replacements of existing components. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Accordingly, many factors are considered as part of our evaluation processes with no one factor necessarily determinative. Depreciation and amortization expense are computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: ​ ​ ​ ​ Buildings 30 – 40 years Building improvements ​ 5 – 15 years Land improvements ​ 5 – 15 years Furniture, fixtures and equipment ​ 3 – 8 years In-place leases ​ 6 months ​ Impairment of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets. No impairment charges were recorded in 2022 or 2021. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. Restricted Cash Restricted cash is composed of lender-imposed escrow accounts for replacement reserves, tenant deposits, real estate taxes and insurance. Concentration of Credit Risk The Company maintains cash balances with high-quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third-party costs associated with obtaining financing. Fees associated with the Company’s revolving lines of credit are recorded within accounts receivable, prepaids and other assets on the combined consolidated balance sheet. Deferred fees associated with its lines of credit are amortized to interest expense over the terms of the financing agreements using the straight-line method, which approximates the effective interest method. Partially Owned Noncontrolling Interests Partially owned noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement. Revenue Recognition The Company recognizes rental revenue on a straight-line basis over the terms of the rental agreements and in accordance with ASC Topic 842 Leases Other property revenues are recognized in the period earned. The Company recognizes a gain or loss on the sale of real estate assets when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtains control. Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 Compensation-Stock Compensation Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders to qualify and maintain its REIT status. Distributions to stockholders will be determined by the Company’s board of directors (the “Board”) and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT, and other considerations as the Board may deem relevant. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared. Dividends may be funded from a variety of sources. In particular, the Company expects that, initially, dividends may exceed net income under GAAP because of non-cash expenses, mainly depreciation and amortization expense, which are included in net income. To the extent that funds available for distribution are less than the amount required to be distributed to stockholders to satisfy the requirements to qualify as a REIT, the Company may consider various means to cover any such shortfall, including borrowing under loans, selling certain assets or using a portion of the net proceeds from future offerings of equity, equity-related securities or debt securities or declaring taxable share dividends. In addition, the Company’s charter allows the issuance of preferred equity shares that could have a preference on dividends, and if the Company does, the dividend preference on the preferred equity could limit the ability to pay dividends to the holders of our common stock. Reportable Segment The Company owns and operates residential investments that generate rental and other property-related income through the leasing of units to a diverse base of tenants. The Company evaluates operating performance on an individual property investment level and based on the investments’ similar economic characteristics. The Company’s primary financial measure for operating performance is net operating income (“NOI”) as it measures the core operations of property performance by excluding corporate level expenses and those other items not related to property operating performance. The Company views its residential real estate assets as one reportable segment, and, accordingly, aggregates its properties into one reportable segment. Lessor Accounting The Company’s current portfolio generates rental revenue by leasing residential units. As lease revenues for residential units fall under the scope of ASC Topic 842, such lease revenues are classified as operating leases with straight-line recognition over the terms of the relevant lease agreement and inclusion within rental revenue. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between the Company and the resident. Non-lease components of the Company’s leases are combined with the related lease component and accounted for as a single lease component under ASC Topic 842. The balances of net real estate investments and related depreciation on the Company’s combined consolidated financial statements relate to assets for which the Company is the lessor. Lessee Accounting The Company determines whether an arrangement is a lease at inception. The Company determined that its lessee operating lease commitments have no material impact on its combined consolidated financial statements with the adoption of ASC Topic 842. The Company will continue to assess any modification of existing lease agreements and execution of any new lease agreements for the potential requirement of recording a right-of-use asset or liability in the future. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. New Accounting Pronouncements In January 2021, the FASB issued Accounting Standards Update (“ASU”) No. 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”). The amendments in ASU 2021-01 were effective immediately and permit entities to elect certain optional expedients in connection with reference rate reform activities and their impact on debt, contract modifications and derivative instruments as it is expected the global market will transition from LIBOR and other interbank offered rates to alternative reference rates. The initial sunset date for election of the amendments in ASU 2021-01 was December 31, 2022, though with the issuance by FASB of ASU 2022-06 “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848”, the amendments in ASU 2021-01 can be elected over time as reference rate reform activities occur through December 31, 2024. The Company has not elected the optional expedients, though it continues to evaluate the impact of the guidance and may apply elections as applicable as changes in the market occur. Current Expected Credit Losses The Company estimates provision for credit losses on its loans (notes receivable) and preferred equity investments under CECL. This method is based on expected credit losses for the life of the investment as of each balance sheet date. The method for calculating the estimate of expected credit loss considers historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The Company estimates its provision for credit losses using a collective (pool) approach for investments with similar risk characteristics, such as collateral and duration of investment. In measuring the CECL provision for investments that share similar characteristics, the Company applies a default rate to the investments for the remaining loan or preferred equity investment hold period. As the Company does not have a significant historical population of loss data on its loan and preferred equity investments, the Company’s default rate utilized for CECL is based on an external historical loss rate for commercial real estate loans. In addition to analyzing investments as a pool, the Company performs an individual investment assessment of expected credit losses. If it is determined that the borrower is experiencing financial difficulty, or a foreclosure is probable, or the Company expects repayment through the sale of the collateral, the Company calculates expected credit losses based on the value of the underlying collateral as of the reporting date. During this review process, if the Company determines that it is probable that it will not be able to collect all amounts due for both principal and interest according to the contractual terms of an investment, that loan or preferred equity investment is not considered fully recoverable and a provision for credit loss is recorded. In estimating the value of the underlying collateral when determining if a loan or preferred equity investment is fully recoverable, the Company evaluates estimated future cash flows to be generated from the collateral underlying the investment. The inputs and assumptions utilized to estimate the future cash flows of the underlying collateral are based upon the Company’s evaluation of the operating results, economy, market trends, and other factors, including judgments regarding costs to complete any construction activities, lease-up and occupancy rates, rental rates, and capitalization rates utilized to estimate the projected cash flows at the disposition. The Company may also obtain a third-party valuation which may value the collateral through an “as-is” or “stabilized value” methodology. If upon completion of the valuation the fair value of the underlying collateral securing the investment is less than the net carrying value, the Company records a provision for credit loss on that loan or preferred equity investment. As the investment no longer displays the characteristics that are similar to those of the pool of loans or preferred equity investments, the investment is removed from the CECL collective (pool) analysis described above.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2022
Discontinued Operations
Discontinued Operations	Note 3 – Discontinued Operations During 2021, the Company sold six multifamily consolidated operating investments as follows: ARIUM Grandewood, James at South First, Marquis at The Cascades, Plantation Park, Park & Kingston and The District at Scottsdale. The Company did not sell any consolidated operating investments in 2022. We have concluded that these multifamily apartment community sales are discontinued operations as the asset group represents a component of an entity, the component met the criteria of held for sale in 2021, and the disposals represented a strategic shift in our business from multifamily apartment communities to single-family residential units. As a result, certain items were reclassified as part of discontinued operations for comparative purposes. The amounts in the statement of operations that are included in discontinued operations at December 31, 2022 and 2021 are summarized in the following table (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Total Revenues ​ $ — ​ $ 8,875 ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ Property operating ​ (53) ​ 3,423 Property management and asset management fees ​ — ​ 213 Weather-related losses, net ​ — ​ 87 Depreciation and amortization ​ — ​ 2,692 Interest expense, net ​ — ​ 2,120 Total expenses ​ (53) ​ 8,535 Income on operations of rental property ​ 53 ​ 340 Loss on extinguishment of debt ​ — ​ (6,172) Gain on sale of real estate assets ​ 258 ​ 116,690 Income from discontinued operations ​ $ 311 ​ $ 110,858 ​ The amounts in the statement of cash flows that are included in discontinued operations at December 31, 2021 are summarized in the following table (amounts in thousands). No amounts are included in the statement of cash flows at December 31, 2022. ​ ​ ​ ​ ​ ​ 2021 Depreciation and amortization ​ $ 2,929 Capital expenditures ​ 714 ​

Sale of Real Estate Assets

Sale of Real Estate Assets	12 Months Ended
	Dec. 31, 2022
Sale of Real Estate Assets
Sale of Real Estate Assets	Note 4 – Sale of Real Estate Assets Sale of ARIUM Grandewood On January 28, 2021, the Company closed on the sale of ARIUM Grandewood located in Orlando, Florida. The property was sold for approximately $65.3 million, subject to certain prorations and adjustments typical in such real estate transactions. After consideration of the $39.1 million senior mortgage and payment of closing costs and fees of $1.1 million, the sale of ARIUM Grandewood generated net proceeds of approximately $25.1 million and a gain on sale of approximately $27.7 million. The Company recorded debt modification costs of $0.1 million related to the collateral substitution transaction. ​ Sale of James at South First On February 24, 2021, the Company closed on the sale of James at South First located in Austin, Texas. The property was sold for $50.0 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the property in the amount of $25.6 million, the payment of early extinguishment of debt costs of $2.5 million and payment of closing costs and fees of $0.5 million, the sale of the property generated net proceeds of approximately $21.1 million and a gain on sale of approximately $17.4 million. The Company’s pro rata share of the proceeds was approximately $18.1 million. The Company recorded a loss on extinguishment of debt of $2.6 million related to the sale. Sale of Marquis at The Cascades On March 1, 2021, the Company closed on the sale of the Marquis at The Cascades properties, located in Tyler, Texas, pursuant to the terms and conditions of two separate purchase and sales agreements. The properties were sold for approximately $90.9 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the properties in the amount of $53.6 million and payment of closing costs and fees of $0.3 million, the sale of the properties generated net proceeds of approximately $37.3 million and a gain on sale of approximately $23.7 million. The Company’s pro rata share of the proceeds was approximately $32.6 million. The Company recorded a loss on extinguishment of debt of $0.3 million related to the sale. Sale of The Conley Interests On March 18, 2021, The Conley, the underlying asset of an unconsolidated joint venture located in Leander, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $16.5 million, which included its original preferred investment of $15.2 million and accrued preferred return of $1.3 million. Sale of Alexan Southside Place Interests On March 25, 2021, Alexan Southside Place, the underlying asset of an unconsolidated joint venture located in Houston, Texas, was sold. The Company received $10.1 million of its preferred equity investment, which was net of the $15.9 million provision for credit loss recorded in the fourth quarter 2020. ​ Sale of Plantation Park On April 26, 2021, the Company closed on the sale of Plantation Park located in Lake Jackson, Texas. The property was sold for $32.0 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for assumption of the existing mortgage indebtedness encumbering the property in the amount of $26.6 million and payment of closing costs and fees of $0.4 million, a loss on the sale of $1.1 million was incurred. The sale of the property generated net proceeds of approximately $4.9 million, of which the Company’s pro rata share of the proceeds was approximately $2.7 million. The Company recorded a loss on extinguishment of debt of $0.2 million related to the sale. Sale of Vickers Historic Roswell On June 29, 2021, Vickers Historic Roswell, a property located in Roswell, Georgia, was sold. Upon the sale, the mezzanine loan provided by the Company was paid off in the amount of $12.9 million, which included principal repayment of $12.4 million and accrued interest of $0.5 million. Sale of Park & Kingston On July 7, 2021, the Company closed on the sale of Park & Kingston located in Charlotte, North Carolina. The property was sold for $44.9 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the property in the amount of $19.6 million, the payment of early extinguishment of debt costs of $2.4 million and payment of closing costs and fees of $0.5 million, the sale of the property generated net proceeds of approximately $24.7 million and a gain on sale of approximately $19.4 million. The Company recorded a loss on extinguishment of debt of $2.6 million related to the sale. Sale of The District at Scottsdale On July 7, 2021, the Company closed on the sale of The District at Scottsdale located in Scottsdale, Arizona. The property was sold for $150.5 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the property in the amount of $73.8 million, the payment of early extinguishment of debt costs of $0.4 million and payment of closing costs and fees of $0.4 million, the sale of the property generated net proceeds of approximately $74.8 million and a gain on sale of approximately $29.6 million. The Company’s pro rata share of the proceeds was approximately $69.5 million. The Company recorded a loss on extinguishment of debt of $0.4 million related to the sale. Sale of Mira Vista Interests On September 23, 2021, Mira Vista, the underlying asset of an unconsolidated joint venture located in Austin, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $5.6 million, which included its original preferred investment of $5.3 million and accrued preferred return of $0.3 million. ​ Sale of Thornton Flats Interests On December 14, 2021, Thornton Flats, the underlying asset of an unconsolidated joint venture located in Austin, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $5.5 million, which included its original preferred investment of $5.3 million and accrued preferred return of $0.2 million. Sale of The Hartley at Blue Hill On February 28, 2022, The Hartley at Blue Hill, a property located in Chapel Hill, North Carolina, was sold. The mezzanine loan provided by the Company was paid off for $34.4 million, which included principal repayment of $31.0 million and accrued interest of $3.4 million. On April 29, 2022, the senior loan provided by the Company, which was secured by a parcel of land adjacent to The Hartley at Blue Hill property, was paid off for $5.0 million. Weatherford 185 Mezzanine Loan Repayment On July 22, 2022, the outstanding balance of the Weatherford 185 mezzanine loan provided by the Company was paid off for $9.4 million, which included principal repayment of $9.3 million and accrued interest of $0.1 million.

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2022
Investments in Real Estate
Investments in Real Estate	Note 5 – Investments in Real Estate As of December 31, 2022, the Company held seventeen real estate investments, consisting of ten consolidated operating investments and seven investments held through preferred equity investments. The following tables provide summary information regarding the Company’s consolidated operating investments and preferred equity investments. Consolidated Operating Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Average Year ​ Ownership Name Market Units Built Interest ​ Ballast ​ AZ / CO / WA ​ 84 ​ 1998 ​ 95 % Golden Pacific IN / KS / MO 171 1976 97 % ILE TX / SE US 482 1991 95 % Navigator Villas Pasco, WA 176 2013 90 % Peak ​ JV 1 (1) ​ IN / MO ​ 334 ​ 1997 ​ 60 % JV 2 (2) ​ Various / TX ​ 608 ​ 1980 ​ 80 % JV 3, formerly DFW 189 ​ Dallas-Fort Worth, TX ​ 189 ​ 1962 ​ 56 % JV 4, formerly Savannah 319 ​ Savannah, GA ​ 66 ​ 2022 ​ 80 % Wayford at Concord Concord, NC 150 2019 83 % Yauger Park Villas Olympia, WA 80 2010 95 % Total Units ​ 2,340 ​ (1) Peak JV 1 includes the portfolios formerly presented as Indy and Springfield. (2) Peak JV 2 includes the portfolios formerly presented as Axelrod, Granbury, Granbury 2.0, Lubbock, Lubbock 2.0, Lubbock 3.0, Lynnwood, Lynnwood 2.0, Springtown, Springtown 2.0, Texarkana and Texas Portfolio 183, of which all are in Texas. Depreciation expense was $12.9 million and $3.6 million for the years ended December 31, 2022 and 2021, respectively. Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was $2.7 million and $2.1 million for the years ended December 31, 2022 and 2021, respectively. The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all the risks and benefits of ownership of the consolidated real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as a security deposit vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not individually significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of their security deposit. Security deposits received in cash related to tenant leases are included within other accrued liabilities in the accompanying combined consolidated balance sheets and totaled $2.1 million and $1.5 million as of December 31, 2022 and 2021, respectively, for the Company’s consolidated real estate investments. No individual tenant represents over 10% of the Company’s annualized base rent for the consolidated real estate investments. Preferred Equity Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual / ​ ​ ​ ​ ​ ​ Actual / ​ Estimated ​ Actual / Estimated ​ ​ ​ ​ Planned ​ Initial ​ Construction Lease-up Investment Name Location / Market Number of Units Occupancy Completion The Woods at Forest Hill ​ Forest Hill, TX ​ 76 ​ 4Q 2022 ​ 3Q 2023 Willow Park Willow Park, TX 46 2Q 2022 3Q 2023 Total Lease-up Units ​ 122 ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment Name The Cottages at Myrtle Beach Myrtle Beach, SC 294 2Q 2023 4Q 2023 The Cottages at Warner Robins Warner Robins, GA 251 3Q 2023 4Q 2023 The Cottages of Port St. Lucie Port St. Lucie, FL 286 2Q 2023 1Q 2024 Wayford at Innovation Park Charlotte, NC 210 3Q 2023 3Q 2024 Total Development Units ​ 1,041 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Investment Name ​ Number of Units ​ ​ Peak Housing (1) IN / MO / TX 474 ​ ​ ​ ​ Total Operating Units ​ ​ 474 ​ ​ ​ ​ Total Units ​ ​ 1,637 ​ ​ ​ ​ (1) Peak Housing is a stabilized operating portfolio and consists of the Company’s preferred equity investments in a private single-family home REIT (refer to Note 8 for further information). Unit count excludes units presented in the consolidated operating investments table above.

Acquisition of Real Estate

Acquisition of Real Estate	12 Months Ended
	Dec. 31, 2022
Acquisition of Real Estate
Acquisition of Real Estate	Note 6 – Acquisition of Real Estate The following describes the Company’s significant acquisition activity and related new financing during the years ended December 31, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Ownership ​ Purchase ​ ​ ​ ​ Name Market Month (1) Units Interest Price Debt ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Yauger Park Villas Olympia, WA ​ April 80 95 % $ 24,500 ​ $ 15,077 (2) Wayford at Concord Concord, NC ​ June 150 83 % 44,438 ​ — (3) Third Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peak JV 1 (4) IN / MO ​ August 334 60 % 52,785 ​ 38,175 (5) Peak JV 2 (6) Various / TX ​ September 195 80 % 26,150 ​ 18,305 (5) Fourth Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ILE ​ TX / SE US ​ October ​ 279 95 % 57,139 ​ 26,839 (7) Peak JV 2 (6) ​ Various / TX ​ October ​ 111 80 % 16,393 ​ 11,493 (5) Golden Pacific ​ KS / MO ​ November ​ 7 ​ 97 % ​ 1,213 ​ ​ — (3) Peak JV 2 (6) ​ Various / TX ​ November ​ 20 ​ 80 % ​ 2,448 ​ ​ 1,714 (5) Peak JV 2 (6) ​ Various / TX ​ December ​ 248 ​ 80 % ​ 35,354 ​ ​ 24,748 (5) Peak JV 3, formerly DFW 189 ​ Dallas-Fort Worth, TX ​ December ​ 189 ​ 56 % ​ 27,670 ​ ​ 19,950 (8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peak JV 2 (6) ​ Various / TX ​ March ​ 34 ​ 80 % ​ 7,650 ​ ​ 5,355 (5) Peak JV 4, formerly Savannah 319 ​ Savannah, GA ​ March ​ 19 ​ 80 % ​ 4,465 ​ ​ — (3) Golden Pacific ​ IN / KS / MO ​ Various ​ 62 ​ 97 % ​ 11,774 ​ ​ — (3) ILE ​ TX / SE US ​ Various ​ 31 ​ 95 % ​ 7,011 ​ ​ 9,974 (7) Second Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ballast ​ AZ / CO / WA ​ Various ​ 65 ​ 95 % ​ 26,100 ​ ​ — (3) Golden Pacific IN / KS / MO ​ Various 66 97 % 13,966 ​ — (3) ILE TX / SE US ​ Various 108 95 % 27,804 ​ 8,802 (7) Peak JV 4 ​ Savannah, GA ​ Various ​ 20 ​ 80 % ​ 4,767 ​ ​ — (3) Third Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ballast ​ AZ / CO / WA ​ Various ​ 19 ​ 95 % ​ 6,233 ​ ​ — (3) Golden Pacific ​ IN / KS / MO ​ Various ​ 35 ​ 97 % ​ 7,859 ​ ​ — (3) ILE ​ TX / SE US ​ Various ​ 64 ​ 95 % ​ 16,711 ​ ​ 10,193 (7) Peak JV 4 ​ Savannah, GA ​ Various ​ 14 ​ 80 % ​ 3,394 ​ ​ — (3) Fourth Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Golden Pacific ​ IN / KS / MO ​ October ​ 1 ​ 97 % ​ 155 ​ ​ — (3) Peak JV 4 Savannah, GA ​ Various 13 80 % 3,151 ​ — (3) (1) For those months where “Various”is listed, the Company, on various dates throughout that specified quarter, acquired additional units that were added to the respective existing portfolios. For Ballast, the units acquired in the second quarter 2022 were the first acquisitions by the Company for the portfolio. (2) Mortgage balance includes a $10.5 million senior loan assumption and a $4.6 million supplemental loan assumption secured by the Yauger Park Villas property. (3) Purchase price was funded in full by the Company and its unaffiliated joint venture partner upon acquisition. (4) Peak JV 1 includes the portfolios formerly presented as Indy and Springfield. (5) As part of the acquisition, the Company provided a mortgage or mezzanine loan to the consolidated portfolio owner in the full amount shown. During 2022, these loans were converted into common equity interests. Refer to the Peak Housing disclosure in Note 7 for further information. (6) Peak JV 2 includes the portfolios formerly presented as Axelrod, Granbury, Granbury 2.0, Lubbock, Lubbock 2.0, Lubbock 3.0, Lynnwood, Lynnwood 2.0, Springtown, Springtown 2.0, Texarkana and Texas Portfolio 183, of which all are in Texas. The amounts presented reflect the aggregate of the portfolios acquired during the period specified. (7) As there are four separate credit agreements under which the ILE portfolio acquisitions are financed, the debt amount represents the aggregate debt held through one or more of these credit agreements. Refer to Note 9 and Note 10 for further information. (8) As part of the acquisition, the Company provided a mezzanine loan to the consolidated portfolio owner in the full amount shown. The loan is eliminated in the Company’s combined consolidated financial statements. Refer to the Peak Housing disclosure in Note 7 for further information. Purchase Price Allocation The real estate acquisitions above have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets based on their estimated fair values at the dates of acquisition. The following table summarizes the assets acquired at the acquisition date for acquisitions made during the year ended December 31, 2022 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Purchase Price ​ Allocation Land ​ $ 27,366 Building ​ 119,408 Building improvements ​ 680 Furniture and fixtures ​ 166 In-place leases ​ 193 Total assets acquired ​ $ 147,813 ​

Notes and Interest Receivable

Notes and Interest Receivable	12 Months Ended
	Dec. 31, 2022
Notes and Interest Receivable
Notes and Interest Receivable	Note 7 – Notes and Interest Receivable At December 31, 2022 and December 31, 2021, the Company had zero and $38.9 million, respectively, in notes and accrued interest receivable due from its loan investments. The $38.9 million receivable due at December 31, 2021 represents the Company’s loan investments in The Hartley at Blue Hill and is net of a provision for credit loss of $0.06 million. Credit Losses The provision for and recovery of credit losses of the Company’s loan investments at December 31, 2022 and December 31, 2021 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Beginning balances, net as of January 1, 2022 and 2021, respectively ​ $ 59 ​ $ 82 Recovery of credit losses on pool of assets, net (1) ​ (59) ​ (23) Provision for credit losses, end of period ​ $ — ​ $ 59 (1) Under CECL, a provision for, or recovery of, credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The recovery of credit losses during the year ended December 31, 2022 was a result of the sale of The Hartley at Blue Hill. Following is a summary of the interest income from loan investments for the years ended December 31, 2022 and 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property 2022 2021 Corpus (1) ​ $ — ​ $ 219 Jolin (1) ​ — ​ 84 The Hartley at Blue Hill (2) ​ 784 ​ 4,149 Vickers Historic Roswell (3) ​ — ​ 903 Weatherford 185 (4) ​ 501 ​ — Total ​ $ 1,285 ​ $ 5,355 (1) In the third quarter 2021, the Company provided bridge loans to both Corpus and Jolin. In December 2021, the Company recapitalized both Corpus and Jolin and received a full payoff of each loan. As part of the recapitalization, both Corpus and Jolin, along with two portfolios of units previously owned by the Company’s joint venture partner, were combined into Peak JV 2. (2) In the first quarter 2022, The Hartley at Blue Hill property was sold and the mezzanine loan provided by the Company was paid off in full. The Hartley at Blue Hill senior loan provided by the Company was paid off in full in the second quarter 2022. (3) In the second quarter 2021, the Vickers Historic Roswell property was sold. The mezzanine loan provided by the Company was paid off in full upon the sale. (4) On July 22, 2022, the Weatherford 185 mezzanine loan provided by the Company was paid off in full. Refer to the disclosure below for further information. Corpus and Jolin Bridge Loan Financing On July 9, 2021, the Company provided a $6.8 million bridge loan to the operating partnership of Peak Housing REIT (the “Peak REIT OP”), an unaffiliated private single-family home REIT, for Corpus, an 81 -unit, stabilized portfolio of single-family residential units located in the Corpus Christi, Texas market. On August 6, 2021, the Company provided a $3.1 million bridge loan to the Peak REIT OP for Jolin, a 24 -unit, stabilized portfolio of single-family residential units located in the Weatherford, Texas market. Both the Corpus and Jolin bridge loans bore interest at a fixed rate of 7.0% with regular monthly payments that were interest-only. At the time each bridge loan was provided, the Company also made a preferred equity investment in the Peak REIT OP for Corpus and Jolin on which the Company earned a 10.0% per annum return on its investments. On December 22, 2021, the Company and Peak REIT OP entered into an agreement to recapitalize the Corpus and Jolin portfolios. As part of the recapitalization, both Corpus and Jolin, along with two portfolios of units previously owned solely by Peak REIT OP, were combined into one portfolio which was contributed to Peak JV 2, an existing joint venture between the Company and the Peak REIT OP. In addition, the Company, through a contribution to Peak JV 2, made a common equity investment in this portfolio and provided a mezzanine loan of $19.8 million to the portfolio owner. The Company received full payoffs, including any accrued but unpaid interest, of both the Corpus and Jolin bridge loans from the Peak REIT OP. Additionally, the Company’s original preferred equity investments in the Peak REIT OP for Corpus and Jolin were amended to reduce the preferred return rate from 10.0% to 8.0% per annum. Refer to the Peak Housing Financing disclosure below for further information regarding the mezzanine loan. Refer to the Peak Housing Interests disclosure in Note 8 for further information about the Company’s preferred equity investments in the Peak REIT OP. Peak Housing Financing During 2021, the Company made a preferred equity investment in the operating partnership of Peak REIT OP, and in addition, made common equity investments, through joint ventures with Peak REIT OP, in fourteen portfolios of single-family residential units as follows: two portfolios through Peak JV 1, eleven portfolios through Peak JV 2, and one portfolio through Peak JV 3. These fourteen portfolios are part of Peak Housing (refer to Note 8 for further information about the Company’s preferred equity investment therein). During 2022, the Company made common equity investments, through joint ventures with Peak REIT OP, in two portfolios of single-family residential units as follows: one portfolio through Peak JV 2 and one portfolio through Peak JV 4. In addition to its common and/or preferred equity investments, the Company, through wholly-owned lender-entities, provided the full mortgage or mezzanine loan to each of the fifteen respective portfolio owners within Peak JV 1, JV 2 and JV 3. These portfolio owners are owned by joint ventures in which the Company has its common equity investments along with Peak REIT OP. To determine if consolidation of the joint ventures was appropriate, the Company evaluated the basis of consolidation under ASC 810: Consolidation using the voting interest equity method as it had determined that the joint ventures were not variable interest entities. As the Company has controlling voting interests and substantive participating rights of the joint ventures under the operating agreements, the Company determined that consolidation of the joint ventures was appropriate. As the entities through which the Company provided the loans (the lender-entities) and the entities to which the loans were provided (the property owners) consolidate into the Company’s financial statements, the loan receivable balances and the loan payable balances are eliminated through consolidation and therefore are not reflected in the Company’s combined consolidated balance sheets. In addition, the Company’s pro rata share of each loan’s interest expense incurred through the portfolio owner partially offsets, through consolidation, the Company’s interest income for each loan recognized at the wholly-owned lender-entity. The remaining interest income, which is attributable to interest incurred by Peak REIT OP as the noncontrolling interest in each portfolio, is reflected in net income (loss) attributable to common stockholders in the Company’s combined consolidated statements of operations. Through its impact on the net operations of the portfolio, Peak REIT OP’s pro rata share of each loan’s interest expense is reflected in net income (loss) attributable to partially owned noncontrolling interests in the Company’s combined consolidated statements of operations. On April 1, 2022, the mortgage or mezzanine loans provided by the Company to the twelve respective portfolio owners in Peak JV 2 were converted into a total of $66.2 million of common equity interests, which included the full principal loan balances in the aggregate amount of $61.6 million and an aggregate amount of $4.6 million representing the minimum interest associated with the respective loans. On May 10, 2022, the mortgage loans provided by the Company to the two respective portfolio owners in Peak JV 1 were converted into a total of $39.2 million of common equity interests, which included the full principal loan balances in the aggregate amount of $38.2 million and an aggregate amount of $1.0 million representing the minimum interest associated with the respective loans. As of December 31, 2022, one mezzanine loan remains outstanding that has been provided by the Company to the portfolio owner in Peak JV 3. The Hartley at Blue Hill Loan Financing The Company provided a $31.0 million mezzanine loan (the “Hartley Mezz Loan”) to BR Chapel Hill JV, LLC (“BR Chapel Hill JV”), which owns a 100% interest in BR Chapel Hill, LLC (“BR Chapel Hill”) and is a joint venture with common interests held by Bluerock Special Opportunity + Income Fund, LLC, Bluerock Special Opportunity + Income Fund II, LLC (“Fund II”), and BR Chapel Hill Investment, LLC, all managed by affiliates of BRG Manager, LLC (the “former Manager”). The Hartley Mezz Loan was to mature on March 31, 2024 or earlier upon the occurrence of certain events, including the date of sale or transfer or property, and could be prepaid without penalty. The Hartley Mezz Loan bore interest at a current rate of 5.25% and an accrued rate of 6.5% for a total interest rate of 11.75% per annum. In conjunction with the Hartley Mezz Loan, the Company provided a $5.0 million senior loan to BR Chapel Hill. The senior loan was secured by BR Chapel Hill’s fee simple interest in The Hartley at Blue Hill property. The senior loan was to mature on March 31, 2024 and could be prepaid without penalty. The senior loan bore interest at a fixed rate of 10.0% per annum with regular monthly payments that were interest-only during the initial term. On February 28, 2022, The Hartley at Blue Hill property was sold and the Hartley Mezz Loan was paid off for $34.4 million, which included principal repayment of $31.0 million and accrued interest of $3.4 million. In April 2022, the senior loan of $5.0 million was paid off in full. Vickers Historic Roswell Mezzanine Loan Financing The Company provided a $12.4 million mezzanine loan (the “Vickers Mezz Loan”) to BR Vickers Roswell JV Member, LLC (the “Vickers JV Member”), an affiliate of the former Manager. The Vickers Mezz Loan was secured by Vickers JV Member’s approximate 80% interest in a joint venture along with Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”), an affiliate of the former Manager, and an unaffiliated third party, which developed a 79-unit Class A apartment community located in Roswell, Georgia known as Vickers Historic Roswell. The Vickers Mezz Loan was to mature on February 26, 2022 or earlier upon the occurrence of certain events, including the date of sale or transfer of the property. The Vickers Mezz Loan bore interest at a fixed rate of 15.0% with regular monthly payments that were interest-only and could be prepaid without penalty. On June 29, 2021, the Vickers Historic Roswell property was sold and the Vickers Mezz Loan was paid off for $12.9 million, which included principal repayment of $12.4 million and accrued interest of $0.5 million. Weatherford 185 Mezzanine Loan Financing On February 15, 2022, the Company provided a $9.6 million mezzanine loan to an unaffiliated third party to purchase land in Weatherford, Texas for the development of approximately 185-build for rent, single-family residential units. The loan bore interest at a fixed rate of 12% per annum with interest-only payments during the term of the loan. The loan was to initially mature on May 16, 2022 and contained three (3) thirty-day extension options, of which the borrower exercised all three options, extending the maturity date to August 14, 2022. At the time of each such extension, the borrower was required to make a payment to the Company of $0.1 million toward the unpaid principal amount of the loan. The loan could be prepaid without penalty. On July 22, 2022, the outstanding balance of the Weatherford 185 mezzanine loan provided by the Company was paid off for $9.4 million, which included principal repayment of $9.3 million and accrued interest of $0.1 million.

Preferred Equity Investments in

Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures	12 Months Ended
	Dec. 31, 2022
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures	Note 8 – Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures The carrying amount of the Company’s preferred equity investments in unconsolidated real estate joint ventures as of December 31, 2022 and 2021 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property 2022 2021 Peak Housing ​ $ 20,318 ​ $ 20,318 The Cottages at Myrtle Beach ​ 17,913 ​ 9,034 The Cottages at Warner Robins ​ 13,250 ​ — The Cottages of Port St. Lucie ​ 18,785 ​ 7,260 The Woods at Forest Hill ​ 3,300 ​ 442 Wayford at Innovation Park ​ 10,205 ​ — Willow Park ​ 2,540 ​ 2,540 Total ​ $ 86,311 ​ $ 39,594 Provision for credit losses ​ (22) ​ (73) Total, net ​ $ 86,289 ​ $ 39,521 ​ Credit Losses The provision for and recovery of credit losses of the Company’s preferred equity investments at December 31, 2022 and December 31, 2021 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Beginning balances, net as of January 1, 2022 and 2021, respectively ​ $ 73 ​ $ 16,009 Recovery of credit losses on pool of assets, net (1) ​ (51) ​ (6) Recovery of credit loss – Alexan Southside Place (2) ​ — ​ (15,930) Provision for credit losses, net, end of period ​ $ 22 ​ $ 73 ​ ​ ​ ​ ​ ​ ​ Recovery of credit loss – Alexan Southside Place ​ $ (292) ​ $ — (1) Under CECL, a provision for, or recovery of, credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The recovery of credit losses during the year ended December 31, 2022 was primarily attributable to a decrease in the trailing twelve-month historical default rate. (2) In the first quarter 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to the disclosure below for further information. As of December 31, 2022, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding equity investments in seven joint ventures. These seven equity investments are preferred equity investments that are classified as held to maturity debt securities as the Company has the intention and ability to hold the investments to maturity. The Company earns a fixed return on these investments, which is included within preferred returns on unconsolidated real estate joint ventures in its combined consolidated statements of operations. Each joint venture’s purpose is to develop or operate a portfolio of residential units. The preferred returns on the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2022 and 2021 is summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property 2022 2021 Mira Vista (1) ​ $ — ​ $ 391 Peak Housing ​ 1,887 ​ 1,030 The Conley (1) ​ — ​ 405 The Cottages at Myrtle Beach ​ 2,288 ​ 300 The Cottages at Warner Robins ​ 1,151 ​ — The Cottages of Port St. Lucie ​ 2,186 ​ 227 The Woods at Forest Hill ​ 274 ​ 2 Thornton Flats (1) ​ — ​ 420 Wayford at Concord (2) ​ — ​ 364 Wayford at Innovation Park ​ 469 ​ — Willow Park ​ 333 ​ 51 Total preferred returns on unconsolidated joint ventures ​ $ 8,588 ​ $ 3,190 (1) The Company’s preferred equity investment was redeemed in 2021. (2) On June 4, 2021, the Company purchased the Wayford at Concord property from its unaffiliated joint venture partner, and as part of the transaction, its preferred equity investment was redeemed. The occupancy percentages of the Company’s unconsolidated real estate joint ventures at December 31, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ Property 2022 2021 Peak Housing 95.4 % 92.8 % The Cottages at Myrtle Beach ​ (1) ​ (2) ​ The Cottages at Warner Robins ​ (1) ​ (2) ​ The Cottages of Port St. Lucie ​ (1) ​ (2) ​ The Woods at Forest Hill (3) ​ 1.3 % (2) ​ Wayford at Innovation Park ​ (1) ​ (2) ​ Willow Park (4) 30.4 % (2) ​ (1) The development had not commenced lease-up as of December 31, 2022. (2) The development had not commenced lease-up as of December 31, 2021. (3) The Woods at Forest Hill commenced lease-up in October 2022. (4) Willow Park commenced lease-up in late June 2022. Alexan Southside Place Interests The Company made a $ 24.9 million preferred equity investment in a joint venture along with Fund II and Fund III (together, the “Funds”), affiliates of the former Manager, and an unaffiliated third party (the “Alexan Southside JV”), which developed a 270 -unit Class A apartment community upon a tract of land under an 85 -year ground lease located in Houston, Texas, known as Alexan Southside Place. In 2021, the Company earned a preferred return of 3.5% per annum. The Alexan Southside JV was required to redeem the Company’s preferred membership interest plus any accrued but unpaid return on November 9, 2022 or earlier upon the occurrence of certain events. On March 25, 2021, the Company’s preferred equity investment in Alexan Southside Place was redeemed by the Alexan Southside JV for $10.1 million, which was net of the $15.9 million provision for credit loss (refer to below) the Company recorded in the fourth quarter 2020. Alexan Southside Place Provision for Credit Loss Consistent with the overall Houston – Medical Center submarket, Alexan Southside Place lost significant value because of the onset of the COVID-19 pandemic given the pandemic’s impact on demand within the submarket. At the time in the fourth quarter 2020, it was expected that the overall submarket would rebound over the next twenty-four to thirty-six months, though it was more likely than not that the joint venture would sell before recovery. As a result of this change in the submarket and the impact on the underlying operations of the Alexan Southside Place preferred equity investment, and the likelihood that the joint venture would sell before recovery (which it did sell in March 2021 as disclosed above), the risk characteristics of the investment, such as investment duration, had changed; the investment was removed from the pool analysis for credit losses under CECL and the investment was evaluated separately through an individual investment recoverability analysis. This separate analysis deemed the investment was not fully recoverable, and as a result, a $15.9 million provision for credit loss was recorded in the fourth quarter 2020. The credit loss on this asset was a result of writing down the Company’s investment to equal its estimated value. The estimated value was based on a letter of intent to purchase the property from an unrelated third party which was received by the joint venture. Refer to Note 2 for further information regarding CECL. Mira Vista Interests In September 2019, the Company made a $ 5.3 million preferred equity investment in a joint venture (the “Mira Vista JV”) with an unaffiliated third party for a stabilized property in Austin, Texas known as Mira Vista. The Company earned a 7.0% current return and a 3.1 % accrued return, for a total preferred return of 10.1% per annum. The Mira Vista JV was required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on January 1, 2030 or earlier upon the occurrence of certain events. On September 23, 2021, the Company’s preferred equity investment in Mira Vista was redeemed by the Mira Vista JV for $5.6 million, which included its original preferred investment of $5.3 million and accrued preferred return of $0.3 million. Peak Housing Interests On April 12, 2021, the Company made a $ 10.7 million preferred equity investment in the Peak REIT OP for a portfolio of 474 single-family residential units located throughout Texas. During the third and fourth quarters 2021, the Company made additional preferred equity investments totaling $ 9.6 million in the Peak REIT OP which is cross-collateralized by an additional fourteen portfolios representing an aggregate of 1,097 single-family residential units. Of the Company’s total $ 20.3 million preferred equity investment in the Peak REIT OP, the Company earns a 7.0% current return and a 3.0% accrued return on $ 16.0 million of its investment, for a total preferred return of 10.0% per annum. On its remaining $ 4.3 million investment, the Company earns a 4.0% current return and a 4.0% accrued return, for a total preferred return of 8.0% per annum. The current returns shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current returns not paid monthly shall be accrued at a rate of 15 % per annum. The units in Peak Housing are subject to individual mortgage debt in the aggregate amount of $86.9 million. The Peak REIT OP is required to redeem the Company’s preferred equity interest plus any accrued preferred return in each property, on a pro rata basis, on the earlier date of: (i) the third anniversary on which the Company made its preferred equity investment, with the option for two (2) one-year extensions, subject to certain conditions, (ii) the sale of a property, (iii) the refinancing of the loan related to a property, or (iv) the maturity date of a property loan. The Conley Interests In October 2018, the Company made a $ 15.2 million preferred equity investment in a joint venture (the “The Conley JV”) with an unaffiliated third party which developed a 259 -unit Class A apartment community located in Leander, Texas known as The Conley. The Company earned an 8.5% current return and a 4.0% accrued return for a total preferred return of 12.5% per annum. The Conley JV was required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on October 29, 2023 or earlier upon the occurrence of certain events. On March 18, 2021, the Company’s preferred equity investment in The Conley was redeemed by The Conley JV for $16.5 million, which included its original preferred investment of $15.2 million and accrued preferred return of $1.3 million. The Cottages at Myrtle Beach Interests On September 9, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Cottages MB JV”) to develop approximately 294 -build for rent, single-family residential units in Myrtle Beach, South Carolina. The Company made a commitment to invest $ 17.9 million of preferred equity interests in the Cottages MB JV, all of which had been funded as of December 31, 2022. The Company will earn a 14.5 % per annum accrued return on outstanding capital contributions with payments to be remitted when the properties generate cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of properties. The Cottages MB JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with The Cottages at Myrtle Beach investment, The Cottages at Myrtle Beach property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $ 40.2 million construction loan, of which $ 19.9 million was outstanding as of December 31, 2022. The loan matures on March 9, 2025 and is secured by the fee simple interest in The Cottages at Myrtle Beach property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at the greater of 3.10 % or one-month LIBOR plus 2.60 % with interest-only monthly payments through the initial term of the loan. The Cottages at Warner Robins Interests On December 8, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Cottages WR JV”) to develop approximately 251 -build for rent, single-family residential units in Warner Robins, Georgia. The Company made a commitment to invest $ 13.3 million of preferred equity interests in the Cottages WR JV, all of which had been funded as of December 31, 2022. The Company will earn a 14.5 % per annum accrued return on outstanding capital contributions with payments to be remitted when the properties generate cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of properties. The Cottages WR JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with The Cottages at Warner Robins investment, The Cottages at Warner Robins property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $ 34.5 million construction loan, of which $ 18.1 million was outstanding as of December 31, 2022. The loan matures on April 5, 2025 and is secured by the fee simple interest in The Cottages at Warner Robins property. The loan contains an extension option to December 5, 2026, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at one-month Term SOFR plus 3.10 % with interest-only monthly payments through the initial term of the loan. The Cottages of Port St. Lucie Interests On August 26, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Cottages St. Lucie JV”) to develop approximately 286 -build for rent, single-family residential units in Port St. Lucie, Florida. The Company made a commitment to invest $ 18.8 million of preferred equity interests in the Cottages St. Lucie JV, all of which had been funded as of December 31, 2022. The Company will earn a 14.5 % per annum accrued return on outstanding capital contributions with payments to be remitted when the properties generate cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of properties. The Cottages St. Lucie JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with The Cottages of Port St. Lucie investment, The Cottages of Port St. Lucie property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $ 45.2 million construction loan, of which $ 14.4 million was outstanding as of December 31, 2022. The loan matures on August 26, 2024 and is secured by the fee simple interest in The Cottages of Port St. Lucie property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at the greater of 3.50 % or one-month LIBOR plus 2.75 % with interest-only monthly payments through the initial term of the loan. The Woods at Forest Hill Interests On December 20, 2021, the Company entered into a joint venture agreement with Peak REIT OP (the “Woods JV”) to develop approximately 76 -build for rent, single-family residential units in Forest Hill, Texas. The Company made a commitment to invest $ 3.3 million of preferred equity interests in the Woods JV, all of which had been funded as of December 31, 2022. The Company will earn a 13 % per annum accrued return on outstanding capital contributions with payments to be remitted when the properties generate cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of properties. The Woods JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with The Woods at Forest Hill development, The Woods at Forest Hill property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into an $ 8.3 million construction loan, of which $ 7.9 million was outstanding as of December 31, 2022. The loan matures on December 20, 2024 and is secured by the fee simple interest in The Woods at Forest Hill property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid subject to a make whole premium. The loan bears interest on the amount drawn at the greater of 4.75 % or the prime rate plus 1.50 % with interest-only monthly payments through July 2024 and future monthly payments based on twenty-five-year amortization. Thornton Flats Interests In September 2019, the Company made a $ 4.6 million preferred equity investment in a joint venture (the “Thornton JV”) with an unaffiliated third party for a stabilized property in Austin, Texas known as Thornton Flats. The Company earned an 8.0 % current return and a 1.0 % accrued return for a total preferred return of 9.0% per annum. On August 26, 2021, the Company, in accordance with terms as set forth in the Thornton Flats operating agreement, funded an additional $0.8 million of preferred equity interests in the Thornton JV, increasing the Company’s total preferred equity investment in the Thornton JV to $ 5.3 million. The Thornton JV was required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on September 25, 2024 or earlier upon the occurrence of certain events. On December 14, 2021, the Company’s preferred equity investment in Thornton Flats was redeemed by the Thornton JV for $5.5 million, which included its original preferred investment of $5.3 million and accrued preferred return of $0.2 million. Wayford at Concord Interests The Company made a $ 6.5 million preferred equity investment in a joint venture (the “Wayford JV”) with an unaffiliated third party which developed 150 -build for rent, single-family residential units in Concord, North Carolina known as Wayford at Concord. The Company earned a 9.0% current return and a 4.0% accrued return for a total preferred return of 13.0% per annum. The Wayford JV was required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on November 9, 2023 or earlier upon the occurrence of certain events. On June 4, 2021, the Company, along with an unaffiliated third party, purchased the interests in the Wayford at Concord property, the underlying asset of the Wayford JV, from the Company’s Wayford JV partner for $44.4 million. The Company acquired an 83 % interest in Wayford at Concord. In conjunction with the sale, the Company’s preferred equity investment was redeemed by the Wayford JV for $7.0 million, which included its original preferred investment of $6.5 million and accrued preferred return of $0.5 million. Upon the redemption of its preferred investment and the purchase of Wayford at Concord, the Company began consolidating the property’s statement of operations and balance sheet. Wayford at Innovation Park Interests On June 17, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Wayford IP JV”) to develop approximately 210 -build for rent, single-family residential units in Charlotte, North Carolina to be known as Wayford at Innovation Park. The Company made a commitment to invest $ 13.4 million of preferred equity interests in the Wayford IP JV, of which $ 10.2 million had been funded as of December 31, 2022. The Company will earn a 12.5 % per annum accrued return on outstanding capital contributions with payments to be remitted when the property generates cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of the property. The Wayford IP JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return on June 17, 2026 or earlier upon the occurrence of certain events. In conjunction with the Wayford at Innovation Park development, the Wayford at Innovation Park property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $ 39.6 million construction loan, of which none was outstanding as of December 31, 2022. The loan matures on October 15, 2026, can be prepaid without penalty, and is secured by the fee simple interest in the Wayford at Innovation Park property. The loan bears interest on the amount drawn at the greater of 3.50 % or one-month LIBOR plus 2.25 % with interest-only monthly payments through October 2024 and future monthly payments based on thirty-year amortization. Willow Park Interests On June 17, 2021, the Company entered into a joint venture agreement with Peak REIT OP (the “Willow Park JV”) to develop approximately 46 -build for rent, single-family residential units in Willow Park, Texas. The Company made a commitment to invest $ 2.5 million of preferred equity interests in the Willow Park JV, all of which had been funded as of December 31, 2022. The Company will earn a 13.0 % per annum accrued return on outstanding capital contributions with payments to be remitted when the properties generate cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of properties. The Willow Park JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with the Willow Park development, the Willow Park property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into an $8.8 million construction loan, of which $7.9 million was outstanding as of December 31, 2022. The loan matures on August 5, 2024 and is secured by the fee simple interest in the Willow Park property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid subject to a make whole premium. The loan bears interest on the amount drawn at the greater of 4.50% or the prime rate plus 1.25% with interest-only monthly payments through February 2024 and future monthly payments based on twenty-five-year amortization.

Revolving Credit Facilities

Revolving Credit Facilities	12 Months Ended
	Dec. 31, 2022
Revolving Credit Facilities
Revolving Credit Facilities	Note 9 — Revolving Credit Facilities The outstanding balances on the revolving credit facilities as of December 31, 2022 are summarized in the table below (amounts in thousands). No amounts were outstanding on the revolving credit facilities as of December 31, 2021. ​ ​ ​ ​ ​ Revolving Credit Facilities 2022 DB Credit Facility ​ $ 35,000 ILE Sunflower Credit Facility ​ 20,000 Total ​ $ 55,000 ​ Amended Senior Credit Facility On March 6, 2020, Bluerock Residential entered into the Amended Senior Credit Facility. The Amended Senior Credit Facility provided for a revolving loan with an initial commitment amount of $ 100 million, which commitment contained an accordion feature to a maximum total commitment of up to $ 350 million. Borrowings under the Amended Senior Credit Facility bore interest, at Bluerock Residential’s option, at LIBOR plus 1.30 % to 1.65 % or the base rate plus 0.30 % to 0.65 %, depending on its leverage ratio. Bluerock Residential paid an unused fee at an annual rate of 0.15 % to 0.20 % of the unused portion of the Amended Senior Credit Facility, depending on the borrowings outstanding. The Amended Senior Credit Facility contained certain financial and operating covenants and was to mature on March 6, 2023. Bluerock Residential had guaranteed the obligations under the Amended Senior Credit Facility and had pledged certain assets as collateral. The Amended Senior Credit Facility provided Bluerock Residential with the ability to issue up to $ 50 million in letters of credit. While the issuance of letters of credit did not increase its borrowings outstanding under the Amended Senior Credit Facility, it did reduce the availability of borrowings. Amended Junior Credit Facility On September 21, 2021, Bluerock Residential entered into the Amended Junior Credit Facility. The Amended Junior Credit Facility provided for a revolving loan with a maximum commitment amount of $72.5 million. Borrowings under the Amended Junior Credit Facility bore interest, at Bluerock Residential’s option, at LIBOR plus 2.75% to 3.25% or the base rate plus 1.75% to 2.25%, depending on its leverage ratio. Bluerock Residential paid an unused fee at an annual rate of 0.35% to 0.40% of the unused portion of the Amended Junior Credit Facility, depending on the borrowings outstanding. The Amended Junior Credit Facility contained certain financial and operating covenants and was to mature on December 21, 2023. Bluerock Residential had guaranteed the obligations under the Amended Junior Credit Facility and had pledged certain assets as collateral. Termination of Credit Facilities with KeyBank On October 6, 2022, in connection with transactions related to the Separation, the Distribution and the Spin-Off, Bluerock Residential caused the termination of all commitments, liabilities and other obligations under the Amended Senior Credit Facility and the Amended Junior Credit Facility. The Company was not a party to the Amended Senior Credit Facility or the Amended Junior Credit Facility. Deutsche Bank Credit Facility (“DB Credit Facility”) On April 6, 2022, the Company entered into a credit facility with Deutsche Bank Securities Inc., as sole lead arranger, Deutsche Bank AG, New York Branch, as administrative agent, the financial institutions party thereto as lenders and Computershare Trust Company, N.A., as paying agent and calculation agent (the “DB Credit Facility”). The DB Credit Facility provides for a revolving loan with a maximum commitment amount of $150 million. Borrowings under the DB Credit Facility are limited to financings related to the acquisition, renovation, rehabilitation, maintenance and leasing of single-family residential properties owned by various Peak joint ventures. During the initial term of the DB Credit Facility, borrowings bear interest on the amount drawn at Term SOFR plus 2.80%, and borrowings can be prepaid without premium or penalty. The DB Credit Facility matures on April 6, 2024 and contains two (2) one-year extension options, subject to certain conditions. The DB Credit Facility contains certain financial and operating covenants, including maximum leverage ratio, minimum debt yield and minimum debt service coverage ratio. At December 31, 2022, the Company was in compliance with all covenants under the DB Credit Facility and the credit facility was fully drawn at $35 million based on the collateral and compliance with various ratios related to those assets. The Company has guaranteed the obligations under the DB Credit Facility. ILE Sunflower Credit Facility On December 27, 2021, the Company’s unaffiliated joint venture partner, ILE, entered into a credit facility with Sunflower Bank, N.A. (the “ILE Sunflower Credit Facility”). The ILE Sunflower Credit Facility provides for a revolving loan with an initial commitment amount of $20 million, which commitment contains an accordion feature to a maximum total commitment of up to $50 million. The ILE Sunflower Credit Facility, along with three other separate non-revolving credit facilities (refer to Note 10 for further information), is used in the financing of acquisitions of single-family residential units. Borrowings under the ILE Sunflower Credit Facility bear interest at LIBOR plus 3.0%, subject to a rate floor, and can be prepaid without penalty or premium. The ILE Sunflower Credit Facility matures on December 27, 2024 and contains certain financial and operating covenants, including a minimum fixed charge coverage ratio. At December 31, 2022, ILE was in compliance with all covenants under the ILE Sunflower Credit Facility and the initial commitment was fully drawn at $20 million. A principal of ILE has guaranteed the obligations under the ILE Sunflower Credit Facility and the Company and ILE have pledged certain assets as collateral.

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2022
Mortgages Payable
Mortgages Payable	Note 10 – Mortgages Payable The following table summarizes certain information as of December 31, 2022 and 2021, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal As of December 31, 2022 ​ ​ December 31, ​ December 31, ​ ​ ​ Interest-only ​ ​ ​ Property ​ 2022 2021 ​ Interest Rate through date Maturity Date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate: ​ ​ ​ ILE (1) ​ $ 25,976 ​ $ — 3.69 % (2) ​ (1) ​ Navigator Villas (3) ​ 20,039 ​ 20,361 4.57 % (2) ​ June 1, 2028 ​ Yauger Park Villas (4) ​ 14,643 ​ 14,921 4.86 % (2) ​ April 1, 2026 ​ Total Fixed Rate ​ $ 60,658 ​ $ 35,282 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate: ​ ​ ​ ​ ILE (5) ​ $ 4,600 ​ $ 26,825 7.18 % August 2023 ​ August 9, 2028 ​ Wayford at Concord (6) ​ 32,973 ​ — 4.73 % May 2027 ​ May 1, 2029 ​ Total Floating Rate ​ $ 37,573 ​ $ 26,825 ​ ​ Total ​ $ 98,231 ​ $ 62,107 ​ ​ Fair value adjustments ​ 1,235 ​ 1,555 ​ ​ Deferred financing costs, net ​ (1,275) ​ (655) ​ ​ Total mortgages payable ​ $ 98,191 ​ $ 63,007 ​ ​ (1) ILE’s fixed rate debt represents the aggregate debt outstanding across two separate credit agreements. Of the $26.0 million balance, $6.6 million held through one credit agreement has a fixed rate of 3.50% , while the remaining $19.4 million held through the second credit agreement has a fixed rate of 3.75% . Both credit agreements mature in 2026. (2) The loan requires monthly payments of principal and interest. (3) The principal balance includes a $14.4 million senior loan at a fixed rate of 4.31% and a $5.6 million supplemental loan at a fixed rate of 5.23% . (4) The principal balance includes a $10.1 million senior loan at a fixed rate of 4.81% and a $4.5 million supplemental loan at a fixed rate of 4.96% . (5) ILE’s floating rate debt represents the debt outstanding from one credit agreement and bears interest at one-month Term SOFR plus 3.00 %, subject to a 4.00 % rate floor. In December 2022, the one-month Term SOFR in effect was 4.18% . (6) The Wayford at Concord loan bears interest at the 30-day average SOFR plus 2.23 %. In December 2022, the 30-day average SOFR in effect was 3.73 %. SOFR rate is subject to a 2.50% rate cap through April 2025. Please refer to Note 12 for further information. Deferred financing costs Costs incurred in obtaining long-term financing are amortized on a straight-line basis to interest expense over the terms of the related financing agreements, as applicable, which approximates the effective interest method. Amortization of deferred financing costs, including the amounts related to the revolving credit facilities, was $2.8 million and $1.0 million for the years ended December 31, 2022 and 2021, respectively. Fair value adjustments of debt The Company records a fair value adjustment based upon the fair value of the loans on the date they were assumed in conjunction with acquisitions. The fair value adjustments are being amortized to interest expense over the remaining life of the loans. Amortization of fair value adjustments was $0.3 million and $0.3 million for the years ended December 31, 2022 and 2021, respectively. Loss on Extinguishment of Debt and Debt Modification Costs Upon repayment of or in conjunction with a material change (i.e. a 10% or greater difference in the cash flows between instruments) in the terms of an underlying debt agreement, the Company writes-off any unamortized deferred financing costs and fair market value adjustments related to the original debt that was extinguished. Prepayment penalties incurred on the early repayment of debt and costs incurred in a debt modification that are not capitalized are also included within loss on extinguishment of debt and debt modification costs on the combined consolidated statements of operations. Loss on extinguishment of debt and debt modification costs were zero for the years ended December 31, 2022 and 2021. Refinancing of Wayford at Concord Upon its acquisition in June 2021, the Company and its unaffiliated joint venture partner (together, the “Wayford JV”) fully funded the purchase price of Wayford at Concord. On April 21, 2022, the Wayford JV entered into a $33.0 million floating rate loan, which is secured by the Wayford at Concord property, with the loan proceeds distributed to the Wayford JV members in accordance with the distribution provisions in the joint venture agreement. Debt maturities As of December 31, 2022, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2023 ​ $ 1,519 2024 ​ 1,639 2025 ​ 1,717 2026 ​ 37,471 2027 ​ ​ 866 Thereafter ​ 55,019 ​ ​ $ 98,231 Add: Unamortized fair value debt adjustment ​ 1,235 Subtract: Deferred financing costs, net ​ ​ (1,275) Total ​ $ 98,191 ​ The net book value of real estate assets providing collateral for these above borrowings, including the revolving credit facilities (refer to Note 9 for further information), was $301.7 million as of December 31, 2022. The mortgage loans encumbering the Company’s properties are nonrecourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, the Company or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. The mortgage loans have a period where a prepayment fee or yield maintenance would be required.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 11 – Fair Value of Financial Instruments Fair Value Measurements For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price the Company would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions; preference is given to observable inputs. In accordance with GAAP and as defined in ASC Topic 820: Fair Value Measurement, these two types of inputs create the following fair value hierarchy: ​ ● Level 1: Quoted prices for identical instruments in active markets ● Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable ● Level 3: Significant inputs to the valuation model are unobservable ​ If the inputs used to measure the fair value fall within different levels of the hierarchy, the fair value is determined based upon the lowest level input that is significant to the fair value measurement. Whenever possible, the Company uses quoted market prices to determine fair value. In the absence of quoted market prices, the Company uses independent sources and data to determine fair value. Fair Value of Financial Instruments As of December 31, 2022 and 2021, the carrying values of cash and cash equivalents, restricted cash, accounts receivable, due to and due from affiliates, accounts payable, other accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations. Derivative Financial Instruments The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value of interest rate caps is determined using the market-standard methodology of discounting the future expected cash receipts which would occur if floating interest rates rise above the strike rate of the caps. The floating interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The inputs used in the valuation of interest rate caps fall within Level 2 of the fair value hierarchy. Fair Value of Debt As of December 31, 2022 and December 31, 2021, based on the discounted amount of future cash flows using rates currently available to the Company for similar liabilities, the fair value of the Company’s mortgages payable is estimated at $93.7 million and $64.8 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $99.5 million and $63.7 million, respectively. The fair value of mortgages payable is estimated based on the Company’s current interest rates (Level 3 inputs of the fair value hierarchy) for similar types of borrowing arrangements.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2022
Derivative Financial Instruments
Derivative Financial Instruments	Note 12 – Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. The Company’s objectives in using interest rate derivative financial instruments are to add stability to interest expense and to manage the Company’s exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate caps and swaps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company has not designated any of the interest rate derivatives as hedges. Although these derivative financial instruments were not designated or did not qualify for hedge accounting, the Company believes the derivative financial instruments are effective economic hedges against increases in interest rates. The Company does not use derivative financial instruments for trading or speculative purposes. As of December 31, 2022, the Company had interest rate caps and swaps which effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying interest rate for $74.6 million of the Company’s debt. The table below presents the classification and fair value of the Company’s derivative financial instruments on the combined consolidated balance sheets as of December 31, 2022 and 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ Fair Values of Derivative instruments under ASC 815-20 ​ Balance Sheet Location ​ Instruments ​ ​ 2022 2021 Interest rate caps Accounts receivable, prepaids and other assets ​ $ 4,702 ​ $ — Interest rate swaps Accounts receivable, prepaids and other assets ​ 647 ​ — ​ The table below presents the effect of Company’s derivative financial instruments as well as their classification on the combined consolidated statements of operations for the years ended December 31, 2022 and 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Effect of Derivative Instruments Derivatives not designated as hedging ​ Location of Gain (Loss) ​ on the Statements of Operations instruments under ASC 815-20 ​ Recognized in Income 2022 2021 Interest rate caps Interest expense ​ $ 2,437 ​ $ — Interest rate swaps Interest expense ​ 647 ​ ​ — ​ Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions
Related Party Transactions	Note 13 – Related Party Transactions Administrative Services Agreement In October 2017, Bluerock Residential entered into an Administrative Services Agreement (the “Administrative Services Agreement”, or “ASA”) with Bluerock Real Estate, LLC and its affiliate, Bluerock Real Estate Holdings, LLC (together “BRE”). Pursuant to the Administrative Services Agreement, BRE provided Bluerock Residential with certain human resources, investor relations, marketing, legal and other administrative services (the “Services”). The Services were provided on an at-cost basis, generally allocated based on the use of such Services for the benefit of the business, and were invoiced on a quarterly basis. In addition, the Administrative Services Agreement permitted certain employees to provide or cause to be provided services to BRE, on an at-cost basis, generally allocated based on the use of such services for the benefit of the business of BRE, and otherwise subject to the terms of the Services provided by BRE to Bluerock Residential under the Administrative Services Agreement. Payment by Bluerock Residential of invoices and other amounts payable under the Administrative Services Agreement was made in cash or, at the sole discretion of the board of directors of Bluerock Residential, in the form of Bluerock Residential’s long-term incentive plan units. On August 5, 2022, Bluerock Residential delivered written notice to BRE of its intention to renew the Administrative Services Agreement for an additional one-year Pursuant to the Administrative Services Agreement, BRE was responsible for the payment of all employee benefits and any other direct and indirect compensation for the employees of BRE (or their affiliates or permitted subcontractors) assigned to perform the Services, as well as such employees’ worker’s compensation insurance, employment taxes, and other applicable employer liabilities relating to such employees. Bluerock Residential and BRE also entered into a Leasehold Cost-Sharing Agreement (the “Leasehold Cost-Sharing Agreement”, or “CSA”) with respect to the lease for their New York headquarters (the “NY Lease”) to provide for the allocation and sharing between BRE and Bluerock Residential of the costs thereunder, including costs associated with tenant improvements. The NY Lease permitted Bluerock Residential and certain of its respective subsidiaries and/or affiliates to share occupancy of the New York headquarters with BRE. Under the NY Lease, Bluerock Residential issued a $750,000 letter of credit as a security deposit, and BRE was obligated under the Leasehold Cost-Sharing Agreement to indemnify and hold Bluerock Residential harmless from loss if there is a claim under such letter of credit. Payment by Bluerock Residential of any amounts payable under the Leasehold Cost-Sharing Agreement to BRE was made in cash or, at the sole discretion of the board of directors of Bluerock Residential, in the form of Bluerock Residential’s long-term incentive plan units. Pursuant to the terms of the Administrative Services Agreement, operating expenses were (i) paid by BRE on behalf of Bluerock Residential, and (ii) paid by Bluerock Residential on behalf of BRE. The following presents operating expense amounts allocated to the Company by applying an allocation percentage, which was determined by taking the number of units carved out of the Bluerock Residential portfolio divided by Bluerock Residential’s total portfolio unit count, to the total operating expenses paid on behalf of or by Bluerock Residential. Operating expense amounts recognized by the Company are not representative of the amounts that would have been reflected in the financial statements had the Company operated independently of Bluerock Residential. Recorded as part of general and administrative expenses in the Company’s combined consolidated statements of operations, BRE paid operating expenses on behalf of Bluerock Residential as follows: $0.7 million during 2022 for the period ending and prior to October 6, 2022, and $0.5 million for the year ended December 31, 2021. Bluerock Residential paid operating expenses on behalf of BRE as follows: $0.7 million during 2022 for the period ending and prior to October 6, 2022, and $0.4 million for the year ended December 31, 2021. The table below presents the net related party amounts payable to BRE at December 31, 2021 pursuant to the terms of the Administrative Services Agreement and the Leasehold Cost-Sharing Agreement (amounts in thousands). No amounts were payable to BRE at December 31, 2022 under these agreements. ​ ​ ​ ​ ​ Amounts payable to BRE under the ASA and CSA 2021 Operating and direct expense reimbursements under the ASA, net ​ $ 319 Operating and direct expense reimbursements under the CSA ​ 187 Total amounts payable to BRE, net ​ $ 506 ​ Termination of Administrative Services and Leasehold-Cost Sharing Agreements On October 6, 2022, in connection with the transactions related to the Separation, the Distribution and the Spin-Off, Bluerock Residential caused the termination of (i) all Services under the Administrative Services Agreement, and (ii) the Leasehold-Cost Sharing Agreement. As it pertains to the Leasehold-Cost Sharing Agreement, and in conjunction with the termination of the Amended Senior Credit Facility (refer to Note 9 for further information), the $750,000 letter of credit issued by Bluerock Residential under the NY Lease was also terminated. Management Agreement with the Manager In connection with the Separation and the Distribution, on October 5, 2022, the Company entered into a Management Agreement (the “Management Agreement”) with the Operating Partnership and Bluerock Homes Manager, LLC (the “Manager”), which is an affiliate of Bluerock Real Estate, LLC, pursuant to which the Manager will provide for the day-to-day management of the Company’s operations. The Management Agreement requires the Manager to manage the Company’s business affairs under the supervision and direction of its Board. Specifically, the Manager will be responsible for (i) the selection, purchase and sale of the Company’s portfolio investments, (ii) the Company’s financing activities, and (iii) providing the Company with advisory services, in each case in conformity with the investment guidelines and other policies approved and monitored by its Board. Pursuant to the terms of the Management Agreement, the Manager will provide the Company with a management team and appropriate support personnel to provide the management services to be provided by the Manager to the Company. The Company will pay the Manager a base management fee (the “base management fee”) in an amount equal to 1.50% of the Company’s new stockholders’ equity per year, as well as an incentive fee (the “incentive fee”) with respect to each calendar quarter (or part thereof that the Management Agreement is in effect) in arrears (as such capitalized terms are defined and such fees are described in the Management Agreement). The Company will also be required to reimburse the Manager for certain expenses and pay all operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The initial term of the Management Agreement expires on October 6, 2023 and will be automatically renewed for a one-year term on each anniversary date thereafter unless earlier terminated or not renewed in accordance with the terms thereof. The Management Agreement provides that (i) the base management fee and the incentive fee shall be allocated and payable as one half (50%) in C-LTIP Units (refer to Note 14 for further information regarding C-LTIP Units) and the remainder payable in cash or C-LTIP Units, at the discretion of the Board, and (ii) expense reimbursements shall be payable either in cash or C-LTIP Units, at the discretion of the Board. The number of C-LTIP Units payable and issued to the Manager for the base management fee, the incentive fee and expense reimbursements will be equal to the dollar amount (of the portion deemed payable in C-LTIP Units) of the fees earned or reimbursement amount divided by the 5-day trailing average Class A common stock price prior to issuance. The foregoing description of the Management Agreement is only a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of the Management Agreement, which is filed as Exhibit 10.2 to the Company’s current report on Form 8-K filed with the Securities and Exchange Commission on October 6, 2022 The table below presents the related party amounts payable to the Manager at December 31, 2022 pursuant to the terms of the Management Agreement (amounts in thousands): ​ ​ ​ ​ ​ Amounts payable to the Manager under the Management Agreement 2022 Base management fee ​ $ 1,787 Operating and direct expense reimbursements ​ 424 Total amounts payable to the Manager ​ $ 2,211 ​ As of December 31, 2022 and 2021, the Company had zero and $ 0.4 million, respectively, in receivables due from related parties other than BRE.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity
Stockholders' Equity	Note 14 – Stockholders’ Equity On October 6, 2022 (the “Distribution Date”), each of the Company’s stockholders received one share of the Company’s common stock for every eight shares of Bluerock Residential common stock held as of the close of business on September 29, 2022 (the “Record Date”). An aggregate of 3,843,502 shares of the Company’s common stock was distributed to its stockholders, comprised of 3,835,013 shares of the Company’s Class A common stock and 8,489 shares of the Company’s Class C common stock. Because the Company had no common stock outstanding prior to the Distribution Date, basic and diluted earnings per share for all prior periods have been calculated based on the aggregate of 3,843,502 shares of the Company’s common stock distributed to its stockholders on the Distribution Date. Net (Loss) Income Per Common Share Basic net (loss) income per common share is computed by dividing net (loss) income attributable to common stockholders, less dividends on LTIP Units expected to vest, by the weighted average number of common shares outstanding for the period. Diluted net (loss) income per common share is computed by dividing net (loss) income attributable to common stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period. Net (loss) income attributable to common stockholders is computed by adjusting net (loss) income for the non-forfeitable dividends paid on non-vested LTIP Units. The Company considers the requirements of the two-class method when preparing earnings per share. The Company has two classes of common stock outstanding: Class A common stock, $0.01 par value per share, and Class C common stock, $0.01 par value per share. Earnings per share is not affected by the two-class method because the Company’s Class A and C common stock participate in dividends on a one-for-one basis. The following table reconciles the components of basic and diluted net (loss) income per common share for the years ended December 31, 2022 and 2021 (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 (Loss) income from continuing operations $ (6,236) ​ $ 945 Net (loss) income from continuing operations attributable to noncontrolling interests ​ (5,130) ​ 405 (Loss) income from continuing operations attributable to BHM ​ $ (1,106) ​ $ 540 Income from discontinued operations ​ 311 ​ 110,858 Net (loss) income from discontinued operations attributable to noncontrolling interests ​ ​ 205 ​ ​ 77,073 Income from discontinued operations attributable to BHM ​ 106 ​ 33,785 Net (loss) income attributable to common stockholders ​ $ (1,000) ​ $ 34,325 ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (1) ​ 3,843,502 ​ 3,843,502 Potential dilutive shares ​ — ​ — Weighted average common shares outstanding and potential dilutive shares (1) ​ 3,843,502 ​ 3,843,502 ​ ​ ​ ​ ​ ​ ​ Net (loss) income per common share, basic ​ ​ Continuing operations ​ $ (0.29) ​ $ 0.14 Discontinued operations ​ 0.03 ​ 8.79 ​ ​ $ (0.26) ​ $ 8.93 Net (loss) income per common share, diluted ​ ​ Continuing operations ​ $ (0.29) ​ $ 0.14 Discontinued operations ​ 0.03 ​ 8.79 ​ ​ $ (0.26) ​ $ 8.93 (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. ​ The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common stock on a one-for-one basis. The income allocable to such OP Units is allocated on this same basis and reflected as noncontrolling interests in the accompanying combined consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share. Class C Common Stock The Company’s Class C common stock will be equivalent in all material respects to, and rank on parity with, the Company’s Class A common stock, except that each share of Class C common stock will entitle the holder thereof to up to fifty votes. A holder of Class C common stock will not be entitled to a number of votes in excess of the number of its direct and indirect economic interests in the Operating Partnership. Therefore, no holder of Class C common stock will have a number of votes in respect of its shares of Class C common stock that exceeds the number of shares of Class C common stock, C-LTIP units, LTIP units, C-OP units and OP units beneficially owned by such holder. In order to implement this limitation, the number of votes (“Class C Votes”) per share of Class C common stock beneficially owned by a holder will equal the lesser of: (x) 50 and (y) the quotient of (A) the sum of (1) the number of shares of Class C common stock beneficially owned by such holder plus plus plus plus divided by Shares of the Company’s Class C common stock may be converted, or automatically convert, in certain circumstances to shares of the Company’s Class A common stock on a one-for-one basis. Subject to the preferential rights, if any, of holders of any class or series of the Company’s stock other than the Company’s Class A common stock and to the provisions of the Company’s charter regarding the restrictions on the ownership and transfer of stock, the holders of the Company’s Class C common stock will be entitled to receive distributions authorized by the Company’s Board and declared by the Company out of legally available funds after payment of, or provision for, full cumulative distributions on and any required redemptions of shares of any series of preferred stock then outstanding. Operating Partnership and Long-Term Incentive Plan Units On April 2, 2014, Bluerock Residential entered into the Second Amended and Restated Agreement of Limited Partnership of its Operating Partnership, Bluerock Residential Holdings, L.P. (the “Partnership Agreement”), pursuant to which Bluerock Residential was the sole general partner of the Operating Partnership. In connection with the Distribution, the Partnership Agreement was amended by the Thirteenth Amendment thereto, pursuant to which Bluerock Residential withdrew as the general partner of the Operating Partnership and the Company was admitted as the sole general partner thereof. The Company may not be removed as general partner of the Operating Partnership by the limited partners with or without cause. The Partnership Agreement, as amended, provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests: OP Units and LTIP Units. Certain OP units will be designated as “C-OP Units” and certain LTIP units will be designated as “C-LTIP Units.” The Company expects that its Operating Partnership will issue OP units to limited partners, including the Company, in exchange for capital contributions of cash or property, including in connection with the contribution of the net proceeds of any future offering of the Company’s shares, as described above, and that the Company’s Operating Partnership will issue LTIP units, pursuant to the BHM Incentive Plans, to persons (including our Manager, directors and employees) or entities who provide services to the Company. In addition, the Company’s Operating Partnership will issue C-LTIP Units to the Company’s Manager pursuant to the Management Agreement. In calculating the percentage interests of the partners in the Operating Partnership, LTIP Units are treated as OP Units. Additional C-LTIP Units will also be issuable to the Company’s executive officers or other service providers of the Company at the discretion of the Company’s Board. Pursuant to the Partnership Agreement the Company will be obligated file a registration statement covering the issuance or resale of shares of common stock received by limited partners who held their Partnership Units as of the date of the partnership agreement (including their transferees and assigns) upon such limited partners’ redemption of their OP units, under which the Company will agree to use reasonable efforts to have the registration statement declared effective, to register or qualify such shares under the securities or blue sky laws of such jurisdictions within the United States as required by law, to list the Company’s shares of common stock issued pursuant to the exercise of redemption rights on any securities exchange or national market system upon which the Company’s shares of common stock are then listed, and to indemnify limited partners exercising redemption rights against all losses caused by any untrue statement of a material fact contained in the registration statement, preliminary prospectus or prospectus or caused by any omission to state a material fact required to be stated or necessary to make the statements therein not misleading, except insofar as such losses are caused by any untrue statement or omission based upon information furnished to us by such limited partners. In general, LTIP Units will receive the same per-unit distributions as the OP Units. Initially, each LTIP Unit will have a capital account balance of zero and, therefore, will not have full parity with OP Units with respect to any liquidating distributions. However, the Partnership Agreement, as amended provides that “book gain,” or economic appreciation, in the Company’s assets realized by the Operating Partnership as a result of the actual sale of all or substantially all of the Operating Partnership’s assets, or the revaluation of the Operating Partnership’s assets as provided by applicable U.S. Department of Treasury regulations, will be allocated first to the holders of LTIP Units until their capital account per unit is equal to the average capital account per-unit of the Company’s OP Unit holders in the Operating Partnership. As of December 31, 2022, limited partners other than the Company owned approximately 67.00% of the common units of the Operating Partnership (4,079,245 OP Units, or 35.03%, is held by OP Unit holders, and 3,721,690 LTIP Units, or 31.97%, is held by LTIP Unit holders, including 3.48% which are not vested at December 31, 2022). Subject to certain restrictions set forth in the Operating Partnership’s Partnership Agreement, OP Units are exchangeable for Class A common stock on a one-for-one basis, or, at the Company’s election, redeemable for cash. LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock, or, at the Company’s election, cash. In the future, the Operating Partnership may issue OP Units or preferred OP Units from time to time in connection with acquisitions of properties or for financing, compensation or other reasons. Equity Incentive Plans LTIP Unit Grants The Company’s Board has adopted, and the Company’s sole initial stockholder has approved the Bluerock Homes Trust, Inc. 2022 Equity Incentive Plan for Individuals (the “BHM Individuals Plan”) and the Bluerock Homes Trust, Inc. 2022 Equity Incentive Plan for Entities (the “BHM Entities Plan”). Together, the Company refers to the BHM Individuals Plan and the BHM Entities Plan as the “BHM Incentive Plans.” The BHM Incentive Plans provide for the grant of options to purchase shares of our common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards, and are administered by the compensation committee of our Board. The aggregate number of shares of the Company’s common stock authorized for issuance under the BHM Incentive Plans is 3,597,109, with (i) 1,200,000 shares available for issuance under the BHM Incentive Plans, and (ii) 2,397,109 shares subject to awards granted under the Bluerock Residential Growth REIT, Inc. Amended and Restated 2014 Equity Incentive Plan for Individuals and the Bluerock Residential Growth REIT, Inc. Amended and Restated 2014 Equity Incentive Plan for Entities (together, the “Prior Plans”) that may become available for issuance or reissuance, as applicable, under the BHM Incentive Plans if such awards are forfeited, canceled or otherwise terminated (other than by exercise). On November 3, 2022, the Company made an initial staking grant of 405,796 LTIP Units to the Manager (such grant, the “Manager Grant”) pursuant to the BHM Incentive Plans. The Manager Grant was evidenced by an LTIP Unit Vesting Agreement. Such LTIP Units will vest ratably on an annual basis over a five-year period. The Company recognizes compensation expense ratably over the vesting period for time-based LTIP Units based on the fair value at the date of grant. The Company recognized expense of $0.3 million related to the Manager grant during the 2022 period. Once vested, these awards of LTIP Units may convert to OP Units upon reaching capital account equivalency with the OP Units held by the Company, and may then be redeemed for cash or, at the option of the Company and after a one year holding period (including any period during which the LTIP Units were held), settled in shares of the Company’s Class A common stock on a one-for-one basis. As a holder of LTIP Units, the Manager will be entitled to receive “distribution equivalents” with respect to such LTIP Units, whether or not vested, at the same time distributions are paid to the holders of the Company’s Class A common stock. In addition, on November 3, 2022, the Company made an initial staking grant of 5,339 LTIP Units to each independent member of the Board (such grants, collectively, the “Director Grants”). Each such Director Grant was evidenced by an LTIP Unit Award Agreement. Such LTIP Units were fully vested upon issuance and may convert to OP Units upon reaching capital account equivalency with the OP Units held by the Company, and may then be redeemed for cash or, at the option of the Company and after a one year holding period (including any period during which the LTIP Units were held), settled in shares of the Company’s Class A common stock on a one-for-one basis. The Company recognized an aggregate expense of $0.5 million immediately based on the fair value at the date of grant. From the date of grant, holders of such LTIP Units will be entitled to receive “distribution equivalents” with respect to such LTIP Units at the time distributions are paid to the holders of the Company’s Class A common stock. In addition, on November 3, 2022, the Company granted 764 LTIP Units to each independent member of the Board in payment of the prorated equity portion of their respective annual retainers for fiscal year 2022 (such grants, collectively, the “Retainer Grants”) pursuant to the BHM Incentive Plans. Each such Retainer Grant was evidenced by an LTIP Unit Award Agreement. Such LTIP Units were fully vested upon issuance and may convert to OP Units upon reaching capital account equivalency with the OP Units held by the Company, and may then be redeemed for cash or, at the option of the Company and after a one year holding period (including any period during which the LTIP Units were held), settled in shares of the Company’s Class A common stock on a one-for-one basis. The Company recognized an aggregate expense of $0.1 million immediately based on the fair value at the date of grant. From the date of grant, holders of such LTIP Units will be entitled to receive “distribution equivalents” with respect to such LTIP Units at the time distributions are paid to the holders of the Company’s Class A common stock. A summary of the status of the Company’s non-vested LTIP Units granted under the BHM Incentive Plans as of December 31, 2022, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average grant- Non-Vested LTIP Units ​ LTIP Units ​ date fair value Balance at January 1, 2022 — ​ $ — Granted 430,208 ​ 22.64 Vested (24,412) ​ 22.64 Forfeited — ​ — Balance at December 31, 2022 405,796 ​ $ 22.64 ​ As of December 31, 2022, there was $8.9 million of total unrecognized compensation expense related to unvested LTIP Units granted under the Incentive Plans. The remaining expense is expected to be recognized over a period of 4.8 years. The Company currently uses authorized and unissued shares to satisfy share award grants. Distributions There is no assurance that the Company will declare dividends. Holders of OP Units and LTIP Units are entitled to receive “distribution equivalents” at the same time as dividends are paid to holders of the Company’s Class A common stock.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	Note 15 – Commitments and Contingencies The aggregate amount of the Company’s contractual commitments to fund future cash obligations in certain of its preferred equity and joint venture investments was $3.4 million and $108.1 million as of December 31, 2022 and 2021, respectively. The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the combined consolidated financial position or results of operations or liquidity of the Company.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events
Subsequent Events	Note 16 – Subsequent Events Issuance of LTIP Units under the BHM Incentive Plans On January 1, 2023, the Company granted 3,303 LTIP Units pursuant to the BHM Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. Such LTIP Units were fully vested upon issuance. Acquisition of Additional Interests in Peak JV 4, formerly Savannah 319 On January 6, 2023, the Company purchased Peak REIT OP’s interest in Peak JV 4, increasing the Company’s interest in the joint venture from 80% to 100%. The Company purchased Peak REIT OP’s interest for $1.0 million in cash after the Company’s priority equity contributions in the aggregate of $10.3 million were applied against the aggregate unit purchase prices of $15.8 million. Issuance of C-LTIP Units for Payment of the Fourth Quarter 2022 Base Management Fee and Operating Expense Reimbursement The Manager earned a base management fee of $1.8 million during the fourth quarter 2022. This amount was payable 50% in C-LTIP Units with the other 50% payable in either cash or C-LTIP Units, at the discretion of the Board. In addition, the Manager was entitled to a $0.4 million reimbursement for operating expenses it incurred on behalf of the Company for the fourth quarter 2022. This reimbursement was payable in cash or C-LTIP Units, at the discretion of the Board. Upon consultation with the Manager, the Board elected to pay 100% of the base management fee and the operating expense reimbursement in C-LTIP Units. On February 22, 2023, the Company issued 85,750 and 17,462 C-LTIP Units in payment of the base management fee and operating expense reimbursement, respectively, for the fourth quarter 2022. Peak REIT OP Interests On March 3, 2023, the Company’s agreement with Peak REIT OP regarding its total preferred equity investment was amended. Previously, the Company earned a 7.0% current return and a 3.0% accrued return, for a total preferred return of 10.0% per annum, on $16.0 million of its investment. On the Company’s remaining $4.3 million investment, it earned a 4.0% current return and a 4.0% accrued return, for a total preferred return of 8.0% per annum. On the Company’s total $20.3 million investment, it earned a total weighted average preferred return of 9.6% per annum. As part of the amendment, the Company’s two tranches of preferred equity investments were combined into one $20.3 million preferred equity investment earning a 6.4% current return and a 3.2% accrued return, for a total preferred return of 9.6% per annum. In addition, the amendment increased the collateral underlying the Company’s preferred investment from 474 units to 648 units. On March 9, 2023, the Company’s preferred equity investment in the Peak REIT OP was partially redeemed for $4.1 million, which included principal investment of $4.0 million and accrued preferred return of $0.1 million, leaving the Company’s remaining preferred equity investment in the Peak REIT OP at $16.3 million. Acquisition of Additional Interests in Peak JV 1, formerly Indy and Springfield On March 8, 2023, the Company purchased Peak REIT OP’s interest in Peak JV 1, increasing its interest in the joint venture from 60% to 100%. The Company purchased Peak REIT OP’s interest for $4.1 million in cash after its priority equity contributions, plus adjustments typical in such real estate transactions, in the aggregate of $40.4 million were applied against the aggregate unit purchase prices of $50.6 million. Investment Activity Subsequent to December 31, 2022 and through the filing date of this Annual Report on Form 10-K, the Company (i) acquired an additional 18 consolidated operating units included in Peak JV 4, (ii) increased its preferred equity investment commitment in the Willow Park JV by $2.1 million, for a total commitment of $4.6 million, and (iii) increased its preferred equity investment commitment in the Woods JV by $2.3 million, for a total commitment of $5.6 million.

Schedule III and Schedule IV

Schedule III and Schedule IV	12 Months Ended
	Dec. 31, 2022
Schedule III and Schedule IV
Schedule III and Schedule IV	​ ​ ​ Bluerock Homes Trust, Inc. ​ Schedule III - Real Estate and Accumulated Depreciation December 31, 2022 (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COLUMN A ​ COLUMN B ​ ​ COLUMN C ​ COLUMN D ​ ​ COLUMN E ​ COLUMN F ​ COLUMN G ​ COLUMN H ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life on Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation in ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost ​ Capitalized ​ Gross Amount at Which Carried at Close of Period ​ ​ ​ ​ ​ ​ Latest Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ Subsequent ​ ​ Building and ​ ​ ​ ​ ​ Accumulated ​ Date of ​ Statement is Property ​ Location ​ Encumbrance ​ Land Improvements to Acquisition ​ Land Improvements ​ Total ​ Depreciation Acquisition Computed Real Estate Held for Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ballast AZ / CO / WA $ — $ 7,272 $ 25,900 $ 1,009 $ 7,316 $ 26,865 $ 34,181 $ 569 2022 3 - 40 Years Golden Pacific IN / KS / MO ​ — ​ 6,235 ​ 29,994 ​ 4,583 ​ 6,235 ​ 34,577 ​ 40,812 ​ 795 2021 / 2022 3 - 40 Years ILE TX / SE US ​ 30,575 ​ 22,438 ​ 90,637 ​ 10,118 ​ 22,438 ​ 100,755 ​ 123,193 ​ 2,829 2021 / 2022 3 - 40 Years Navigator Villas WA ​ 20,039 ​ 2,026 ​ 27,206 ​ 1,103 ​ 2,027 ​ 28,308 ​ 30,335 ​ 3,215 2019 3 - 40 Years Peak JV 1 (1) IN / MO ​ — ​ 8,304 ​ 44,645 ​ 1,031 ​ 8,308 ​ 45,672 ​ 53,980 ​ 2,037 2021 3 - 40 Years Peak JV 2 (2) TX ​ — ​ 10,938 ​ 77,105 ​ 2,898 ​ 10,949 ​ 79,992 ​ 90,941 ​ 2,966 2021 / 2022 3 - 40 Years Peak JV 3, formerly DFW 189 TX ​ — ​ 5,638 ​ 22,416 ​ 695 ​ 5,641 ​ 23,108 ​ 28,749 ​ 788 2021 3 - 40 Years Peak JV 4, formerly Savannah 319 GA ​ — ​ 2,200 ​ 14,049 ​ 97 ​ 2,200 ​ 14,146 ​ 16,346 ​ 230 2022 3 - 40 Years Wayford at Concord NC ​ 32,973 ​ 2,933 ​ 40,922 ​ 90 ​ 2,933 ​ 41,012 ​ 43,945 ​ 2,133 2021 3 - 40 Years Yauger Park Villas WA ​ 14,644 ​ 1,322 ​ 24,575 ​ 637 ​ 1,322 ​ 25,212 ​ 26,534 ​ 1,619 2021 3 - 40 Years Subtotal ​ 98,231 ​ 69,306 ​ 397,449 ​ 22,261 ​ 69,369 ​ 419,647 ​ 489,016 ​ 17,181 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Real Estate assets ​ ​ ​ ​ ​ ​ ​ ​ REIT Operator MI ​ — ​ — ​ 185 ​ 790 ​ — ​ 975 ​ 975 ​ 684 2017 5 Years Subtotal ​ — ​ — ​ 185 ​ 790 ​ — ​ 975 ​ 975 ​ 684 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 98,231 ​ $ 69,306 ​ $ 397,634 ​ $ 23,051 ​ $ 69,369 ​ $ 420,622 ​ $ 489,991 ​ $ 17,865 (1) Peak JV 1 includes the portfolios formerly presented as Indy and Springfield. (2) Peak JV 2 includes the portfolios formerly presented as Axelrod, Granbury, Granbury 2.0, Lubbock, Lubbock 2.0, Lubbock 3.0, Lynnwood, Lynnwood 2.0, Springtown, Springtown 2.0, Texarkana and Texas Portfolio 183, of which all are in Texas. ​ Bluerock Homes Trust, Inc. ​ Notes to Schedule III December 31, 2022 (amounts in thousands) ​ ​ 1. Reconciliation of Real Estate Properties The following table reconciles the Real Estate Properties from January 1, 2021 to December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Balance at January 1 ​ $ 323,048 ​ $ 377,781 Construction and acquisition cost ​ 166,943 ​ 293,846 Disposition of real estate ​ — ​ (348,579) Balance at December 31 ​ $ 489,991 ​ $ 323,048 ​ 2. Reconciliation of Accumulated Depreciation The following table reconciles the Real Estate Properties from January 1, 2021 to December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Balance at January 1 ​ $ 4,964 ​ $ 35,375 Current year depreciation expense ​ 12,901 ​ 6,332 Disposition of real estate ​ — ​ (36,743) Balance at December 31 ​ $ 17,865 ​ $ 4,964 ​ Bluerock Homes Trust, Inc. ​ Schedule IV - Mortgage Loans on Real Estate December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Amount of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face Amount of ​ Carrying Amount of ​ Mortgages Subject ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Periodic Payment ​ ​ ​ Mortgages (in ​ Mortgages (in ​ to Delinquent Description Property Name Location Interest Rate Maturity Date Terms Prior Liens thousands) thousands) Principal or Interest Real Estate Loans on Residential Rental Community (1) — — — — — — ​ $ — ​ $ — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ — ​ $ — ​ ​ (1) The Hartley at Blue Hill and Weatherford 185 loans previously presented in Schedule IV were paid off in full during 2022. Refer to Note 7 for further information. Notes to Schedule IV - Reconciliation of Mortgage Loans on Real Estate (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 Balance at beginning of period ​ $ 36,000 ​ $ 47,900 Additions during period: ​ ​ Purchases ​ 9,645 ​ 526 Deductions during period: ​ ​ Collections of principal ​ (45,645) ​ (12,426) Balance at end of period ​ $ — ​ $ 36,000

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Basis of Presentation and Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The Company conducts its operations through the Operating Partnership, of which it is the sole general partner. The combined consolidated financial statements include the Company’s accounts and those of the Operating Partnership and its subsidiaries. As of December 31, 2022, limited partners other than the Company owned approximately 67.0% of the common units of the Operating Partnership (35.03% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 31.97% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 3.48% which are not vested at December 31, 2022). Bluerock Homes consists of the combined consolidated financial statements of the Operating Partnership and Bluerock REIT Operator, LLC, as well as the following investments and certain related entities: Alexan Southside Place, ARIUM Grandewood, Ballast, Golden Pacific, ILE, James at South First, Marquis at The Cascades, Mira Vista, Navigator Villas, Peak Housing, Peak JV 1 (formerly Indy and Springfield), Peak JV 2 (formerly Axelrod, Granbury, Granbury 2.0, Lubbock, Lubbock 2.0, Lubbock 3.0, Lynnwood, Lynnwood 2.0, Springtown, Springtown 2.0, Texarkana and Texas Portfolio 183), Peak JV 3 (formerly DFW 189), Peak JV 4 (formerly Savannah 319), Park & Kingston, Plantation Park, The Conley, The Cottages at Myrtle Beach, The Cottages at Warner Robins, The Cottages of Port St. Lucie, The District at Scottsdale, The Hartley at Blue Hill, The Woods at Forest Hill, Thornton Flats, Vickers Historic Roswell, Wayford at Concord, Wayford at Innovation Park, Weatherford 185, Willow Park and Yauger Park Villas. The financial statements include allocations of certain general, administrative, sales and marketing expenses and operations from Bluerock Residential for the period ended and prior to October 6, 2022. The combined consolidated financial statements include certain prior period reclassifications made by the Company to reflect the Operating Partnership unitholders’ approximately 66% ownership in the Company following the Separation and Distribution. Reclassifications to net (loss) income on the combined consolidated statements of operations, along with reclassifications to stockholders’ equity and noncontrolling interest for Operating Partnership unitholders on the combined consolidated balances sheets and statements of stockholders’ equity, were made for the period ending and prior to October 6, 2022 and for the year ended December 31, 2021.
The COVID-19 Pandemic	The COVID-19 Pandemic For much of 2020, the ongoing pandemic of the novel coronavirus and variants thereof (“COVID-19”) created significant uncertainty and economic disruption that adversely affected the Company and its tenants. The adverse impact of the pandemic moderated during 2021 and has significantly diminished during 2022. However, the continuing impact of the COVID-19 pandemic and its duration are unclear, and various factors could erode the progress that has been made against the virus to date. If conditions similar to those experienced in 2020, at the height of the pandemic, were to reoccur, such conditions and any resulting macro-economic changes could have material and adverse effects on the Company’s financial condition, results of operations and cash flows. The Company continues to closely monitor the impact of COVID-19 on all aspects of its business. For further information regarding the impact of COVID-19 on the Company, see the section titled “Risk Factors---Risks Related to Our Business, Properties and Industry” set forth in Item 1A of this Annual Report on Form 10-K.
Real Estate Investments, Preferred Equity Investments and Notes Receivable (Real Estate Loan Investment)	Real Estate Investments, Preferred Equity Investments and Notes Receivable (Real Estate Loan Investment) The Company first analyzes an investment to determine if it is a variable interest entity (“VIE”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation determined that an entity in which the Company holds an interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. If, after consideration of the VIE accounting literature, the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures, the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members has either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course of business. The Company analyzes each investment that involves real estate acquisition, development, and construction to consider whether the investment qualifies as an investment in a real estate acquisition, development, and construction arrangement. The Company has evaluated its real estate investments as required by ASC 310-10 Receivables Investments – Debt Securities For investments that meet the criteria of a security under ASC 320 Investments – Debt Securities For investments that do not meet the criteria of a security under ASC 320 Investments – Debt Securities
Fair Value of Financial Instruments	Fair Value of Financial Instruments As of December 31, 2022 and December 31, 2021, the carrying values of cash and cash equivalents, restricted cash, accounts receivable, due to and due from affiliates, accounts payable, other accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations. Refer to Note 11 for further information regarding fair value measurements.
Real Estate Assets	Real Estate Assets Real Estate Purchase Price Allocations Upon acquisition, the Company evaluates its acquired residential properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Purchases of residential properties are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Acquisition costs typically include legal fees, broker commissions and title fees, as well as other closing costs. In making estimates of fair values for purposes of allocating the purchase price of acquired properties, the Company utilizes various sources including its own market knowledge obtained from historical transactions, published market data, and independent appraisers. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. Intangible assets include the value of in-place leases which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates. Capital Additions, Depreciation and Amortization The Company capitalizes costs incurred in connection with its capital additions activities, including redevelopment, development and construction projects, other tangible improvements, and replacements of existing components. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Accordingly, many factors are considered as part of our evaluation processes with no one factor necessarily determinative. Depreciation and amortization expense are computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: ​ ​ ​ ​ Buildings 30 – 40 years Building improvements ​ 5 – 15 years Land improvements ​ 5 – 15 years Furniture, fixtures and equipment ​ 3 – 8 years In-place leases ​ 6 months ​ Impairment of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets. No impairment charges were recorded in 2022 or 2021.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value.
Restricted Cash	Restricted Cash Restricted cash is composed of lender-imposed escrow accounts for replacement reserves, tenant deposits, real estate taxes and insurance.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains cash balances with high-quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation.
Rents and Other Receivables	Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates.
Deferred Financing Fees	Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third-party costs associated with obtaining financing. Fees associated with the Company’s revolving lines of credit are recorded within accounts receivable, prepaids and other assets on the combined consolidated balance sheet. Deferred fees associated with its lines of credit are amortized to interest expense over the terms of the financing agreements using the straight-line method, which approximates the effective interest method.
Partially Owned Noncontrolling Interests	Partially Owned Noncontrolling Interests Partially owned noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement.
Revenue Recognition	Revenue Recognition The Company recognizes rental revenue on a straight-line basis over the terms of the rental agreements and in accordance with ASC Topic 842 Leases Other property revenues are recognized in the period earned. The Company recognizes a gain or loss on the sale of real estate assets when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtains control.
Stock-Based Compensation	Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 Compensation-Stock Compensation
Distribution Policy	Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders to qualify and maintain its REIT status. Distributions to stockholders will be determined by the Company’s board of directors (the “Board”) and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT, and other considerations as the Board may deem relevant. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared. Dividends may be funded from a variety of sources. In particular, the Company expects that, initially, dividends may exceed net income under GAAP because of non-cash expenses, mainly depreciation and amortization expense, which are included in net income. To the extent that funds available for distribution are less than the amount required to be distributed to stockholders to satisfy the requirements to qualify as a REIT, the Company may consider various means to cover any such shortfall, including borrowing under loans, selling certain assets or using a portion of the net proceeds from future offerings of equity, equity-related securities or debt securities or declaring taxable share dividends. In addition, the Company’s charter allows the issuance of preferred equity shares that could have a preference on dividends, and if the Company does, the dividend preference on the preferred equity could limit the ability to pay dividends to the holders of our common stock.
Reportable Segment	Reportable Segment The Company owns and operates residential investments that generate rental and other property-related income through the leasing of units to a diverse base of tenants. The Company evaluates operating performance on an individual property investment level and based on the investments’ similar economic characteristics. The Company’s primary financial measure for operating performance is net operating income (“NOI”) as it measures the core operations of property performance by excluding corporate level expenses and those other items not related to property operating performance. The Company views its residential real estate assets as one reportable segment, and, accordingly, aggregates its properties into one reportable segment.
Lessor Accounting	Lessor Accounting The Company’s current portfolio generates rental revenue by leasing residential units. As lease revenues for residential units fall under the scope of ASC Topic 842, such lease revenues are classified as operating leases with straight-line recognition over the terms of the relevant lease agreement and inclusion within rental revenue. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between the Company and the resident. Non-lease components of the Company’s leases are combined with the related lease component and accounted for as a single lease component under ASC Topic 842. The balances of net real estate investments and related depreciation on the Company’s combined consolidated financial statements relate to assets for which the Company is the lessor.
Lessee Accounting	Lessee Accounting The Company determines whether an arrangement is a lease at inception. The Company determined that its lessee operating lease commitments have no material impact on its combined consolidated financial statements with the adoption of ASC Topic 842. The Company will continue to assess any modification of existing lease agreements and execution of any new lease agreements for the potential requirement of recording a right-of-use asset or liability in the future.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
New Accounting Pronouncements	New Accounting Pronouncements In January 2021, the FASB issued Accounting Standards Update (“ASU”) No. 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”). The amendments in ASU 2021-01 were effective immediately and permit entities to elect certain optional expedients in connection with reference rate reform activities and their impact on debt, contract modifications and derivative instruments as it is expected the global market will transition from LIBOR and other interbank offered rates to alternative reference rates. The initial sunset date for election of the amendments in ASU 2021-01 was December 31, 2022, though with the issuance by FASB of ASU 2022-06 “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848”, the amendments in ASU 2021-01 can be elected over time as reference rate reform activities occur through December 31, 2024. The Company has not elected the optional expedients, though it continues to evaluate the impact of the guidance and may apply elections as applicable as changes in the market occur.
Current Expected Credit Losses	Current Expected Credit Losses The Company estimates provision for credit losses on its loans (notes receivable) and preferred equity investments under CECL. This method is based on expected credit losses for the life of the investment as of each balance sheet date. The method for calculating the estimate of expected credit loss considers historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The Company estimates its provision for credit losses using a collective (pool) approach for investments with similar risk characteristics, such as collateral and duration of investment. In measuring the CECL provision for investments that share similar characteristics, the Company applies a default rate to the investments for the remaining loan or preferred equity investment hold period. As the Company does not have a significant historical population of loss data on its loan and preferred equity investments, the Company’s default rate utilized for CECL is based on an external historical loss rate for commercial real estate loans. In addition to analyzing investments as a pool, the Company performs an individual investment assessment of expected credit losses. If it is determined that the borrower is experiencing financial difficulty, or a foreclosure is probable, or the Company expects repayment through the sale of the collateral, the Company calculates expected credit losses based on the value of the underlying collateral as of the reporting date. During this review process, if the Company determines that it is probable that it will not be able to collect all amounts due for both principal and interest according to the contractual terms of an investment, that loan or preferred equity investment is not considered fully recoverable and a provision for credit loss is recorded. In estimating the value of the underlying collateral when determining if a loan or preferred equity investment is fully recoverable, the Company evaluates estimated future cash flows to be generated from the collateral underlying the investment. The inputs and assumptions utilized to estimate the future cash flows of the underlying collateral are based upon the Company’s evaluation of the operating results, economy, market trends, and other factors, including judgments regarding costs to complete any construction activities, lease-up and occupancy rates, rental rates, and capitalization rates utilized to estimate the projected cash flows at the disposition. The Company may also obtain a third-party valuation which may value the collateral through an “as-is” or “stabilized value” methodology. If upon completion of the valuation the fair value of the underlying collateral securing the investment is less than the net carrying value, the Company records a provision for credit loss on that loan or preferred equity investment. As the investment no longer displays the characteristics that are similar to those of the pool of loans or preferred equity investments, the investment is removed from the CECL collective (pool) analysis described above.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Basis of Presentation and Summary of Significant Accounting Policies
Schedule of estimated useful life of assets	​ ​ ​ ​ Buildings 30 – 40 years Building improvements ​ 5 – 15 years Land improvements ​ 5 – 15 years Furniture, fixtures and equipment ​ 3 – 8 years In-place leases ​ 6 months ​

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2022
Discontinued Operations
Schedule of statement of operations and statement of cashflows that are included in discontinued operations	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Total Revenues ​ $ — ​ $ 8,875 ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ Property operating ​ (53) ​ 3,423 Property management and asset management fees ​ — ​ 213 Weather-related losses, net ​ — ​ 87 Depreciation and amortization ​ — ​ 2,692 Interest expense, net ​ — ​ 2,120 Total expenses ​ (53) ​ 8,535 Income on operations of rental property ​ 53 ​ 340 Loss on extinguishment of debt ​ — ​ (6,172) Gain on sale of real estate assets ​ 258 ​ 116,690 Income from discontinued operations ​ $ 311 ​ $ 110,858 ​ The amounts in the statement of cash flows that are included in discontinued operations at December 31, 2021 are summarized in the following table (amounts in thousands). No amounts are included in the statement of cash flows at December 31, 2022. ​ ​ ​ ​ ​ ​ 2021 Depreciation and amortization ​ $ 2,929 Capital expenditures ​ 714

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2022
Investments in Real Estate
Schedule of consolidated operating investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Average Year ​ Ownership Name Market Units Built Interest ​ Ballast ​ AZ / CO / WA ​ 84 ​ 1998 ​ 95 % Golden Pacific IN / KS / MO 171 1976 97 % ILE TX / SE US 482 1991 95 % Navigator Villas Pasco, WA 176 2013 90 % Peak ​ JV 1 (1) ​ IN / MO ​ 334 ​ 1997 ​ 60 % JV 2 (2) ​ Various / TX ​ 608 ​ 1980 ​ 80 % JV 3, formerly DFW 189 ​ Dallas-Fort Worth, TX ​ 189 ​ 1962 ​ 56 % JV 4, formerly Savannah 319 ​ Savannah, GA ​ 66 ​ 2022 ​ 80 % Wayford at Concord Concord, NC 150 2019 83 % Yauger Park Villas Olympia, WA 80 2010 95 % Total Units ​ 2,340 ​ (1) Peak JV 1 includes the portfolios formerly presented as Indy and Springfield. (2) Peak JV 2 includes the portfolios formerly presented as Axelrod, Granbury, Granbury 2.0, Lubbock, Lubbock 2.0, Lubbock 3.0, Lynnwood, Lynnwood 2.0, Springtown, Springtown 2.0, Texarkana and Texas Portfolio 183, of which all are in Texas.
Schedule of development properties in real estate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual / ​ ​ ​ ​ ​ ​ Actual / ​ Estimated ​ Actual / Estimated ​ ​ ​ ​ Planned ​ Initial ​ Construction Lease-up Investment Name Location / Market Number of Units Occupancy Completion The Woods at Forest Hill ​ Forest Hill, TX ​ 76 ​ 4Q 2022 ​ 3Q 2023 Willow Park Willow Park, TX 46 2Q 2022 3Q 2023 Total Lease-up Units ​ 122 ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment Name The Cottages at Myrtle Beach Myrtle Beach, SC 294 2Q 2023 4Q 2023 The Cottages at Warner Robins Warner Robins, GA 251 3Q 2023 4Q 2023 The Cottages of Port St. Lucie Port St. Lucie, FL 286 2Q 2023 1Q 2024 Wayford at Innovation Park Charlotte, NC 210 3Q 2023 3Q 2024 Total Development Units ​ 1,041 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Investment Name ​ Number of Units ​ ​ Peak Housing (1) IN / MO / TX 474 ​ ​ ​ ​ Total Operating Units ​ ​ 474 ​ ​ ​ ​ Total Units ​ ​ 1,637 ​ ​ ​ ​ (1) Peak Housing is a stabilized operating portfolio and consists of the Company’s preferred equity investments in a private single-family home REIT (refer to Note 8 for further information). Unit count excludes units presented in the consolidated operating investments table above.

Acquisition of Real Estate (Tab

Acquisition of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2022
Acquisition of Real Estate
Schedule of acquisition activity and related new financing	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Ownership ​ Purchase ​ ​ ​ ​ Name Market Month (1) Units Interest Price Debt ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Yauger Park Villas Olympia, WA ​ April 80 95 % $ 24,500 ​ $ 15,077 (2) Wayford at Concord Concord, NC ​ June 150 83 % 44,438 ​ — (3) Third Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peak JV 1 (4) IN / MO ​ August 334 60 % 52,785 ​ 38,175 (5) Peak JV 2 (6) Various / TX ​ September 195 80 % 26,150 ​ 18,305 (5) Fourth Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ILE ​ TX / SE US ​ October ​ 279 95 % 57,139 ​ 26,839 (7) Peak JV 2 (6) ​ Various / TX ​ October ​ 111 80 % 16,393 ​ 11,493 (5) Golden Pacific ​ KS / MO ​ November ​ 7 ​ 97 % ​ 1,213 ​ ​ — (3) Peak JV 2 (6) ​ Various / TX ​ November ​ 20 ​ 80 % ​ 2,448 ​ ​ 1,714 (5) Peak JV 2 (6) ​ Various / TX ​ December ​ 248 ​ 80 % ​ 35,354 ​ ​ 24,748 (5) Peak JV 3, formerly DFW 189 ​ Dallas-Fort Worth, TX ​ December ​ 189 ​ 56 % ​ 27,670 ​ ​ 19,950 (8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peak JV 2 (6) ​ Various / TX ​ March ​ 34 ​ 80 % ​ 7,650 ​ ​ 5,355 (5) Peak JV 4, formerly Savannah 319 ​ Savannah, GA ​ March ​ 19 ​ 80 % ​ 4,465 ​ ​ — (3) Golden Pacific ​ IN / KS / MO ​ Various ​ 62 ​ 97 % ​ 11,774 ​ ​ — (3) ILE ​ TX / SE US ​ Various ​ 31 ​ 95 % ​ 7,011 ​ ​ 9,974 (7) Second Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ballast ​ AZ / CO / WA ​ Various ​ 65 ​ 95 % ​ 26,100 ​ ​ — (3) Golden Pacific IN / KS / MO ​ Various 66 97 % 13,966 ​ — (3) ILE TX / SE US ​ Various 108 95 % 27,804 ​ 8,802 (7) Peak JV 4 ​ Savannah, GA ​ Various ​ 20 ​ 80 % ​ 4,767 ​ ​ — (3) Third Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ballast ​ AZ / CO / WA ​ Various ​ 19 ​ 95 % ​ 6,233 ​ ​ — (3) Golden Pacific ​ IN / KS / MO ​ Various ​ 35 ​ 97 % ​ 7,859 ​ ​ — (3) ILE ​ TX / SE US ​ Various ​ 64 ​ 95 % ​ 16,711 ​ ​ 10,193 (7) Peak JV 4 ​ Savannah, GA ​ Various ​ 14 ​ 80 % ​ 3,394 ​ ​ — (3) Fourth Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Golden Pacific ​ IN / KS / MO ​ October ​ 1 ​ 97 % ​ 155 ​ ​ — (3) Peak JV 4 Savannah, GA ​ Various 13 80 % 3,151 ​ — (3) (1) For those months where “Various”is listed, the Company, on various dates throughout that specified quarter, acquired additional units that were added to the respective existing portfolios. For Ballast, the units acquired in the second quarter 2022 were the first acquisitions by the Company for the portfolio. (2) Mortgage balance includes a $10.5 million senior loan assumption and a $4.6 million supplemental loan assumption secured by the Yauger Park Villas property. (3) Purchase price was funded in full by the Company and its unaffiliated joint venture partner upon acquisition. (4) Peak JV 1 includes the portfolios formerly presented as Indy and Springfield. (5) As part of the acquisition, the Company provided a mortgage or mezzanine loan to the consolidated portfolio owner in the full amount shown. During 2022, these loans were converted into common equity interests. Refer to the Peak Housing disclosure in Note 7 for further information. (6) Peak JV 2 includes the portfolios formerly presented as Axelrod, Granbury, Granbury 2.0, Lubbock, Lubbock 2.0, Lubbock 3.0, Lynnwood, Lynnwood 2.0, Springtown, Springtown 2.0, Texarkana and Texas Portfolio 183, of which all are in Texas. The amounts presented reflect the aggregate of the portfolios acquired during the period specified. (7) As there are four separate credit agreements under which the ILE portfolio acquisitions are financed, the debt amount represents the aggregate debt held through one or more of these credit agreements. Refer to Note 9 and Note 10 for further information. (8) As part of the acquisition, the Company provided a mezzanine loan to the consolidated portfolio owner in the full amount shown. The loan is eliminated in the Company’s combined consolidated financial statements. Refer to the Peak Housing disclosure in Note 7 for further information.
Summary of the assets acquired at the acquisition date	The following table summarizes the assets acquired at the acquisition date for acquisitions made during the year ended December 31, 2022 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Purchase Price ​ Allocation Land ​ $ 27,366 Building ​ 119,408 Building improvements ​ 680 Furniture and fixtures ​ 166 In-place leases ​ 193 Total assets acquired ​ $ 147,813

Notes and Interest Receivable (

Notes and Interest Receivable (Tables)	12 Months Ended
	Dec. 31, 2022
Notes and Interest Receivable
Summary of changes in provision for credit losses	The provision for and recovery of credit losses of the Company’s loan investments at December 31, 2022 and December 31, 2021 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Beginning balances, net as of January 1, 2022 and 2021, respectively ​ $ 59 ​ $ 82 Recovery of credit losses on pool of assets, net (1) ​ (59) ​ (23) Provision for credit losses, end of period ​ $ — ​ $ 59 (1) Under CECL, a provision for, or recovery of, credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The recovery of credit losses during the year ended December 31, 2022 was a result of the sale of The Hartley at Blue Hill.
Summary of the interest income from loan investments	Following is a summary of the interest income from loan investments for the years ended December 31, 2022 and 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property 2022 2021 Corpus (1) ​ $ — ​ $ 219 Jolin (1) ​ — ​ 84 The Hartley at Blue Hill (2) ​ 784 ​ 4,149 Vickers Historic Roswell (3) ​ — ​ 903 Weatherford 185 (4) ​ 501 ​ — Total ​ $ 1,285 ​ $ 5,355 (1) In the third quarter 2021, the Company provided bridge loans to both Corpus and Jolin. In December 2021, the Company recapitalized both Corpus and Jolin and received a full payoff of each loan. As part of the recapitalization, both Corpus and Jolin, along with two portfolios of units previously owned by the Company’s joint venture partner, were combined into Peak JV 2. (2) In the first quarter 2022, The Hartley at Blue Hill property was sold and the mezzanine loan provided by the Company was paid off in full. The Hartley at Blue Hill senior loan provided by the Company was paid off in full in the second quarter 2022. (3) In the second quarter 2021, the Vickers Historic Roswell property was sold. The mezzanine loan provided by the Company was paid off in full upon the sale. (4) On July 22, 2022, the Weatherford 185 mezzanine loan provided by the Company was paid off in full. Refer to the disclosure below for further information.

Preferred Equity Investments _2

Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2022
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Schedule of preferred equity investments in unconsolidated real estate joint ventures	The carrying amount of the Company’s preferred equity investments in unconsolidated real estate joint ventures as of December 31, 2022 and 2021 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property 2022 2021 Peak Housing ​ $ 20,318 ​ $ 20,318 The Cottages at Myrtle Beach ​ 17,913 ​ 9,034 The Cottages at Warner Robins ​ 13,250 ​ — The Cottages of Port St. Lucie ​ 18,785 ​ 7,260 The Woods at Forest Hill ​ 3,300 ​ 442 Wayford at Innovation Park ​ 10,205 ​ — Willow Park ​ 2,540 ​ 2,540 Total ​ $ 86,311 ​ $ 39,594 Provision for credit losses ​ (22) ​ (73) Total, net ​ $ 86,289 ​ $ 39,521 ​
Schedule of provision for and recovery of credit losses	The provision for and recovery of credit losses of the Company’s preferred equity investments at December 31, 2022 and December 31, 2021 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Beginning balances, net as of January 1, 2022 and 2021, respectively ​ $ 73 ​ $ 16,009 Recovery of credit losses on pool of assets, net (1) ​ (51) ​ (6) Recovery of credit loss – Alexan Southside Place (2) ​ — ​ (15,930) Provision for credit losses, net, end of period ​ $ 22 ​ $ 73 ​ ​ ​ ​ ​ ​ ​ Recovery of credit loss – Alexan Southside Place ​ $ (292) ​ $ — (1) Under CECL, a provision for, or recovery of, credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The recovery of credit losses during the year ended December 31, 2022 was primarily attributable to a decrease in the trailing twelve-month historical default rate. (2) In the first quarter 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to the disclosure below for further information.
Schedule of preferred returns on the company	The preferred returns on the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2022 and 2021 is summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Property 2022 2021 Mira Vista (1) ​ $ — ​ $ 391 Peak Housing ​ 1,887 ​ 1,030 The Conley (1) ​ — ​ 405 The Cottages at Myrtle Beach ​ 2,288 ​ 300 The Cottages at Warner Robins ​ 1,151 ​ — The Cottages of Port St. Lucie ​ 2,186 ​ 227 The Woods at Forest Hill ​ 274 ​ 2 Thornton Flats (1) ​ — ​ 420 Wayford at Concord (2) ​ — ​ 364 Wayford at Innovation Park ​ 469 ​ — Willow Park ​ 333 ​ 51 Total preferred returns on unconsolidated joint ventures ​ $ 8,588 ​ $ 3,190 (1) The Company’s preferred equity investment was redeemed in 2021. (2) On June 4, 2021, the Company purchased the Wayford at Concord property from its unaffiliated joint venture partner, and as part of the transaction, its preferred equity investment was redeemed.
Schedule of occupancy percentages of the company's unconsolidated real estate joint ventures	​ ​ ​ ​ ​ ​ ​ Property 2022 2021 Peak Housing 95.4 % 92.8 % The Cottages at Myrtle Beach ​ (1) ​ (2) ​ The Cottages at Warner Robins ​ (1) ​ (2) ​ The Cottages of Port St. Lucie ​ (1) ​ (2) ​ The Woods at Forest Hill (3) ​ 1.3 % (2) ​ Wayford at Innovation Park ​ (1) ​ (2) ​ Willow Park (4) 30.4 % (2) ​ (1) The development had not commenced lease-up as of December 31, 2022. (2) The development had not commenced lease-up as of December 31, 2021. (3) The Woods at Forest Hill commenced lease-up in October 2022. (4) Willow Park commenced lease-up in late June 2022.

Revolving Credit Facilities (Ta

Revolving Credit Facilities (Tables)	12 Months Ended
	Dec. 31, 2022
Revolving Credit Facilities
Schedule of outstanding balances on the revolving credit facilities	The outstanding balances on the revolving credit facilities as of December 31, 2022 are summarized in the table below (amounts in thousands). No amounts were outstanding on the revolving credit facilities as of December 31, 2021. ​ ​ ​ ​ ​ Revolving Credit Facilities 2022 DB Credit Facility ​ $ 35,000 ILE Sunflower Credit Facility ​ 20,000 Total ​ $ 55,000 ​

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
	Dec. 31, 2022
Mortgages Payable
Schedule of senior mortgage indebtedness	The following table summarizes certain information as of December 31, 2022 and 2021, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal As of December 31, 2022 ​ ​ December 31, ​ December 31, ​ ​ ​ Interest-only ​ ​ ​ Property ​ 2022 2021 ​ Interest Rate through date Maturity Date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate: ​ ​ ​ ILE (1) ​ $ 25,976 ​ $ — 3.69 % (2) ​ (1) ​ Navigator Villas (3) ​ 20,039 ​ 20,361 4.57 % (2) ​ June 1, 2028 ​ Yauger Park Villas (4) ​ 14,643 ​ 14,921 4.86 % (2) ​ April 1, 2026 ​ Total Fixed Rate ​ $ 60,658 ​ $ 35,282 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate: ​ ​ ​ ​ ILE (5) ​ $ 4,600 ​ $ 26,825 7.18 % August 2023 ​ August 9, 2028 ​ Wayford at Concord (6) ​ 32,973 ​ — 4.73 % May 2027 ​ May 1, 2029 ​ Total Floating Rate ​ $ 37,573 ​ $ 26,825 ​ ​ Total ​ $ 98,231 ​ $ 62,107 ​ ​ Fair value adjustments ​ 1,235 ​ 1,555 ​ ​ Deferred financing costs, net ​ (1,275) ​ (655) ​ ​ Total mortgages payable ​ $ 98,191 ​ $ 63,007 ​ ​ (1) ILE’s fixed rate debt represents the aggregate debt outstanding across two separate credit agreements. Of the $26.0 million balance, $6.6 million held through one credit agreement has a fixed rate of 3.50% , while the remaining $19.4 million held through the second credit agreement has a fixed rate of 3.75% . Both credit agreements mature in 2026. (2) The loan requires monthly payments of principal and interest. (3) The principal balance includes a $14.4 million senior loan at a fixed rate of 4.31% and a $5.6 million supplemental loan at a fixed rate of 5.23% . (4) The principal balance includes a $10.1 million senior loan at a fixed rate of 4.81% and a $4.5 million supplemental loan at a fixed rate of 4.96% . (5) ILE’s floating rate debt represents the debt outstanding from one credit agreement and bears interest at one-month Term SOFR plus 3.00 %, subject to a 4.00 % rate floor. In December 2022, the one-month Term SOFR in effect was 4.18% . (6) The Wayford at Concord loan bears interest at the 30-day average SOFR plus 2.23 %. In December 2022, the 30-day average SOFR in effect was 3.73 %. SOFR rate is subject to a 2.50% rate cap through April 2025. Please refer to Note 12 for further information.
Schedule of contractual principal payments	As of December 31, 2022, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2023 ​ $ 1,519 2024 ​ 1,639 2025 ​ 1,717 2026 ​ 37,471 2027 ​ ​ 866 Thereafter ​ 55,019 ​ ​ $ 98,231 Add: Unamortized fair value debt adjustment ​ 1,235 Subtract: Deferred financing costs, net ​ ​ (1,275) Total ​ $ 98,191 ​

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Financial Instruments
Schedule of the fair value of the company's derivative financial instruments	The table below presents the classification and fair value of the Company’s derivative financial instruments on the combined consolidated balance sheets as of December 31, 2022 and 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ Fair Values of Derivative instruments under ASC 815-20 ​ Balance Sheet Location ​ Instruments ​ ​ 2022 2021 Interest rate caps Accounts receivable, prepaids and other assets ​ $ 4,702 ​ $ — Interest rate swaps Accounts receivable, prepaids and other assets ​ 647 ​ — ​ The table below presents the effect of Company’s derivative financial instruments as well as their classification on the combined consolidated statements of operations for the years ended December 31, 2022 and 2021 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Effect of Derivative Instruments Derivatives not designated as hedging ​ Location of Gain (Loss) ​ on the Statements of Operations instruments under ASC 815-20 ​ Recognized in Income 2022 2021 Interest rate caps Interest expense ​ $ 2,437 ​ $ — Interest rate swaps Interest expense ​ 647 ​ ​ — ​

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Administrative Services Agreement and the Leasehold Cost-Sharing Agreement
Related Party Transactions
Schedule of related party amounts payable	The table below presents the net related party amounts payable to BRE at December 31, 2021 pursuant to the terms of the Administrative Services Agreement and the Leasehold Cost-Sharing Agreement (amounts in thousands). No amounts were payable to BRE at December 31, 2022 under these agreements. ​ ​ ​ ​ ​ Amounts payable to BRE under the ASA and CSA 2021 Operating and direct expense reimbursements under the ASA, net ​ $ 319 Operating and direct expense reimbursements under the CSA ​ 187 Total amounts payable to BRE, net ​ $ 506 ​
Management agreement
Related Party Transactions
Schedule of related party amounts payable	The table below presents the related party amounts payable to the Manager at December 31, 2022 pursuant to the terms of the Management Agreement (amounts in thousands): ​ ​ ​ ​ ​ Amounts payable to the Manager under the Management Agreement 2022 Base management fee ​ $ 1,787 Operating and direct expense reimbursements ​ 424 Total amounts payable to the Manager ​ $ 2,211 ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity
Schedule of reconciliation of components of basic and diluted net (loss) income per common share	The following table reconciles the components of basic and diluted net (loss) income per common share for the years ended December 31, 2022 and 2021 (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 (Loss) income from continuing operations $ (6,236) ​ $ 945 Net (loss) income from continuing operations attributable to noncontrolling interests ​ (5,130) ​ 405 (Loss) income from continuing operations attributable to BHM ​ $ (1,106) ​ $ 540 Income from discontinued operations ​ 311 ​ 110,858 Net (loss) income from discontinued operations attributable to noncontrolling interests ​ ​ 205 ​ ​ 77,073 Income from discontinued operations attributable to BHM ​ 106 ​ 33,785 Net (loss) income attributable to common stockholders ​ $ (1,000) ​ $ 34,325 ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (1) ​ 3,843,502 ​ 3,843,502 Potential dilutive shares ​ — ​ — Weighted average common shares outstanding and potential dilutive shares (1) ​ 3,843,502 ​ 3,843,502 ​ ​ ​ ​ ​ ​ ​ Net (loss) income per common share, basic ​ ​ Continuing operations ​ $ (0.29) ​ $ 0.14 Discontinued operations ​ 0.03 ​ 8.79 ​ ​ $ (0.26) ​ $ 8.93 Net (loss) income per common share, diluted ​ ​ Continuing operations ​ $ (0.29) ​ $ 0.14 Discontinued operations ​ 0.03 ​ 8.79 ​ ​ $ (0.26) ​ $ 8.93 (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. ​
Schedule of the status of the company's non-vested shares/LTIP units under the incentive plans for individuals	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average grant- Non-Vested LTIP Units ​ LTIP Units ​ date fair value Balance at January 1, 2022 — ​ $ — Granted 430,208 ​ 22.64 Vested (24,412) ​ 22.64 Forfeited — ​ — Balance at December 31, 2022 405,796 ​ $ 22.64 ​

Schedule III and Schedule IV (T

Schedule III and Schedule IV (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule III and Schedule IV
Schedule of real estate and accumulated depreciation	​ ​ ​ Bluerock Homes Trust, Inc. ​ Schedule III - Real Estate and Accumulated Depreciation December 31, 2022 (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COLUMN A ​ COLUMN B ​ ​ COLUMN C ​ COLUMN D ​ ​ COLUMN E ​ COLUMN F ​ COLUMN G ​ COLUMN H ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life on Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation in ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost ​ Capitalized ​ Gross Amount at Which Carried at Close of Period ​ ​ ​ ​ ​ ​ Latest Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ Subsequent ​ ​ Building and ​ ​ ​ ​ ​ Accumulated ​ Date of ​ Statement is Property ​ Location ​ Encumbrance ​ Land Improvements to Acquisition ​ Land Improvements ​ Total ​ Depreciation Acquisition Computed Real Estate Held for Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ballast AZ / CO / WA $ — $ 7,272 $ 25,900 $ 1,009 $ 7,316 $ 26,865 $ 34,181 $ 569 2022 3 - 40 Years Golden Pacific IN / KS / MO ​ — ​ 6,235 ​ 29,994 ​ 4,583 ​ 6,235 ​ 34,577 ​ 40,812 ​ 795 2021 / 2022 3 - 40 Years ILE TX / SE US ​ 30,575 ​ 22,438 ​ 90,637 ​ 10,118 ​ 22,438 ​ 100,755 ​ 123,193 ​ 2,829 2021 / 2022 3 - 40 Years Navigator Villas WA ​ 20,039 ​ 2,026 ​ 27,206 ​ 1,103 ​ 2,027 ​ 28,308 ​ 30,335 ​ 3,215 2019 3 - 40 Years Peak JV 1 (1) IN / MO ​ — ​ 8,304 ​ 44,645 ​ 1,031 ​ 8,308 ​ 45,672 ​ 53,980 ​ 2,037 2021 3 - 40 Years Peak JV 2 (2) TX ​ — ​ 10,938 ​ 77,105 ​ 2,898 ​ 10,949 ​ 79,992 ​ 90,941 ​ 2,966 2021 / 2022 3 - 40 Years Peak JV 3, formerly DFW 189 TX ​ — ​ 5,638 ​ 22,416 ​ 695 ​ 5,641 ​ 23,108 ​ 28,749 ​ 788 2021 3 - 40 Years Peak JV 4, formerly Savannah 319 GA ​ — ​ 2,200 ​ 14,049 ​ 97 ​ 2,200 ​ 14,146 ​ 16,346 ​ 230 2022 3 - 40 Years Wayford at Concord NC ​ 32,973 ​ 2,933 ​ 40,922 ​ 90 ​ 2,933 ​ 41,012 ​ 43,945 ​ 2,133 2021 3 - 40 Years Yauger Park Villas WA ​ 14,644 ​ 1,322 ​ 24,575 ​ 637 ​ 1,322 ​ 25,212 ​ 26,534 ​ 1,619 2021 3 - 40 Years Subtotal ​ 98,231 ​ 69,306 ​ 397,449 ​ 22,261 ​ 69,369 ​ 419,647 ​ 489,016 ​ 17,181 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Real Estate assets ​ ​ ​ ​ ​ ​ ​ ​ REIT Operator MI ​ — ​ — ​ 185 ​ 790 ​ — ​ 975 ​ 975 ​ 684 2017 5 Years Subtotal ​ — ​ — ​ 185 ​ 790 ​ — ​ 975 ​ 975 ​ 684 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 98,231 ​ $ 69,306 ​ $ 397,634 ​ $ 23,051 ​ $ 69,369 ​ $ 420,622 ​ $ 489,991 ​ $ 17,865 (1) Peak JV 1 includes the portfolios formerly presented as Indy and Springfield. (2) Peak JV 2 includes the portfolios formerly presented as Axelrod, Granbury, Granbury 2.0, Lubbock, Lubbock 2.0, Lubbock 3.0, Lynnwood, Lynnwood 2.0, Springtown, Springtown 2.0, Texarkana and Texas Portfolio 183, of which all are in Texas.
Schedule of reconciliation of real estate properties	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Balance at January 1 ​ $ 323,048 ​ $ 377,781 Construction and acquisition cost ​ 166,943 ​ 293,846 Disposition of real estate ​ — ​ (348,579) Balance at December 31 ​ $ 489,991 ​ $ 323,048 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Balance at January 1 ​ $ 4,964 ​ $ 35,375 Current year depreciation expense ​ 12,901 ​ 6,332 Disposition of real estate ​ — ​ (36,743) Balance at December 31 ​ $ 17,865 ​ $ 4,964
Schedule of mortgage loans on real estate	​ Bluerock Homes Trust, Inc. ​ Schedule IV - Mortgage Loans on Real Estate December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Amount of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face Amount of ​ Carrying Amount of ​ Mortgages Subject ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Periodic Payment ​ ​ ​ Mortgages (in ​ Mortgages (in ​ to Delinquent Description Property Name Location Interest Rate Maturity Date Terms Prior Liens thousands) thousands) Principal or Interest Real Estate Loans on Residential Rental Community (1) — — — — — — ​ $ — ​ $ — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ — ​ $ — ​ ​ (1) The Hartley at Blue Hill and Weatherford 185 loans previously presented in Schedule IV were paid off in full during 2022. Refer to Note 7 for further information.
Reconciliation of mortgage loans on real estate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 Balance at beginning of period ​ $ 36,000 ​ $ 47,900 Additions during period: ​ ​ Purchases ​ 9,645 ​ 526 Deductions during period: ​ ​ Collections of principal ​ (45,645) ​ (12,426) Balance at end of period ​ $ — ​ $ 36,000

Organization and Nature of Bu_2

Organization and Nature of Business (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Oct. 06, 2022 USD ($) $ / shares shares	Dec. 31, 2022 item $ / shares shares	Dec. 31, 2021 $ / shares shares
Organization and Nature of Business
Number of single-family residential homes		3,977
Number of real estate investments		17
Number of operating investments		10
Number of investments through preferred equity		7
Percent of real estate properties occupied		94.80%
Annual distribution percentage rate		90%
Amount of cash received | $	$ 74
Cash balance at properties in SpinOff transaction | $	22
Total cash and restricted cash balance | $	$ 96
Ownership percentage of single-family residential business held by common stock holders	34%
Ownership percentage of single-family residential business held by holders of units in Operating Partnership	66%
Authorized number of shares of capital stock | shares	1,000,000,000
Common stock, shares authorized | shares	750,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Preferred stock, shares authorized | shares	250,000,000	250,000,000	0
Par value of preferred stock (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Estimated useful lives of assets (Details)	12 Months Ended
	Dec. 31, 2022
Buildings | Minimum
Property, Plant and Equipment
Estimated useful lives of assets	30 years
Buildings | Maximum
Property, Plant and Equipment
Estimated useful lives of assets	40 years
Building improvements | Minimum
Property, Plant and Equipment
Estimated useful lives of assets	5 years
Building improvements | Maximum
Property, Plant and Equipment
Estimated useful lives of assets	15 years
Land improvements | Minimum
Property, Plant and Equipment
Estimated useful lives of assets	5 years
Land improvements | Maximum
Property, Plant and Equipment
Estimated useful lives of assets	15 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment
Estimated useful lives of assets	3 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment
Estimated useful lives of assets	8 years
In-place leases
Property, Plant and Equipment
Estimated useful lives of assets	6 months

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies (Details) - segment	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies
Number of operating segments	1
Number of reportable segments	1
Percentage of unvested incentive plan in operating partnership	3.48%	66%
Op Ltip Unit
Accounting Policies
Limited partners other than the company owned	67%
Op Unit
Accounting Policies
Limited partners other than the company owned	35.03%
LTIP Unit
Accounting Policies
Limited partners other than the company owned	31.97%

Discontinued Operations (Detail

Discontinued Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)		Dec. 31, 2021 USD ($) family
Expenses
Gain on sale of real estate assets	$ 258	[1]	$ 116,690
Income from discontinued operations	311	[1]	$ 110,858
Disposals | ARIUM Grandewood, James at South First, Marquis at The Cascades, Plantation Park, Park & Kingston and The District at Scottsdale
Discontinued Operations
Number of multifamily operating properties sold | family			6
Statement of operations that are included in discontinued operations
Total Revenues			$ 8,875
Expenses
Property operating	(53)		3,423
Property management and asset management fees			213
Weather-related losses, net			87
Depreciation and amortization			2,692
Interest expense, net			2,120
Total expenses	(53)		8,535
Income on operations of rental property	53		340
Loss on extinguishment of debt			(6,172)
Gain on sale of real estate assets	258		116,690
Income from discontinued operations	$ 311		110,858
Statement of cash flows that are included in discontinued operations
Depreciation and amortization			2,929
Capital expenditures			$ 714
[1] The combined consolidated statement of operations for the year ended December 31, 2022 includes (i) the Company’s results of operations for the period of October 6 – December 31, 2022, which represents the Company’s results of operations following its spin-off from Bluerock Residential, and (ii) the Company’s results of operations for the period ending and prior to October 6, 2022, which represents a carve-out of revenues and expenses attributable to the Company related to Bluerock Residential’s single-family residential home business. The Company’s historical financial information for the year ended December 31, 2021 was prepared on the same basis as the carve-out period of 2022. As a result, results of operations for the year ended December 31, 2022 may not be comparative to the Company’s results of operations reported for the prior year presented.

Sale of Real Estate Assets (Det

Sale of Real Estate Assets (Details) - USD ($) $ in Thousands

3 Months Ended

12 Months Ended

Jul. 22, 2022

Apr. 29, 2022

Feb. 28, 2022

Dec. 14, 2021

Sep. 23, 2021

Jul. 07, 2021

Jun. 29, 2021

Jun. 04, 2021

Apr. 26, 2021

Mar. 25, 2021

Mar. 18, 2021

Mar. 01, 2021

Feb. 24, 2021

Jan. 28, 2021

Dec. 31, 2020

Dec. 31, 2022

Dec. 31, 2021

Preferred Equity Investments

Loss on extinguishment of debt

$ 0

$ 0

Proceeds from sale of interests

$ 5,600

$ 7,000

$ 10,100

41,262

Original preferred investment

5,300

$ 6,500

46,716

39,792

Accrued preferred return

8,588

3,190

Preferred equity investments in unconsolidated real estate joint ventures, net

86,289

39,521

Proceeds from collection of mezzanine loan

$ 45,645

$ 22,319

ARIUM Grandewood

Preferred Equity Investments

Proceeds from sale of real estate gross

$ 65,300

Early extinguishment of debt costs

39,100

Payments for closing costs and fees on real estate investments

1,100

Net proceeds from sale of real estate

25,100

Gain (loss) on sale of asset

27,700

Debt modification costs

$ 100

James at South First

Preferred Equity Investments

Proceeds from sale of real estate gross

$ 50,000

Early extinguishment of debt costs

25,600

Payments for closing costs and fees on real estate investments

500

Net proceeds from sale of real estate

21,100

Gain (loss) on sale of asset

17,400

Payment for early extinguishment of debt costs

2,500

Loss on extinguishment of debt

2,600

James at South First | Pro rata

Preferred Equity Investments

Net proceeds from sale of real estate

$ 18,100

Marquis at The Cascades

Preferred Equity Investments

Proceeds from sale of real estate gross

$ 90,900

Early extinguishment of debt costs

53,600

Payments for closing costs and fees on real estate investments

300

Net proceeds from sale of real estate

37,300

Gain (loss) on sale of asset

23,700

Loss on extinguishment of debt

300

Marquis at The Cascades | Pro rata

Preferred Equity Investments

Net proceeds from sale of real estate

$ 32,600

The Conley Interests

Preferred Equity Investments

Proceeds from sale of interests

$ 16,500

Original preferred investment

15,200

Accrued preferred return

$ 1,300

Alexan Southside Place Interests

Preferred Equity Investments

Provision for credit loss

$ 15,900

Proceeds from sale of equity investment

$ 10,100

Plantation Park

Preferred Equity Investments

Proceeds from sale of real estate gross

$ 32,000

Early extinguishment of debt costs

26,600

Payments for closing costs and fees on real estate investments

400

Net proceeds from sale of real estate

4,900

Gain (loss) on sale of asset

(1,100)

Loss on extinguishment of debt

200

Plantation Park | Pro rata

Preferred Equity Investments

Net proceeds from sale of real estate

$ 2,700

Vickers Historic Roswell

Preferred Equity Investments

Repayment of debt

$ 12,900

Repayments of principal amount of debt

12,400

Accrued interest paid

$ 500

Park & Kingston

Preferred Equity Investments

Proceeds from sale of real estate gross

$ 44,900

Early extinguishment of debt costs

19,600

Payments for closing costs and fees on real estate investments

500

Net proceeds from sale of real estate

24,700

Gain (loss) on sale of asset

19,400

Payment for early extinguishment of debt costs

2,400

Loss on extinguishment of debt

2,600

The District at Scottsdale

Preferred Equity Investments

Proceeds from sale of real estate gross

150,500

Early extinguishment of debt costs

73,800

Payments for closing costs and fees on real estate investments

400

Net proceeds from sale of real estate

74,800

Gain (loss) on sale of asset

29,600

Payment for early extinguishment of debt costs

400

Loss on extinguishment of debt

400

The District at Scottsdale | Pro rata

Preferred Equity Investments

Net proceeds from sale of real estate

$ 69,500

Mira Vista Interests

Preferred Equity Investments

Proceeds from sale of interests

5,600

Original preferred investment

5,300

Accrued preferred return

$ 300

Thornton Flats Interests

Preferred Equity Investments

Proceeds from sale of interests

$ 5,500

Original preferred investment

5,300

Accrued preferred return

$ 200

The Hartley at Blue Hill

Preferred Equity Investments

Proceeds from collection of mezzanine loan

$ 5,000

$ 34,400

Proceeds from collection of mezzanine loan, principal amount

31,000

Proceeds from collection of mezzanine loan, accrued interest amount

3,400

Weatherford 185

Preferred Equity Investments

Proceeds from collection of mezzanine loan

$ 9,400

Proceeds from collection of mezzanine loan, principal amount

9,300

Proceeds from collection of mezzanine loan, accrued interest amount

$ 100

The Hartley at Blue Hill [Member]

Preferred Equity Investments

Proceeds from collection of mezzanine loan

$ 5,000

34,400

Proceeds from collection of mezzanine loan, principal amount

31,000

Proceeds from collection of mezzanine loan, accrued interest amount

$ 3,400

Investments in Real Estate - Co

Investments in Real Estate - Consolidated operating investments (Details)	12 Months Ended
	Dec. 31, 2022 item
Investments in Real Estate
Number of Units	2,340
Number of real estate investments	17
Consolidated operating investments
Investments in Real Estate
Number of real estate investments	10
Investments held through preferred equity
Investments in Real Estate
Number of real estate investments	7
Ballast
Investments in Real Estate
Location / Market	AZ / CO / WA
Number of Units	84
Ownership Interest (as a percent)	95
Golden Pacific
Investments in Real Estate
Location / Market	IN / KS / MO
Number of Units	171
Ownership Interest (as a percent)	97
ILE
Investments in Real Estate
Location / Market	TX / SE US
Number of Units	482
Ownership Interest (as a percent)	95
Navigator Villas
Investments in Real Estate
Location / Market	Pasco, WA
Number of Units	176
Ownership Interest (as a percent)	90
JV 1
Investments in Real Estate
Location / Market	IN / MO
Number of Units	334
Ownership Interest (as a percent)	60
JV 2
Investments in Real Estate
Location / Market	Various / TX
Number of Units	608
Ownership Interest (as a percent)	80
JV 3, formerly DFW 189
Investments in Real Estate
Location / Market	Dallas-Fort Worth, TX
Number of Units	189
Ownership Interest (as a percent)	56
JV 4, formerly Savannah 319
Investments in Real Estate
Location / Market	Savannah, GA
Number of Units	66
Ownership Interest (as a percent)	80
Wayford at Concord
Investments in Real Estate
Location / Market	Concord, NC
Number of Units	150
Ownership Interest (as a percent)	83
Yauger Park Villas
Investments in Real Estate
Location / Market	Olympia, WA
Number of Units	80
Ownership Interest (as a percent)	95

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments in Real Estate
Investments in real estate of depreciation expense	$ 12.9	$ 3.6
Amortization of deferred leasing fees	2.7	2.1
Security deposits received in cash related to tenant leases	$ 2.1	$ 1.5

Investments in Real Estate - Pr

Investments in Real Estate - Preferred Equity Investments (Details)	12 Months Ended
	Dec. 31, 2022
Preferred Equity Investments
Total Lease-up Units	122
Total Development Units	1,041
Total Operating Units	474
Total Units	1,637
Willow Park
Preferred Equity Investments
Location / Market	Willow Park, TX
Total Lease-up Units	46
The Woods at Forest Hill
Preferred Equity Investments
Location / Market	Forest Hill, TX
Total Lease-up Units	76
The Cottages at Myrtle Beach
Preferred Equity Investments
Location / Market	Myrtle Beach, SC
Total Development Units	294
The Cottages of Warner Robins
Preferred Equity Investments
Location / Market	Warner Robins, GA
Total Development Units	251
The Cottages of Port St. Lucie
Preferred Equity Investments
Location / Market	Port St. Lucie, FL
Total Development Units	286
Wayford at Innovation Park
Preferred Equity Investments
Location / Market	Charlotte, NC
Total Development Units	210
Peak Housing
Preferred Equity Investments
Location / Market	IN / MO / TX
Total Operating Units	474

Acquisition of Real Estate - Ac

Acquisition of Real Estate - Acquisition activity and related new financing (Details) $ in Thousands	3 Months Ended							12 Months Ended
	Dec. 31, 2022 USD ($) item	Sep. 30, 2022 USD ($) item	Jun. 30, 2022 USD ($) item	Mar. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item	Sep. 30, 2021 USD ($) item	Jun. 30, 2021 USD ($) item	Dec. 31, 2022 USD ($) item
Acquisition of Real Estate
Number of Units | item	2,340							2,340
Yauger Park Villas
Acquisition of Real Estate
Location / Market							Olympia, WA
Number of Units | item							80
Ownership Interest							95
Purchase Price							$ 24,500
Debt							$ 15,077
Senior loan assumption								$ 10,500
Supplemental loan assumption								$ 4,600
Wayford at Concord
Acquisition of Real Estate
Location / Market							Concord, NC
Number of Units | item							150
Ownership Interest							83
Purchase Price							$ 44,438
Peak JV 1
Acquisition of Real Estate
Location / Market						IN / MO
Number of Units | item						334
Ownership Interest						60
Purchase Price						$ 52,785
Debt						$ 38,175
Peak JV 2
Acquisition of Real Estate
Location / Market				Various / TX	Various / TX	Various / TX
Number of Units | item				34	111	195
Ownership Interest				80	80	80
Purchase Price				$ 7,650	$ 16,393	$ 26,150
Debt				$ 5,355	$ 11,493	$ 18,305
ILE
Acquisition of Real Estate
Location / Market		TX / SE US	TX / SE US	TX / SE US	TX / SE US
Number of Units | item		64	108	31	279
Ownership Interest		95	95	95	95
Purchase Price		$ 16,711	$ 27,804	$ 7,011	$ 57,139
Debt		$ 10,193	$ 8,802	$ 9,974	$ 26,839
Golden Pacific
Acquisition of Real Estate
Location / Market	IN / KS / MO	IN / KS / MO	IN / KS / MO	IN / KS / MO	KS / MO
Number of Units | item	1	35	66	62	7			1
Ownership Interest	97	97	97	97	97			97
Purchase Price	$ 155	$ 7,859	$ 13,966	$ 11,774	$ 1,213			$ 155
Peak JV 2, November
Acquisition of Real Estate
Location / Market					Various / TX
Number of Units | item					20
Ownership Interest					80
Purchase Price					$ 2,448
Debt					$ 1,714
Peak JV 2, December
Acquisition of Real Estate
Location / Market					Various / TX
Number of Units | item					248
Ownership Interest					80
Purchase Price					$ 35,354
Debt					$ 24,748
Peak JV 3, formerly DFW 189
Acquisition of Real Estate
Location / Market					Dallas-Fort Worth, TX
Number of Units | item					189
Ownership Interest					56
Purchase Price					$ 27,670
Debt					$ 19,950
Peak JV 4, formerly Savannah 319
Acquisition of Real Estate
Location / Market			Savannah, GA	Savannah, GA
Number of Units | item			20	19
Ownership Interest			80	80
Purchase Price			$ 4,767	$ 4,465
Ballast
Acquisition of Real Estate
Location / Market		AZ / CO / WA	AZ / CO / WA
Number of Units | item		19	65
Ownership Interest		95	95
Purchase Price		$ 6,233	$ 26,100
Peak JV 4
Acquisition of Real Estate
Location / Market	Savannah, GA	Savannah, GA
Number of Units | item	13	14						13
Ownership Interest	80	80						80
Purchase Price	$ 3,151	$ 3,394						$ 3,151

Acquisition of Real Estate - As

Acquisition of Real Estate - Assets acquired (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Purchase Price Allocation
Land	$ 27,366
Building	119,408
Building improvements	680
Furniture and fixtures	166
In-place leases	193
Total assets acquired	$ 147,813

Notes and Interest Receivable -

Notes and Interest Receivable - Changes in provision for and recovery of credit losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Notes and Interest Receivable
Beginning balances, net as of January 1, 2022 and 2021, respectively	$ 59	$ 82
Recovery of credit losses on pool of assets, net	$ (59)	(23)
Provision for credit losses, end of period		$ 59

Notes and Interest Receivable_2

Notes and Interest Receivable - Interest income from loan investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property
Interest income from loan investments	$ 1,285	$ 5,355
Corpus
Property
Interest income from loan investments	501
Jolin
Property
Interest income from loan investments		903
The Hartley at Blue Hill
Property
Interest income from loan investments	$ 784	4,149
Vickers Historic Roswell
Property
Interest income from loan investments		84
Weatherford 185
Property
Interest income from loan investments		$ 219

Notes and Interest Receivable_3

Notes and Interest Receivable - Additional information (Details)

12 Months Ended

Jul. 22, 2022 USD ($)

Apr. 29, 2022 USD ($)

Feb. 28, 2022 USD ($)

Feb. 15, 2022 USD ($) building

Aug. 06, 2021 USD ($) item

Jul. 09, 2021 USD ($) item

Jun. 29, 2021 USD ($)

Dec. 31, 2022 USD ($) Options item

Dec. 31, 2021 USD ($) item

May 10, 2022 USD ($)

Apr. 01, 2022 USD ($)

Dec. 22, 2021 USD ($)

Notes and Interest Receivables:

Accrued interest receivable due from loans

$ 0

$ 38,900,000

Provision for credit loss loan investments

60,000

Proceeds from collection of mezzanine loan

$ 45,645,000

$ 22,319,000

Due from related parties

$ 19,800,000

Total preferred return (as a percent)

3.50%

Number of portfolios of single-family residential units | item

150

Peak Housing Interests

Notes and Interest Receivables:

Total preferred return (as a percent)

10%

Mortgage or mezzanine loans converted to common equity interests

$ 39,200,000

$ 66,200,000

Amount of full principal loan balances in the aggregate amount

38,200,000

61,600,000

Minimum interest associated with the respective loans

$ 1,000,000

$ 4,600,000

Preferred equity investment | Peak Housing Interests

Notes and Interest Receivables:

Number of portfolios of single-family residential units | item

14

Preferred equity investment | JV 1 | Peak Housing Interests

Notes and Interest Receivables:

Number of portfolios of single-family residential units | item

2

2

Preferred equity investment | JV 2 | Peak Housing Interests

Notes and Interest Receivables:

Number of portfolios of single-family residential units | item

1

11

Preferred equity investment | Peak JV 3, formerly DFW 189 | Peak Housing Interests

Notes and Interest Receivables:

Number of portfolios of single-family residential units | item

1

Preferred equity investment | Peak JV 4, formerly Savannah 319 | Peak Housing Interests

Notes and Interest Receivables:

Number of portfolios of single-family residential units | item

1

Full mortgage or mezzanine loan | Peak Housing Interests

Notes and Interest Receivables:

Number of portfolio owners | item

15

Mezzanine type loan | Peak Housing Interests

Notes and Interest Receivables:

Loans receivable | item

1

Corpus and jolin bridge loan | Minimum

Notes and Interest Receivables:

Total preferred return (as a percent)

10%

Corpus and jolin bridge loan | Maximum

Notes and Interest Receivables:

Total preferred return (as a percent)

8%

The Hartley at Blue Hill Loan Financing

Notes and Interest Receivables:

Interest paid (as a percent)

5.25%

Interest accrued (as a percent)

6.50%

The Hartley at Blue Hill Loan Financing | Maximum

Notes and Interest Receivables:

Due from related parties

$ 31,000,000

Weatherford 185 mezzanine loan

Notes and Interest Receivables:

Proceeds from collection of mezzanine loan, principal amount

$ 9,300,000

$ 100,000

Proceeds from collection of mezzanine loan, accrued interest amount

100,000

Loan provided

$ 9,600,000

Number of units | building

185

Fixed rate for loan

12%

Loans receivable | Options

3

Extension term

30 days

Number of exercised options | Options

3

Outstanding principal balance

$ 9,400,000

Br Chapel Hill Jv Llc [Member]

Notes and Interest Receivables:

Ownership interest

100%

The Hartley at Blue Hill

Notes and Interest Receivables:

Proceeds from collection of mezzanine loan

$ 5,000,000

$ 34,400,000

Proceeds from collection of mezzanine loan, principal amount

31,000,000

Proceeds from collection of mezzanine loan, accrued interest amount

$ 3,400,000

Corpus | Peak Housing Interests

Notes and Interest Receivables:

Loan provided

$ 6,800,000

Number of units | item

81

Jolin | Peak Housing Interests

Notes and Interest Receivables:

Loan provided

$ 3,100,000

Number of units | item

24

Fixed rate for loan

7%

Vickers Historic Roswell

Notes and Interest Receivables:

Number of units | item

79

Fixed rate for loan

15%

Due from related parties

$ 12,400,000

Repayment of debt

$ 12,900,000

Repayments of principal amount of debt

12,400,000

Accrued interest paid

$ 500,000

Vickers Historic Roswell | Br Chapel Hill Jv Llc [Member]

Notes and Interest Receivables:

Ownership interest

80%

Br Chapel Hill Jv Llc [Member]

Notes and Interest Receivables:

Fixed rate for loan

10%

Due from related parties

$ 5,000,000

Amended chapel hill mezz loan

Notes and Interest Receivables:

Loans receivable, interest rate

11.75%

Preferred Equity Investments _3

Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Sep. 23, 2021	Jun. 04, 2021	Mar. 25, 2021
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	$ 86,311	$ 39,594
Provision for credit losses	(22)	(73)	$ (300)	$ (500)	$ (15,900)
Total, net	86,289	39,521
Peak Housing
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	20,318	20,318
The Cottages at Myrtle Beach
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	17,913	9,034
The Cottages of Warner Robins
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	13,250
The Cottages of Port St. Lucie
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	18,785	7,260
The Woods at Forest Hill
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	3,300	442
Wayford at Innovation Park
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	10,205
Willow Park
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Total	$ 2,540	$ 2,540

Preferred Equity Investments _4

Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures - Provision for and recovery of credit losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Beginning balances, net as of January 1, 2022 and 2021, respectively	$ 73	$ 16,009
Provision for credit losses, net, end of period	22	73
Pool of assets - preferred equity investments
Recovery of credit losses	(51)	(6)
Alexan Southside Place
Recovery of credit losses		$ (15,930)
Recovery of credit loss	$ (292)

Preferred Equity Investments _5

Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures - Preferred returns (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real estate joint ventures	$ 8,588	$ 3,190
Mira Vista
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real estate joint ventures		391
Peak Housing
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real estate joint ventures	1,887	1,030
The Conley
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real estate joint ventures		405
The Cottages at Myrtle Beach
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real estate joint ventures	2,288	300
The Cottages at Warner Robins
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real estate joint ventures	1,151
The Cottages of Port St. Lucie
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real estate joint ventures	2,186	227
The Woods at Forest Hill
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real estate joint ventures	274	2
Thornton Flats
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real estate joint ventures		420
Wayford at Concord
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real estate joint ventures		364
Wayford at Innovation Park
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real estate joint ventures	469
Willow Park
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Preferred returns on unconsolidated real estate joint ventures	$ 333	$ 51

Preferred Equity Investments _6

Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures - Occupancy percentages (Details)	Dec. 31, 2022	Dec. 31, 2021
Peak Housing
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Occupancy rate (as a percent)	95.40%	92.80%
The Woods at Forest Hill
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Occupancy rate (as a percent)	1.30%
Willow Park
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures
Occupancy rate (as a percent)	30.40%

Preferred Equity Investments _7

Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures - Additional Information (Details)												1 Months Ended		3 Months Ended		12 Months Ended
	Dec. 20, 2021 USD ($) item	Dec. 14, 2021 USD ($)	Dec. 08, 2021 USD ($) item	Sep. 23, 2021 USD ($)	Sep. 09, 2021 USD ($) item	Aug. 26, 2021 USD ($) item	Jun. 17, 2021 USD ($) item	Jun. 04, 2021 USD ($)	Apr. 12, 2021 USD ($) Option family	Mar. 25, 2021 USD ($)	Mar. 18, 2021 USD ($)	Sep. 30, 2019 USD ($)	Oct. 31, 2018 USD ($) item	Dec. 31, 2021 USD ($) item	Sep. 30, 2021 USD ($) item	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)
Equity Method Investment And Joint Venture
Equity investments														$ 39,521,000		$ 86,289,000	$ 39,521,000
Number of portfolios of single-family residential homes | item																150
Accrued preferred return				$ 300,000				$ 500,000		$ 15,900,000				$ 73,000		$ 22,000	73,000
Preferred returns on unconsolidated real estate joint ventures																8,588,000	$ 3,190,000
Total preferred return (as a percent)														3.50%			3.50%
Current return on remaining investment (as a percent)												7%
Accrued return on remaining investment (as a percent)												3.10%
Total preferred return on remaining investment (as a percent)												10.10%
Investments									$ 16,000,000
Equity Method Investments, Gross														$ 39,594,000		86,311,000	$ 39,594,000
Proceeds from sale and redemption of unconsolidated real estate joint ventures				5,600,000				7,000,000		$ 10,100,000							41,262,000
Original preferred investment				$ 5,300,000				6,500,000								46,716,000	39,792,000
Alexan Southside Place Interests
Equity Method Investment And Joint Venture
Accrued preferred return																		$ 15,900,000
Wayford at Concord Interests
Equity Method Investment And Joint Venture
Equity investments								$ 44,400,000
Accrued return on remaining investment (as a percent)								83%
Peak Housing
Equity Method Investment And Joint Venture
Preferred returns on unconsolidated real estate joint ventures																1,887,000	1,030,000
Current return on remaining investment (as a percent)									4%
Accrued return on remaining investment (as a percent)									4%
Total preferred return on remaining investment (as a percent)									8%
Equity Method Investments, Gross														$ 20,318,000		20,318,000	$ 20,318,000
Alexan Southside Place Interests
Equity Method Investment And Joint Venture
Equity investments																$ 24,900,000
Number of units																270
Ground lease																85 years
Mira Vista
Equity Method Investment And Joint Venture
Equity investments												$ 5,300,000
Conley
Equity Method Investment And Joint Venture
Equity investments													$ 15,200,000
Number of units | item													259
Accrued preferred return											$ 1,300,000
Current return on remaining investment (as a percent)													8.50%
Accrued return on remaining investment (as a percent)													4%
Total preferred return on remaining investment (as a percent)													12.50%
Proceeds from sale and redemption of unconsolidated real estate joint ventures											16,500,000
Original preferred investment											$ 15,200,000
Thornton Flats
Equity Method Investment And Joint Venture
Equity investments												$ 4,600,000
Accrued preferred return		$ 200,000
Current return on remaining investment (as a percent)												8%
Accrued return on remaining investment (as a percent)												1%
Total preferred return on remaining investment (as a percent)												9%
Equity investment total						$ 5,300,000
Proceeds from sale and redemption of unconsolidated real estate joint ventures		5,500,000
Original preferred investment		$ 5,300,000
Thornton Flats Interests
Equity Method Investment And Joint Venture
Equity investments						$ 800,000
Wayford at Concord
Equity Method Investment And Joint Venture
Equity investments																$ 6,500,000
Current return on remaining investment (as a percent)																9%
Accrued return on remaining investment (as a percent)																4%
Total preferred return on remaining investment (as a percent)																13%
Peak Housing Interests
Equity Method Investment And Joint Venture
Equity investments									$ 10,700,000
Number of portfolios of single-family residential homes | item														1,097	1,097		1,097
Current return on remaining investment (as a percent)									7%
Accrued return on remaining investment (as a percent)									3%
Total preferred return on remaining investment (as a percent)									10%
Equity investment total														$ 9,600,000	$ 9,600,000
Remaining investment									$ 4,300,000
Accrued rate per annum									15
Preferred equity investment option | Option									2
Preferred equity investment extensions									1 year
Number of portfolios of single-family residential homes in which equity investments made | family									474
Construction Loan.									$ 86,900,000
Cottages at Myrtle Beach
Equity Method Investment And Joint Venture
Number of units | item					294
Accrued return on remaining investment (as a percent)					14.50%
Preferred equity investment option | item					2
Preferred equity investment extensions					1 year
Committed to invest in preferred equity interests					$ 17,900,000
Construction Loan.					$ 40,200,000
Outstanding loan																$ 19,900,000
Bear interest					3.10%
Spread on variable interest rate					2.60%
Cottages at Warner Robins
Equity Method Investment And Joint Venture
Number of units | item			251,000
Accrued return on remaining investment (as a percent)			14.50%
Committed to invest in preferred equity interests			$ 13,300,000
Construction Loan.			34,500,000
Outstanding loan			$ 18,100,000
Bear interest			3.10%
Cottages of Port St. Lucie
Equity Method Investment And Joint Venture
Number of units | item						286
Accrued return on remaining investment (as a percent)						14.50%
Preferred equity investment option | item						2
Preferred equity investment extensions						1 year
Committed to invest in preferred equity interests																18,800,000
Construction Loan.						$ 45,200,000
Outstanding loan																14,400,000
Bear interest						3.50%
Spread on variable interest rate						2.75%
Woods at Forest Hill
Equity Method Investment And Joint Venture
Number of units | item	76
Accrued return on remaining investment (as a percent)	13%
Preferred equity investment option | item	2
Preferred equity investment extensions	1 year
Committed to invest in preferred equity interests																3,300,000
Construction Loan.	$ 8,300,000
Outstanding loan																7,900,000
Bear interest	4.75%
Spread on variable interest rate	1.50%
Amortization term	25 years
Wayford at Innovation
Equity Method Investment And Joint Venture
Equity investments																10,200,000
Number of portfolios of single-family residential homes | item							210
Accrued return on remaining investment (as a percent)							12.50%
Equity investment total							$ 13,400,000
Construction Loan.							$ 39,600,000
Outstanding loan																0
Bear interest							3.50%
Spread on variable interest rate							2.25%
Willow Park
Equity Method Investment And Joint Venture
Number of portfolios of single-family residential homes | item							46
Accrued return on remaining investment (as a percent)							13%
Equity investment total																2,500,000
Preferred equity investment option | item							2
Preferred equity investment extensions							1 year
Construction Loan.							$ 8,800,000
Outstanding loan																$ 7,900,000
Bear interest							4.50%
Spread on variable interest rate							1.25%
Amortization term							25 years
Willow Park | Wayford at Innovation Park
Equity Method Investment And Joint Venture
Amortization term							30 years
Maximum [Member] | Peak Housing Interests
Equity Method Investment And Joint Venture
Equity investments									$ 20,300,000
Current return on remaining investment (as a percent)									7%

Revolving Credit Facilities (De

Revolving Credit Facilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Revolving Credit Facilities
Outstanding balance	$ 55,000
DB Credit Facility
Revolving Credit Facilities
Outstanding balance	35,000
ILE Sunflower Credit Facility
Revolving Credit Facilities
Outstanding balance	$ 20,000

Revolving Credit Facilities - A

Revolving Credit Facilities - Additional Information (Details) $ in Thousands	Apr. 06, 2022 USD ($) Y	Sep. 21, 2021 USD ($)	Mar. 06, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 27, 2021 USD ($)
Revolving Credit Facilities
Amount outstanding				$ 0
Amended senior credit facility
Revolving Credit Facilities
Amount of letter of credit issuable, maximum			$ 50,000
Amended senior credit facility | Minimum
Revolving Credit Facilities
Unused fee percentage at annual rate			0.15%
Amended senior credit facility | Maximum
Revolving Credit Facilities
Unused fee percentage at annual rate			0.20%
Amended senior credit facility | LIBOR | Minimum
Revolving Credit Facilities
Bear interest			1.30%
Amended senior credit facility | LIBOR | Maximum
Revolving Credit Facilities
Bear interest			1.65%
Amended senior credit facility | Base Rate | Minimum
Revolving Credit Facilities
Bear interest			0.30%
Amended senior credit facility | Base Rate | Maximum
Revolving Credit Facilities
Bear interest			0.65%
Amended senior credit facility | Revolving Credit Facility
Revolving Credit Facilities
Initial commitment amount			$ 100,000
Maximum total commitment			$ 350,000
Amended Junior Credit Facility | Minimum
Revolving Credit Facilities
Unused fee percentage at annual rate		0.35%
Amended Junior Credit Facility | Maximum
Revolving Credit Facilities
Unused fee percentage at annual rate		0.40%
Amended Junior Credit Facility | LIBOR | Minimum
Revolving Credit Facilities
Bear interest		2.75%
Amended Junior Credit Facility | LIBOR | Maximum
Revolving Credit Facilities
Bear interest		3.25%
Amended Junior Credit Facility | Base Rate | Minimum
Revolving Credit Facilities
Bear interest		1.75%
Amended Junior Credit Facility | Base Rate | Maximum
Revolving Credit Facilities
Bear interest		2.25%
Amended Junior Credit Facility | Revolving Credit Facility
Revolving Credit Facilities
Maximum total commitment		$ 72,500
DB Credit Facility
Revolving Credit Facilities
Number of extension options | Y	2
Extension term	1 year
Availability of borrowings under credit facility				35,000
DB Credit Facility | SOFR
Revolving Credit Facilities
Bear interest	2.80%
DB Credit Facility | Revolving Credit Facility
Revolving Credit Facilities
Maximum total commitment	$ 150,000
ILE Sunflower Credit Facility
Revolving Credit Facilities
Availability of borrowings under credit facility				$ 20,000
ILE Sunflower Credit Facility | LIBOR
Revolving Credit Facilities
Bear interest					3%
ILE Sunflower Credit Facility | Revolving Credit Facility
Revolving Credit Facilities
Initial commitment amount					$ 20,000
Maximum total commitment					$ 50,000

Mortgages Payable (Details)

Mortgages Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Mortgages Payable
Fair value adjustments	$ 1,235
Deferred financing costs, net	(1,275)
Mortgages
Mortgages Payable
Total	98,231	$ 62,107
Fair value adjustments	1,235	1,555
Deferred financing costs, net	(1,275)	(655)
Total mortgages payable	98,191	63,007
Mortgages | Fixed Rate
Mortgages Payable
Outstanding Principal	60,658	35,282
Mortgages | Floating Rate
Mortgages Payable
Outstanding Principal	37,573	26,825
ILE | Mortgages | Fixed Rate
Mortgages Payable
Outstanding Principal	$ 25,976
Interest Rate	3.69%
ILE | Mortgages | Floating Rate
Mortgages Payable
Outstanding Principal	$ 4,600	26,825
Interest Rate	7.18%
Navigator Villas | Mortgages | Fixed Rate
Mortgages Payable
Outstanding Principal	$ 20,039	20,361
Interest Rate	4.57%
Yauger Park Villas | Mortgages | Fixed Rate
Mortgages Payable
Outstanding Principal	$ 14,643	$ 14,921
Interest Rate	4.86%
Wayford at Concord | Mortgages | Floating Rate
Mortgages Payable
Outstanding Principal	$ 32,973
Interest Rate	4.73%

Mortgages Payable - Contractual

Mortgages Payable - Contractual principal payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Mortgages Payable
2023	$ 1,519
2024	1,639
2025	1,717
2026	37,471
2027	866
Thereafter	55,019
Long-term Debt	98,231
Add: Unamortized fair value debt adjustment	1,235
Subtract: Deferred financing costs, net	(1,275)
Total	$ 98,191

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 21, 2022	Dec. 31, 2022	Dec. 31, 2021
Mortgages Payable
Loss on extinguishment of debt and debt modification costs		$ 0	$ 0
Net book value of real estate assets		301.7
Amortization of fair value adjustments		0.3	0.3
Revolving Credit Facility
Mortgages Payable
Amortization of deferred financing costs		$ 2.8	$ 1
Navigator Villas | Mortgages | Fixed Rate
Mortgages Payable
Fixed rate for loan		4.57%
Navigator Villas | Supplemental loan | Fixed Rate
Mortgages Payable
Principal balance		$ 5.6
Fixed rate for loan		5.23%
Navigator Villas | Senior loan | Fixed Rate
Mortgages Payable
Principal balance		$ 14.4
Fixed rate for loan		4.31%
Yauger Park Villas | Mortgages | Fixed Rate
Mortgages Payable
Fixed rate for loan		4.86%
Yauger Park Villas | Supplemental loan | Fixed Rate
Mortgages Payable
Principal balance		$ 4.5
Fixed rate for loan		4.96%
Yauger Park Villas | Senior loan | Fixed Rate
Mortgages Payable
Principal balance		$ 10.1
Fixed rate for loan		4.81%
ILE | SOFR | Floating Rate
Mortgages Payable
Bear interest		4.18%
ILE | Mortgages | Fixed Rate
Mortgages Payable
Fixed rate for loan		3.69%
ILE | Mortgages | Floating Rate
Mortgages Payable
Fixed rate for loan		7.18%
ILE | Minimum | SOFR | Floating Rate
Mortgages Payable
Bear interest		3%
ILE | Maximum | SOFR | Floating Rate
Mortgages Payable
Bear interest		4%
ILE | Line of Credit | Fixed Rate
Mortgages Payable
Principal balance		$ 26
ILE | One credit agreement | Fixed Rate
Mortgages Payable
Principal balance		$ 6.6
Fixed rate for loan		3.50%
ILE | Second credit agreement | Fixed Rate
Mortgages Payable
Principal balance		$ 19.4
Fixed rate for loan		3.75%
Wayford at Concord
Mortgages Payable
Secured floating rate loan	$ 33
Wayford at Concord | SOFR | Floating Rate
Mortgages Payable
Bear interest		2.23%
Reference rate		3.73%
Wayford at Concord | SOFR | Floating Rate | Interest rate caps
Mortgages Payable
Reference rate		2.50%
Wayford at Concord | Mortgages | Floating Rate
Mortgages Payable
Fixed rate for loan		4.73%

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value of Financial Instruments
Fair value of company mortgages payable	$ 93.7	$ 64.8
Mortgage payable at carrying value	$ 99.5	$ 63.7

Derivative Financial Instrume_3

Derivative Financial Instruments - Fair Value of company's derivative financial instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Derivative Financial Instruments
The effect of derivative instruments on the statements of operations	$ (3,084)
Interest expense | Interest rate caps
Derivative Financial Instruments
The effect of derivative instruments on the statements of operations	2,437
Interest expense | Interest rate swaps
Derivative Financial Instruments
The effect of derivative instruments on the statements of operations	647
Accounts receivable, prepaids and other assets | Interest rate caps
Derivative Financial Instruments
Fair values of derivative instruments	4,702
Accounts receivable, prepaids and other assets | Interest rate swaps
Derivative Financial Instruments
Fair values of derivative instruments	$ 647

Derivative Financial Instrume_4

Derivative Financial Instruments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Interest rate caps
Derivative Financial Instruments
Amount of debt covered by derivatives	$ 74.6

Related Party Transactions - Re

Related Party Transactions - Related party amounts payable (Details) - BRE entities - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions
Total related-party amounts payable	$ 0	$ 506
Operating and direct expense reimbursements under the ASA, net
Related Party Transactions
Total related-party amounts payable		319
Operating and direct expense reimbursements under the CSA
Related Party Transactions
Total related-party amounts payable		$ 187

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)		12 Months Ended
	Aug. 05, 2022	Dec. 31, 2022	Dec. 31, 2021	Oct. 06, 2022
Related Party Transactions
Reimbursement of operating costs		$ 700,000	$ 500,000
Amount of receivables due from related parties other than BRE		0	428,000
Administrative Services Agreement
Related Party Transactions
Renewal term (in years)	1 year
Management agreement
Related Party Transactions
Total amounts payable to the Manager		$ 2,211,000
Renewal term (in years)		1 year
Base management fee (in percent)		1.50%
Management agreement | C-LTIP Units
Related Party Transactions
Trailing period		5 days
Percentage of base management fee payable in shares		50%
Amended senior credit facility | Amount of letter of credit terminated
Related Party Transactions
Amount of letter of credit terminated				$ 750,000
Reimbursement of operating costs
Related Party Transactions
Reimbursement of operating costs		$ 700,000	$ 400,000
Related party transactions | Reimbursement of operating costs | Amount of letter of credit terminated
Related Party Transactions
Amount of letter of credit terminated		750,000
Base management fee | Management agreement
Related Party Transactions
Total amounts payable to the Manager		1,787,000
Expenses		1,800,000
Operating and direct expense reimbursements | Management agreement
Related Party Transactions
Total amounts payable to the Manager		424,000
Expenses		400,000
Incentive fee expense | Management agreement
Related Party Transactions
Expenses		$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares		Dec. 31, 2021 USD ($) $ / shares shares	Oct. 06, 2022 $ / shares shares	Sep. 29, 2022 shares
Stockholders' Equity
Number of shares issued for every specified number of predecessor shares | shares				1
Number of predecessor shares for which one share of successor issued | shares					8
Number of common stock distributed | shares	3,843,502
Common stock, par value (in dollars per share)				$ 0.01
(Loss) income from continuing operations | $	$ (6,236)		$ 945
Net (loss) income from continuing operations attributable to noncontrolling interests | $	(5,130)		405
(Loss) income from continuing operations attributable to BHM | $	(1,106)		540
Income from discontinued operations | $	311	[1]	110,858
Net (loss) income from discontinued operations attributable to noncontrolling interests | $	205		77,073
Income from discontinued operations attributable to BHM | $	106		33,785
Net (loss) income attributable to common stockholders | $	$ (1,000)		$ 34,325
Weighted average common shares outstanding | shares	3,843,502	[1]	3,843,502
Weighted average common shares outstanding and potential dilutive shares | shares	3,843,502	[1]	3,843,502
Net (loss) income per common share, basic
Continuing operations	$ (0.29)	[1]	$ 0.14
Discontinued operations	0.03	[1]	8.79
Total Net (loss) income per common share - Basic	(0.26)	[1]	8.93
Net (loss) income per common share, diluted
Continuing operations	(0.29)	[1]	0.14
Discontinued operations	0.03	[1]	8.79
Total Net (loss) income per common share - Diluted	$ (0.26)	[1]	$ 8.93
Class A common stock
Stockholders' Equity
Number of shares outstanding | shares	3,835,013		0
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Dividend ratio	1
Class C common stock
Stockholders' Equity
Number of shares outstanding | shares	8,489		0
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Dividend ratio	1
[1] The combined consolidated statement of operations for the year ended December 31, 2022 includes (i) the Company’s results of operations for the period of October 6 – December 31, 2022, which represents the Company’s results of operations following its spin-off from Bluerock Residential, and (ii) the Company’s results of operations for the period ending and prior to October 6, 2022, which represents a carve-out of revenues and expenses attributable to the Company related to Bluerock Residential’s single-family residential home business. The Company’s historical financial information for the year ended December 31, 2021 was prepared on the same basis as the carve-out period of 2022. As a result, results of operations for the year ended December 31, 2022 may not be comparative to the Company’s results of operations reported for the prior year presented.

Stockholders' Equity - Company'

Stockholders' Equity - Company's non-vested shares LTIP units under the incentive plans (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Stockholders' Equity
Balance at January 1, 2022 | shares	0
Granted | shares	430,208
Vested | shares	(24,412)
Balance at December 31, 2022 | shares	405,796
Weighted average grant-date fair value, beginning balance (in dollars) | $ / shares	$ 0
Granted (in dollars) | $ / shares	22.64
Vested (in dollars) | $ / shares	22.64
Weighted average grant-date fair value, ending balance (in dollars) | $ / shares	$ 22.64

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ in Millions		12 Months Ended
	Nov. 03, 2022 USD ($) shares	Dec. 31, 2022 USD ($) Vote shares	Dec. 31, 2021
Stockholders' Equity
Exchange ratio		1
Share-based compensation arrangement by share-based payment award		3,597,109
Percentage of unvested incentive plan in operating partnership		3.48%	66%
Manager Grant
Stockholders' Equity
Expense recognized | $	$ 0.3
Grants during the period (in units)	405,796
Vesting period (in years)	5 years
Holding period of LTIP units	1 year
Director Grants
Stockholders' Equity
Expense recognized | $	$ 0.5
Grants during the period (in units)	5,339
Holding period of LTIP units	1 year
Retainer Grants
Stockholders' Equity
Expense recognized | $	$ 0.1
Grants during the period (in units)	764
Holding period of LTIP units	1 year
Incentive Plan | Long-term Incentive Plan Units One
Stockholders' Equity
Unrecognized compensation | $		$ 8.9
Remaining compensation cost is expected to be recognized (in years)		4 years 9 months 18 days
BHM Incentive Plans
Stockholders' Equity
Share-based compensation arrangement by share-based payment award		1,200,000
Prior Plans
Stockholders' Equity
Share-based compensation arrangement by share-based payment award		2,397,109
OP And LTIP Unit holders
Stockholders' Equity
Limited partners other than the company owned		67%
Op Ltip Unit [Member]
Stockholders' Equity
Limited partners other than the company owned		67%
OP Unit holders
Stockholders' Equity
Limited partners other than the company owned		35.03%
Partners' capital account, units		4,079,245
LTIP Unit holders
Stockholders' Equity
Limited partners other than the company owned		31.97%
Partners' capital account, units		3,721,690
Percentage of unvested incentive plan in operating partnership		3.48%
LTIP Unit
Stockholders' Equity
Limited partners other than the company owned		31.97%
Class A common stock | Manager Grant
Stockholders' Equity
Conversion ratio of LTIP units to shares	1
Class A common stock | Director Grants
Stockholders' Equity
Conversion ratio of LTIP units to shares	1
Class A common stock | Retainer Grants
Stockholders' Equity
Conversion ratio of LTIP units to shares	1
Class C common stock
Stockholders' Equity
Maximum number of votes per share | Vote		50
Conversion ratio		1

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies
Preferred equity, loan and joint venture investments	$ 3.4	$ 108.1

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Mar. 09, 2023 USD ($)

Mar. 08, 2023 USD ($)

Mar. 03, 2023 USD ($) tranche item

Feb. 22, 2023 shares

Jan. 06, 2023 USD ($)

Jan. 01, 2023 USD ($) item shares

Apr. 12, 2021 USD ($)

Sep. 30, 2019

Dec. 31, 2022 USD ($)

Dec. 31, 2022 USD ($)

Mar. 07, 2023

Mar. 02, 2023 item

Jun. 30, 2022 USD ($)

Mar. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Sep. 30, 2021 USD ($)

Subsequent Events

Equity investments

$ 86,289

$ 86,289

$ 39,521

Current return on remaining investment (as a percent)

7%

Accrued return on remaining investment (as a percent)

3.10%

Investments

$ 16,000

Total preferred return on remaining investment (as a percent)

10.10%

Peak Housing

Subsequent Events

Current return on remaining investment (as a percent)

4%

Accrued return on remaining investment (as a percent)

4%

Total preferred return on remaining investment (as a percent)

8%

Peak Housing Interests

Subsequent Events

Equity investments

$ 10,700

Current return on remaining investment (as a percent)

7%

Accrued return on remaining investment (as a percent)

3%

Total preferred return on remaining investment (as a percent)

10%

Remaining investment

$ 4,300

Maximum | Peak Housing Interests

Subsequent Events

Equity investments

$ 20,300

Current return on remaining investment (as a percent)

7%

Peak JV 1

Subsequent Events

Ownership interest

60

Purchase price

$ 52,785

Peak JV 4, formerly Savannah 319

Subsequent Events

Ownership interest

80

80

Purchase price

$ 4,767

$ 4,465

Management agreement | C-LTIP Units

Subsequent Events

Percentage of base management fee payable in shares

50%

Management agreement | Base management fee

Subsequent Events

Amount of expenses

1,800

Management agreement | Base management fee | C-LTIP Units

Subsequent Events

Reimbursement for operating expenses

$ 400

Percentage of base management fee payable in shares

50%

Percentage of base management fee payable in cash or shares

100%

Subsequent events

Subsequent Events

Number of units of underlying collateral | item

648

474

Subsequent events | Peak Housing

Subsequent Events

Equity investments

$ 16,300

Redemption of preferred equity investment

4,100

Redemption of principal investment of preferred equity

4,000

Redemption of accrued preferred return of preferred equity

$ 100

Subsequent events | Peak JV 1

Subsequent Events

Cash consideration for investment

$ 4,100

Equity contribution

$ 40,400

Ownership Interest (as a percent)

100

60

Aggregate unit purchase prices

$ 50,600

Subsequent events | Woods JV

Subsequent Events

Increase in preferred equity investment commitment

$ 4,600

Preferred equity investment commitment

$ 2,300

Subsequent events | Peak JV 4, formerly Savannah 319

Subsequent Events

Cash consideration for investment

$ 1,000

Equity contribution

10,300

Purchase price

$ 15,800

Additional consolidated operating units acquired | item

18

Increase in preferred equity investment commitment

$ 2,100

Subsequent events | Peak JV 4, formerly Savannah 319 | Maximum

Subsequent Events

Ownership interest

100

Subsequent events | Peak JV 4, formerly Savannah 319 | Minimum

Subsequent Events

Ownership interest

80

Subsequent events | Willow Park

Subsequent Events

Preferred equity investment commitment

$ 5,600

Subsequent events | Amendment | Peak Housing

Subsequent Events

Equity investments

$ 20,300

Current return per Annum

6.40%

Accrued return per Annum

3.20%

Weighted average preferred return per Annum

9.60%

Number of tranches | tranche

2

Subsequent events | Management agreement | Base management fee | C-LTIP Units

Subsequent Events

Number of shares issued | shares

85,750

Subsequent events | operating expense reimbursement | Management agreement | C-LTIP Units

Subsequent Events

Number of shares issued | shares

17,462

Subsequent events | BHM Incentive Plans | LTIP Unit

Subsequent Events

Number of Units granted | shares

3,303

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		$ 489,991	$ 323,048	$ 377,781
Real Estate and Accumulated Depreciation		17,865	$ 4,964	$ 35,375
Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Encumbrance		98,231
Real Estate and Accumulated Depreciation, Initial Cost Land		69,306
Real Estate and Accumulated Depreciation, Initial Building and Improvements		397,634
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		23,051
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		69,369
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		420,622
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		489,991
Real Estate and Accumulated Depreciation		17,865
Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Encumbrance		98,231
Real Estate and Accumulated Depreciation, Initial Cost Land		69,306
Real Estate and Accumulated Depreciation, Initial Building and Improvements		397,449
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		22,261
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		69,369
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		419,647
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		489,016
Real Estate and Accumulated Depreciation		17,181
Non-Real Estate assets | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Initial Building and Improvements		185
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		790
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		975
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		975
Real Estate and Accumulated Depreciation		684
Non-Real Estate assets | Real Estate Property | REIT Operator
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Initial Building and Improvements		185
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		790
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		975
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		975
Real Estate and Accumulated Depreciation		$ 684
Real Estate and Accumulated Depreciation, Date of Acquisition		2017
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		5 years
Ballast | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Initial Cost Land		$ 7,272
Real Estate and Accumulated Depreciation, Initial Building and Improvements		25,900
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		1,009
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		7,316
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		26,865
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		34,181
Real Estate and Accumulated Depreciation		$ 569
Real Estate and Accumulated Depreciation, Date of Acquisition		2022
Ballast | Real Estate Held for Investment | Real Estate Property | Minimum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		3 years
Ballast | Real Estate Held for Investment | Real Estate Property | Maximum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		40 years
Golden Pacific | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Initial Cost Land		$ 6,235
Real Estate and Accumulated Depreciation, Initial Building and Improvements		29,994
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		4,583
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		6,235
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		34,577
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		40,812
Real Estate and Accumulated Depreciation		$ 795
Golden Pacific | Real Estate Held for Investment | Real Estate Property | Minimum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Date of Acquisition		2021
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		3 years
Golden Pacific | Real Estate Held for Investment | Real Estate Property | Maximum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Date of Acquisition		2022
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		40 years
ILE | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Encumbrance		$ 30,575
Real Estate and Accumulated Depreciation, Initial Cost Land		22,438
Real Estate and Accumulated Depreciation, Initial Building and Improvements		90,637
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		10,118
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		22,438
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		100,755
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		123,193
Real Estate and Accumulated Depreciation		$ 2,829
ILE | Real Estate Held for Investment | Real Estate Property | Minimum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Date of Acquisition		2021
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		3 years
ILE | Real Estate Held for Investment | Real Estate Property | Maximum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Date of Acquisition		2022
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		40 years
Navigator Villas | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Encumbrance		$ 20,039
Real Estate and Accumulated Depreciation, Initial Cost Land		2,026
Real Estate and Accumulated Depreciation, Initial Building and Improvements		27,206
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		1,103
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		2,027
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		28,308
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		30,335
Real Estate and Accumulated Depreciation		$ 3,215
Real Estate and Accumulated Depreciation, Date of Acquisition		2019
Navigator Villas | Real Estate Held for Investment | Real Estate Property | Minimum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		3 years
Navigator Villas | Real Estate Held for Investment | Real Estate Property | Maximum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		40 years
Peak JV 1 | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Initial Cost Land	[1]	$ 8,304
Real Estate and Accumulated Depreciation, Initial Building and Improvements	[1]	44,645
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition	[1]	1,031
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land	[1]	8,308
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	45,672
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total	[1]	53,980
Real Estate and Accumulated Depreciation	[1]	$ 2,037
Real Estate and Accumulated Depreciation, Date of Acquisition	[1]	2021
Peak JV 1 | Real Estate Held for Investment | Real Estate Property | Minimum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		3 years
Peak JV 1 | Real Estate Held for Investment | Real Estate Property | Maximum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		40 years
Peak JV 2 | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Initial Cost Land	[2]	$ 10,938
Real Estate and Accumulated Depreciation, Initial Building and Improvements	[2]	77,105
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition	[2]	2,898
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land	[2]	10,949
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements	[2]	79,992
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total	[2]	90,941
Real Estate and Accumulated Depreciation	[2]	$ 2,966
Peak JV 2 | Real Estate Held for Investment | Real Estate Property | Minimum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Date of Acquisition		2021
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		3 years
Peak JV 2 | Real Estate Held for Investment | Real Estate Property | Maximum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Date of Acquisition		2022
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		40 years
Peak JV 3, formerly DFW 189 | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Initial Cost Land		$ 5,638
Real Estate and Accumulated Depreciation, Initial Building and Improvements		22,416
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		695
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		5,641
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		23,108
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		28,749
Real Estate and Accumulated Depreciation		$ 788
Real Estate and Accumulated Depreciation, Date of Acquisition		2021
Peak JV 3, formerly DFW 189 | Real Estate Held for Investment | Real Estate Property | Minimum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		3 years
Peak JV 3, formerly DFW 189 | Real Estate Held for Investment | Real Estate Property | Maximum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		40 years
Peak JV 4, formerly Savannah 319 | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Initial Cost Land		$ 2,200
Real Estate and Accumulated Depreciation, Initial Building and Improvements		14,049
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		97
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		2,200
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		14,146
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		16,346
Real Estate and Accumulated Depreciation		$ 230
Real Estate and Accumulated Depreciation, Date of Acquisition		2022
Peak JV 4, formerly Savannah 319 | Real Estate Held for Investment | Real Estate Property | Minimum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		3 years
Peak JV 4, formerly Savannah 319 | Real Estate Held for Investment | Real Estate Property | Maximum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		40 years
Wayford at Concord | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Encumbrance		$ 32,973
Real Estate and Accumulated Depreciation, Initial Cost Land		2,933
Real Estate and Accumulated Depreciation, Initial Building and Improvements		40,922
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		90
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		2,933
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		41,012
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		43,945
Real Estate and Accumulated Depreciation		$ 2,133
Real Estate and Accumulated Depreciation, Date of Acquisition		2021
Wayford at Concord | Real Estate Held for Investment | Real Estate Property | Minimum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		3 years
Wayford at Concord | Real Estate Held for Investment | Real Estate Property | Maximum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		40 years
Yauger Park Villas | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Encumbrance		$ 14,644
Real Estate and Accumulated Depreciation, Initial Cost Land		1,322
Real Estate and Accumulated Depreciation, Initial Building and Improvements		24,575
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		637
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		1,322
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		25,212
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		26,534
Real Estate and Accumulated Depreciation		$ 1,619
Real Estate and Accumulated Depreciation, Date of Acquisition		2021
Yauger Park Villas | Real Estate Held for Investment | Real Estate Property | Minimum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		3 years
Yauger Park Villas | Real Estate Held for Investment | Real Estate Property | Maximum
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Life on Which Depreciation in Latest Income Statement is Computed		40 years
[1] Peak JV 1 includes the portfolios formerly presented as Indy and Springfield. Peak JV 2 includes the portfolios formerly presented as Axelrod, Granbury, Granbury 2.0, Lubbock, Lubbock 2.0, Lubbock 3.0, Lynnwood, Lynnwood 2.0, Springtown, Springtown 2.0, Texarkana and Texas Portfolio 183, of which all are in Texas.

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule III and Schedule IV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Beginning balance	$ 323,048	$ 377,781
Construction and acquisition cost	166,943	293,846
Disposition of real estate		(348,579)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Ending balance	$ 489,991	$ 323,048

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule III and Schedule IV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Beginning balance	$ 4,964	$ 35,375
Current year depreciation expense	12,901	6,332
Disposition of real estate		(36,743)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending balance	$ 17,865	$ 4,964

Schedule IV - Reconciliation of

Schedule IV - Reconciliation of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Mortgage Loans on Real Estate
Balance at beginning of period	$ 36,000	$ 47,900
Additions during period:
Purchases	9,645	526
Deductions during period:
Collections of principal	(45,645)	(12,426)
Balance at end of period	$ 0	$ 36,000