Bluerock Homes Trust (BHM) 10-K 12 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Document Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 62,429,052
Entity Central Index Key	0001903382
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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		3,871,265
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, 2023	Dec. 31, 2022
Net Real Estate Investments
Land	$ 70,637	$ 69,369
Buildings and improvements	394,548	412,463
Furniture, fixtures and equipment	13,277	8,159
Total Gross Operating Real Estate Investments	478,462	489,991
Accumulated depreciation	(32,452)	(17,865)
Total Net Operating Real Estate Investments	446,010	472,126
Operating real estate held for sale, net	18,890
Total Net Real Estate Investments	464,900	472,126
Cash and cash equivalents	80,163	78,426
Restricted cash	6,221	4,136
Notes and accrued interest receivable, net	17,797
Accounts receivable, prepaids and other assets, net	21,383	17,916
Preferred equity investments in unconsolidated real estate joint ventures, net	81,156	86,289
TOTAL ASSETS	671,620	658,893
LIABILITIES AND EQUITY
Mortgages payable	96,670	98,191
Revolving credit facilities	70,000	55,000
Accounts payable	691	1,751
Other accrued liabilities	9,438	9,752
Distributions payable	12,440
Total Liabilities	192,748	166,905
6.0% Series A Redeemable Preferred Stock, liquidation preference $25.00 per share, 30,000,000 shares authorized; 436,675 and no shares issued and outstanding at December 31, 2023 and 2022, respectively	8,273
Stockholders' Equity
Preferred stock, $0.01 par value, 220,000,000 shares authorized; no shares issued and outstanding at December 31, 2023 and 2022
Additional paid-in-capital	122,369	126,623
Retained earnings	24,943	33,325
Total Stockholders' Equity	147,351	159,986
Noncontrolling Interests
Operating partnership units	307,945	307,825
Partially owned properties	15,303	24,177
Total Noncontrolling Interests	323,248	332,002
Total Equity	470,599	491,988
TOTAL LIABILITIES AND EQUITY	671,620	658,893
Operating and direct expense reimbursements | Blue Rock Residential Holdings
LIABILITIES AND EQUITY
Due to affiliates	3,509	2,211
Class A common stock
Stockholders' Equity
Common stock	39	38
Class C common stock
Stockholders' Equity
Common stock

COMBINED CONSOLIDATED BALANCE_2

COMBINED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Series A Redeemable Preferred Stock, dividend rate (as a percent)	6%	6%	6%
Series A Redeemable Preferred Stock, liquidation preference per share	$ 25	$ 25	$ 25
Series A Redeemable Preferred Stock, shares authorized	30,000,000	30,000,000	30,000,000
Series A Redeemable Preferred Stock, shares issued	436,675	436,675	0
Series A Redeemable Preferred Stock, shares outstanding	436,675	436,675	0
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	220,000,000	220,000,000	220,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	562,500,000	562,500,000	562,500,000
Common stock, shares issued	3,871,265	3,871,265	3,835,013
Common stock, shares outstanding			3,835,013
Class C common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	187,500,000	187,500,000	187,500,000
Common stock, shares issued	8,489	8,489	8,489
Common stock, shares outstanding	8,489	8,489	8,489

COMBINED CONSOLIDATED STATEMENT

COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Revenues
Rental and other property revenues		$ 40,999	$ 32,859	[1]
Interest income from loan investments		94	1,285	[1]
Total revenues		41,093	34,144	[1]
Expenses
Property operating		19,164	15,171	[1]
Property management and asset management fees		4,416	3,834	[1]
General and administrative		8,004	7,102	[1]
Management fees to related party	[1]	7,922	1,787
Acquisition and other transaction costs	[1]	1,820	167
Weather-related losses, net	[1]	(17)	25
Depreciation and amortization		16,178	16,007	[1]
Total expenses		57,487	44,093	[1]
Other income (expense)
Other income, net		679	446	[1]
Preferred returns on unconsolidated real estate joint ventures		11,632	8,588	[1]
(Provision for) recovery of credit losses		(174)	402	[1]
Transaction costs	[1]		(24)
Gain on sale and impairment of real estate investments, net		(1,017)
Interest expense, net		(13,102)	(5,699)	[1]
Interest income		2,609
Total other income		627	3,713	[1]
Net loss from continuing operations		(15,767)	(6,236)	[1]
Discontinued operations
Income on operations of rental property	[1]		53
Gain on sale of assets from discontinued operations	[1]		258
Income from discontinued operations	[1]		311
Net loss		(15,767)	(5,925)	[1]
Preferred stock dividends		(130)
Net loss attributable to noncontrolling interests
Operating partnership units		(8,996)	(1,927)	[1]
Partially-owned properties		(2,398)	(2,998)	[1]
Net loss attributable to noncontrolling interests		(11,394)	(4,925)	[1]
Net loss attributable to common stockholders		$ (4,503)	$ (1,000)	[1]
Net loss per common share - Basic
Continuing operations		$ (1.30)	$ (0.29)	[1]
Discontinued operations	[1]		0.03
Net loss per common share - Basic		(1.30)	(0.26)	[1]
Net loss per common share - Diluted
Continuing operations		(1.30)	(0.29)	[1]
Discontinued operations	[1]		0.03
Net loss per common share - Diluted		$ (1.30)	$ (0.26)	[1]
Weighted average basic common shares outstanding		3,845,349	3,843,502	[1]
Weighted average diluted common shares outstanding		3,845,349	3,843,502	[1]
[1] The consolidated financial statements for the year ended December 31, 2023 represent the Company’s results of operations as an independent, publicly traded company. The combined consolidated financial statements 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. As a result, results of operations for the year ended December 31, 2023 may not be comparable to the Company’s results of operations for the year ended December 31, 2022.

COMBINED CONSOLIDATED STATEME_2

COMBINED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock Class A common stock	Common Stock Class C common stock	Predecessor Bluerock Homes Equity	Additional Paid-in Capital	Cumulative Distributions	Retained Earnings	Noncontrolling Interests	Total
Beginning 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 equity incentive plan compensation							566	566
Issuance of LTIP Units to Manager							306	306
Distributions to partially owned properties' noncontrolling interests							(1,925)	(1,925)
Adjustment for noncontrolling interest ownership in the Operating Partnership				(2,091)			2,091
Net 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						0
Issuance of restricted Class A common stock and LTIP Units for equity incentive plan compensation	$ 1			107			2,603	$ 2,711
Issuance of restricted Class A common stock and LTIP Units for equity incentive plan compensation (Shares)	31,260
Issuance of LTIP Units to Manager							9,146	9,146
Distributions to Operating Partnership noncontrolling interests							(8,509)	(8,509)
Distributions to partially owned properties' noncontrolling interests							(311)	(311)
Adjustment for noncontrolling interest ownership in the Operating Partnership				(6,080)			6,080
Common stock distributions declared					$ (3,879)			(3,879)
Series A Preferred Stock distributions declared					(130)			(130)
Acquisition of noncontrolling interests				1,515			(6,564)	(5,049)
Conversion of Operating Partnership Units to Class A common stock				204			(204)
Conversion of Operating Partnership Units to Class A common stock (in shares)	4,992
Contributions from noncontrolling interests							399	399
Net loss						(4,373)	(11,394)	(15,767)
Ending Balance at Dec. 31, 2023	$ 39			$ 122,369	$ (4,009)	$ 28,952	$ 323,248	$ 470,599
Ending balance (Shares) at Dec. 31, 2023	3,871,265	8,489						436,675
[1] The consolidated financial statements for the year ended December 31, 2023 represent the Company’s results of operations as an independent, publicly traded company. The combined consolidated financial statements 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. As a result, results of operations for the year ended December 31, 2023 may not be comparable to the Company’s results of operations for the year ended December 31, 2022.

COMBINED CONSOLIDATED STATEME_3

COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss		$ (15,767)	$ (5,925)	[1]
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		19,275	18,768
Amortization of fair value adjustments		(319)	(319)
Preferred returns on unconsolidated real estate joint ventures		(11,632)	(8,588)
Gain on sale and impairment of real estate investments, net		1,017
Gain on sale of assets from discontinued operations	[1]		(258)
Fair value adjustment of interest rate caps and swaps		2,933	(3,084)
Provision for (recovery of) credit losses, net		174	(402)
Distributions of income and preferred returns from preferred equity investments in unconsolidated real estate joint ventures		5,418	2,125
Share-based compensation attributable to equity incentive plan		2,710	566
Share-based compensation to Manager - C-LTIP Units		9,146	306
Changes in operating assets and liabilities:
Due to affiliates, net		1,297	2,134
Accounts receivable, prepaids and other assets		(215)	127
Notes and accrued interest receivable		(129)	2,942
Accounts payable and other accrued liabilities		(28)	(4,894)
Net cash provided by operating activities		13,880	3,498
Cash flows from investing activities
Acquisitions of real estate investments		(10,843)	(147,813)
Capital expenditures		(9,527)	(18,648)
Investment in notes receivable		(17,684)	(9,645)
Repayments on notes receivable			45,645
Proceeds from sale of real estate investments		9,053
Proceeds from redemption of unconsolidated real estate joint ventures		25,841
Investments in unconsolidated real estate joint venture interests		(22,562)	(46,716)
Net cash used in investing activities		(25,722)	(177,177)
Cash flows from financing activities
Distributions to partially owned properties' noncontrolling interests		(311)	(1,925)
Distributions to preferred stockholders		(78)
Contribution from Parent			98,204
Contributions from noncontrolling interests		399	7,223
Cash distribution to Parent at spin-off			(68,470)
Purchase of interests from noncontrolling interests		(5,049)
Borrowings on mortgages payable			41,942
Repayments on mortgages payable		(1,526)	(5,819)
Proceeds from revolving credit facilities		21,000	55,000
Repayments on revolving credit facilities		(6,000)
Payments of deferred financing fees		(1,467)	(4,616)
Other financing activities			38
Purchase of interest rate caps			(2,265)
Net proceeds from issuance of 6.0% Series A Redeemable Preferred Stock		8,696
Net cash provided by financing activities		15,664	119,312
Net increase (decrease) in cash, cash equivalents and restricted cash		3,822	(54,367)
Cash, cash equivalents and restricted cash, beginning of year		82,562	136,929
Cash, cash equivalents and restricted cash, end of year		86,384	82,562
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents		80,163	78,426
Restricted cash		6,221	4,136
Total cash, cash equivalents and restricted cash, end of year		86,384	82,562
Supplemental disclosure of cash flow information
Cash paid for interest (net of interest capitalized)		7,200	5,926
Supplemental disclosure of non-cash investing and financing activities
Distributions payable - declared and unpaid		12,440
Capital expenditures held in accounts payable and other accrued liabilities		$ 238	$ 1,585
[1] The consolidated financial statements for the year ended December 31, 2023 represent the Company’s results of operations as an independent, publicly traded company. The combined consolidated financial statements 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. As a result, results of operations for the year ended December 31, 2023 may not be comparable to the Company’s results of operations for the year ended December 31, 2022.

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Dec. 31, 2023
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 previously operated as part of Bluerock Residential Growth REIT, Inc (“Bluerock Residential”) and not as a standalone company. On October 6, 2022, Bluerock Residential completed a spin-off transaction (see “The Separation and the Distribution” 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 and prior to October 6, 2022 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 units, 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, 2023, the Company held eighteen real estate investments, consisting of eleven consolidated investments and seven preferred equity and loan investments. The eighteen investments represent an aggregate of 4,059 residential units, comprised of 2,475 consolidated units, of which 170 units are under development, and 1,584 units through preferred equity and loan investments. As of December 31, 2023, the Company’s consolidated operating investments were approximately 94.1% occupied. In October 2023, the Company filed its U.S. federal income tax return for the taxable year ending December 31, 2022 and elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is 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 as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates and it would not be permitted to qualify as a REIT for four years following the year in which it lost its qualification. The Company intends to continue to organize and operate in such a manner as to remain qualified as a REIT. The Separation and the Distribution On October 5, 2022, the Company entered into a Separation and Distribution Agreement with Bluerock Residential, Badger Parent LLC, Badger Holdco LLC and Bluerock Residential Holdings, L.P., the Company’s operating partnership (the “Operating Partnership”), pursuant to which, among other things, Bluerock Residential contributed to the Company its single-family residential real estate business and certain other assets (the “Separation”). On October 6, 2022, following the Separation, Bluerock Residential completed the spin-off of the Company by distributing all 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 its 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.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
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, 2023, limited partners other than the Company owned approximately 68.68% of the common units of the Operating Partnership (59.45% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 9.23% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 3.76% which are not vested at December 31, 2023). 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 the Distribution. Reclassifications to net loss 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. Significant Risks and Uncertainties Uncertainty Due to Economic Volatility The Company’s results of operations in the future may be directly or indirectly affected by uncertainties such as the effects of inflation and related volatility in the market. As inflation accelerated rapidly in 2022 and into 2023, the Federal Reserve increased interest rates a total of seven times during 2022 and four times during 2023 to curb the effects of rising inflation. While the Federal Reserve has held rates steady since July 2023 and has forecasted rate cuts in 2024, there can be no assurances that interest rates will not rise again, and the Company’s operating costs, including utilities and payroll, may increase as a result of future increases in inflation. Rising interest rates cause uncertainty in credit and capital markets which could have material and adverse effects on the Company’s financial condition, results of operations and cash flows. The long-term impact of these economic developments will largely depend on any future action by the Federal Reserve, future laws that may be enacted, the impact on job growth and the broader economy, and reactions by consumers, companies, governmental entities and capital markets. The Company continues to closely monitor the impact of economic volatility on all aspects of its business. Summary of Significant Accounting Policies Real Estate Investments, Preferred Equity Investments and Notes Receivable (Real Estate Loan Investments) 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 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, 2023 and December 31, 2022, the carrying values of cash and cash equivalents, restricted cash, accounts receivable, due to 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 Operating Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s operating real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of operating 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 operating real estate and related intangible assets, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the operating real estate and related intangible assets. No impairment charges on operating real estate and related intangible assets were recorded in 2023 or 2022. Held for Sale Real Real estate assets are classified as held for sale when they meet the applicable GAAP criteria in accordance with ASC 360-10 Property, Plant, and Equipment - Overall 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 sheets. 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 Properties’ Noncontrolling Interests Partially owned properties’ 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 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 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 accounting principles generally accepted in the United States of America (“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 maintain its REIT status, 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 such dividend preference on the preferred equity could limit the ability to pay dividends to the holders of our common stock. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2022. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income (loss) and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. For the year ended December 31, 2023, 100% of the distributions received by both the common and preferred stockholders were classified as capital gains for income tax purposes and none were a return of capital. For the common and preferred stockholders, 0.4022% and 0.5665% of the capital gains, respectively, qualified as Section 1250 December 31, 2022 ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2022 tax returns (where applicable), and those positions expected to be taken on the 2023 tax returns, and concluded that tax positions taken have a more likely than not level of assurance of being sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2023. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. The statute of limitations for the Company’s returns is generally 3 years and as of December 31, 2023, tax returns for the calendar year 2022 remains subject to examination by the Internal Revenue Service and various state tax jurisdictions. 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 the London Interbank Offered Rate (“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. In November 2023, the FASB issued Accounting Standards Update No. 2023-07 “Improvements to Reportable Segment Disclosures (Topic 280)” (“ASU 2023-07”). The amendments in ASU 2023-07 require additional disclosures regarding reportable segments, including a segment’s significant expenses on both an annual and interim basis. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods with fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07 on its financial disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 “Improvements to Income Tax Disclosures (Topic 740)” (“ASU 2023-09”). The amendments in ASU 2023-09 require additional disclosure with respect to the effective tax rate reconciliation and information on income taxes paid. The amendments in ASU 2023-09 are effective for the Company for annual reporting periods beginning after December 15, 2024. The Company is currently evaluating the impact of adopting ASU 2023-09 on its financial disclosures. 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, 2023
Discontinued Operations
Discontinued Operations	Note 3 – Discontinued Operations The following table summarizes amounts for the year ended December 31, 2022 related to discontinued operations that resulted from trailing sales activity of multifamily investments in 2021 (amounts in thousands). The Company previously concluded that these multifamily investment sales were discontinued operations as the asset group represented a component of an entity, the component met the criteria of held for sale in 2021, and the disposals represented a strategic shift in the Company’s business from multifamily apartment communities to single-family residential units. ​ ​ ​ ​ ​ ​ 2022 Total Revenues ​ $ — ​ ​ ​ ​ Expenses ​ Property operating ​ (53) Total expenses ​ (53) Income on operations of rental property ​ 53 ​ ​ ​ ​ Gain on sale of real estate assets ​ 258 Income from discontinued operations ​ $ 311 ​ There are no amounts in the combined consolidated statement of cash flows that are included in discontinued operations for the year ended December 31, 2022.

Sale of Real Estate Assets and

Sale of Real Estate Assets and Held for Sale Real Estate Assets	12 Months Ended
	Dec. 31, 2023
Sale of Real Estate Assets and Held for Sale Real Estate Assets
Sale of Real Estate Assets	Note 4 – Sale of Real Estate Assets and Held for Sale Real Estate Assets 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. Sale of Consolidated Operating Units During 2023, the Company closed on the following sales: two units in the Golden Pacific portfolio, twelve units in the Peak JV 2 portfolio, and thirty-nine units in the Peak JV 3 portfolio, pursuant to the terms and conditions of multiple separate purchase and sales agreements. The fifty-three units were sold for an aggregate of approximately $9.5 million, subject to certain closing costs, prorations and adjustments typical in such real estate transactions, and generated net proceeds of approximately $9.1 million and a gain on sales of approximately $0.3 million. ​ Sale of Willow Park Interests On October 26, 2023, Willow Park, the underlying asset of an unconsolidated joint venture located in Willow Park, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed for $4.1 million, which included $2.9 million of its total $4.6 million principal investment and $1.2 million of accrued preferred return.The remaining $1.7 million of the Company’s principal investment is collateralized by The Woods at Forest Hill and Peak REIT OP. Refer to Note 8 for further information. Sale of The Cottages at Warner Robins Interests On December 15, 2023, The Cottages at Warner Robins, the underlying asset of an unconsolidated joint venture located in Warner Robins, Georgia, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $16.6 million, which included its original preferred investment of $13.3 million, accrued preferred return of $3.1 million and a minimum interest payment of $0.2 million. Held for Sale As of December 31, 2023, the Company classified an aggregate of 118 units as held for sale in its combined consolidated balance sheets, with a $1.3 million recorded impairment related to held for sale units which is included in gain on sale and impairment of real estate investments, net on the combined consolidated statements of operations. The units are included in the following portfolios: 35 units of Indy-Springfield (formerly Peak JV 1), 13 units of Peak JV 2, and 70 units of Peak JV 3. These units were identified based on submarket analysis and individual unit-level operational review.

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2023
Investments in Real Estate
Investments in Real Estate	Note 5 – Investments in Real Estate As of December 31, 2023, the Company held eighteen real estate investments, consisting of eleven consolidated investments and seven held through preferred equity and loan investments. The following tables provide summary information regarding the Company’s consolidated investments and preferred equity and loan investments. Consolidated Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Average Year ​ Ownership Operating Investment Name Market / Location Units (1) Built Interest ​ Ballast ​ AZ / CO / WA ​ 84 ​ 1998 ​ 95 % Golden Pacific IN / KS / MO 169 1977 97 % ILE TX / SE US 482 1991 95 % Indy-Springfield, formerly Peak JV 1 ​ IN / MO ​ 334 ​ 1999 ​ 100 % Navigator Villas Pasco, WA 176 2013 90 % Peak JV 2 Various / TX 596 1980 80 % Peak JV 3 ​ Dallas-Fort Worth, TX ​ 150 ​ 1961 ​ 56 % Savannah-84, formerly Peak JV 4 ​ Savannah, GA ​ 84 ​ 2022 ​ 100 % Wayford at Concord Concord, NC 150 2019 83 % Yauger Park Villas Olympia, WA 80 2010 95 % Total Operating Units ​ 2,305 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment Name ​ ​ ​ ​ ​ ​ ​ ​ ​ Abode Wendell Falls (2) ​ Wendell, NC ​ 170 ​ — ​ 100 % Total Development Units ​ ​ ​ 170 ​ ​ ​ ​ ​ Total Units ​ ​ ​ 2,475 ​ ​ ​ ​ ​ (1) Total operating units includes an aggregate of 118 units classified as held for sale and includes the following portfolios: 35 units in Indy-Springfield, 13 units in Peak JV 2, and 70 units in Peak JV 3. (2) Abode Wendell Falls is a build to rent development project expected to commence construction in the second quarter 2024. The total estimated project cost is $56.0 million, of which $6.5 million was incurred as of December 31, 2023. Depreciation expense was $16.2 million 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 zero and $2.7 million for the years ended December 31, 2023 and 2022, 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 $2.3 million and $2.1 million as of December 31, 2023 and 2022, 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 and Loan 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 58 2Q 2022 3Q 2023 The Cottages at Myrtle Beach ​ Myrtle Beach, SC ​ 294 ​ 2Q 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 Lease-up Units ​ 924 ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment Name Chandler ​ Chandler, AZ ​ 208 ​ 2Q 2024 ​ 3Q 2024 Total Development Units ​ 208 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Investment Name ​ Number of Units ​ ​ Peak Housing (1) IN / MO / TX 452 ​ ​ ​ ​ Total Operating Units ​ ​ 452 ​ ​ ​ ​ Total Units ​ ​ 1,584 ​ ​ ​ ​ (1) Peak Housing is a stabilized operating portfolio and the number of units shown represents those collateralizing the Company’s preferred equity investment in the Peak REIT OP as of December 31, 2023 (refer to Note 8 for further information). Unit count excludes units presented in the consolidated investments table above.

Acquisition of Real Estate

Acquisition of Real Estate	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Ownership ​ ​ Purchase ​ ​ ​ ​ Investment Name Market / Location Date (1) Units Interest ​ Price Debt (2) ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peak JV 2 ​ Various / TX ​ March ​ 34 ​ 80 % ​ $ 7,650 ​ $ 5,355 (3) Savannah-84, formerly Peak JV 4 ​ Savannah, GA ​ March ​ 19 ​ 100 % (4) ​ 4,465 ​ ​ — ​ Golden Pacific ​ IN / KS / MO ​ Various ​ 62 ​ 97 % ​ ​ 11,774 ​ ​ — ​ ILE ​ TX / SE US ​ Various ​ 31 ​ 95 % ​ ​ 7,011 ​ ​ 9,974 (5) Second Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ballast ​ AZ / CO / WA ​ Various ​ 65 ​ 95 % ​ ​ 26,100 ​ ​ — ​ Golden Pacific IN / KS / MO ​ Various 66 97 % ​ 13,966 ​ — ​ ILE TX / SE US ​ Various 108 95 % ​ 27,804 ​ 8,802 (5) Savannah-84 ​ Savannah, GA ​ Various ​ 20 ​ 100 % (4) ​ 4,767 ​ ​ — ​ Third Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ballast ​ AZ / CO / WA ​ Various ​ 19 ​ 95 % ​ ​ 6,233 ​ ​ — ​ Golden Pacific ​ IN / KS / MO ​ Various ​ 35 ​ 97 % ​ ​ 7,859 ​ ​ — ​ ILE ​ TX / SE US ​ Various ​ 64 ​ 95 % ​ ​ 16,711 ​ ​ 10,193 (5) Savannah-84 ​ Savannah, GA ​ Various ​ 14 ​ 100 % (4) ​ 3,394 ​ ​ — ​ Fourth Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Golden Pacific ​ IN / KS / MO ​ October ​ 1 ​ 97 % ​ ​ 155 ​ ​ — ​ Savannah-84 Savannah, GA ​ Various 13 100 % (4) 3,151 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Savannah-84 ​ Savannah, GA ​ February 23, 2023 ​ 18 ​ 100 % ​ ​ 4,230 ​ ​ — ​ Abode Wendell Falls (6) ​ Wendell, NC ​ December 20, 2023 ​ 170 ​ 100 % ​ ​ 5,750 ​ ​ — ​ (1) For those dates where a month is listed, additional units were acquired and added to the respective existing portfolio throughout that specified month. For those dates where “Various” is listed, additional units were acquired and added to the respective existing portfolios on various dates throughout that specified quarter. For Ballast, the units acquired in the second quarter 2022 were the first acquisitions by the Company for the portfolio. (2) For those investments where no debt amount is presented, the purchase price was funded in full by the Company and its unaffiliated joint venture partner, or solely by the Company for investments where it holds full ownership, upon acquisition. (3) As part of the acquisition, the Company provided a mezzanine loan to the consolidated portfolio owner in the full amount shown. During 2022, this loan was converted into a common equity interest. Refer to the Peak Housing disclosure in Note 7 for further information. (4) In January 2023, the Company acquired the unaffiliated joint venture partner’s interest in Savannah-84, increasing its interest from 80% to 100% . (5) 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. (6) Abode Wendell Falls is a build to rent development project expected to commence construction in the second quarter 2024. The total estimated project cost is $56.0 million, of which $6.5 million was incurred as of December 31, 2023. 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, 2023 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Purchase Price ​ Allocation Land ​ $ 7,012 Building ​ 3,831 Total assets acquired (1) ​ $ 10,843 (1) The $10.8 million of total assets acquired includes $0.9 million of acquisition expenses that have been capitalized as the acquisitions of additional real estate have been accounted for as asset acquisitions. ​ Acquisition of Additional Interests in Investments ​ During the year ended December 31, 2023, the Company acquired the noncontrolling partner’s interest in the following consolidated operating investments ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Previous Ownership New Ownership Investment Name ​ Date ​ Amount ​ Interest ​ Interest Savannah-84 ​ January 6, 2023 ​ $ 939 80 % 100 % Indy-Springfield, formerly Peak JV 1 ​ March 8, 2023 ​ 4,110 60 % 100 % ​

Notes and Interest Receivable

Notes and Interest Receivable	12 Months Ended
	Dec. 31, 2023
Notes and Interest Receivable
Notes and Interest Receivable	Note 7 – Notes and Interest Receivable Following is a summary of the notes and accrued interest receivable due from loan investments at December 31, 2023 (amounts in thousands). At December 31, 2022, the Company held no loan investments and there were no outstanding interest receivable amounts due to the Company. ​ ​ ​ ​ Investment Name 2023 Notes Receivable ​ The Woods at Forest Hill ​ $ 8,284 Willow Park ​ 9,400 Total notes receivable ​ $ 17,684 ​ ​ ​ ​ Accrued Interest Receivable ​ The Woods at Forest Hill ​ $ 94 Willow Park ​ 35 Total accrued interest receivable ​ $ 129 Total notes and accrued interest receivable ​ $ 17,813 Allowance for credit losses ​ (16) Total, net ​ $ 17,797 ​ ​ Allowance for Credit Losses The provision for and recovery of credit losses of the Company’s loan investments at December 31, 2023 and 2022 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Beginning balances, net as of January 1, 2023 and 2022, respectively ​ $ — ​ $ 59 Provision for (recovery of) credit losses on pool of assets (1) ​ 16 ​ (59) Allowance for credit losses, end of period ​ $ 16 ​ $ — (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 provision for credit losses during the year ended December 31, 2023 was attributable to the addition of two investments to the pool of 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, 2023 and 2022 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Investment Name 2023 2022 The Hartley at Blue Hill (1) ​ $ — ​ $ 784 The Woods at Forest Hill ​ 7 ​ — Weatherford 185 (2) ​ — ​ 501 Willow Park ​ 87 ​ — Total ​ $ 94 ​ $ 1,285 (1) 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. Refer to the disclosure below for further information. (2) In July 2022, the Weatherford 185 mezzanine loan provided by the Company was paid off in full. Refer to the disclosure below for further information. The occupancy percentages of the Company’s loan investments at December 31, 2023 are as follows: ​ ​ ​ ​ ​ Investment Name 2023 The Woods at Forest Hill (1) 63.2 % Willow Park (2) 44.8 % (1) The Woods at Forest Hill commenced lease-up in October 2022. (2) Willow Park commenced lease-up in late June 2022. Peak Housing Financing Prior to 2023, the Company made a preferred equity investment in the operating partnership of Peak Housing REIT (the “Peak REIT OP”), and in addition, made common equity investments, through joint ventures with Peak REIT OP, in sixteen portfolios of single-family residential units through Indy-Springfield (formerly Peak JV 1), Peak JV 2, Peak JV 3, and Savannah-84 (formerly 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 fifteen of the sixteen respective portfolio owners within Indy-Springfield, Peak JV 2, and Peak JV 3 (no loan was provided in conjunction with Savannah-84). These portfolio owners are owned by joint ventures in which the Company has its common equity investments along with Peak REIT OP. During the second quarter 2022, the mortgage and mezzanine loans provided by the Company to fourteen of the respective portfolio owners in Indy-Springfield and Peak JV 2 were converted into a total of $105.4 million of common equity interests, which included the full principal loan balances in the aggregate amount of $99.8 million and an aggregate amount of $5.6 million representing the minimum interest associated with the respective loans. As of December 31, 2023, one mezzanine loan that the Company provided to the portfolio owner in Peak JV 3 in the initial amount of $20.0 million remains. The entity through which the Company provided the loan (the lender-entity) and the entity to which the loan was provided (the property owner) consolidate into the Company’s financial statements. As such, the loan receivable balance and the loan payable balance, and the loan interest income and loan interest expense attributable to the Company, are eliminated through consolidation on the combined consolidated balance sheets and statements of operations, respectively. The Company (as lender entity) recognizes Peak REIT OP’s portion of interest expense on the loan as income and this amount is reflected in net income (loss) attributable to common stockholders in the Company’s combined consolidated statements of operations. The mezzanine loan was to mature on December 31, 2023, however on November 30, 2023, the property owner delivered written notice to the Company of its intention to exercise one of the loan’s two six-month extension options, extending the maturity date to June 30, 2024. The loan has one six-month extension option remaining, subject to certain conditions, and the loan can be prepaid without penalty. During 2023, proceeds from the sales of 39 units in the Peak JV 3 portfolio (refer to Note 4 for further information) have been used to reduce the outstanding balance of the mezzanine loan provided by the Company to $15.9 million as of December 31, 2023. The Hartley at Blue Hill Loan Financing The Company provided a $31.0 million mezzanine 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. In February 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. The Woods at Forest Hill Loan Financing On December 28,2023, the Company assumed an $8.3 million senior loan (the “Woods Loan”) made to an unaffiliated third-party borrower for 76-build for rent, single-family residential units in Forest Hill, Texas. The Woods Loan investment by the Company is in addition to its existing preferred equity investment in The Woods at Forest Hill (refer to Note 8 for further information). The Woods Loan bears interest at the prime rate plus 1.50% per annum, subject to a 4.75% rate floor, with regular monthly payments that are interest-only through June 2024 and future payments based on twenty-five Weatherford 185 Mezzanine Loan Financing In February 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. In July 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. ​ Willow Park Loan Financing On October 26, 2023, Willow Park, the underlying asset of an unconsolidated joint venture located in Willow Park, Texas, was sold and the Company’s preferred equity investment was redeemed (refer to Note 8 for further information). As part of the sale, the Company provided a $9.4 million senior loan (the “Willow Loan”) to the new unaffiliated third-party owner of Willow Park for 58-build for rent, single-family residential units. Of the 58 total units acquired by the Willow Loan borrower, 46 units previously collateralized the Company’s preferred equity investment in Willow Park, with the remaining 12 units previously owned by unaffiliated third parties. The Willow Loan bears interest at a fixed rate of 5.08% per annum during the initial term with regular monthly payments that are interest-only. The Willow Loan matures on October 28, 2024, contains two six-month extension options subject to certain conditions, and can be prepaid in part, subject to a minimum payment, or in whole without penalty.

Preferred Equity Investments in

Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures	12 Months Ended
	Dec. 31, 2023
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 at December 31, 2023 and 2022 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Investment Name 2023 2022 Chandler ​ $ 15,000 ​ $ — Peak Housing ​ ​ 10,663 ​ ​ 20,318 The Cottages at Myrtle Beach ​ 17,913 ​ 17,913 The Cottages at Warner Robins (1) ​ — ​ 13,250 The Cottages of Port St. Lucie ​ 18,785 ​ 18,785 The Woods at Forest Hill ​ 5,575 ​ 3,300 Wayford at Innovation Park ​ 13,400 ​ 10,205 Willow Park (2) ​ — ​ 2,540 Total ​ $ 81,336 ​ $ 86,311 Allowance for credit losses ​ (180) ​ (22) Total, net ​ $ 81,156 ​ $ 86,289 (1) On December 15, 2023, the Company’s preferred equity investment was redeemed. Refer to the disclosures below for further information. (2) On October 26, 2023, the Company’s preferred equity investment was redeemed. Refer to the disclosures below for further information. ​ Allowance for Credit Losses The provision for and recovery of credit losses of the Company’s preferred equity investments at December 31, 2023 and 2022 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Beginning balances, net as of January 1, 2023 and 2022, respectively ​ $ 22 ​ $ 73 Provision for (recovery of) credit losses on pool of assets, net (1) ​ 158 ​ (51) Allowance for credit losses, net, end of period ​ $ 180 ​ $ 22 ​ ​ ​ ​ ​ ​ ​ Recovery of credit loss – Alexan Southside Place (2) ​ $ — ​ $ (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 provision for credit losses during the year ended December 31, 2023 was attributable to the addition of one investment to the pool of assets (which was only partially offset by the removal of two investments from the pool of assets) and an increase in the trailing twelve-month historical default rate. (2) In 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. In 2022, the Company recognized a partial recovery of a previously recorded credit loss on Alexan Southside Place. As of December 31, 2023, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding preferred equity investments in six joint ventures which 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, 2023 and 2022 are summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Investment Name 2023 2022 Chandler ​ $ 259 ​ $ — Peak Housing ​ 1,350 ​ 1,887 The Cottages at Myrtle Beach ​ 2,633 ​ 2,288 The Cottages at Warner Robins ​ 1,863 ​ 1,151 The Cottages of Port St. Lucie ​ 2,762 ​ 2,186 The Woods at Forest Hill ​ 679 ​ 274 Wayford at Innovation Park ​ 1,619 ​ 469 Willow Park ​ 467 ​ 333 Total preferred returns on unconsolidated joint ventures (1) ​ $ 11,632 ​ $ 8,588 (1) Total includes both current and accrued preferred return amounts. The accrued balance of the total preferred returns was $8.0 million and $6.7 million at December 31, 2023 and 2022, respectively. The occupancy percentages of the Company’s unconsolidated real estate joint ventures at December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ Investment Name 2023 2022 Chandler (1) — ​ — ​ Peak Housing (2) ​ 88.3 % 95.4 % The Cottages at Myrtle Beach (3) ​ 37.4 % — ​ The Cottages of Port St. Lucie (3) ​ 29.4 % — ​ The Woods at Forest Hill (4) ​ 63.2 % 1.3 % Wayford at Innovation Park (5) ​ 11.0 % — ​ (1) Chandler had not commenced lease-up as of December 31, 2023. (2) Percent occupied for Peak Housing at December 31, 2023 excludes 32 down/renovation units. (3) The Cottages investments commenced lease-up in 2023 as follows: at Myrtle Beach in April and of Port St. Lucie in June. (4) The Woods at Forest Hill commenced lease-up in October 2022. (5) Wayford at Innovation Park commenced lease-up in August 2023. Chandler Interests On November 15, 2023, the Company made a $15.0 million preferred equity investment in a joint venture (the “Chandler JV”) with an unaffiliated third party for Chandler, a 208 -unit community located in Chandler, Arizona. The Company earns a preferred return on its investment of 13.5% per annum, subject to a minimum multiple, as follows: for the first two years following the initial investment, the return will be fully accrued; after year two, the return will be paid 4.0% on a current basis with the remaining 9.5% accrued; after year three, the return will be paid 6.0% on a current basis with the remaining 7.5% accrued. The Chandler JV is required to redeem the Company’s preferred equity investment plus any accrued but unpaid preferred return on November 15, 2030 (the “redemption date”) or earlier upon the occurrence of certain events. The redemption date can be extended through three ( 3 ) one-year extension options subject to certain conditions. Peak Housing Interests Prior to 2023, the Company made a preferred equity investment in the Peak REIT OP in the aggregate amount of $20.3 million which was collateralized by 474 single-family residential units (“Peak Housing”) located throughout Texas. 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 its remaining $4.3 million investment, the Company 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. On March 3, 2023, the Company’s agreement with the Peak REIT OP regarding its total preferred equity investment in Peak Housing was amended. 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 equity investment from 474 units to 648 units, and the net assets of the Peak REIT OP were included as additional collateral. Peak REIT OP may sell the units collateralizing the Company’s preferred equity investment, though Peak REIT OP is required to distribute any net sale proceeds to the Company, after consideration for partnership operating expenses and reserve requirements, until the Company’s full preferred equity investment has been repaid in full, subject to certain rate of return requirements and including any accrued but unpaid preferred returns. During 2023, the Company’s preferred equity investment in the Peak REIT OP was partially redeemed in the aggregate amount of $10.7 million, which included principal investment of $9.7 million and accrued preferred return of $1.0 million. The Company’s partial redemption of its preferred equity investment was a result of the sale by Peak REIT OP of 196 of the 648 units that collateralized the Company’s investment. As of December 31, 2023, the Company’s remaining preferred equity investment in the Peak REIT OP was $10.6 million, with a remaining 452 units as collateral underlying the Company’s investment. The Cottages at Myrtle Beach Interests In September 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Cottages MB JV”) and developed 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, 2023. The Company earns 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 $ 36.7 million was outstanding as of December 31, 2023. 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 In December 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Cottages WR JV”) and developed 251 -build for rent, single-family residential units in Warner Robins, Georgia. The Company made a preferred equity investment of $13.3 million in the Cottages WR JV, all of which had been funded. The Company earned a 14.5 % per annum accrued return on outstanding capital contributions with payments to be remitted when the properties generated cash flow in excess of operating costs and/or there were available net proceeds from financing, refinancing or sale of properties. The Cottages WR JV was required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) was 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 was owned by an entity in which the Company had a preferred equity interest, entered into a $ 34.5 million construction loan. The loan was to mature on April 5, 2025,was secured by the fee simple interest in The Cottages at Warner Robins property, and could be prepaid without penalty. The loan bore interest on the amount drawn with interest-only monthly payments through the initial term of the loan. On December 15, 2023, The Cottages at Warner Robins was sold, and the Company’s preferred equity investment in The Cottages at Warner Robins was redeemed by the Cottages WR JV for $16.6 million, which included its original preferred investment of $13.3 million, accrued preferred return of $3.1 million and a minimum interest payment of $0.2 million. The Cottages of Port St. Lucie Interests In August 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, 2023. The Company earns 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 $ 40.1 million was outstanding as of December 31, 2023. 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 In December 2021, the Company entered into a joint venture agreement with Peak REIT OP (the “Woods JV”) and developed 76 -build for rent, single-family residential units in Forest Hill, Texas. The Company made an original commitment to invest $ 3.3 million of preferred equity interests in the Woods JV, however on March 17, 2023, the Company increased its commitment in the Woods JV by $2.3 million, for a total preferred equity investment commitment of $5.6 million, of which all had been funded as of December 31, 2023. The Company earns a 13.0 % per annum accrued return on its original preferred equity investment of $3.3 million. On its additional preferred equity investment commitment of $2.3 million, the Company earns an accrued return on its outstanding capital contributions at a rate of 15.0% per annum compounded monthly, subject to a minimum multiple. Payments of the Company’s preferred return are 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 the full amount was outstanding as of December 31, 2023. 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. On December 28, 2023, the Company made a loan investment in The Woods at Forest Hill in addition to its existing preferred equity investment. Refer to Note 7 for further information. Wayford at Innovation Park Interests In June 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. The Company made a commitment to invest $ 13.4 million of preferred equity interests in the Wayford IP JV, of which all had been funded as of December 31, 2023. The Company earns 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 $18.0 million was outstanding as of December 31, 2023. 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 In June 2021, the Company entered into a joint venture agreement with Peak REIT OP (the “Willow Park JV”) and developed 46 -build for rent, single-family residential units in Willow Park, Texas. The Company made an original commitment to invest $ 2.5 million of preferred equity interests in the Willow Park JV, however on February 28, 2023, the Company increased its commitment in the Willow Park JV by $2.1 million, for a total preferred equity investment commitment of $4.6 million, of which nearly all had been funded. The Company earned a 13.0 % per annum accrued return on its original preferred equity investment of $2.5 million. On its additional preferred equity investment commitment of $2.1 million, the Company earned an accrued return on its outstanding capital contributions at a rate of 15.0% per annum compounded monthly, subject to a minimum multiple. Payments of the Company’s preferred return were to be remitted when the properties generated cash flow in excess of operating costs and/or there were available net proceeds from financing, refinancing or sale of properties. The Willow Park JV was required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) was due and payable or earlier upon the occurrence of certain events. In conjunction with the Willow Park development, the Willow Park property owner, which was owned by an entity in which the Company had a preferred equity interest, entered into an $8.8 million construction loan. The loan was to mature on August 5, 2024, was secured by the fee simple interest in the Willow Park property, and could be prepaid subject to a make whole premium. The loan bore interest on the amount drawn with interest-only monthly payments through February 2024. On October 26, 2023, Willow Park was sold, and the Company’s preferred equity investment in Willow Park was redeemed by the Willow Park JV for $4.1 million, which included $2.9 million of its total $4.6 million principal investment and $1.2 million of accrued preferred return. The accrued preferred return was earned by the Company on its total principal investment and based on rates and terms agreed upon for its original and additional principal investments. The remaining $1.7 million of the Company’s principal investment is collateralized by The Woods at Forest Hill and Peak REIT OP investments and is recorded within accounts receivable, prepaids and other assets of the Company’s consolidated balance sheet. As part of the sale, the Company provided a loan to the new unaffiliated third-party owner of Willow Park. Refer to Note 7 for further information.

Revolving Credit Facilities

Revolving Credit Facilities	12 Months Ended
	Dec. 31, 2023
Revolving Credit Facilities
Revolving Credit Facilities	Note 9 — Revolving Credit Facilities The outstanding balances on the revolving credit facilities as of December 31, 2023 and 2022 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Revolving Credit Facilities 2023 2022 Amended DB Credit Facility ​ $ 50,000 ​ $ — DB Credit Facility ​ ​ — ​ ​ 35,000 ILE Sunflower Credit Facility ​ ​ 20,000 ​ ​ 20,000 Total ​ $ 70,000 ​ $ 55,000 ​ Amended Deutsche Bank Credit Facility (“Amended DB Credit Facility”) On December 29, 2023, certain of the Company’s subsidiaries entered into an amended and restated credit facility (the “Amended DB Credit Facility”) with Deutsche Bank Securities Inc. (“Deutsche Bank”), 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, and the Company as a guarantor. The Amended DB Credit Facility extended the maturity date of the credit facility to April 6, 2025, included the addition of a one-year extension option, subject to certain conditions, and included changes in certain financial and operating covenants. There were no other material changes in terms from the previous credit facility. The Amended DB Credit Facility provides for a revolving loan with a maximum commitment amount of $150 million. Borrowings under the Amended DB Credit Facility are limited to financings related to the acquisition, renovation, rehabilitation, maintenance and leasing of single-family residential units initially only in the Peak JV 2 portfolio, though in the second quarter 2023, the credit facility was amended such that borrowings can also be applied to units in the Indy-Springfield (formerly Peak JV 1) and Savannah-84 (formerly Peak JV 4) portfolios. Borrowings under the Amended DB Credit Facility bear interest on the amount drawn at Term SOFR plus 2.80%, and borrowings can be prepaid without premium or penalty. The interest rate on outstanding borrowings was 8.14% at December 31, 2023. The Amended 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, 2023, the Amended DB Credit Facility was drawn at $50 million and the Company was in compliance with all covenants under the Amended DB Credit Facility. The availability of borrowings under the Amended DB Credit Facility at December 31, 2023 was approximately $56 million and is based on the collateral and compliance with various ratios related to those assets. 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 four 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 interest rate on outstanding borrowings was 8.47% at December 31, 2023. 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, 2023, 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, 2023
Mortgages Payable
Mortgages Payable	Note 10 – Mortgages Payable The following table summarizes certain information as of December 31, 2023 and 2022 with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal As of December 31, 2023 ​ ​ December 31, ​ December 31, ​ ​ ​ Interest-only ​ ​ ​ Investment Name ​ 2023 2022 ​ Interest Rate through date Maturity Date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate: ​ ​ ​ ILE (1)(2) ​ $ 25,107 ​ $ 25,976 3.69 % (3) ​ (1) ​ ILE (2)(4) ​ ​ 4,573 ​ ​ — ​ 6.00 % (3) ​ August 9, 2028 ​ Navigator Villas (5) ​ 19,702 ​ 20,039 4.57 % (3) ​ June 1, 2028 ​ Yauger Park Villas (6) ​ 14,350 ​ 14,643 4.86 % (3) ​ April 1, 2026 ​ Total Fixed Rate ​ $ 63,732 ​ $ 60,658 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate: ​ ​ ​ ​ ​ ​ ​ ILE (4) ​ $ — ​ $ 4,600 ​ ​ ​ ​ ​ ​ Wayford at Concord (7) ​ 32,973 ​ 32,973 4.73 % May 2027 ​ May 1, 2029 ​ Total Floating Rate ​ $ 32,973 ​ $ 37,573 ​ ​ Total ​ $ 96,705 ​ $ 98,231 ​ ​ Fair value adjustments ​ 916 ​ 1,235 ​ ​ Deferred financing costs, net ​ (951) ​ (1,275) ​ ​ Total mortgages payable ​ $ 96,670 ​ $ 98,191 ​ ​ (1) ILE’s fixed rate debt represents the aggregate debt outstanding across two separate credit agreements. Of the $25.1 million balance, $6.4 million held through one credit agreement has a fixed rate of 3.50% , while the remaining $18.7 million held through the second credit agreement has a fixed rate of 3.75% . Both credit agreements mature in 2026. (2) At December 31, 2023, the lender waived the minimum debt service coverage ratio covenant under the credit agreement to remain in compliance with such covenant. (3) The loan requires monthly payments of principal and interest. (4) During the second quarter 2023, one ILE credit agreement was amended to reduce and temporarily convert its interest rate from floating to fixed rate through August 1, 2023, upon which such date an interest rate swap became effective, converting the credit agreement to a fixed rate of 6.00 %. (5) The principal balance includes a $14.2 million senior loan at a fixed rate of 4.31% and a $5.5 million supplemental loan at a fixed rate of 5.23% . (6) The principal balance includes a $10.0 million senior loan at a fixed rate of 4.81% and a $4.4 million supplemental loan at a fixed rate of 4.96% . (7) The Wayford at Concord loan bears interest at the 30-day average SOFR plus 2.23 %. In December 2023, the 30-day average SOFR in effect was 5.33 %. 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 $3.1 million and $2.8 million for the years ended December 31, 2023 and 2022, 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, 2023 and 2022, 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, 2023 and 2022. Debt maturities As of December 31, 2023, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2024 ​ $ 1,639 2025 ​ 1,717 2026 ​ 37,471 2027 ​ 866 2028 ​ ​ 23,022 Thereafter ​ 31,990 ​ ​ $ 96,705 Add: Unamortized fair value debt adjustment ​ 916 Subtract: Deferred financing costs, net ​ ​ (951) Total ​ $ 96,670 ​ 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 $365.3 million as of December 31, 2023. 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, 2023
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, 2023 and 2022, the carrying values of cash and cash equivalents, restricted cash, accounts receivable, due to 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 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 fair value of interest rate swaps is 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 inputs used in the valuation of interest rate caps and swaps fall within Level 2 of the fair value hierarchy. Fair Value of Debt As of December 31, 2023 and December 31, 2022, 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 $93.0 million and $93.7 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $97.6 million and $99.5 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, 2023
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, 2023, 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 $94.0 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 at December 31, 2023 and 2022 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ Fair Values of Derivative instruments under ASC 815-20 ​ Balance Sheet Location ​ Instruments ​ ​ 2023 2022 Interest rate caps Accounts receivable, prepaids and other assets ​ $ 1,934 ​ $ 4,702 Interest rate swaps Accounts receivable, prepaids and other assets ​ 483 ​ 647 ​ The table below presents the classification and effect of the Company’s derivative financial instruments on the combined consolidated statements of operations for the years ended December 31, 2023 and 2022 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ Location of Gain (Loss) ​ The Effect of Derivative Instruments instruments under ASC 815-20 ​ Recognized in Income ​ on the Statements of Operations ​ ​ ​ 2023 2022 Interest rate caps Interest expense ​ $ (2,768) ​ $ 2,437 Interest rate swaps Interest expense ​ (165) ​ ​ 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, 2023
Related Party Transactions
Related Party Transactions	Note 13 – Related Party Transactions Management Agreement with the Manager On October 5, 2022, and in conjunction with the Separation and the Distribution, 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 (“BRE”), pursuant to which the Manager will provide for the day-to-day management of the Company’s operations. Pursuant to the terms of the Management Agreement, the Manager provides the Company with a management team and appropriate support personnel to provide such management services to the Company. The Management Agreement requires the Manager to manage the Company’s business affairs under the supervision and direction of the Company’s board of directions (the “Board”). Specifically, the Manager is 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. 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 Company pays the Manager a base management fee (the “base management fee”) in an amount equal to 1.50% of the Company’s New Stockholders’ Equity (as defined in the Management Agreement) 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. The Company is 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 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 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 average of the closing prices of the Class A common stock for the five business days prior to issuance. For the year ended December 31, 2023 and for the period of October 6 – December 31, 2022, the Company recorded base management fees of $7.9 million and $1.8 million, respectively, and expense reimbursements of $2.8 million and $0.4 million, respectively. The expense reimbursements were recorded as part of general and administrative expenses in the Company’s consolidated statements of operations. There has been no incentive fee expense incurred during the years ended December 31, 2023 and 2022. The table below presents the related party amounts payable to the Manager as of December 31, 2023 and 2022 pursuant to the terms of the Management Agreement (amounts in thousands). The Company records these payables in due to affiliates in its combined consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ Amounts payable to the Manager under the Management Agreement 2023 2022 Base management fee ​ $ 2,048 ​ $ 1,787 Operating and direct expense reimbursements ​ 1,365 ​ 424 Offering expense reimbursements ​ ​ 96 ​ ​ — Total amounts payable to the Manager ​ $ 3,509 ​ $ 2,211 ​ At December 31, 2023 and 2022, the Company had no receivables due from any related parties. Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Company’s Series A Preferred Stock (refer to Note 14 for further information), the Company engaged a related party as dealer manager, and pays up to 10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers and incurs costs in excess of the 10%, which costs are borne by the dealer manager without reimbursement by the Company. For the year ended December 31, 2023, the Company has incurred $0.8 million in selling commissions and discounts and $0.3 million in dealer manager fees and discounts related to its offering of Series A Preferred Stock. In addition, the Manager was, or shall be, reimbursed for offering costs of $0.4 million in conjunction with the offering of Series A Preferred Stock during the year ended December 31, 2023. The selling commissions, dealer manager fees, discounts and reimbursements for offering costs were recorded as a reduction to the proceeds of the offering. Administrative Services Agreement Prior to the completion of the Spin-Off on October 6, 2022, Bluerock Residential was party to an Administrative Services Agreement (the “ASA”) and a Leasehold Cost-Sharing Agreement (the “CSA”) with BRE and its affiliate, Bluerock Real Estate Holdings, LLC (together “BREH”). Pursuant to the ASA, BREH provided Bluerock Residential with certain human resources, investor relations, marketing, legal and other administrative services (the “Services”). In addition, the ASA permitted certain Bluerock Residential employees to provide services to BREH, on an at-cost basis, generally allocated based on the use of such services for the benefit of the business of BREH, and otherwise subject to the terms of the Services provided by BREH to Bluerock Residential under the ASA. Pursuant to the CSA, Bluerock Residential and BREH were allocated costs, including those costs associated with tenant improvements, with respect to the lease for their New York headquarters (the “NY Lease”). Payments by Bluerock Residential of any amounts payable to BREH under the ASA and CSA were made in cash or, at the discretion of its board of directors, in the form of Bluerock Residential’s long-term incentive plan units. Pursuant to the terms of the ASA, operating expenses were (i) paid by BREH on behalf of Bluerock Residential, and (ii) paid by Bluerock Residential on behalf of BREH. Pursuant to the terms of the CSA, costs with respect to the NY Lease were paid by BREH on behalf of Bluerock Residential. Recorded as part of general and administrative expenses in the Company’s combined consolidated statements of operations, operating expenses paid by BREH on behalf of Bluerock Residential of $0.7 million were expensed during 2022 for the period ending and prior to October 6, 2022. Additionally, during this same period, Bluerock Residential paid operating expenses on behalf of BREH of $0.7 million. These prior period amounts were 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. Prior period 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. On October 6, 2022, Bluerock Residential caused the termination of all services under both the ASA and CSA in connection with the transactions related to the Separation, the Distribution and the Spin-Off.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity
Stockholders' Equity	Note 14 – Stockholders’ Equity Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders, less dividends on restricted stock, LTIP Units and C - LTIP Units expected to vest, by the weighted average number of common shares outstanding for the period. Diluted net loss per common share is computed by dividing net loss 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 attributable to common stockholders is computed by adjusting net loss for the non-forfeitable dividends paid on non-vested restricted stock, LTIP Units and C - 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 per common share for the years ended December 31, 2023 and 2022 (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Loss from continuing operations (1) $ (15,897) ​ $ (6,236) Dividends on restricted stock and LTIP Units expected to vest ​ (498) ​ ​ — Net loss from continuing operations attributable to noncontrolling interests ​ (11,394) ​ (5,130) Loss from continuing operations attributable to BHM ​ $ (5,001) ​ $ (1,106) Income from discontinued operations ​ — ​ 311 Net income from discontinued operations attributable to noncontrolling interests ​ ​ — ​ ​ 205 Income from discontinued operations attributable to BHM ​ — ​ 106 Net loss attributable to common stockholders ​ $ (5,001) ​ $ (1,000) ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (2) ​ 3,845,349 ​ 3,843,502 Potential dilutive shares (3) ​ — ​ — Weighted average common shares outstanding and potential dilutive shares (2) ​ 3,845,349 ​ 3,843,502 ​ ​ ​ ​ ​ ​ ​ Net loss per common share, basic ​ ​ ​ ​ Continuing operations ​ $ (1.30) ​ $ (0.29) Discontinued operations ​ — ​ 0.03 ​ ​ $ (1.30) ​ $ (0.26) Net loss per common share, diluted ​ ​ ​ ​ Continuing operations ​ $ (1.30) ​ $ (0.29) Discontinued operations ​ — ​ 0.03 ​ ​ $ (1.30) ​ $ (0.26) (1) Loss from continuing operations for the year ended December 31, 2023 includes $( 130 ) of preferred stock dividends. (2) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (3) For the year ended December 31, 2023, potential vesting of restricted Class A common stock of 3,595 shares is excluded from the diluted shares calculation as the effect is antidilutive. ​ 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. Series A Redeemable Preferred Stock On June 28, 2023, the SEC declared effective the Company’s registration statement on Form S-11 (File No. 333-269415) (the “2023 Registration Statement”). On June 30, 2023, the Company filed a prospectus supplement related to the 2023 Registration Statement offering a maximum of 20,000,000 shares of 6.0% Series A Redeemable Preferred Stock (the “Series A Preferred Stock”) at $25.00 per share (the “Stated Value”), for a maximum offering amount of $500,000,000 in Series A Preferred Stock (the “Series A Preferred Offering”), and on August 11, 2023, the Company made the initial issuances of Series A Preferred Stock pursuant to the Series A Preferred Offering. The Series A Preferred Stock ranks senior to all classes of the Company’s common stock. The Series A Preferred Stock is entitled, when and as authorized by the Board and declared by the Company out of legally available funds, to priority cumulative dividends at an annual rate of 6.0% of the Stated Value to be paid monthly, in arrears. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 12% redemption fee. After year one two three four As of December 31, 2023, the Company had issued 436,675 shares of Series A Preferred Stock pursuant to the Series A Preferred Offering with net proceeds of approximately $8.7 million after (i) commissions, dealer manager fees and discounts of approximately $1.1 million, and (ii) offering costs related to establishing the Series A Preferred Offering of approximately $1.1 million. The Company did not redeem any shares of Series A Preferred Stock during the year ended December 31, 2023. 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 to 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, 2023, limited partners other than the Company owned approximately 68.68% of the common units of the Operating Partnership (7,365,735 OP Units, or 59.45%, is held by OP Unit holders, and 1,143,442 LTIP Units, or 9.23%, is held by LTIP Unit holders, including 3.76% which are not vested at December 31, 2023). 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 and C - 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. During the year ended December 31, 2023, the Company granted C-LTIP Units to the Manager pursuant to the Management Agreement in payment of (i) the base management fee and (ii) the operating expense reimbursement as follows: (a) 85,750 and 17,462 C-LTIP Units, respectively, granted on February 22, 2023 for the fourth quarter 2022, (b) 114,391 and 20,531 C-LTIP Units, respectively, granted on May 17, 2023 for the first quarter 2023, (c) 125,491 and 24,753 C-LTIP Units, respectively, granted on August 15, 2023 for the second quarter 2023, and (d) 142,144 and 27,835 C-LTIP Units, respectively, granted on November 14, 2023 for the third quarter 2023. Such C-LTIP Units were fully vested upon issuance. 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 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). LTIP Unit Grants On November 3, 2022, the Company made an initial staking grant of 405,796 LTIP Units to the Manager pursuant to the BHM Incentive Plans. Effective November 2, 2023, for tax efficiency purposes, the Manager forfeited 367,357 unvested LTIP Units granted to the Manager on November 3, 2022 in payment of the initial staking grant pursuant to the BHM Entities Plan. On November 3, 2023, by mutual agreement of the Manager and the Company, and at the direction of the Manager, such 367,357 unvested LTIP Units were issued directly to and among certain of the BREH Personnel (as defined below), pursuant to the BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities. These issuances were made in satisfaction of the Manager’s obligation to its affiliate, BREH, for compensation - related expenses incurred by BREH in connection with its employment of the Manager’s executive management team and personnel who provide other services to the Manager (collectively, the “BREH Personnel”), and were evidenced by LTIP Unit Vesting Agreements. Such LTIP Units vested one - fifth on November 3, 2023, and the remainder will vest ratably on an annual basis over a four - 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 such grants 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. The holders of such LTIP Units 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. Additionally, 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. 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 and the Company recognized expense of $0.3 million based on the fair value at the date of grant. On May 25, 2023, the Company granted 141,665 LTIP Units pursuant to the BHM Incentive Plans to the Manager as an annual long - term incentive equity grant for the year ended December 31, 2022. Effective November 2, 2023, for tax efficiency purposes, the Manager forfeited 83,995 unvested LTIP Units granted to the Manager on May 25, 2023 in payment of the annual long - term incentive equity grant pursuant to the BHM Entities Plan. On November 3, 2023, by mutual agreement of the Manager and the Company, and at the direction of the Manager, such 83,995 unvested LTIP Units were issued directly to and among certain of the BREH Personnel, pursuant to the BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities. These issuances were made in satisfaction of the Manager’s obligation to its affiliate, BREH, for compensation - related expenses incurred by BREH in connection with its employment of the BREH Personnel, and were evidenced by LTIP Unit Vesting Agreements. Such LTIP Units will vest one - third on May 25, 2024, and the remainder will vest ratably on an annual basis over a two - year period from April 1, 2024. A summary of the status of the Company’s non-vested shares and LTIP Units granted under the BHM Incentive Plans as of December 31, 2022 and 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Weighted average grant- ​ ​ Shares / 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 Granted ​ 186,137 ​ ​ 17.00 Vested ​ (94,375) ​ ​ 22.43 Forfeited ​ — ​ ​ — Balance at December 31, 2023 ​ 497,558 ​ $ 20.57 ​ 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. During the years ended December 31, 2023 and 2022, the Company recognized compensation expense for such LTIP Units of approximately $2.3 million and $0.3 million, respectively. Such expense was recorded as part of general and administrative expenses in the Company’s combined consolidated statements of operations. As of December 31, 2023, there was $8.9 million of total unrecognized compensation expense related to unvested LTIP Units granted under the BHM Incentive Plans. The remaining expense is expected to be recognized over a period of 3.5 years. Restricted Stock Grants On May 25, 2023, the Company granted 31,260 shares of Class A common stock as restricted stock grants (“RSGs”), pursuant to the BHM Incentive Plans, to the Manager as an annual incentive grant for the year ended December 31, 2022. Such RSGs will vest in equal installments on an annual basis over a three-year period from April 1, 2023. Effective November 2, 2023, for tax efficiency purposes, the Manager forfeited 31,260 unvested RSGs that were granted to the Manager on May 25, 2023 in payment of the annual equity incentive grant pursuant to the BHM Entities Plan. On November 3, 2023, by mutual agreement of the Manager and the Company, and at the direction of the Manager, the foregoing aggregate number of unvested RSGs were issued directly to and among certain of the BREH Personnel, pursuant to the BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities. Such RSGs will vest one-third on May 25, 2024, and the remainder will vest ratably on an annual basis over a two-year period from April 1, 2024. During the year ended December 31, 2023, the Company recognized compensation expense for such RSGs of approximately $0.1 million. Such expense was recorded as part of general and administrative expenses in the Company’s consolidated statements of operations. As of December 31, 2023, there was $0.4 million of total unrecognized compensation expense related to the unvested RSGs granted under the BHM Incentive Plans. The remaining expense is expected to be recognized over a period of 2.25 years. The Company currently uses authorized and unissued shares to satisfy share award grants. Distributions ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date Payable to stockholders of record as of Amount Paid / Payable Date Class A common stock Special Dividend ​ December 19, 2023 ​ December 29, 2023 ​ $ 1.00 ​ January 5, 2024 Class C common stock Special Dividend ​ ​ ​ December 19, 2023 ​ December 29, 2023 ​ $ 1.00 ​ January 5, 2024 Series A Preferred Stock (1) ​ ​ ​ September 11, 2023 ​ August 25, 2023 ​ $ 0.125000 ​ October 5, 2023 September 11, 2023 ​ September 25, 2023 ​ 0.125000 ​ October 5, 2023 October 13, 2023 ​ October 25, 2023 ​ 0.125000 ​ November 3, 2023 October 13, 2023 ​ November 24, 2023 ​ 0.125000 ​ December 5, 2023 October 13, 2023 ​ December 22, 2023 ​ 0.125000 ​ January 5, 2024 Series A Preferred Stock Special Dividend (2) ​ ​ ​ November 7, 2023 ​ Each day of November 1 - 30, 2023 ​ $ 0.012550 ​ December 5, 2023 November 7, 2023 ​ Each day of December 1 - 31, 2023 ​ 0.002469 ​ January 5, 2024 (1) Holders of record of newly issued Series A Preferred Stock shares that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series A Preferred Stock was outstanding. (2) Holders of record of Series A Preferred Stock shares as of the close of business on each day of the applicable month are entitled to additional contingent special daily dividends for each such day, to be aggregated and payable (if at all) on the payable date, in each case equal to the amount (if any) by which (i) the Stated Value of the Series A Preferred Stock multiplied by (a) the sum of (I) the average 10-year Daily Treasury Par Yield Curve Rate for the period from the 26 th of the prior month to the 25 th of the applicable month (as reported by the United States Department of the Treasury), plus (II) two percent ( 2.0% ), divided by (b) twelve ( 12 ), divided further by (c) the actual number of days in the applicable month, exceeds (ii) the quotient of (a) $0.125 divided by (b) the actual number of days in the applicable month. A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. Holders of restricted stock, OP Units, LTIP Units and C-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. Distributions declared and paid for the year ended December 31, 2023 were as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Distributions 2023 Declared Paid Third Quarter ​ ​ ​ Series A Preferred Stock (1) ​ $ 12 ​ $ — Total third quarter ​ $ 12 ​ $ — Fourth Quarter ​ ​ Class A common stock ​ $ 3,871 ​ $ — Class C common stock ​ 8 ​ — Series A Preferred Stock (1) ​ 118 ​ 78 OP Units ​ 7,366 ​ — LTIP / C-LTIP Units ​ 1,143 ​ — Total fourth quarter ​ $ 12,506 ​ $ 78 Total ​ $ 12,518 ​ $ 78 (1) For the third quarter 2023, amounts include only the standard dividend at an annual rate of 6.0% of the Stated Value. For the fourth quarter 2023, amounts include the standard dividend at an annual rate of 6.0% of the Stated Value and any special dividends.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
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 consolidated real estate investments and preferred equity investments was $0.2 million and $3.4 million as of December 31, 2023 and 2022, 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, 2023
Subsequent Events
Subsequent Events	Note 16 – Subsequent Events Issuance of LTIP Units under the BHM Incentive Plans On January 8, 2024, the Company granted 5,185 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. Declaration of Dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date Payable to stockholders of record as of Amount Paid / Payable Date Series A Preferred Stock (1) ​ January 15, 2024 ​ January 25, 2024 ​ $ 0.125 ​ February 5, 2024 January 15, 2024 ​ February 23, 2024 ​ 0.125 ​ March 5, 2024 January 15, 2024 ​ March 25, 2024 ​ 0.125 ​ April 5, 2024 Series A Preferred Stock Special Dividend ​ ​ ​ January 15, 2024 ​ Each day of January 1 - 31, 2024 ​ ​ (2) ​ February 5, 2024 January 15, 2024 ​ Each day of February 1 - 29, 2024 ​ ​ (2) ​ March 5, 2024 January 15, 2024 ​ Each day of March 1 - 31, 2024 ​ ​ (2) ​ April 5, 2024 (1) Holders of record of newly issued Series A Preferred Stock shares that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series A Preferred Stock was outstanding. (2) Holders of record of Series A Preferred Stock shares as of the close of business on each day of the applicable month are entitled to additional contingent special daily dividends for each such day, to be aggregated and payable (if at all) on the payable date, in each case equal to the amount (if any) by which (i) the Stated Value of the Series A Preferred Stock multiplied by (a) the sum of (I) the average 10-year Daily Treasury Par Yield Curve Rate for the period from the 26 th of the prior month to the 25 th of the applicable month (as reported by the United States Department of the Treasury), plus (II) two percent ( 2.0% ), divided by (b) twelve ( 12 ), divided further by (c) the actual number of days in the applicable month, exceeds (ii) the quotient of (a) $0.125 divided by (b) the actual number of days in the applicable month. Distributions Paid The following distributions were declared and/or paid to the Company’s stockholders subsequent to December 31, 2023 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution Total Shares ​ Declaration Date ​ Record Date ​ Date Paid ​ per Share ​ Distribution Class A common stock ​ December 19, 2023 ​ December 29, 2023 ​ January 5, 2024 ​ $ 1.00 ​ $ 3,871 Class C common stock ​ December 19, 2023 ​ December 29, 2023 ​ January 5, 2024 ​ 1.00 ​ 8 Series A Preferred Stock (1) ​ October 13, 2023 ​ December 22, 2023 ​ January 5, 2024 ​ 0.127469 ​ 51 OP Units ​ December 19, 2023 ​ December 29, 2023 ​ January 5, 2024 ​ 1.00 ​ 7,366 LTIP / C-LTIP Units ​ December 19, 2023 ​ December 29, 2023 ​ January 5, 2024 ​ 1.00 ​ 1,143 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A Preferred Stock (1) ​ January 15, 2024 ​ January 25, 2024 ​ February 5, 2024 ​ 0.125337 ​ 68 Series A Preferred Stock (1) ​ January 15, 2024 ​ February 23, 2024 ​ March 5, 2024 ​ 0.128458 ​ 86 Total ​ ​ ​ ​ ​ ​ $ 12,593 (1) The Series A Preferred Stock distribution per share amounts include the standard dividend at an annual rate of 6.0% of the Stated Value and any special dividends. Issuance of C-LTIP Units for Payment of the Fourth Quarter 2023 Base Management Fee and Operating Expense Reimbursement The Manager earned a base management fee of $2.0 million during the fourth quarter 2023. 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 $1.3 million reimbursement for operating expenses it incurred on behalf of the Company for the fourth quarter 2023. 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 21, 2024, the Company issued 151,600 and 95,204 C-LTIP Units in payment of the base management fee and operating expense reimbursement, respectively, for the fourth quarter 2023. Wayford at Pringle Loan Financing On January 10, 2024, the Company entered into an agreement to provide a loan in the maximum aggregate amount up to $30.1 million (the “Pringle Loan”) to an unaffiliated, third-party borrower to acquire 102-build for rent, single-family residential units in Charlotte, North Carolina to be known as Wayford at Pringle. The units are currently under development, and the Company will disburse loan proceeds to the borrower for unit acquisitions as construction is completed. The Pringle Loan is comprised of two notes as follows: Note A in the maximum principal amount up to $22.3 million and Note B in the maximum principal amount up to $7.8 million. Both notes have an initial maturity of January 12, 2026 and contain four (4) six-month Stock Repurchase Plan On February 13, 2024, the Board authorized a stock repurchase plan for the repurchase, from time to time, of up to an aggregate of $5 million of the Company’s outstanding shares of Class A common stock, with such repurchases to be conducted in accordance with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and subject to Rule 10b-5 of the Exchange Act. The repurchase plan has a term of one year and may be discontinued at any time. The extent to which the Company repurchases shares of its Class A common stock under the repurchase plan, and the timing of any such repurchases, depends on a variety of factors including general business and market conditions and other corporate considerations. The Company expects to repurchase shares of its Class A common stock through open market transactions subject to market conditions, certain price limitations and other conditions established under the plan. Open market repurchases will be structured to occur in conformity with the method, timing, price and volume requirements of Rule 10b-18 of the Exchange Act. As of the filing date of this Annual Report on Form 10-K, no repurchases were made by the Company.

Schedule III and Schedule IV

Schedule III and Schedule IV	12 Months Ended
	Dec. 31, 2023
Schedule III and Schedule IV
Schedule III and Schedule IV	​ ​ ​ Bluerock Homes Trust, Inc. ​ Notes to Schedule III December 31, 2023 (amounts in thousands) ​ ​ 1. Reconciliation of Real Estate Properties The following table reconciles the Real Estate Properties from January 1, 2022 to December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Balance at January 1 ​ $ 489,991 ​ $ 323,048 Acquisition of real estate ​ 10,843 ​ 147,619 Capital expenditures ​ 8,180 ​ 19,324 Impairment of held for sale real estate ​ ​ (1,330) ​ ​ — Disposition of real estate ​ ​ (9,142) ​ ​ — Balance at December 31 ​ $ 498,542 ​ $ 489,991 ​ 2. Reconciliation of Accumulated Depreciation The following table reconciles the Real Estate Properties from January 1, 2022 to December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Balance at January 1 ​ $ 17,865 ​ $ 4,964 Current year depreciation expense ​ 16,179 ​ 12,901 Disposition of real estate ​ (402) ​ — Balance at December 31 ​ $ 33,642 ​ $ 17,865 ​ Note to Schedule IV - Reconciliation of Loans on Real Estate (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 Balance at beginning of period ​ $ — ​ $ 36,000 Additions during period: ​ ​ ​ Purchases ​ 17,684 ​ 9,645 Deductions during period: ​ ​ Collections of principal ​ — ​ (45,645) Balance at end of period ​ $ 17,684 ​ $ — ​

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
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, 2023, limited partners other than the Company owned approximately 68.68% of the common units of the Operating Partnership (59.45% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 9.23% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 3.76% which are not vested at December 31, 2023). 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 the Distribution. Reclassifications to net loss 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.
Uncertainty Due to Economic Volatility	Uncertainty Due to Economic Volatility The Company’s results of operations in the future may be directly or indirectly affected by uncertainties such as the effects of inflation and related volatility in the market. As inflation accelerated rapidly in 2022 and into 2023, the Federal Reserve increased interest rates a total of seven times during 2022 and four times during 2023 to curb the effects of rising inflation. While the Federal Reserve has held rates steady since July 2023 and has forecasted rate cuts in 2024, there can be no assurances that interest rates will not rise again, and the Company’s operating costs, including utilities and payroll, may increase as a result of future increases in inflation. Rising interest rates cause uncertainty in credit and capital markets which could have material and adverse effects on the Company’s financial condition, results of operations and cash flows. The long-term impact of these economic developments will largely depend on any future action by the Federal Reserve, future laws that may be enacted, the impact on job growth and the broader economy, and reactions by consumers, companies, governmental entities and capital markets. The Company continues to closely monitor the impact of economic volatility on all aspects of its business.
Real Estate Investments, Preferred Equity Investments and Notes Receivable (Real Estate Loan Investments)	Real Estate Investments, Preferred Equity Investments and Notes Receivable (Real Estate Loan Investments) 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 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, 2023 and December 31, 2022, the carrying values of cash and cash equivalents, restricted cash, accounts receivable, due to 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 Operating Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s operating real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of operating 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 operating real estate and related intangible assets, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the operating real estate and related intangible assets. No impairment charges on operating real estate and related intangible assets were recorded in 2023 or 2022. Held for Sale Real Real estate assets are classified as held for sale when they meet the applicable GAAP criteria in accordance with ASC 360-10 Property, Plant, and Equipment - Overall
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 sheets. 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 Properties' Noncontrolling Interests	Partially Owned Properties’ Noncontrolling Interests Partially owned properties’ 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 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 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 accounting principles generally accepted in the United States of America (“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 maintain its REIT status, 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 such dividend preference on the preferred equity could limit the ability to pay dividends to the holders of our common stock.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2022. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income (loss) and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. For the year ended December 31, 2023, 100% of the distributions received by both the common and preferred stockholders were classified as capital gains for income tax purposes and none were a return of capital. For the common and preferred stockholders, 0.4022% and 0.5665% of the capital gains, respectively, qualified as Section 1250 December 31, 2022 ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2022 tax returns (where applicable), and those positions expected to be taken on the 2023 tax returns, and concluded that tax positions taken have a more likely than not level of assurance of being sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2023. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. The statute of limitations for the Company’s returns is generally 3 years and as of December 31, 2023, tax returns for the calendar year 2022 remains subject to examination by the Internal Revenue Service and various state tax jurisdictions.
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 the London Interbank Offered Rate (“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. In November 2023, the FASB issued Accounting Standards Update No. 2023-07 “Improvements to Reportable Segment Disclosures (Topic 280)” (“ASU 2023-07”). The amendments in ASU 2023-07 require additional disclosures regarding reportable segments, including a segment’s significant expenses on both an annual and interim basis. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods with fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07 on its financial disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 “Improvements to Income Tax Disclosures (Topic 740)” (“ASU 2023-09”). The amendments in ASU 2023-09 require additional disclosure with respect to the effective tax rate reconciliation and information on income taxes paid. The amendments in ASU 2023-09 are effective for the Company for annual reporting periods beginning after December 15, 2024. The Company is currently evaluating the impact of adopting ASU 2023-09 on its financial disclosures.
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, 2023
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, 2023
Discontinued Operations
Summary of amounts related to discontinued operations	​ ​ ​ ​ ​ ​ 2022 Total Revenues ​ $ — ​ ​ ​ ​ Expenses ​ Property operating ​ (53) Total expenses ​ (53) Income on operations of rental property ​ 53 ​ ​ ​ ​ Gain on sale of real estate assets ​ 258 Income from discontinued operations ​ $ 311

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2023
Investments in Real Estate
Schedule of consolidated operating investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Average Year ​ Ownership Operating Investment Name Market / Location Units (1) Built Interest ​ Ballast ​ AZ / CO / WA ​ 84 ​ 1998 ​ 95 % Golden Pacific IN / KS / MO 169 1977 97 % ILE TX / SE US 482 1991 95 % Indy-Springfield, formerly Peak JV 1 ​ IN / MO ​ 334 ​ 1999 ​ 100 % Navigator Villas Pasco, WA 176 2013 90 % Peak JV 2 Various / TX 596 1980 80 % Peak JV 3 ​ Dallas-Fort Worth, TX ​ 150 ​ 1961 ​ 56 % Savannah-84, formerly Peak JV 4 ​ Savannah, GA ​ 84 ​ 2022 ​ 100 % Wayford at Concord Concord, NC 150 2019 83 % Yauger Park Villas Olympia, WA 80 2010 95 % Total Operating Units ​ 2,305 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment Name ​ ​ ​ ​ ​ ​ ​ ​ ​ Abode Wendell Falls (2) ​ Wendell, NC ​ 170 ​ — ​ 100 % Total Development Units ​ ​ ​ 170 ​ ​ ​ ​ ​ Total Units ​ ​ ​ 2,475 ​ ​ ​ ​ ​ (1) Total operating units includes an aggregate of 118 units classified as held for sale and includes the following portfolios: 35 units in Indy-Springfield, 13 units in Peak JV 2, and 70 units in Peak JV 3. (2) Abode Wendell Falls is a build to rent development project expected to commence construction in the second quarter 2024. The total estimated project cost is $56.0 million, of which $6.5 million was incurred as of December 31, 2023.
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 58 2Q 2022 3Q 2023 The Cottages at Myrtle Beach ​ Myrtle Beach, SC ​ 294 ​ 2Q 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 Lease-up Units ​ 924 ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment Name Chandler ​ Chandler, AZ ​ 208 ​ 2Q 2024 ​ 3Q 2024 Total Development Units ​ 208 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Investment Name ​ Number of Units ​ ​ Peak Housing (1) IN / MO / TX 452 ​ ​ ​ ​ Total Operating Units ​ ​ 452 ​ ​ ​ ​ Total Units ​ ​ 1,584 ​ ​ ​ ​ (1) Peak Housing is a stabilized operating portfolio and the number of units shown represents those collateralizing the Company’s preferred equity investment in the Peak REIT OP as of December 31, 2023 (refer to Note 8 for further information). Unit count excludes units presented in the consolidated investments table above.

Acquisition of Real Estate (Tab

Acquisition of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2023
Acquisition of Real Estate
Schedule of acquisition activity and related new financing	The following describes the Company’s significant acquisition activity and related new financing during the years ended December 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Ownership ​ ​ Purchase ​ ​ ​ ​ Investment Name Market / Location Date (1) Units Interest ​ Price Debt (2) ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peak JV 2 ​ Various / TX ​ March ​ 34 ​ 80 % ​ $ 7,650 ​ $ 5,355 (3) Savannah-84, formerly Peak JV 4 ​ Savannah, GA ​ March ​ 19 ​ 100 % (4) ​ 4,465 ​ ​ — ​ Golden Pacific ​ IN / KS / MO ​ Various ​ 62 ​ 97 % ​ ​ 11,774 ​ ​ — ​ ILE ​ TX / SE US ​ Various ​ 31 ​ 95 % ​ ​ 7,011 ​ ​ 9,974 (5) Second Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ballast ​ AZ / CO / WA ​ Various ​ 65 ​ 95 % ​ ​ 26,100 ​ ​ — ​ Golden Pacific IN / KS / MO ​ Various 66 97 % ​ 13,966 ​ — ​ ILE TX / SE US ​ Various 108 95 % ​ 27,804 ​ 8,802 (5) Savannah-84 ​ Savannah, GA ​ Various ​ 20 ​ 100 % (4) ​ 4,767 ​ ​ — ​ Third Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ballast ​ AZ / CO / WA ​ Various ​ 19 ​ 95 % ​ ​ 6,233 ​ ​ — ​ Golden Pacific ​ IN / KS / MO ​ Various ​ 35 ​ 97 % ​ ​ 7,859 ​ ​ — ​ ILE ​ TX / SE US ​ Various ​ 64 ​ 95 % ​ ​ 16,711 ​ ​ 10,193 (5) Savannah-84 ​ Savannah, GA ​ Various ​ 14 ​ 100 % (4) ​ 3,394 ​ ​ — ​ Fourth Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Golden Pacific ​ IN / KS / MO ​ October ​ 1 ​ 97 % ​ ​ 155 ​ ​ — ​ Savannah-84 Savannah, GA ​ Various 13 100 % (4) 3,151 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Savannah-84 ​ Savannah, GA ​ February 23, 2023 ​ 18 ​ 100 % ​ ​ 4,230 ​ ​ — ​ Abode Wendell Falls (6) ​ Wendell, NC ​ December 20, 2023 ​ 170 ​ 100 % ​ ​ 5,750 ​ ​ — ​ (1) For those dates where a month is listed, additional units were acquired and added to the respective existing portfolio throughout that specified month. For those dates where “Various” is listed, additional units were acquired and added to the respective existing portfolios on various dates throughout that specified quarter. For Ballast, the units acquired in the second quarter 2022 were the first acquisitions by the Company for the portfolio. (2) For those investments where no debt amount is presented, the purchase price was funded in full by the Company and its unaffiliated joint venture partner, or solely by the Company for investments where it holds full ownership, upon acquisition. (3) As part of the acquisition, the Company provided a mezzanine loan to the consolidated portfolio owner in the full amount shown. During 2022, this loan was converted into a common equity interest. Refer to the Peak Housing disclosure in Note 7 for further information. (4) In January 2023, the Company acquired the unaffiliated joint venture partner’s interest in Savannah-84, increasing its interest from 80% to 100% . (5) 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. (6) Abode Wendell Falls is a build to rent development project expected to commence construction in the second quarter 2024. The total estimated project cost is $56.0 million, of which $6.5 million was incurred as of December 31, 2023.
Schedule 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, 2023 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Purchase Price ​ Allocation Land ​ $ 7,012 Building ​ 3,831 Total assets acquired (1) ​ $ 10,843 (1) The $10.8 million of total assets acquired includes $0.9 million of acquisition expenses that have been capitalized as the acquisitions of additional real estate have been accounted for as asset acquisitions.
Schedule of acquisition of noncontrolling partner's interest in properties	During the year ended December 31, 2023, the Company acquired the noncontrolling partner’s interest in the following consolidated operating investments ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Previous Ownership New Ownership Investment Name ​ Date ​ Amount ​ Interest ​ Interest Savannah-84 ​ January 6, 2023 ​ $ 939 80 % 100 % Indy-Springfield, formerly Peak JV 1 ​ March 8, 2023 ​ 4,110 60 % 100 % ​

Notes and Interest Receivable (

Notes and Interest Receivable (Tables)	12 Months Ended
	Dec. 31, 2023
Notes and Interest Receivable
Summary of the notes and accrued interest receivable due from loan investments	Following is a summary of the notes and accrued interest receivable due from loan investments at December 31, 2023 (amounts in thousands). At December 31, 2022, the Company held no loan investments and there were no outstanding interest receivable amounts due to the Company. ​ ​ ​ ​ Investment Name 2023 Notes Receivable ​ The Woods at Forest Hill ​ $ 8,284 Willow Park ​ 9,400 Total notes receivable ​ $ 17,684 ​ ​ ​ ​ Accrued Interest Receivable ​ The Woods at Forest Hill ​ $ 94 Willow Park ​ 35 Total accrued interest receivable ​ $ 129 Total notes and accrued interest receivable ​ $ 17,813 Allowance for credit losses ​ (16) Total, net ​ $ 17,797
Schedule of changes in provision for and recovery of credit losses	The provision for and recovery of credit losses of the Company’s loan investments at December 31, 2023 and 2022 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Beginning balances, net as of January 1, 2023 and 2022, respectively ​ $ — ​ $ 59 Provision for (recovery of) credit losses on pool of assets (1) ​ 16 ​ (59) Allowance for credit losses, end of period ​ $ 16 ​ $ — (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 provision for credit losses during the year ended December 31, 2023 was attributable to the addition of two investments to the pool of 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.
Schedule of the interest income from loan investments	Following is a summary of the interest income from loan investments for the years ended December 31, 2023 and 2022 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Investment Name 2023 2022 The Hartley at Blue Hill (1) ​ $ — ​ $ 784 The Woods at Forest Hill ​ 7 ​ — Weatherford 185 (2) ​ — ​ 501 Willow Park ​ 87 ​ — Total ​ $ 94 ​ $ 1,285 (1) 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. Refer to the disclosure below for further information. (2) In July 2022, the Weatherford 185 mezzanine loan provided by the Company was paid off in full. Refer to the disclosure below for further information.
Schedule of occupancy percentages of the Company's related parties	The occupancy percentages of the Company’s loan investments at December 31, 2023 are as follows: ​ ​ ​ ​ ​ Investment Name 2023 The Woods at Forest Hill (1) 63.2 % Willow Park (2) 44.8 % (1) The Woods at Forest Hill commenced lease-up in October 2022. (2) Willow Park commenced lease-up in late June 2022.

Preferred Equity Investments _2

Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2023
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Summary 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 at December 31, 2023 and 2022 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Investment Name 2023 2022 Chandler ​ $ 15,000 ​ $ — Peak Housing ​ ​ 10,663 ​ ​ 20,318 The Cottages at Myrtle Beach ​ 17,913 ​ 17,913 The Cottages at Warner Robins (1) ​ — ​ 13,250 The Cottages of Port St. Lucie ​ 18,785 ​ 18,785 The Woods at Forest Hill ​ 5,575 ​ 3,300 Wayford at Innovation Park ​ 13,400 ​ 10,205 Willow Park (2) ​ — ​ 2,540 Total ​ $ 81,336 ​ $ 86,311 Allowance for credit losses ​ (180) ​ (22) Total, net ​ $ 81,156 ​ $ 86,289 (1) On December 15, 2023, the Company’s preferred equity investment was redeemed. Refer to the disclosures below for further information. (2) On October 26, 2023, the Company’s preferred equity investment was redeemed. Refer to the disclosures below for further information. ​
Summary 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, 2023 and 2022 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Beginning balances, net as of January 1, 2023 and 2022, respectively ​ $ 22 ​ $ 73 Provision for (recovery of) credit losses on pool of assets, net (1) ​ 158 ​ (51) Allowance for credit losses, net, end of period ​ $ 180 ​ $ 22 ​ ​ ​ ​ ​ ​ ​ Recovery of credit loss – Alexan Southside Place (2) ​ $ — ​ $ (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 provision for credit losses during the year ended December 31, 2023 was attributable to the addition of one investment to the pool of assets (which was only partially offset by the removal of two investments from the pool of assets) and an increase in the trailing twelve-month historical default rate. (2) In 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. In 2022, the Company recognized a partial recovery of a previously recorded credit loss on Alexan Southside Place.
Summary of preferred returns on the company's unconsolidated real estate joint ventures	The preferred returns on the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2023 and 2022 are summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Investment Name 2023 2022 Chandler ​ $ 259 ​ $ — Peak Housing ​ 1,350 ​ 1,887 The Cottages at Myrtle Beach ​ 2,633 ​ 2,288 The Cottages at Warner Robins ​ 1,863 ​ 1,151 The Cottages of Port St. Lucie ​ 2,762 ​ 2,186 The Woods at Forest Hill ​ 679 ​ 274 Wayford at Innovation Park ​ 1,619 ​ 469 Willow Park ​ 467 ​ 333 Total preferred returns on unconsolidated joint ventures (1) ​ $ 11,632 ​ $ 8,588 (1) Total includes both current and accrued preferred return amounts. The accrued balance of the total preferred returns was $8.0 million and $6.7 million at December 31, 2023 and 2022, respectively.
Schedule of occupancy percentages of the company's unconsolidated real estate joint ventures	​ ​ ​ ​ ​ ​ ​ Investment Name 2023 2022 Chandler (1) — ​ — ​ Peak Housing (2) ​ 88.3 % 95.4 % The Cottages at Myrtle Beach (3) ​ 37.4 % — ​ The Cottages of Port St. Lucie (3) ​ 29.4 % — ​ The Woods at Forest Hill (4) ​ 63.2 % 1.3 % Wayford at Innovation Park (5) ​ 11.0 % — ​ (1) Chandler had not commenced lease-up as of December 31, 2023. (2) Percent occupied for Peak Housing at December 31, 2023 excludes 32 down/renovation units. (3) The Cottages investments commenced lease-up in 2023 as follows: at Myrtle Beach in April and of Port St. Lucie in June. (4) The Woods at Forest Hill commenced lease-up in October 2022. (5) Wayford at Innovation Park commenced lease-up in August 2023.

Revolving Credit Facilities (Ta

Revolving Credit Facilities (Tables)	12 Months Ended
	Dec. 31, 2023
Revolving Credit Facilities
Schedule of outstanding balances on the revolving credit facilities	The outstanding balances on the revolving credit facilities as of December 31, 2023 and 2022 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Revolving Credit Facilities 2023 2022 Amended DB Credit Facility ​ $ 50,000 ​ $ — DB Credit Facility ​ ​ — ​ ​ 35,000 ILE Sunflower Credit Facility ​ ​ 20,000 ​ ​ 20,000 Total ​ $ 70,000 ​ $ 55,000

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
	Dec. 31, 2023
Mortgages Payable
Schedule of senior mortgage indebtedness	The following table summarizes certain information as of December 31, 2023 and 2022 with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal As of December 31, 2023 ​ ​ December 31, ​ December 31, ​ ​ ​ Interest-only ​ ​ ​ Investment Name ​ 2023 2022 ​ Interest Rate through date Maturity Date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate: ​ ​ ​ ILE (1)(2) ​ $ 25,107 ​ $ 25,976 3.69 % (3) ​ (1) ​ ILE (2)(4) ​ ​ 4,573 ​ ​ — ​ 6.00 % (3) ​ August 9, 2028 ​ Navigator Villas (5) ​ 19,702 ​ 20,039 4.57 % (3) ​ June 1, 2028 ​ Yauger Park Villas (6) ​ 14,350 ​ 14,643 4.86 % (3) ​ April 1, 2026 ​ Total Fixed Rate ​ $ 63,732 ​ $ 60,658 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate: ​ ​ ​ ​ ​ ​ ​ ILE (4) ​ $ — ​ $ 4,600 ​ ​ ​ ​ ​ ​ Wayford at Concord (7) ​ 32,973 ​ 32,973 4.73 % May 2027 ​ May 1, 2029 ​ Total Floating Rate ​ $ 32,973 ​ $ 37,573 ​ ​ Total ​ $ 96,705 ​ $ 98,231 ​ ​ Fair value adjustments ​ 916 ​ 1,235 ​ ​ Deferred financing costs, net ​ (951) ​ (1,275) ​ ​ Total mortgages payable ​ $ 96,670 ​ $ 98,191 ​ ​ (1) ILE’s fixed rate debt represents the aggregate debt outstanding across two separate credit agreements. Of the $25.1 million balance, $6.4 million held through one credit agreement has a fixed rate of 3.50% , while the remaining $18.7 million held through the second credit agreement has a fixed rate of 3.75% . Both credit agreements mature in 2026. (2) At December 31, 2023, the lender waived the minimum debt service coverage ratio covenant under the credit agreement to remain in compliance with such covenant. (3) The loan requires monthly payments of principal and interest. (4) During the second quarter 2023, one ILE credit agreement was amended to reduce and temporarily convert its interest rate from floating to fixed rate through August 1, 2023, upon which such date an interest rate swap became effective, converting the credit agreement to a fixed rate of 6.00 %. (5) The principal balance includes a $14.2 million senior loan at a fixed rate of 4.31% and a $5.5 million supplemental loan at a fixed rate of 5.23% . (6) The principal balance includes a $10.0 million senior loan at a fixed rate of 4.81% and a $4.4 million supplemental loan at a fixed rate of 4.96% . (7) The Wayford at Concord loan bears interest at the 30-day average SOFR plus 2.23 %. In December 2023, the 30-day average SOFR in effect was 5.33 %. 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, 2023, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2024 ​ $ 1,639 2025 ​ 1,717 2026 ​ 37,471 2027 ​ 866 2028 ​ ​ 23,022 Thereafter ​ 31,990 ​ ​ $ 96,705 Add: Unamortized fair value debt adjustment ​ 916 Subtract: Deferred financing costs, net ​ ​ (951) Total ​ $ 96,670

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
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 at December 31, 2023 and 2022 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ Fair Values of Derivative instruments under ASC 815-20 ​ Balance Sheet Location ​ Instruments ​ ​ 2023 2022 Interest rate caps Accounts receivable, prepaids and other assets ​ $ 1,934 ​ $ 4,702 Interest rate swaps Accounts receivable, prepaids and other assets ​ 483 ​ 647 ​ The table below presents the classification and effect of the Company’s derivative financial instruments on the combined consolidated statements of operations for the years ended December 31, 2023 and 2022 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ Location of Gain (Loss) ​ The Effect of Derivative Instruments instruments under ASC 815-20 ​ Recognized in Income ​ on the Statements of Operations ​ ​ ​ 2023 2022 Interest rate caps Interest expense ​ $ (2,768) ​ $ 2,437 Interest rate swaps Interest expense ​ (165) ​ ​ 647

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Management agreement
Related Party Transactions
Schedule of related party amounts payable	The table below presents the related party amounts payable to the Manager as of December 31, 2023 and 2022 pursuant to the terms of the Management Agreement (amounts in thousands). The Company records these payables in due to affiliates in its combined consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ Amounts payable to the Manager under the Management Agreement 2023 2022 Base management fee ​ $ 2,048 ​ $ 1,787 Operating and direct expense reimbursements ​ 1,365 ​ 424 Offering expense reimbursements ​ ​ 96 ​ ​ — Total amounts payable to the Manager ​ $ 3,509 ​ $ 2,211

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
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 per common share for the years ended December 31, 2023 and 2022 (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Loss from continuing operations (1) $ (15,897) ​ $ (6,236) Dividends on restricted stock and LTIP Units expected to vest ​ (498) ​ ​ — Net loss from continuing operations attributable to noncontrolling interests ​ (11,394) ​ (5,130) Loss from continuing operations attributable to BHM ​ $ (5,001) ​ $ (1,106) Income from discontinued operations ​ — ​ 311 Net income from discontinued operations attributable to noncontrolling interests ​ ​ — ​ ​ 205 Income from discontinued operations attributable to BHM ​ — ​ 106 Net loss attributable to common stockholders ​ $ (5,001) ​ $ (1,000) ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (2) ​ 3,845,349 ​ 3,843,502 Potential dilutive shares (3) ​ — ​ — Weighted average common shares outstanding and potential dilutive shares (2) ​ 3,845,349 ​ 3,843,502 ​ ​ ​ ​ ​ ​ ​ Net loss per common share, basic ​ ​ ​ ​ Continuing operations ​ $ (1.30) ​ $ (0.29) Discontinued operations ​ — ​ 0.03 ​ ​ $ (1.30) ​ $ (0.26) Net loss per common share, diluted ​ ​ ​ ​ Continuing operations ​ $ (1.30) ​ $ (0.29) Discontinued operations ​ — ​ 0.03 ​ ​ $ (1.30) ​ $ (0.26) (1) Loss from continuing operations for the year ended December 31, 2023 includes $( 130 ) of preferred stock dividends. (2) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (3) For the year ended December 31, 2023, potential vesting of restricted Class A common stock of 3,595 shares is excluded from the diluted shares calculation as the effect is antidilutive.
Schedule of the status of the company's non-vested shares / LTIP units under the incentive plans for individuals	A summary of the status of the Company’s non-vested shares and LTIP Units granted under the BHM Incentive Plans as of December 31, 2022 and 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Weighted average grant- ​ ​ Shares / 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 Granted ​ 186,137 ​ ​ 17.00 Vested ​ (94,375) ​ ​ 22.43 Forfeited ​ — ​ ​ — Balance at December 31, 2023 ​ 497,558 ​ $ 20.57
Schedule of dividends distributions to stock	​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date Payable to stockholders of record as of Amount Paid / Payable Date Class A common stock Special Dividend ​ December 19, 2023 ​ December 29, 2023 ​ $ 1.00 ​ January 5, 2024 Class C common stock Special Dividend ​ ​ ​ December 19, 2023 ​ December 29, 2023 ​ $ 1.00 ​ January 5, 2024 Series A Preferred Stock (1) ​ ​ ​ September 11, 2023 ​ August 25, 2023 ​ $ 0.125000 ​ October 5, 2023 September 11, 2023 ​ September 25, 2023 ​ 0.125000 ​ October 5, 2023 October 13, 2023 ​ October 25, 2023 ​ 0.125000 ​ November 3, 2023 October 13, 2023 ​ November 24, 2023 ​ 0.125000 ​ December 5, 2023 October 13, 2023 ​ December 22, 2023 ​ 0.125000 ​ January 5, 2024 Series A Preferred Stock Special Dividend (2) ​ ​ ​ November 7, 2023 ​ Each day of November 1 - 30, 2023 ​ $ 0.012550 ​ December 5, 2023 November 7, 2023 ​ Each day of December 1 - 31, 2023 ​ 0.002469 ​ January 5, 2024 (1) Holders of record of newly issued Series A Preferred Stock shares that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series A Preferred Stock was outstanding. (2) Holders of record of Series A Preferred Stock shares as of the close of business on each day of the applicable month are entitled to additional contingent special daily dividends for each such day, to be aggregated and payable (if at all) on the payable date, in each case equal to the amount (if any) by which (i) the Stated Value of the Series A Preferred Stock multiplied by (a) the sum of (I) the average 10-year Daily Treasury Par Yield Curve Rate for the period from the 26 th of the prior month to the 25 th of the applicable month (as reported by the United States Department of the Treasury), plus (II) two percent ( 2.0% ), divided by (b) twelve ( 12 ), divided further by (c) the actual number of days in the applicable month, exceeds (ii) the quotient of (a) $0.125 divided by (b) the actual number of days in the applicable month.
Schedule of distributions declared and paid for stock	Distributions declared and paid for the year ended December 31, 2023 were as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Distributions 2023 Declared Paid Third Quarter ​ ​ ​ Series A Preferred Stock (1) ​ $ 12 ​ $ — Total third quarter ​ $ 12 ​ $ — Fourth Quarter ​ ​ Class A common stock ​ $ 3,871 ​ $ — Class C common stock ​ 8 ​ — Series A Preferred Stock (1) ​ 118 ​ 78 OP Units ​ 7,366 ​ — LTIP / C-LTIP Units ​ 1,143 ​ — Total fourth quarter ​ $ 12,506 ​ $ 78 Total ​ $ 12,518 ​ $ 78 (1) For the third quarter 2023, amounts include only the standard dividend at an annual rate of 6.0% of the Stated Value. For the fourth quarter 2023, amounts include the standard dividend at an annual rate of 6.0% of the Stated Value and any special dividends.

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2023
Subsequent Events
Schedule of Declaration of Dividends	​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date Payable to stockholders of record as of Amount Paid / Payable Date Series A Preferred Stock (1) ​ January 15, 2024 ​ January 25, 2024 ​ $ 0.125 ​ February 5, 2024 January 15, 2024 ​ February 23, 2024 ​ 0.125 ​ March 5, 2024 January 15, 2024 ​ March 25, 2024 ​ 0.125 ​ April 5, 2024 Series A Preferred Stock Special Dividend ​ ​ ​ January 15, 2024 ​ Each day of January 1 - 31, 2024 ​ ​ (2) ​ February 5, 2024 January 15, 2024 ​ Each day of February 1 - 29, 2024 ​ ​ (2) ​ March 5, 2024 January 15, 2024 ​ Each day of March 1 - 31, 2024 ​ ​ (2) ​ April 5, 2024 (1) Holders of record of newly issued Series A Preferred Stock shares that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series A Preferred Stock was outstanding. (2) Holders of record of Series A Preferred Stock shares as of the close of business on each day of the applicable month are entitled to additional contingent special daily dividends for each such day, to be aggregated and payable (if at all) on the payable date, in each case equal to the amount (if any) by which (i) the Stated Value of the Series A Preferred Stock multiplied by (a) the sum of (I) the average 10-year Daily Treasury Par Yield Curve Rate for the period from the 26 th of the prior month to the 25 th of the applicable month (as reported by the United States Department of the Treasury), plus (II) two percent ( 2.0% ), divided by (b) twelve ( 12 ), divided further by (c) the actual number of days in the applicable month, exceeds (ii) the quotient of (a) $0.125 divided by (b) the actual number of days in the applicable month.
Schedule of distributions declared and/or paid to the Company's stockholders	The following distributions were declared and/or paid to the Company’s stockholders subsequent to December 31, 2023 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution Total Shares ​ Declaration Date ​ Record Date ​ Date Paid ​ per Share ​ Distribution Class A common stock ​ December 19, 2023 ​ December 29, 2023 ​ January 5, 2024 ​ $ 1.00 ​ $ 3,871 Class C common stock ​ December 19, 2023 ​ December 29, 2023 ​ January 5, 2024 ​ 1.00 ​ 8 Series A Preferred Stock (1) ​ October 13, 2023 ​ December 22, 2023 ​ January 5, 2024 ​ 0.127469 ​ 51 OP Units ​ December 19, 2023 ​ December 29, 2023 ​ January 5, 2024 ​ 1.00 ​ 7,366 LTIP / C-LTIP Units ​ December 19, 2023 ​ December 29, 2023 ​ January 5, 2024 ​ 1.00 ​ 1,143 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A Preferred Stock (1) ​ January 15, 2024 ​ January 25, 2024 ​ February 5, 2024 ​ 0.125337 ​ 68 Series A Preferred Stock (1) ​ January 15, 2024 ​ February 23, 2024 ​ March 5, 2024 ​ 0.128458 ​ 86 Total ​ ​ ​ ​ ​ ​ $ 12,593 (1) The Series A Preferred Stock distribution per share amounts include the standard dividend at an annual rate of 6.0% of the Stated Value and any special dividends.

Schedule III and Schedule IV (T

Schedule III and Schedule IV (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 (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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Abode Wendell Falls (1) ​ NC ​ ​ — ​ ​ 6,514 ​ ​ — ​ ​ — ​ ​ 6,514 ​ ​ — ​ ​ 6,514 ​ ​ — ​ 2023 ​ 3 - 40 Years Ballast AZ / CO / WA ​ — ​ 7,272 ​ 25,900 ​ 1,216 ​ 7,321 ​ 27,067 ​ 34,388 ​ 1,577 2022 3 - 40 Years Golden Pacific IN / KS / MO ​ — ​ 6,105 ​ 29,519 ​ 4,838 ​ 6,105 ​ 34,357 ​ 40,462 ​ 2,106 2021 / 2022 3 - 40 Years ILE (2) TX / SE US ​ 29,680 ​ 22,438 ​ 90,637 ​ 11,603 ​ 22,438 ​ 102,240 ​ 124,678 ​ 6,732 2021 / 2022 3 - 40 Years Indy-Springfield, formerly Peak JV 1 (3) ​ IN / MO ​ ​ — ​ ​ 7,535 ​ ​ 40,513 ​ ​ 2,368 ​ ​ 7,540 ​ ​ 42,876 ​ ​ 50,416 ​ ​ 3,430 ​ 2021 ​ 3 - 40 Years Navigator Villas WA ​ 19,702 ​ 2,026 ​ 27,206 ​ 1,332 ​ 2,027 ​ 28,537 ​ 30,564 ​ 4,396 2019 3 - 40 Years Peak JV 2 (3) Various / TX ​ — ​ 9,914 ​ 73,105 ​ 6,172 ​ 9,926 ​ 79,265 ​ 89,191 ​ 5,869 2021 / 2022 3 - 40 Years Peak JV 3 TX ​ — ​ 1,811 ​ 7,201 ​ 818 ​ 1,813 ​ 8,017 ​ 9,830 ​ 586 2021 3 - 40 Years Savannah-84, formerly Peak JV 4 (3) GA ​ — ​ 2,698 ​ 17,880 ​ 234 ​ 2,698 ​ 18,114 ​ 20,812 ​ 824 2022 3 - 40 Years Wayford at Concord NC ​ 32,973 ​ 2,933 ​ 40,922 ​ 141 ​ 2,933 ​ 41,063 ​ 43,996 ​ 3,487 2021 3 - 40 Years Yauger Park Villas WA ​ 14,350 ​ 1,322 ​ 24,575 ​ 739 ​ 1,322 ​ 25,314 ​ 26,636 ​ 2,606 2021 3 - 40 Years Subtotal ​ 96,705 ​ 70,568 ​ 377,458 ​ 29,461 ​ 70,637 ​ 406,850 ​ 477,487 ​ 31,613 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Single-family properties held for sale (4) ​ Various ​ ​ — ​ ​ 3,841 ​ ​ 15,617 ​ ​ 622 ​ ​ 3,841 ​ ​ 16,239 ​ ​ 20,080 ​ ​ 1,190 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Real Estate assets ​ ​ ​ ​ ​ ​ ​ ​ REIT Operator MI ​ — ​ — ​ 185 ​ 790 ​ — ​ 975 ​ 975 ​ 839 2017 5 Years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 96,705 ​ $ 74,409 ​ $ 393,260 ​ $ 30,873 ​ $ 74,478 ​ $ 424,064 ​ $ 498,542 ​ $ 33,642 (1) Abode Wendell Falls is a build to rent development project expected to commence construction in the second quarter 2024. The total estimated construction cost is $56.0 million, of which $6.5 million was incurred as of December 31, 2023. (2) ILE was funded, in part, by the ILE Sunflower Credit Facility. At December 31, 2023, the outstanding ILE Sunflower Credit Facility balance was $20.0 million. (3) Indy-Springfield, Peak JV 2 and Savannah-84 were funded, in part, by the Amended DB Credit Facility. At December 31, 2023, the outstanding Amended DB Credit Facility balance was $50.0 million. (4) An aggregate of 118 units are classified as held for sale from the following portfolios: 35 units in Indy-Springfield, 13 units in Peak JV 2, and 70 units in Peak JV 3.
Schedule of reconciliation of real estate properties	​ ​ ​ Bluerock Homes Trust, Inc. ​ Notes to Schedule III December 31, 2023 (amounts in thousands) ​ ​ 1. Reconciliation of Real Estate Properties The following table reconciles the Real Estate Properties from January 1, 2022 to December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Balance at January 1 ​ $ 489,991 ​ $ 323,048 Acquisition of real estate ​ 10,843 ​ 147,619 Capital expenditures ​ 8,180 ​ 19,324 Impairment of held for sale real estate ​ ​ (1,330) ​ ​ — Disposition of real estate ​ ​ (9,142) ​ ​ — Balance at December 31 ​ $ 498,542 ​ $ 489,991 ​ 2. Reconciliation of Accumulated Depreciation The following table reconciles the Real Estate Properties from January 1, 2022 to December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Balance at January 1 ​ $ 17,865 ​ $ 4,964 Current year depreciation expense ​ 16,179 ​ 12,901 Disposition of real estate ​ (402) ​ — Balance at December 31 ​ $ 33,642 ​ $ 17,865 ​
Schedule of mortgage loans on real estate	​ ​ ​ Bluerock Homes Trust, Inc. ​ Schedule IV - Loans on Real Estate December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Amount of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face Amount of ​ Carrying Amount of ​ Loans Subject to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Periodic Payment ​ ​ ​ Loans ​ Loans ​ Delinquent Description Property Name Location Interest Rate Maturity Date Terms Prior Liens (in thousands) (in thousands) Principal or Interest Real Estate Loans on Residential Rental Community (1) The Woods at Forest Hill Forest Hills, TX 10.00 % 12/20/2024 12 — ​ $ 8,284 ​ $ 8,284 — ​ ​ Willow Park ​ Willow Park, TX ​ 5.08 % 10/28/2024 ​ 12 ​ — ​ ​ 9,400 ​ ​ 9,400 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,684 ​ $ 17,684 ​ ​ (1) Refer to Note 7 for further information regarding the Woods Loan and the Willow Loan.
Reconciliation of mortgage loans on real estate	Bluerock Homes Trust, Inc. Note to Schedule IV - Reconciliation of Loans on Real Estate (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 Balance at beginning of period ​ $ — ​ $ 36,000 Additions during period: ​ ​ ​ Purchases ​ 17,684 ​ 9,645 Deductions during period: ​ ​ Collections of principal ​ — ​ (45,645) Balance at end of period ​ $ 17,684 ​ $ — ​

Organization and Nature of Bu_2

Organization and Nature of Business (Details) - item		12 Months Ended
	Oct. 06, 2022	Dec. 31, 2023
Organization and Nature of Business
Number of real estate investments		18
Number of investments		11
Number of investments through preferred equity		7
Number of single-family residential homes		4,059
Number of investment units		2,475
Number of investment units under development		170
Number of preferred equity and loan investments		1,584
Percent of real estate properties occupied		94.10%
Annual distribution percentage rate		90%
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%

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Estimated useful lives of assets (Details)	Dec. 31, 2023
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) $ in Thousands		12 Months Ended
	Oct. 06, 2022	Dec. 31, 2023 USD ($) segment item	Dec. 31, 2022 USD ($)
Basis of Presentation and Summary of Significant Accounting Policies
Percentage of unvested incentive plan in operating partnership		3.76%
Ownership percentage of single-family residential business held by holders of units in Operating Partnership	66%
Number of operating segments | segment		1
Number of reportable segments | segment		1
Classified as held for sale | item		118
Impairment of held for sale real estate		$ 1,300	$ 0
Held for sale of real estate			$ 0
Increase (decrease) in unrecognized tax benefits		$ 0
Common Stock
Basis of Presentation and Summary of Significant Accounting Policies
Percentage of dividends received classified as capital gains		100%
Percentage of dividends received classified as return of capital		0%
Percentage of capital gains classified as section 1250 gains		0.4022%
Preferred Stock
Basis of Presentation and Summary of Significant Accounting Policies
Percentage of dividends received classified as capital gains		100%
Percentage of dividends received classified as return of capital		0%
Percentage of capital gains classified as section 1250 gains		0.5665%
PeakJv One
Basis of Presentation and Summary of Significant Accounting Policies
Classified as held for sale | item		35
Op Ltip Unit
Basis of Presentation and Summary of Significant Accounting Policies
Limited partners other than the company owned		68.68%
Op Unit
Basis of Presentation and Summary of Significant Accounting Policies
Limited partners other than the company owned		59.45%
LTIP Units
Basis of Presentation and Summary of Significant Accounting Policies
Limited partners other than the company owned		9.23%

Discontinued Operations (Detail

Discontinued Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Expenses
Gain on sale of real estate investments	$ 258	[1]
Income from discontinued operations	311	[1]
Multifamily investment sales | Discontinued operations by sale
Expenses
Property operating	(53)
Total expenses	(53)
Income on operations of rental property	53
Gain on sale of real estate investments	258
Income from discontinued operations	311
Amounts in the statement of cash flows that are included in discontinued operations	$ 0
[1] The consolidated financial statements for the year ended December 31, 2023 represent the Company’s results of operations as an independent, publicly traded company. The combined consolidated financial statements 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. As a result, results of operations for the year ended December 31, 2023 may not be comparable to the Company’s results of operations for the year ended December 31, 2022.

Sale of Real Estate Assets an_2

Sale of Real Estate Assets and Held for Sale Real Estate Assets (Details) $ in Thousands						12 Months Ended
	Dec. 15, 2023 USD ($)	Oct. 26, 2023 USD ($)	Jul. 22, 2022 USD ($)	Apr. 29, 2022 USD ($)	Feb. 28, 2022 USD ($)	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Sale of Real Estate Assets
Proceeds from collection of mezzanine loan							$ 45,645
Preferred equity investments in unconsolidated real estate joint ventures, net						$ 81,156	86,289
Gain (Loss) on Extinguishment of Debt						0	0
Impairment of held for sale real estate						$ 1,300	$ 0
Classified as held for sale | item						118
Golden Pacific portfolio
Sale of Real Estate Assets
Number of units sold in real estate properties | item						2
Peak JV 2 portfolio
Sale of Real Estate Assets
Number of units sold in real estate properties | item						12
Classified as held for sale | item						13
Peak JV 3 portfolio
Sale of Real Estate Assets
Number of units sold in real estate properties | item						39
Classified as held for sale | item						70
Golden Pacific Peak Portfolio, Jv2 Peak Portfolio and Jv3 Portfolio
Sale of Real Estate Assets
Number of units sold in real estate properties | item						53
Aggregate sale of real estate transactions						$ 9,500
Net proceeds on real estate transactions						9,100
Payment of closing costs and fees						$ 300
Weatherford 185
Sale of Real Estate Assets
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
Sale of Real Estate Assets
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
Willow Park
Sale of Real Estate Assets
Preferred equity investment redeemed		$ 4,100
Preferred equity investment redeemed on principal investment		4,600
Preferred equity investment redemption accrued preferred return		1,200
Preferred equity investment minimum interest payment		2,900
The Cottages at Warner Robins
Sale of Real Estate Assets
Preferred equity investment redeemed	$ 16,600
Preferred equity investment redeemed on principal investment	13,300
Preferred equity investment redemption accrued preferred return	3,100
Preferred equity investment minimum interest payment	$ 200
The Woods at Forest Hill and Peak REIT OP
Sale of Real Estate Assets
Preferred equity investment minimum interest payment		$ 1,700

Investments in Real Estate - Co

Investments in Real Estate - Consolidated operating investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Investments in Real Estate
Number of real estate investments	18
Total Operating Units	2,305
Total Units	2,475
Classified as held for sale	118
Total estimated project cost incurred | $	$ 498,542	$ 489,991	$ 323,048
Consolidated investments
Investments in Real Estate
Number of real estate investments	11
Investments held through preferred equity and loan investments
Investments in Real Estate
Number of real estate investments	7
Ballast
Investments in Real Estate
Market	AZ / CO / WA
Total Operating Units	84
Ownership Interest (as a percent)	95
Golden Pacific
Investments in Real Estate
Market	IN / KS / MO
Total Operating Units	169
Ownership Interest (as a percent)	97
ILE
Investments in Real Estate
Market	TX / SE US
Total Operating Units	482
Ownership Interest (as a percent)	95
Indy-Springfield, formerly Peak JV 1
Investments in Real Estate
Market	IN / MO
Total Operating Units	334
Ownership Interest (as a percent)	100
Classified as held for sale	35
Navigator Villas
Investments in Real Estate
Market	Pasco, WA
Total Operating Units	176
Ownership Interest (as a percent)	90
Peak JV 2
Investments in Real Estate
Market	Various / TX
Total Operating Units	596
Ownership Interest (as a percent)	80
Classified as held for sale	13
Peak JV 3
Investments in Real Estate
Market	Dallas-Fort Worth, TX
Total Operating Units	150
Ownership Interest (as a percent)	56
Classified as held for sale	70
Savannah-84, formerly Peak JV 4
Investments in Real Estate
Market	Savannah, GA
Total Operating Units	84
Ownership Interest (as a percent)	100
Wayford at Concord
Investments in Real Estate
Market	Concord, NC
Total Operating Units	150
Ownership Interest (as a percent)	83
Yauger Park Villas
Investments in Real Estate
Market	Olympia, WA
Total Operating Units	80
Ownership Interest (as a percent)	95
Abode Wendell Falls
Investments in Real Estate
Market	Wendell, NC
Ownership Interest (as a percent)	100
Total Development Units	170
Total estimated project cost | $	$ 56,000
Total estimated project cost incurred | $	$ 6,500

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments in Real Estate
Investments in real estate of depreciation expense	$ 16.2	$ 12.9
Amortization of deferred leasing fees	0	2.7
Security deposits received in cash related to tenant leases	$ 2.3	$ 2.1

Investments in Real Estate - Pr

Investments in Real Estate - Preferred Equity Investments (Details)	12 Months Ended
	Dec. 31, 2023 item
Preferred Equity Investments
Total Lease-up Units	924
Total Operating Units	452
Total Units	1,584
The Woods at Forest Hill
Preferred Equity Investments
Location / Market	Forest Hill, TX
Total Lease-up Units	76
Willow Park
Preferred Equity Investments
Location / Market	Willow Park, TX
Total Lease-up Units	58
The Cottages at Myrtle Beach
Preferred Equity Investments
Location / Market	Myrtle Beach, SC
Total Lease-up Units	294
The Cottages of Port St. Lucie
Preferred Equity Investments
Location / Market	Port St. Lucie, FL
Total Lease-up Units	286
Wayford at Innovation Park
Preferred Equity Investments
Location / Market	Charlotte, NC
Total Lease-up Units	210
Chandler
Preferred Equity Investments
Location / Market	Chandler, AZ
Total Development Units	208
Peak Housing
Preferred Equity Investments
Location / Market	IN / MO / TX
Total Operating Units	452

Acquisition of Real Estate - (D

Acquisition of Real Estate - (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, 2023 USD ($) item	Jan. 31, 2023	Jan. 30, 2023	Dec. 31, 2021 USD ($)
Acquisition of Real Estate and Additional Interests
Total estimated project cost incurred	$ 489,991				$ 498,542			$ 323,048
Savannah-84, formerly Peak JV 4
Acquisition of Real Estate and Additional Interests
Real Estate Property Location				Savannah, GA
Total Operating Units | item				19
Ownership interest				100
Purchase price				$ 4,465
Savannah-84, Units
Acquisition of Real Estate and Additional Interests
Real Estate Property Location	Savannah, GA	Savannah, GA	Savannah, GA		Savannah, GA
Total Operating Units | item	13	14	20		18
Ownership interest	100	100	100		100	100	80
Purchase price	$ 3,151	$ 3,394	$ 4,767		$ 4,230
Peak JV 2
Acquisition of Real Estate and Additional Interests
Real Estate Property Location				Various / TX
Total Operating Units | item				34
Ownership interest				80
Purchase price				$ 7,650
Debt				$ 5,355
Ballast
Acquisition of Real Estate and Additional Interests
Real Estate Property Location		AZ / CO / WA	AZ / CO / WA
Total Operating Units | item		19	65
Ownership interest		95	95
Purchase price		$ 6,233	$ 26,100
Golden Pacific
Acquisition of Real Estate and Additional Interests
Real Estate Property Location	IN / KS / MO	IN / KS / MO	IN / KS / MO	IN / KS / MO
Total Operating Units | item	1	35	66	62
Ownership interest	97	97	97	97
Purchase price	$ 155	$ 7,859	$ 13,966	$ 11,774
ILE
Acquisition of Real Estate and Additional Interests
Real Estate Property Location		TX / SE US	TX / SE US	TX / SE US
Total Operating Units | item		64	108	31
Ownership interest		95	95	95
Purchase price		$ 16,711	$ 27,804	$ 7,011
Debt		$ 10,193	$ 8,802	$ 9,974
Abode Wendell Falls
Acquisition of Real Estate and Additional Interests
Real Estate Property Location					Wendell, NC
Total Operating Units | item					170
Ownership interest					100
Purchase price					$ 5,750
Total estimated project cost					56,000
Total estimated project cost incurred					$ 6,500

Acquisition of Real Estate - As

Acquisition of Real Estate - Assets acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Purchase Price Allocation
Land	$ 7,012
Building	3,831
Total assets acquired	10,843
Acquisition expenses	$ 900

Acquisition of Real Estate - No

Acquisition of Real Estate - Noncontrolling partner's Interest (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 30, 2023
Savannah-84
Acquisition of Real Estate and Additional Interests
Cash payment	$ 939
Ownership interest	100	80
Indy-Springfield
Acquisition of Real Estate and Additional Interests
Cash payment	$ 4,110
Ownership interest	100	60

Notes and Interest Receivable -

Notes and Interest Receivable - Notes and accrued interest receivable due from loan investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	$ 17,684
Total accrued interest receivable		$ 0
Total accrued interest receivable	129
Total notes and accrued interest receivable	17,813
Allowance for credit losses	(16)		$ (59)
Total, net	17,797
The Woods at Forest Hill
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accrued interest receivable	94
Willow Park
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accrued interest receivable	35
The Woods at Forest Hill
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	8,284
Willow Park Interests
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	$ 9,400

Notes and Interest Receivable_2

Notes and Interest Receivable - Changes in provision for and recovery of credit losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Notes and Interest Receivable
Beginning balances, net as of January 1, 2023 and 2022, respectively		$ 59
Provision for (recovery of) credit losses on pool of assets	$ 16	$ (59)
Allowance for credit losses, end of period	$ 16

Notes and Interest Receivable_3

Notes and Interest Receivable - Additional information (Details)

1 Months Ended

12 Months Ended

Dec. 28, 2023 USD ($) building Options

Oct. 26, 2023 USD ($) Option item

Oct. 26, 2023 USD ($) item Option

Oct. 26, 2023 USD ($) Option item

Oct. 26, 2023 USD ($) Option item building

Jul. 22, 2022 USD ($)

Feb. 28, 2022 USD ($)

Feb. 15, 2022 USD ($) building

Apr. 30, 2022 USD ($)

Dec. 31, 2023 USD ($) family item Options

Dec. 31, 2022 USD ($)

Nov. 30, 2023 item

Jun. 30, 2022 USD ($)

Dec. 31, 2021 item

Notes and Interest Receivables

Amount of full principal loan balances in the aggregate amount

$ 17,684,000

Proceeds from collection of mezzanine loan

$ 45,645,000

Accrued interest receivable due from loans

$ 0

Other Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration]

Related Party [Member]

Outstanding balance of the mezzanine loan provided

$ 17,797,000

Peak Housing Interests

Notes and Interest Receivables

Amount of full principal loan balances in the aggregate amount

$ 99,800,000

Minimum interest associated with the respective loans

5,600,000

Woods at Forest Hill Loan Financing

Notes and Interest Receivables

Loan provided

$ 8,300,000

Number of units | building

76

Extension term

1 year

Loans receivable | Options

2

Prime rate

1.50%

Rate floor (in percent)

4.75%

Future payment of amortization period

25 years

Willow Park Loan Financing

Notes and Interest Receivables

Loan provided

$ 9,400,000

$ 9,400,000

$ 9,400,000

$ 9,400,000

Number of units

58

58

Extension term

6 months

Loans receivable | Option

2

2

2

2

Number of units of underlying collateral | item

46

46

46

46

Number of units of underlying collateral remaining | item

12

12

12

12

Interest at a fixed rate (as a percent)

5.08%

Peak JV 3 portfolio | Peak Housing Interests

Notes and Interest Receivables

Loan provided

$ 20,000,000

Extension term

6 months

Number of units sold in real estate properties | item

39

Outstanding balance of the mezzanine loan provided

$ 15,900,000

Loans receivable | item

1

2

Preferred equity investment | Peak Housing Interests

Notes and Interest Receivables

Number of portfolios of single-family residential units | item

16

16

Full mortgage or mezzanine loan | Peak Housing Interests

Notes and Interest Receivables

Number of portfolio owners | item

15

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

Amount receivable

$ 31,000,000

Peak Housing Interests

Notes and Interest Receivables

Mortgage or mezzanine loans converted to common equity interests

$ 105,400,000

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

Interest rate on outstanding borrowings

12%

Loan provided

$ 9,600,000

Number of units | building

185

Number of exercised options | Options

3

Extension term

30 days

Loans receivable | Options

3

Outstanding principal balance

$ 9,400,000

Br Chapel Hill Jv Llc

Notes and Interest Receivables

Ownership interest

100%

Peak Housing Interests

Notes and Interest Receivables

Number of portfolio owners | family

474

The Hartley at Blue Hill

Notes and Interest Receivables

Proceeds from collection of mezzanine loan, principal amount

$ 31,000,000

Proceeds from collection of mezzanine loan

34,400,000

$ 5,000,000

Proceeds from collection of mezzanine loan, accrued interest amount

$ 3,400,000

Peak JV 3 portfolio

Notes and Interest Receivables

Number of units sold in real estate properties | item

39

Br Chapel Hill Jv Llc

Notes and Interest Receivables

Amount receivable

$ 5,000,000

Interest rate on outstanding borrowings

10%

Amended chapel hill mezz loan

Notes and Interest Receivables

Loans receivable, interest rate

11.75%

Notes and Interest Receivable_4

Notes and Interest Receivable - Interest income from loan investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Notes and Interest Receivables
Interest income from loan investments	$ 94	$ 1,285	[1]
The Hartley at Blue Hill
Notes and Interest Receivables
Interest income from loan investments		784
The Woods at Forest Hill
Notes and Interest Receivables
Interest income from loan investments	7
Weatherford 185
Notes and Interest Receivables
Interest income from loan investments		$ 501
Willow Park
Notes and Interest Receivables
Interest income from loan investments	$ 87
[1] The consolidated financial statements for the year ended December 31, 2023 represent the Company’s results of operations as an independent, publicly traded company. The combined consolidated financial statements 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. As a result, results of operations for the year ended December 31, 2023 may not be comparable to the Company’s results of operations for the year ended December 31, 2022.

Notes and Interest Receivable_5

Notes and Interest Receivable - Occupancy percentages of the company's related parties (Details)	Dec. 31, 2023
Willow Park
Accounts, Notes, Loans and Financing Receivable [Line Items]
Occupancy rate (as a percent)	44.80%
Woods at Forest Hill
Accounts, Notes, Loans and Financing Receivable [Line Items]
Occupancy rate (as a percent)	63.20%

Preferred Equity Investments _3

Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total	$ 81,336	$ 86,311
Allowance for credit losses	(180)	(22)
Total, net	81,156	86,289
Chandler
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total	15,000
Peak Housing
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total	10,663	20,318
The Cottages at Myrtle Beach
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total	17,913	17,913
The Cottages at Warner Robins
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total		13,250
The Cottages of Port St. Lucie
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total	18,785	18,785
The Woods at Forest Hill
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total	5,575	3,300
Wayford at Innovation Park
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total	$ 13,400	10,205
Willow Park
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total		$ 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, 2023	Dec. 31, 2022
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Beginning balances, net as of January 1, 2023 and 2022, respectively	$ 22	$ 73
Allowance for credit losses, net, end of period	180	22
Recovery of credit loss		(292)
Alexan Southside Place
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Recovery of credit losses	$ 158	$ (51)

Preferred Equity Investments _5

Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures - Preferred returns (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total preferred returns on unconsolidated joint ventures	$ 11,632	$ 8,588
Accrued portion of total preferred returns	8,000	6,700
Chandler
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total preferred returns on unconsolidated joint ventures	259
Peak Housing
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total preferred returns on unconsolidated joint ventures	1,350	1,887
The Cottages at Myrtle Beach
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total preferred returns on unconsolidated joint ventures	2,633	2,288
The Cottages at Warner Robins
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total preferred returns on unconsolidated joint ventures	1,863	1,151
The Cottages of Port St. Lucie
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total preferred returns on unconsolidated joint ventures	2,762	2,186
The Woods at Forest Hill
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total preferred returns on unconsolidated joint ventures	679	274
Wayford at Innovation Park
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total preferred returns on unconsolidated joint ventures	1,619	469
Willow Park
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total preferred returns on unconsolidated joint ventures	$ 467	$ 333

Preferred Equity Investments _6

Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures - Occupancy percentages (Details)	Dec. 31, 2023	Dec. 31, 2022
Peak Housing
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Occupancy rate (as a percent)	88.30%	95.40%
The Cottages at Myrtle Beach
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Occupancy rate (as a percent)	37.40%
The Cottages of Port St. Lucie
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Occupancy rate (as a percent)	29.40%
The Woods at Forest Hill
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Occupancy rate (as a percent)	63.20%	1.30%
Wayford at Innovation Park
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Occupancy rate (as a percent)	11%
Willow Park
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Occupancy rate (as a percent)	44.80%

Preferred Equity Investments _7

Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures - Additional Information (Details) $ in Thousands							1 Months Ended				12 Months Ended
	Dec. 15, 2023 USD ($)	Nov. 15, 2023 USD ($)	Oct. 26, 2023 USD ($)	Mar. 17, 2023 USD ($)	Mar. 03, 2023 USD ($) tranche item	Feb. 28, 2023 USD ($)	Dec. 31, 2021 USD ($) item	Sep. 30, 2021 item	Aug. 31, 2021 USD ($) item	Jun. 30, 2021 USD ($) item	Dec. 31, 2023 USD ($) family item	Dec. 31, 2022 USD ($)	Mar. 02, 2023 item
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Investments											$ 16,000
Allowance for credit losses											(180)	$ (22)
Loss from continuing operations											(15,897)	(6,236)
Equity method investments											81,336	86,311
Proceeds from redemption of unconsolidated real estate joint ventures											25,841
Preferred equity investments joint venture											81,156	86,289
Increase in investments											22,562	46,716
Outstanding balance of the mezzanine loan provided											$ 17,797
Peak Housing
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Current return (as a percent)											4%
Accrued return (as a percent)											4%
Total preferred return on remaining investment (as a percent)											8%
Equity method investments											$ 10,663	$ 20,318
Peak Housing | Amendment
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Equity method investments											$ 20,300
Weighted average preferred return per annum											9.60%
Peak Housing Interests
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Remaining investment											$ 4,300
Total preferred return on remaining investment (as a percent)											10%
Current return on remaining investment after year two (as a percent)											7%
Preferred equity investments joint venture											$ 20,300
Accrued return on remaining investment (as a percent)											3%
Number of portfolios of single-family residential homes in which equity investments made | family											474
Chandler Interests
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Total preferred return on remaining investment (as a percent)		13.50%
Current return on remaining investment after year two (as a percent)		4%
Accrued return on remaining investment after year two (as a percent)		9.50%
Accrued return on remaining investment after year three (as a percent)		7.50%
Preferred Ownership Interest Return on Remaining Investment at Annual Rate Current After Year Three		6%
Number of units of underlying collateral | item											208
Preferred equity investments joint venture		$ 15,000
Equity investments											1 year
Number of redemption period | item											3
Peak Housing
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Number of units of underlying collateral | item					648						648		474
Number of units of underlying collateral remaining | item											452
Preferred equity investment redeemed upon sale											$ 10,700
Total principal investment redeemed upon sale											9,700
Accrued preferred return redeemed upon sale											1,000
Preferred equity investments joint venture											$ 10,600
Number of units of underlying collateral sold | item											196
Peak Housing | Amendment
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Current return (as a percent)					6.40%
Preferred return (as a percent)					3.20%
Equity method investments					$ 20,300
Weighted average preferred return per annum					9.60%
Number of tranches | tranche					2
Cottages at Myrtle Beach
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Debt Instrument, Basis Spread on Variable Rate								2.60%
Debt Instrument, Interest Rate, Effective Percentage								3.10%
Number of units | item								294
Accrued return on remaining investment (as a percent)								14.50%
Preferred equity investment option | item								2
Equity investments								1 year
Committed to invest in preferred equity interests											$ 17,900
Construction Loan.											40,200
Outstanding loan											36,700
Cottages at Warner Robins
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Proceeds from redemption of unconsolidated real estate joint ventures	$ 16,600
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
Construction Loan.							$ 34,500
Cottages at Warner Robins | Preferred investment
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Proceeds from redemption of unconsolidated real estate joint ventures	13,300
Cottages at Warner Robins | Preferred Return
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Proceeds from redemption of unconsolidated real estate joint ventures	3,100
Cottages at Warner Robins | Minimum interest payment
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Proceeds from redemption of unconsolidated real estate joint ventures	$ 200
Cottages of Port St. Lucie
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Debt Instrument, Basis Spread on Variable Rate									2.75%
Debt Instrument, Interest Rate, Effective Percentage									3.50%
Number of units | item									286
Accrued return on remaining investment (as a percent)									14.50%
Preferred equity investment option | item									2
Equity investments									1 year
Committed to invest in preferred equity interests											18,800
Construction Loan.									$ 45,200
Outstanding loan											40,100
Woods at Forest Hill
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Debt Instrument, Basis Spread on Variable Rate							1.50%
Debt Instrument, Interest Rate, Effective Percentage							4.75%
Number of units | item							76
Accrued return on remaining investment (as a percent)							13%
Preferred equity investment option | item							2
Equity investments							1 year
Committed to invest in preferred equity interests				$ 3,300
Construction Loan.							$ 8,300
Amortization term							25 years
Wayford at Innovation
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Debt Instrument, Basis Spread on Variable Rate										2.25%
Debt Instrument, Interest Rate, Effective Percentage										3.50%
Number of portfolios of single-family residential homes | item										210
Accrued return on remaining investment (as a percent)										12.50%
Total Loan Commitment										$ 13,400
Construction Loan.										39,600
Outstanding loan											18,000
Willow Park Interests
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Preferred equity investment redeemed upon sale			$ 4,100
Total principal investment redeemed upon sale			2,900
Accrued preferred return redeemed upon sale			1,200
Preferred equity investments joint venture			4,600			$ 4,600
Original commitment to preferred equity investments										2,500
Increase in investments						$ 2,100				$ 2,100
Accrued return on outstanding capital contributions										15%
Number of portfolios of single-family residential homes | item										46
Accrued return on remaining investment (as a percent)										13%
Equity investment total										$ 2,500
Construction Loan.										$ 8,800
Willow Park Interests | Wayford at Innovation Park
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Amortization term										30 years
The Woods at Forest Hill
Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures
Preferred equity investments joint venture			$ 1,700								5,600
Original commitment to preferred equity investments							$ 3,300
Increase in investments							$ 2,300				$ 2,300
Accrued return on outstanding capital contributions							15%

Revolving Credit Facilities (De

Revolving Credit Facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revolving Credit Facilities
Outstanding balance	$ 70,000	$ 55,000
Amended DB Credit Facility
Revolving Credit Facilities
Outstanding balance	50,000
ILE Sunflower Credit Facility
Revolving Credit Facilities
Outstanding balance	$ 20,000	20,000
DB Credit Facility
Revolving Credit Facilities
Outstanding balance		$ 35,000

Revolving Credit Facilities - A

Revolving Credit Facilities - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 06, 2022	Dec. 31, 2023	Dec. 27, 2021
DB Credit Facility | Revolving Credit Facility
Revolving Credit Facilities
Extension term	1 year
Amended DB Credit Facility
Revolving Credit Facilities
Interest rate on outstanding borrowings		8.14%
Availability of borrowings under credit facility		$ 56
Maximum amount outstanding		$ 50
Amended DB Credit Facility | SOFR
Revolving Credit Facilities
Debt Instrument, Interest Rate, Effective Percentage	2.80%
Amended DB Credit Facility | Revolving Credit Facility
Revolving Credit Facilities
Maximum total commitment	$ 150
ILE Sunflower Credit Facility
Revolving Credit Facilities
Interest rate on outstanding borrowings		8.47%
Maximum amount outstanding		$ 20
ILE Sunflower Credit Facility | LIBOR
Revolving Credit Facilities
Debt Instrument, Interest Rate, Effective Percentage			3%
ILE Sunflower Credit Facility | Revolving Credit Facility
Revolving Credit Facilities
Maximum total commitment			$ 50
Initial commitment amount			$ 20

Mortgages Payable (Details)

Mortgages Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Mortgages Payable
Fair value adjustments	$ 916
Deferred financing costs, net	(951)
Mortgages
Mortgages Payable
Total	96,705	$ 98,231
Fair value adjustments	916	1,235
Deferred financing costs, net	(951)	(1,275)
Total mortgages payable	96,670	98,191
Mortgages | Fixed Rate
Mortgages Payable
Outstanding Principal	63,732	60,658
Mortgages | Floating Rate
Mortgages Payable
Outstanding Principal	32,973	37,573
ILE | Mortgages | Fixed Rate
Mortgages Payable
Outstanding Principal	$ 25,107	25,976
Interest rate on outstanding borrowings	3.69%
ILE | Mortgages | Floating Rate
Mortgages Payable
Outstanding Principal		4,600
ILE | Mortgages | Fixed Rate
Mortgages Payable
Outstanding Principal	$ 4,573
Interest rate on outstanding borrowings	6%
Navigator Villas | Mortgages | Fixed Rate
Mortgages Payable
Outstanding Principal	$ 19,702	20,039
Interest rate on outstanding borrowings	4.57%
Yauger Park Villas | Mortgages | Fixed Rate
Mortgages Payable
Outstanding Principal	$ 14,350	14,643
Interest rate on outstanding borrowings	4.86%
Wayford at Concord | Mortgages | Floating Rate
Mortgages Payable
Outstanding Principal	$ 32,973	$ 32,973
Interest rate on outstanding borrowings	4.73%

Mortgages Payable - Contractual

Mortgages Payable - Contractual principal payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Mortgages Payable
2024	$ 1,639
2025	1,717
2026	37,471
2027	866
2028	23,022
Thereafter	31,990
Long-term Debt	96,705
Add: Unamortized fair value debt adjustment	916
Subtract: Deferred financing costs, net	(951)
Total	$ 96,670

Mortgages Payable - Additional

Mortgages Payable - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Mortgages Payable
Amortization of fair value adjustments	$ 0.3	$ 0.3
Loss on extinguishment of debt and debt modification costs	0	0
Net book value of real estate assets	365.3
Revolving Credit Facility
Mortgages Payable
Amortization of deferred financing costs	3.1	$ 2.8
ILE | Line of Credit | Fixed Rate
Mortgages Payable
Principal balance	25.1
ILE | One credit agreement | Fixed Rate
Mortgages Payable
Principal balance	$ 6.4
Fixed rate for loan	3.50%
ILE | Second credit agreement | Fixed Rate
Mortgages Payable
Principal balance	$ 18.7
Fixed rate for loan	3.75%
ILE
Mortgages Payable
Fixed rate basis	6%
Navigator Villas | Senior loan | Fixed Rate
Mortgages Payable
Principal balance	$ 14.2
Fixed rate for loan	4.31%
Navigator Villas | Supplemental loan | Fixed Rate
Mortgages Payable
Principal balance	$ 5.5
Fixed rate for loan	5.23%
Yauger Park Villas | Senior loan | Fixed Rate
Mortgages Payable
Principal balance	$ 10
Fixed rate for loan	4.81%
Yauger Park Villas | Supplemental loan | Fixed Rate
Mortgages Payable
Principal balance	$ 4.4
Fixed rate for loan	4.96%
Wayford at Concord | SOFR | Floating Rate
Mortgages Payable
Reference rate	5.33%
Bear interest	2.23%
Wayford at Concord | SOFR | Floating Rate | Interest rate caps
Mortgages Payable
Reference rate	2.50%

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value of Financial Instruments
Fair value of company mortgages payable	$ 93	$ 93.7
Mortgage payable at carrying value	$ 97.6	$ 99.5

Derivative Financial Instrume_3

Derivative Financial Instruments - Fair Value of company's derivative financial instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interest Expense | Interest rate caps
Derivative Financial Instruments
The effect of derivative instruments on the statements of operations	$ (2,768)	$ 2,437
Interest Expense | Interest rate swaps
Derivative Financial Instruments
The effect of derivative instruments on the statements of operations	(165)	647
Accounts receivable, prepaids and other assets | Interest rate caps
Derivative Financial Instruments
Fair values of derivative instruments	1,934	4,702
Accounts receivable, prepaids and other assets | Interest rate swaps
Derivative Financial Instruments
Fair values of derivative instruments	$ 483	$ 647

Derivative Financial Instrume_4

Derivative Financial Instruments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Interest rate caps
Derivative Financial Instruments
Amount of debt covered by derivatives	$ 94

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
	Oct. 31, 2022	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Oct. 05, 2022	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions
Renewal term (in years)						1 year
Property operating						$ 19,164	$ 15,171	[1]
Management agreement
Related Party Transactions
Base management fee (in percent)						1.50%
Management agreement | Blue Rock Residential Holdings
Related Party Transactions
Amount payable		$ 2,211	$ 3,509	$ 2,211		$ 3,509	2,211
Management agreement | C-LTIP Units
Related Party Transactions
Percentage of base management fee payable in shares						50%
Offering expense reimbursements | Management agreement | Blue Rock Residential Holdings
Related Party Transactions
Amount payable			96			$ 96
Base management fee | Blue Rock Residential Holdings
Related Party Transactions
Amount receivable		0	0	0		0	0
Base management fee | Management agreement
Related Party Transactions
Property operating			2,000
Base management fee | Management agreement | Blue Rock Residential Holdings
Related Party Transactions
Amount payable		1,787	2,048	1,787		2,048	1,787
BRE entities | Blue Rock Residential Holdings
Related Party Transactions
Reimbursement of operating costs					$ 700
Operating and direct expense reimbursements | Blue Rock Residential Holdings
Related Party Transactions
Amount payable		2,211	3,509	2,211		3,509	2,211
Reimbursement of operating costs					$ 700
Operating and direct expense reimbursements | Management agreement | Blue Rock Residential Holdings
Related Party Transactions
Amount payable		424	$ 1,365	424		1,365	$ 424
Related Party | Management agreement | Base management fee
Related Party Transactions
Property operating						7,900
Related Party | Management agreement | Reimbursement
Related Party Transactions
Property operating				400		2,800
Related Party | Management agreement | Incentive fee
Related Party Transactions
Property operating	$ 0	$ 0				$ 0
Related Party | Base management fee | Management agreement
Related Party Transactions
Property operating				$ 1,800
Dealer manager | Selling Commissions and Dealer Manager Fees
Related Party Transactions
Selling commissions and dealer manager fees as percentage of gross offering proceeds						10%
Costs incurred in excess of percentage of costs borne by the related party without reimbursement by the Company						10%
Selling commissions and discounts incurred						$ 800
Dealer manager fees and discounts						300
Amount reimbursed for offering costs						$ 400
[1] The consolidated financial statements for the year ended December 31, 2023 represent the Company’s results of operations as an independent, publicly traded company. The combined consolidated financial statements 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. As a result, results of operations for the year ended December 31, 2023 may not be comparable to the Company’s results of operations for the year ended December 31, 2022.

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Stockholders' Equity
Loss from continuing operations		$ (15,897)	$ (6,236)
Dividends on restricted stock and LTIP Units expected to vest		(498)
Net loss from continuing operations attributable to noncontrolling interests		(11,394)	(5,130)
Loss from continuing operations attributable to BHM		(5,001)	(1,106)
Income from discontinued operations	[1]		311
Net income from discontinued operations attributable to noncontrolling interests			205
Income from discontinued operations attributable to BHM			106
Net loss attributable to common stockholders		$ (5,001)	$ (1,000)
Weighted average common shares outstanding | shares		3,845,349	3,843,502	[1]
Weighted average common shares outstanding and potential dilutive shares | shares		3,845,349	3,843,502	[1]
Net loss per common share, basic
Continuing operations | $ / shares		$ (1.30)	$ (0.29)	[1]
Discontinued operations | $ / shares	[1]		0.03
Net loss per common share - Basic | $ / shares		(1.30)	(0.26)	[1]
Net loss per common share, diluted
Continuing operations | $ / shares		(1.30)	(0.29)	[1]
Discontinued operations | $ / shares	[1]		0.03
Net loss per common share - Diluted | $ / shares		$ (1.30)	$ (0.26)	[1]
Preferred stock dividend expense		$ 130
Conversion Of Op Units Exchange Ratio		1
Net loss		$ (15,767)	$ (5,925)	[1]
Class A common stock
Stockholders' Equity
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Dividend ratio		1
Net loss per common share, diluted
Potential vesting of restricted stock | shares		3,595
Number of shares outstanding | shares			3,835,013
Class C common stock
Stockholders' Equity
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Dividend ratio		1
Net loss per common share, diluted
Maximum number of votes per share | Vote		50
Conversion ratio		1
Number of shares outstanding | shares		8,489	8,489
[1] The consolidated financial statements for the year ended December 31, 2023 represent the Company’s results of operations as an independent, publicly traded company. The combined consolidated financial statements 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. As a result, results of operations for the year ended December 31, 2023 may not be comparable to the Company’s results of operations for the year ended December 31, 2022.

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Jan. 08, 2024 shares

Nov. 03, 2023 shares

Nov. 02, 2023 shares

Aug. 15, 2023 shares

Jun. 30, 2023 USD ($) $ / shares shares

May 25, 2023 shares

May 17, 2023 shares

Feb. 22, 2023 shares

Jan. 01, 2023 USD ($) shares

Nov. 03, 2022 USD ($) shares

Dec. 31, 2023 USD ($) shares

Sep. 30, 2023

Dec. 31, 2023 USD ($) shares

Dec. 31, 2022 USD ($) shares

Stockholders' Equity and Redeemable Preferred Stock

Series A Redeemable Preferred Stock, shares authorized

20,000,000

30,000,000

30,000,000

30,000,000

Series A Redeemable Preferred Stock, dividend rate (as a percent)

6%

6%

6%

6%

6%

Series A Redeemable Preferred Stock, stated value per share | $ / shares

$ 25

Series A Redeemable Preferred Stock, maximum offering amount | $

$ 500,000,000

Series A Redeemable Preferred Stock, shares issued

436,675

436,675

0

Net proceeds from issuance of 6.0% Series A Redeemable Preferred Stock | $

$ 8,696

Commissions and dealer manager fees | $

1,100

Offering costs | $

$ 1,100

Percentage of unvested incentive plan in operating partnership

3.76%

3.76%

Number of awards granted

186,137

430,208

Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized

3,597,109

3,597,109

First year from issuance date

Stockholders' Equity and Redeemable Preferred Stock

Series A Redeemable Preferred Stock, percentage of redemption fee

12%

Period of right to redeem the shares from the original issuance date

1 year

After year one from issuance date

Stockholders' Equity and Redeemable Preferred Stock

Series A Redeemable Preferred Stock, percentage of redemption fee

9%

Period of right to redeem the shares from the original issuance date

2 years

After year one from issuance date

Stockholders' Equity and Redeemable Preferred Stock

Series A Redeemable Preferred Stock, percentage of redemption fee

6%

Period of right to redeem the shares from the original issuance date

3 years

After year one from issuance date

Stockholders' Equity and Redeemable Preferred Stock

Series A Redeemable Preferred Stock, percentage of redemption fee

3%

Period of right to redeem the shares from the original issuance date

4 years

After year one from issuance date

Stockholders' Equity and Redeemable Preferred Stock

Series A Redeemable Preferred Stock, percentage of redemption fee

0%

C-LTIP Units

Stockholders' Equity and Redeemable Preferred Stock

Number of awards granted for base management fee

142,144

125,491

114,391

85,750

Number of awards granted for operating expense reimbursement

27,835

24,753

20,531

17,462

Manager Grant

Stockholders' Equity and Redeemable Preferred Stock

Expense recognized | $

$ 300

Grants during the period (in units)

405,796

Holding period of LTIP units

1 year

Director Grants

Stockholders' Equity and Redeemable Preferred Stock

Expense recognized | $

$ 500

Grants during the period (in units)

5,339

Holding period of LTIP units

1 year

Retainer Grants

Stockholders' Equity and Redeemable Preferred Stock

Expense recognized | $

$ 100

Grants during the period (in units)

764

Holding period of LTIP units

1 year

Incentive Plan | Long-term Incentive Plan Units One

Stockholders' Equity and Redeemable Preferred Stock

Unrecognized compensation | $

$ 8,900

$ 8,900

Remaining compensation cost is expected to be recognized (in years)

3 years 6 months

BHM Incentive Plans

Stockholders' Equity and Redeemable Preferred Stock

Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized

1,200,000

1,200,000

BHM Incentive Plans | LTIP Units

Stockholders' Equity and Redeemable Preferred Stock

Number of awards granted

141,665

unvested granted

367,357

367,357

Grants during the period (in units)

3,303

Forfeited

83,995

83,995

BHM Incentive Plans | LTIP Units | Peak JV Four

Stockholders' Equity and Redeemable Preferred Stock

Expense recognized | $

$ 300

BHM Incentive Plans | LTIP Units | General and Administrative

Stockholders' Equity and Redeemable Preferred Stock

Expense recognized | $

$ 2,300

$ 300

BHM Incentive Plans | LTIP Units | Subsequent events

Stockholders' Equity and Redeemable Preferred Stock

Grants during the period (in units)

5,185

BHM Incentive Plans | Restricted Stock Grants

Stockholders' Equity and Redeemable Preferred Stock

Number of awards granted

31,260

Vesting period (in years)

3 years

Expense recognized | $

100

Unrecognized compensation | $

$ 400

$ 400

Remaining compensation cost is expected to be recognized (in years)

2 years 3 months

unvested granted

31,260

Prior Plans

Stockholders' Equity and Redeemable Preferred Stock

Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized

2,397,109

2,397,109

OP And LTIP Unit holders

Stockholders' Equity and Redeemable Preferred Stock

Limited partners other than the company owned

68.68%

Op Ltip Unit [Member]

Stockholders' Equity and Redeemable Preferred Stock

Limited partners other than the company owned

68.68%

OP Unit holders

Stockholders' Equity and Redeemable Preferred Stock

Limited partners other than the company owned

59.45%

Partners' capital account, units

7,365,735

7,365,735

LTIP Unit holders

Stockholders' Equity and Redeemable Preferred Stock

Limited partners other than the company owned

9.23%

Partners' capital account, units

1,143,442

1,143,442

Percentage of unvested incentive plan in operating partnership

3.76%

3.76%

LTIP Units

Stockholders' Equity and Redeemable Preferred Stock

Limited partners other than the company owned

9.23%

Class A common stock | Manager Grant

Stockholders' Equity and Redeemable Preferred Stock

Conversion ratio of LTIP units to shares

1

Class A common stock | Director Grants

Stockholders' Equity and Redeemable Preferred Stock

Conversion ratio of LTIP units to shares

1

Class A common stock | Retainer Grants

Stockholders' Equity and Redeemable Preferred Stock

Conversion ratio of LTIP units to shares

1

Stockholders' Equity - Company'

Stockholders' Equity - Company's non-vested shares LTIP units under the incentive plans (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity
beginning balance	405,796	0
Granted	186,137	430,208
Vested	(94,375)	(24,412)
Ending Balance	497,558	405,796
Weighted average grant-date fair value, beginning balance (in dollars)	$ 22.64	$ 0
Granted (in dollars)	17	22.64
Vested (in dollars)	22.43	22.64
Weighted average grant-date fair value, ending balance (in dollars)	$ 20.57	$ 22.64

Stockholders' Equity - Company

Stockholders' Equity - Company currently uses authorized and unissued shares (Details) - $ / shares		12 Months Ended
	Nov. 07, 2023	Dec. 31, 2023
Class A common stock | Payable to stockholders of record as of December 29, 2023
Dividends Payable [Line Items]
Common stock, dividends, per share, declared		$ 1
Class C common stock | Payable to stockholders of record as of December 29, 2023
Dividends Payable [Line Items]
Common stock, dividends, per share, declared		1
Series A Preferred Stock
Dividends Payable [Line Items]
Common stock special dividends per share declared	$ 0.125
Preferred stock special dividend rate percentage	2%
Series A Preferred Stock | Payable to stockholders of record as of August 25, 2023
Dividends Payable [Line Items]
Common stock, dividends, per share, declared		0.125000
Series A Preferred Stock | Payable to stockholders of record as of September 25, 2023
Dividends Payable [Line Items]
Common stock, dividends, per share, declared		0.125000
Series A Preferred Stock | Payable to stockholders of record as of October 25, 2023 member
Dividends Payable [Line Items]
Common stock, dividends, per share, declared		0.125000
Series A Preferred Stock | Payable to stockholders of record as of November 24, 2023 member
Dividends Payable [Line Items]
Common stock, dividends, per share, declared		0.125000
Series A Preferred Stock | Payable to stockholders of record as of December 22, 2023 member
Dividends Payable [Line Items]
Common stock, dividends, per share, declared		0.125000
Series A Preferred Stock | Payable to stockholders of record as of each day of November 1, 30, 2023 member
Dividends Payable [Line Items]
Common stock, dividends, per share, declared		0.012550
Series A Preferred Stock | Payable to stockholders of record as of each day of December 1, 31, 2023 member
Dividends Payable [Line Items]
Common stock, dividends, per share, declared		$ 0.002469

Stockholders' Equity - Distribu

Stockholders' Equity - Distributions declared and paid (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Dividends Payable [Line Items]
Dividends Declared		$ 12,506	$ 12	$ 12,518
Dividends paid		$ 78		$ 78
Annual rate	6%	6%	6%	6%	6%
Common Class A [Member]
Dividends Payable [Line Items]
Dividends Declared		$ 3,871
Common Class C [Member]
Dividends Payable [Line Items]
Dividends Declared		8
Series A Preferred Stock [Member]
Dividends Payable [Line Items]
Dividends Declared		118	$ 12
Dividends paid		78
Annual rate				6%
OP Units
Dividends Payable [Line Items]
Dividends Declared		7,366
LTIP / C-LTIP Units
Dividends Payable [Line Items]
Dividends Declared		$ 1,143

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies
Preferred equity, loan and joint venture investments	$ 0.2	$ 3.4

Subsequent Events (Details)

Subsequent Events (Details)					3 Months Ended	12 Months Ended
	Feb. 21, 2024 shares	Jan. 31, 2024 USD ($)	Jan. 12, 2024 Options	Jan. 10, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	[1]
Subsequent Events
Total property operating expenses						$ 19,164,000	$ 15,171,000
Number of single-family residential homes | item						4,059
Wayford at Pringle Loan Financing | Note A
Subsequent Events
Maximum principal amount				$ 22,300,000
Base management fee | Management agreement
Subsequent Events
Total property operating expenses					$ 2,000,000
Base management fee | C-LTIP Units | Management agreement
Subsequent Events
Reimbursement for operating expenses					$ 1,300,000
Percentage of base management fee payable in cash or shares					50%	100%
Subsequent Events | Wayford at Pringle Loan Financing
Subsequent Events
Maximum aggregate amount				$ 30,100,000
Number of single-family residential homes | item				102
Number of extension options | Options			4
Extension term			6 months
Subsequent Events | Wayford at Pringle Loan Financing | Note A
Subsequent Events
Amount of interest funds		$ 0
Subsequent Events | Wayford at Pringle Loan Financing | Note A | SOFR
Subsequent Events
SOFR plus			4.50%
Subsequent Events | Wayford at Pringle Loan Financing | Note A | Rate floor
Subsequent Events
Rate floor			5.31%
Subsequent Events | Wayford at Pringle Loan Financing | Note B
Subsequent Events
Maximum principal amount				$ 7,800,000
Percentage of effective interest yield			15%
Amount of interest funds		$ 5,900,000
Subsequent Events | C-LTIP Units | Management agreement | Operating expense reimbursement
Subsequent Events
Number of shares issued | shares	95,204
Subsequent Events | Base management fee | C-LTIP Units | Management agreement
Subsequent Events
Number of shares issued | shares	151,600
[1] The consolidated financial statements for the year ended December 31, 2023 represent the Company’s results of operations as an independent, publicly traded company. The combined consolidated financial statements 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. As a result, results of operations for the year ended December 31, 2023 may not be comparable to the Company’s results of operations for the year ended December 31, 2022.

Subsequent Events - Declaration

Subsequent Events - Declaration of Dividends (Details)	Jan. 15, 2024 USD ($) item $ / shares	Nov. 07, 2023
Subsequent Events
Series A preferred stock average Term of Daily Treasury Par Yield Curve Rate considered for determination of special daily dividends		10 years
Series A preferred stock denominator considered for determination of special daily dividends		12
Subsequent events
Subsequent Events
Series A preferred stock average Term of Daily Treasury Par Yield Curve Rate considered for determination of special daily dividends	10 years
Series A preferred stock numerator percentage considered for determination of special daily dividends	2%
Series A preferred stock denominator considered for determination of special daily dividends | item	12
Series A preferred stock numerator considered for further division in determination of special daily dividends | $	$ 0.125
January 25, 2024 | Subsequent events
Subsequent Events
Series A preferred stock Declaration of Dividends, Amount	$ 0.125
February 23, 2024 | Subsequent events
Subsequent Events
Series A preferred stock Declaration of Dividends, Amount	0.125
March 25, 2024 | Subsequent events
Subsequent Events
Series A preferred stock Declaration of Dividends, Amount	$ 0.125

Subsequent Events - Distributio

Subsequent Events - Distribution paid (Details) - USD ($)					3 Months Ended		12 Months Ended
	Mar. 05, 2024	Feb. 05, 2024	Jan. 05, 2024	Jun. 30, 2023	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Subsequent Events
Total Distribution	$ 12,593,000
Annual rate				6%	6%	6%	6%	6%
Class A common stock | December 29, 2023 | Subsequent events
Subsequent Events
Aggregate dividends paid			$ 1
Total Distribution			$ 3,871,000
Class C common stock | December 29, 2023 | Subsequent events
Subsequent Events
Aggregate dividends paid			$ 1
Total Distribution			$ 8,000
Series A Preferred Stock
Subsequent Events
Annual rate							6%
Series A Preferred Stock | December 22, 2023 | Subsequent events
Subsequent Events
Distribution per Share			$ 0.127469
Total Distribution			$ 51,000
Series A Preferred Stock | January 25, 2024 | Subsequent events
Subsequent Events
Distribution per Share		$ 0.125337
Total Distribution		$ 68,000
Series A Preferred Stock | February 23, 2024 | Subsequent events
Subsequent Events
Distribution per Share	$ 0.128458
Total Distribution	$ 86,000
OP Units | December 29, 2023 | Subsequent events
Subsequent Events
Aggregate dividends paid			$ 1
Total Distribution			$ 7,366,000
C-LTIP Units | December 29, 2023 | Subsequent events
Subsequent Events
Aggregate dividends paid			$ 1
Total Distribution			$ 1,143,000

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		$ 498,542	$ 489,991	$ 323,048
Real Estate and Accumulated Depreciation		33,642	17,865	$ 4,964
Outstanding balance		$ 70,000	$ 55,000
Classified as held for sale | item		118
Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Encumbrance		$ 96,705
Real Estate and Accumulated Depreciation, Initial Cost Land		74,409
Real Estate and Accumulated Depreciation, Initial Building and Improvements		393,260
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		30,873
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		74,478
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		424,064
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		498,542
Real Estate and Accumulated Depreciation		33,642
Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Encumbrance		96,705
Real Estate and Accumulated Depreciation, Initial Cost Land		70,568
Real Estate and Accumulated Depreciation, Initial Building and Improvements		377,458
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		29,461
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		70,637
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		406,850
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		477,487
Real Estate and Accumulated Depreciation		31,613
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		$ 839
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
Real Estate Property Held For Sale | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Initial Cost Land		$ 3,841
Real Estate and Accumulated Depreciation, Initial Building and Improvements		15,617
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		622
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		3,841
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		16,239
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		20,080
Real Estate and Accumulated Depreciation		1,190
Abode Wendell Falls
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		6,500
Total estimated project cost		56,000
Abode Wendell Falls | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Initial Cost Land		6,514
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		6,514
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		$ 6,514
Real Estate and Accumulated Depreciation, Date of Acquisition		2023
Abode Wendell Falls | 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
Abode Wendell Falls | 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
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		1,216
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		7,321
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		27,067
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		34,388
Real Estate and Accumulated Depreciation		$ 1,577
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		$ 6,105
Real Estate and Accumulated Depreciation, Initial Building and Improvements		29,519
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		4,838
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		6,105
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		34,357
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		40,462
Real Estate and Accumulated Depreciation		$ 2,106
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 and Accumulated Depreciation
Outstanding balance		$ 20,000
ILE | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Encumbrance		29,680
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		11,603
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		102,240
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		124,678
Real Estate and Accumulated Depreciation		$ 6,732
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
Indy-Springfield, formerly Peak JV 1
Real Estate and Accumulated Depreciation
Classified as held for sale | item		35
Indy-Springfield, formerly 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]	$ 7,535
Real Estate and Accumulated Depreciation, Initial Building and Improvements	[1]	40,513
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition	[1]	2,368
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land	[1]	7,540
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements	[1]	42,876
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total	[1]	50,416
Real Estate and Accumulated Depreciation	[1]	$ 3,430
Real Estate and Accumulated Depreciation, Date of Acquisition	[1]	2021
Indy-Springfield, formerly 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
Indy-Springfield, formerly 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
Navigator Villas | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Encumbrance		$ 19,702
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		1,332
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		28,537
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		30,564
Real Estate and Accumulated Depreciation		$ 4,396
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 2
Real Estate and Accumulated Depreciation
Classified as held for sale | item		13
Peak JV 2 | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Initial Cost Land		$ 9,914
Real Estate and Accumulated Depreciation, Initial Building and Improvements		73,105
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		6,172
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		9,926
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		79,265
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		89,191
Real Estate and Accumulated Depreciation		$ 5,869
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
Real Estate and Accumulated Depreciation
Classified as held for sale | item		70
Peak JV 3 | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Initial Cost Land		$ 1,811
Real Estate and Accumulated Depreciation, Initial Building and Improvements		7,201
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		818
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		1,813
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		8,017
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		9,830
Real Estate and Accumulated Depreciation		$ 586
Real Estate and Accumulated Depreciation, Date of Acquisition		2021
Peak JV 3 | 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 | 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
Savannah-84, formerly Peak JV 4 | Real Estate Held for Investment | Real Estate Property
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation, Initial Cost Land		$ 2,698
Real Estate and Accumulated Depreciation, Initial Building and Improvements		17,880
Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition		234
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Land		2,698
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Building and Improvements		18,114
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		20,812
Real Estate and Accumulated Depreciation		$ 824
Real Estate and Accumulated Depreciation, Date of Acquisition		2022
Savannah-84, formerly Peak JV 4 | 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
Savannah-84, formerly Peak JV 4 | 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		141
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		41,063
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		43,996
Real Estate and Accumulated Depreciation		$ 3,487
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		$ 14,350
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		739
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		25,314
Real Estate and Accumulated Depreciation, Gross Amount at Which Carried at Close of Period, Total		26,636
Real Estate and Accumulated Depreciation		$ 2,606
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
Amended DB Credit Facility
Real Estate and Accumulated Depreciation
Outstanding balance		$ 50,000
[1] Indy-Springfield, Peak JV 2 and Savannah-84 were funded, in part, by the Amended DB Credit Facility. At December 31, 2023, the outstanding Amended DB Credit Facility balance was $50.0 million.

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, 2023	Dec. 31, 2022
Schedule III and Schedule IV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Beginning balance	$ 489,991	$ 323,048
Acquisition of real estate	10,843	147,619
Capital expenditures	8,180	19,324
Impairment of held for sale real estate	(1,330)
Disposition of real estate	(9,142)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Ending balance	$ 498,542	$ 489,991

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, 2023	Dec. 31, 2022
Schedule III and Schedule IV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Beginning balance	$ 17,865	$ 4,964
Current year depreciation expense	16,179	12,901
Disposition of real estate	(402)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending balance	$ 33,642	$ 17,865

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Schedule IV - Mortgage Loans on Real Estate
Face Amount of Mortgages	$ 17,684
Carrying Amount of Mortgages	$ 17,684
Real Estate Loans on Residential Rental Community | The Woods at Forest Hill
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	10%
Maturity Date	Dec. 20, 2024
Periodic Payment Terms	12 years
Face Amount of Mortgages	$ 8,284
Carrying Amount of Mortgages	$ 8,284
Real Estate Loans on Residential Rental Community | Willow Park
Schedule IV - Mortgage Loans on Real Estate
Interest Rate	5.08%
Maturity Date	Oct. 28, 2024
Periodic Payment Terms	12 years
Face Amount of Mortgages	$ 9,400
Carrying Amount of Mortgages	$ 9,400

Schedule IV - Reconciliation of

Schedule IV - Reconciliation of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Mortgage Loans on Real Estate
Balance at beginning of period	$ 0	$ 36,000
Additions during period:
Purchases	17,684	9,645
Deductions during period:
Collections of principal	0	(45,645)
Balance at end of period	$ 17,684	$ 0

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false