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NEW YORK, May 3, 2024 /PRNewswire/ -- Bluerock Homes Trust, Inc. (NYSE American: BHM) (the "Company") today announced that its Board of Directors (the "Board") has authorized the payment of a new special dividend (the "Series A Preferred Special Dividends") with respect to the Company's Series A Redeemable Preferred Stock (the "Series A Preferred Stock") replacing its previously announced special dividend. The Company intends to pay the Series A Preferred Special Dividends which will be seamlessly aggregated with the regular monthly dividend so as to effect a dividend rate of the average 1-month term SOFR rate ("SOFR Rate") plus 2%, subject to a 6.5% minimum and 8.5% maximum annual rate, calculated and paid monthly.
By way of example, if the average SOFR Rate is equal to 5.3% for a particular month, the aggregate dividend per share with respect to that month would be 1/12th of 7.3% (the SOFR Rate plus 2%) based on the Stated Value of $25.00 per share, or $0.152. Conversely, if the average SOFR Rate is equal to 3.0% for a particular month, the aggregate dividend per share with respect to that month would be 1/12th of the 6.5% annual dividend minimum based on the Stated Value of $25.00 per share, or $0.135.
The Series A Preferred Special Dividends shall be declared for each month for which the Board declares the regular monthly dividend of $0.125 per outstanding share of Series A Preferred Stock, commencing in May 2024 (payable in June 2024. The Series A Preferred Special Dividends will be calculated based on the 1-month term SOFR Rate for each day commencing on the 26th day of the prior month and ending on the 25th day of the applicable month, payable on the 5th of each month.
About Bluerock Homes Trust, Inc.
Bluerock Homes Trust, Inc. (NYSE American: BHM), headquartered in New York, New York, is an externally managed REIT that owns and operates high-quality single-family properties located in attractive markets with a focus on the knowledge-economy and high quality of life regions of the Sunbelt and high growth areas of the Western United States. BHM's principal objective is to generate attractive risk-adjusted investment returns by assembling a portfolio of pre-existing single-family rental homes and developing build-to-rent communities. BHM properties are located across a diverse group of growth markets and will seek to target a growing pool of middle-market renters seeking the single-family lifestyle without the upfront and ongoing investments associated with home ownership. For more information, please visit bluerockhomes.com.