Bluerock Residential Growth REIT, Inc. → Bluerock Homes Trust, Inc. BHM
| Parent | Bluerock Residential Growth REIT, Inc. |
|---|---|
| Spinco | Bluerock Homes Trust, Inc. BHM |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 Bluerock Homes share for every 8 Bluerock Residential shares |
| Ratio note | Applied class for class; the parent was taken private by Blackstone minutes after the distribution. |
| Checked against EDGAR | 2026-08-22 |
Data trap
The separation was a step inside a take-private. Bluerock Residential's own shares were cancelled for cash in the Blackstone merger minutes after the distribution, so the parent has no post-separation price history at all and a parent-versus-spinco comparison is undefined for this row. The distribution was also structured as a taxable distribution in complete liquidation of the parent rather than a tax-free separation.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2021-12-20Separation announced
- 2022-03-09Form 10 filed
- 2022-09-23Form 10 last amended
- 2022-09-26Form 10 effective
- 2022-09-29Record date
- 2022-09-28When-issued trading opens
- 2022-10-06Distribution
- 2022-11-04First standalone earnings
- —Index inclusion announced
Performance since separation
| Bluerock Homes Trust, Inc. since separation | -62.29% |
|---|---|
| Bluerock Residential Growth REIT, Inc. over the same window | never listed separately |
| S&P 500 (SPY) over the same window | +105.18% |
| Russell 2000 (IWM) over the same window | +72.67% |
| Excess over the S&P 500 | -167.47% |
| Excess over the Russell 2000 | -134.96% |
Measured from the first regular-way close on or after the distribution — 2022-10-06 at 23.02 — to 2026-08-21 at 8.68. Window: 3.9 years. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Filings
Every fact on this page comes from one of these.
- 10-12B/Afiled 2022-09-23 · 0001104659-22-102733Amendment 4 to the Form 10
- 8-Kfiled 2022-09-26 · 0001104659-22-102982Form 10 declared effective; final information statement with the 1-for-8 ratio, the September 29 record date and the October 6 regular-way start
- 8-Kfiled 2022-10-06 · 0001104659-22-106773Completion: 3,835,013 Class A and 8,489 Class C shares distributed, effective 12:01 a.m. Eastern on October 6, 2022
Notes
Bluerock Residential's separation of its single-family rental portfolio, distributed immediately before Blackstone took the remaining company private. Left unclassified: both entities are real estate trusts and the split is by property type rather than industry. Classified focus_increasing, with real uncertainty acknowledged: both entities are REITs under the same SIC code, and the split is by property type — multi-family apartments retained, single-family rental/build-to-rent distributed to Bluerock Homes — rather than a change of industry in the usual sense. The information statement frames this as a 'distinct business strategy' targeting a different tenant market (suburban infill Sunbelt/West single-family renters), which is the basis for the call; a reader who weighs 'still residential real estate' more heavily would classify this the other way. The spin-off was a precondition to Bluerock Residential's take-private merger into a Blackstone affiliate and was structured as a fully taxable distribution rather than the usual tax-free spin.