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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and Bluerock Homes Trust, Inc. (BHM). Click either name above to swap in a different company.
Armada Hoffler Properties, Inc. is the larger business by last-quarter revenue ($75.6M vs $18.9M, roughly 4.0× Bluerock Homes Trust, Inc.). Armada Hoffler Properties, Inc. runs the higher net margin — 3.1% vs -50.1%, a 53.3% gap on every dollar of revenue. On growth, Bluerock Homes Trust, Inc. posted the faster year-over-year revenue change (36.9% vs 0.8%). Over the past eight quarters, Bluerock Homes Trust, Inc.'s revenue compounded faster (30.1% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
Bluerock Homes Trust, Inc. is a U.S.-headquartered real estate investment trust that acquires, owns and operates a portfolio of high-quality single-family rental residential properties. It caters to middle-market renters across high-growth suburban markets, prioritizing regions with strong demographic fundamentals and sustained rental housing demand.
AHH vs BHM — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $18.9M |
| Net Profit | $2.4M | $-9.5M |
| Gross Margin | — | — |
| Operating Margin | 31.0% | -48.8% |
| Net Margin | 3.1% | -50.1% |
| Revenue YoY | 0.8% | 36.9% |
| Net Profit YoY | -89.8% | -29.9% |
| EPS (diluted) | $0.00 | $-0.75 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.6M | $18.9M | ||
| Q3 25 | $23.2M | $16.6M | ||
| Q2 25 | $32.0M | $16.8M | ||
| Q1 25 | $46.6M | $16.4M | ||
| Q4 24 | $75.0M | $13.8M | ||
| Q3 24 | $114.4M | $12.7M | ||
| Q2 24 | $116.8M | $12.5M | ||
| Q1 24 | $127.0M | $11.2M |
| Q4 25 | $2.4M | $-9.5M | ||
| Q3 25 | $80.0K | $-10.0M | ||
| Q2 25 | $5.9M | $-5.8M | ||
| Q1 25 | $-2.8M | $-7.3M | ||
| Q4 24 | $23.4M | $-7.3M | ||
| Q3 24 | $-5.0M | $3.5M | ||
| Q2 24 | $3.2M | $-5.2M | ||
| Q1 24 | $14.1M | $-3.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 45.0% | — | ||
| Q2 24 | 41.8% | — | ||
| Q1 24 | 37.9% | — |
| Q4 25 | 31.0% | -48.8% | ||
| Q3 25 | 91.5% | -57.6% | ||
| Q2 25 | 63.9% | -30.9% | ||
| Q1 25 | 33.8% | -42.6% | ||
| Q4 24 | 50.1% | -52.8% | ||
| Q3 24 | 19.0% | 27.9% | ||
| Q2 24 | 11.9% | -41.3% | ||
| Q1 24 | 15.1% | -28.4% |
| Q4 25 | 3.1% | -50.1% | ||
| Q3 25 | 0.3% | -60.0% | ||
| Q2 25 | 18.6% | -34.7% | ||
| Q1 25 | -6.0% | -44.7% | ||
| Q4 24 | 31.2% | -52.8% | ||
| Q3 24 | -4.4% | 27.9% | ||
| Q2 24 | 2.7% | -41.3% | ||
| Q1 24 | 11.1% | -28.4% |
| Q4 25 | $0.00 | $-0.75 | ||
| Q3 25 | $-0.04 | $-0.94 | ||
| Q2 25 | $0.04 | $-0.66 | ||
| Q1 25 | $-0.07 | $-0.67 | ||
| Q4 24 | $0.28 | $-0.65 | ||
| Q3 24 | $-0.11 | $0.24 | ||
| Q2 24 | $0.00 | $-0.42 | ||
| Q1 24 | $0.17 | $-0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $169.6M |
| Total DebtLower is stronger | $1.5B | $428.4M |
| Stockholders' EquityBook value | $627.8M | $128.7M |
| Total Assets | $2.6B | $1.2B |
| Debt / EquityLower = less leverage | 2.43× | 3.33× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $169.6M | ||
| Q3 25 | $46.5M | $2.1M | ||
| Q2 25 | $52.1M | $4.2M | ||
| Q1 25 | $45.7M | $3.0M | ||
| Q4 24 | $31.9M | $115.2M | ||
| Q3 24 | $43.9M | $155.1M | ||
| Q2 24 | $20.3M | $116.0M | ||
| Q1 24 | $41.9M | $92.3M |
| Q4 25 | $1.5B | $428.4M | ||
| Q3 25 | $1.5B | $415.9M | ||
| Q2 25 | $1.4B | $338.6M | ||
| Q1 25 | $1.3B | $336.5M | ||
| Q4 24 | $1.3B | $373.8M | ||
| Q3 24 | $1.3B | $122.5M | ||
| Q2 24 | $1.4B | $119.7M | ||
| Q1 24 | $1.4B | $120.2M |
| Q4 25 | $627.8M | $128.7M | ||
| Q3 25 | $638.8M | $131.7M | ||
| Q2 25 | $652.0M | $135.3M | ||
| Q1 25 | $657.4M | $137.1M | ||
| Q4 24 | $670.6M | $139.1M | ||
| Q3 24 | $663.9M | $142.9M | ||
| Q2 24 | $562.7M | $142.5M | ||
| Q1 24 | $571.4M | $144.5M |
| Q4 25 | $2.6B | $1.2B | ||
| Q3 25 | $2.6B | $222.1M | ||
| Q2 25 | $2.6B | $220.3M | ||
| Q1 25 | $2.5B | $186.2M | ||
| Q4 24 | $2.5B | $967.0M | ||
| Q3 24 | $2.6B | $800.8M | ||
| Q2 24 | $2.6B | $756.2M | ||
| Q1 24 | $2.6B | $727.4M |
| Q4 25 | 2.43× | 3.33× | ||
| Q3 25 | 2.33× | 3.16× | ||
| Q2 25 | 2.22× | 2.50× | ||
| Q1 25 | 2.01× | 2.45× | ||
| Q4 24 | 1.93× | 2.69× | ||
| Q3 24 | 2.00× | 0.86× | ||
| Q2 24 | 2.52× | 0.84× | ||
| Q1 24 | 2.50× | 0.83× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-491.0K |
| Free Cash FlowOCF − Capex | — | $-4.2M |
| FCF MarginFCF / Revenue | — | -22.1% |
| Capex IntensityCapex / Revenue | — | 19.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $10.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-491.0K | ||
| Q3 25 | $26.3M | $13.4M | ||
| Q2 25 | $11.1M | $13.9M | ||
| Q1 25 | $107.0K | $951.0K | ||
| Q4 24 | $20.8M | $5.0M | ||
| Q3 24 | $27.3M | $1.7M | ||
| Q2 24 | $17.4M | $1.3M | ||
| Q1 24 | $46.5M | $1.1M |
| Q4 25 | — | $-4.2M | ||
| Q3 25 | — | $8.7M | ||
| Q2 25 | — | $8.8M | ||
| Q1 25 | — | $-2.9M | ||
| Q4 24 | — | $1.6M | ||
| Q3 24 | — | $-601.0K | ||
| Q2 24 | — | $-654.0K | ||
| Q1 24 | — | $-630.0K |
| Q4 25 | — | -22.1% | ||
| Q3 25 | — | 52.4% | ||
| Q2 25 | — | 52.2% | ||
| Q1 25 | — | -17.6% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | -4.7% | ||
| Q2 24 | — | -5.2% | ||
| Q1 24 | — | -5.6% |
| Q4 25 | — | 19.6% | ||
| Q3 25 | — | 28.5% | ||
| Q2 25 | — | 30.3% | ||
| Q1 25 | — | 23.4% | ||
| Q4 24 | — | 24.4% | ||
| Q3 24 | — | 18.0% | ||
| Q2 24 | — | 15.3% | ||
| Q1 24 | — | 15.5% |
| Q4 25 | — | — | ||
| Q3 25 | 328.63× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.89× | — | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | 5.48× | — | ||
| Q1 24 | 3.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
BHM
| Residential Communities Segment | $11.4M | 61% |
| Scattered Single Family Homes Segment | $7.5M | 39% |
