On December 5, 2022, The Boatman Capital Research announced that it published an open letter calling for members of the board of Home REIT to resign. In the letter, Boatman addressed to senior independent director Simon Moore, Boatman expressed concern that the board had been ‘over-optimistic' in its assumptions and that the value of the Company's property portfolio may be ‘significantly inflated' and said that in its own estimates suggest that a typical property could be 39-51% lower in value. Boatman Capital also pointed to a series of other concerns, such as a lack of due diligence on some of its tenants and failure to highlight significant accounting issues to shareholders.

Boatman also said it was necessary for the leadership of the Company to be replaced, starting with the chair and the head of the audit committee.