The word 'boyf riend' is a reference to the musical ”Be More Chill. 'Boyf' connects to the character 'Jeremy Heere' as he has it spelled on his backpack and hides it with his 'no homo' factor. 'Riend' is taken by his best friend Michael who shows Jeremy, showing 'all the homo'
“Bro, we've been best friends for a really long time now. Lets be Boyf Riends, no homo tho”
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.