Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 12

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 12
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 on the consolidated balance sheet. Management fees payable at December 31, 2023 were $26,032, and were included
in due to related party – management fees on the consolidated balance sheet.

| 6. | Subsequent Events |

Management has evaluated all events and transactions
that occurred after December 31, 2023 through February 5, 2024, the date which the consolidated financial statements were available and
issued and noted no items requiring adjustments of the consolidated financial statements or additional disclosures.

<div align='center'>AMIRA AT WESTLY

STATEMENTS OF REVENUES AND CERTAIN OPERATING EXPENSES

(In thousands)</div>

| Revenues                                |     | Year                 
 Ended                
 December 31, 2023(1) |        |     | (Unaudited)        
 Nine Months Ended  
 September 30, 2024 |       |
|:----------------------------------------|:----|:---------------------|-------:|:----|:-------------------|------:|
| Rental and                              
 other property revenues                 |     | $                    | 10,352 |     | $                  | 7,925 |
| Total revenues                          |     |                      | 10,352 |     |                    | 7,925 |
| Certain Operating Expenses              |     |                      |        |     |                    |       |
| Property operating expenses             |     |                      |  3,576 |     |                    | 2,812 |
| Total certain operating expenses        |     |                      |  3,576 |     |                    | 2,812 |
| Revenues in Excess of Certain Operating 
 Expenses                                |     | $                    |  6,776 |     | $                  | 5,113 |

| (1) | Amounts for the year ended December                                                                                                     
 31, 2023 reflect the actual results of operations for the Amira at Westly property as shown in the consolidated statement of operations 
 of the Amira JV LP and Subsidiary. Refer to the Explanatory Note of this Form 8-K/A for further information.                            |

<div align='center'>See accompanying notes to statements of revenues
and certain operating expenses

AMIRA AT WESTLY

NOTES TO STATEMENTS OF REVENUES AND CERTAIN OPERATING EXPENSES</div>

Note 1 – Business

On October 31, 2024, Bluerock Homes Trust, Inc. (the “Company”), through subsidiaries of