Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 62

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 62
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 is included in mortgages payable on our consolidated balance sheets. The interest rate
cap associated with the construction loan, and any capitalized interest, is recorded within construction in process on the consolidated
balance sheets. We account for Harmony at Clear Creek as a consolidated investment.

Acquisition of Additional Interests in Investments

On
July 11, 2025, we purchased the noncontrolling partner’s interest in each of the Peak JV 2 and Peak JV 3 portfolios for $0.2 million
and $0.9 million, respectively. We increased our interest in (i) the Peak JV 2 portfolio from 80% to 100% and (ii) the Peak JV 3 portfolio
from 56% to 100%.

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Table of Contents

Sales of Consolidated Operating Units

We
closed on the following sales: 20 units in the ILE portfolio, 14 units in the Indy-Springfield portfolio, 22 units in the Peak JV 2 portfolio,
and 48 units in the Peak JV 3 portfolio, pursuant to the terms and conditions of multiple separate purchase and sale agreements. The 104
units were all previously classified as held for sale and sold for an aggregate of approximately $18.4 million, subject to certain closing
costs, prorations and adjustments typical in such real estate transactions. After deducting the paydown of existing mortgage indebtedness
encumbering 19 units in the ILE portfolio of approximately $3.5 million, the sales of the 104 units generated net proceeds of approximately
$13.3 million and a gain on sales of approximately $2.0 million.

Loan Investment Activity

Our
two remaining loan investments were paid off in full, including any accrued but unpaid interest amounts, as follows: (i) Wayford at Pringle
in the aggregate amount of $23.0 million, which included our principal investment of $22.3 million and accrued interest of $0.7 million,
and (ii) Willow Park in the aggregate amount of $9.4 million, which included our principal investment of $9.4 million and a negligible
amount of accrued interest.

Unconsolidated Real Estate Fund Summary

On
April 25, 2025, we closed on the acquisition of a limited partnership interest in Marble Capital Income and Impact Fund, LP (the “Marble
Fund”) for a purchase price of $25.0 million. We account for our investment in