Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 147

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 147
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 in net proceeds from the Series A Preferred Offering of $84.2 million;             |
| · | increase                                                                           
 in proceeds from credit facilities of $50.0 million;                               |
| · | increase                                                                           
 in contributions from noncontrolling interests of $5.5 million;                    |
| · | increase                                                                           
 in the purchase of noncontrolling interests of $2.2 million; and                   |
| · | decrease                                                                           
 in distributions paid to partially owned properties’ noncontrolling interests $0.2 
 million; offset by                                                                 |
| · | increase                                                                           
 in net mortgage repayments of $20.8 million;                                       |

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| · | increase                                                      
 in distributions paid of $15.8 million;                       |
| · | increase                                                      
 in revolving credit facility repayments of $14.0 million; and |
| · | increase                                                      
 in deferred financing fees of $4.9 million.                   |

Capital Expenditures

The following table summarizes
our total capital expenditures incurred for the years ended December 31, 2024 and 2023 (amounts in thousands):

|                                         |     |   |  2024 |     |   |  2023 |
|:----------------------------------------|:----|:--|------:|:----|:--|------:|
| New development                         |     | $ |   986 |     | $ |     — |
| Redevelopment/renovations               |     |   | 4,266 |     |   | 4,551 |
| Routine capital expenditures            |     |   | 3,982 |     |   | 3,193 |
| Normally recurring capital expenditures |     |   |   629 |     |   |   436 |
| Total capital expenditures              |     | $ | 9,863 |     | $ | 8,180 |

New development represents
the expenditures for the planning, land development, and construction of residential homes and communities. Redevelopment and renovation
costs are non-recurring capital expenditures for significant projects such as preparing a unit for rental. The renovation work varies, but may include flooring, cabinetry, paint, plumbing, appliances and other items required
to make the unit rent ready. Routine capital expenditures are necessary non-revenue generating improvements that extend the useful life
of the property, such as roof repairs and concrete work/asphalt resurfacing. Normally recurring capital expenditures are necessary