Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 151

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 151
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, or cash generated from operating activities determined
in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management’s discretionary use because
of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Neither FFO nor CFFO should
be considered as an alternative to net income, including net income (loss) attributable to common stockholders, as an indicator of our
operating performance or as an alternative to cash flow from operating activities as a measure of our liquidity.

The table below presents
our calculation of FFO and CFFO for the three months ended March 31, 2025 and 2024 ($ in thousands):

|                                                                     |     | Three Months Ended 
 March 31,          
 2025               |            |   |     | 2024 |            |   |
|:--------------------------------------------------------------------|:----|:-------------------|-----------:|:--|:----|:-----|-----------:|:--|
| Net loss attributable to common stockholders                        |     | $                  |     (2,529 | ) |     | $    |     (1,020 | ) |
| Add back: Net loss attributable to Operating Partnership Units      |     |                    |     (5,661 | ) |     |      |     (2,169 | ) |
| Net loss attributable to common stockholders and unit holders       |     |                    |     (8,190 | ) |     |      |     (3,189 | ) |
| Real estate depreciation and amortization                           |     |                    |      7,476 |   |     |      |      3,970 |   |
| Gain on sale and impairment of real estate investments, net         |     |                    |       (703 | ) |     |      |       (173 | ) |
| Adjustment for partially owned properties’ noncontrolling interests |     |                    |       (694 | ) |     |      |       (321 | ) |
| FFO attributable to common stockholders and unit holders            |     |                    |     (2,111 | ) |     |      |        287 |   |
| Acquisition and other transaction costs                             |     |                    |         76 |   |     |      |          4 |   |
| Non-cash interest expense                                           |     |                    |        758 |   |     |      |        251 |   |
| Unrealized loss on derivatives                                      |