Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 130

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 130
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into an agreement with an unaffiliated third party to provide capital in the maximum aggregate amount of $30.1 million, all of which
was funded during 2024, for 102 build-to-rent, single-family residential units in Charlotte, North Carolina known as Wayford at Pringle.
Our investment in Wayford at Pringle is comprised of the following: (i) a debt security investment in the aggregate amount of $7.8
million, and (ii) a loan investment in the aggregate amount of $22.3 million.

We held both a loan investment
(the “Woods Loan”) and a preferred equity investment with unaffiliated third parties in The Woods at Forest Hill. The Woods
Loan was fully paid off in the principal amount of $8.3 million, and our preferred equity investment in the principal amount of $5.6
million was fully redeemed. In addition, our remaining $1.7 million of preferred equity investment in Willow Park, which was redeemed
in 2023 and collateralized by The Woods at Forest Hill and other investments held by the operating partnership of Peak Housing REIT (the
“Peak REIT OP”), was received in full in 2024. Also, our remaining preferred equity investment in the Peak REIT OP, which
was collateralized by single-family residential units collectively known as Peak Housing, in the principal amount of $10.6 million was
fully redeemed.

Sale of Navigator Villas

Prior to the sale of the
property, and to effectuate a tax-deferred exchange under Section 1031 of the Code, we purchased our joint venture partner’s
interest in Navigator Villas for $2.9 million, inclusive of estimated post-close adjustments. On August 7, 2024, we closed
on the sale of Navigator Villas located in Pasco, Washington for a sale price of $36.4 million, subject to certain prorations and
adjustments typical in such real estate transactions. After deductions for the payoff of existing mortgage indebtedness encumbering the
property in the amount of $19.5 million, the purchase price of the joint venture partner’s interest, the payment of early
extinguishment of debt costs, and closing costs and fees, the sale of Navigator Villas generated net proceeds of approximately $12.7 million
and a gain on sale of approximately $10.0 million. We recorded a loss on extinguishment of debt of $0.1 million related to
the sale