Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 32

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 32
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As of and for the Year Ended December 31, 2024

2. Summary of significant accounting policies (continued)

Use of Estimates

Preparing consolidated financial statements
in accordance with GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities,
including the fair value of investments, and disclosure of contingent assets and liabilities as of the date of the consolidated financial
statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

Organization Costs

The Fund shall pay or reimburse the
General Partner or its affiliates organizational expenses of the Fund. Organization costs in excess of the greater of (i) $2,000,000
or (ii) .75% of the Total Commitments shall be offset against management fees or be borne by the General Partner. Organization costs
are expensed as incurred, and the amount incurred by the Fund is reflected on the Consolidated Statement of Operations. There were no
excess organization costs incurred during the year ended December 31, 2024.

3. Fair value measurements

The following table presents the classification
of the Fund’s fair value measurements as of December 31, 2024:

| Assets (at                                 
 fair value)                                
 Investments in private operating companies |     | Level 1 |   |     | Level 2 |   |     | Level 3 |             |     | Total |             |
|:-------------------------------------------|:----|:--------|:--|:----|:--------|:--|:----|:--------|------------:|:----|:------|------------:|
| Real Estate, Common Member                 |     | $       | - |     | $       | - |     | $       |  99,537,878 |     | $     |  99,537,878 |
| Real Estate, Preferred Member              |     |         | - |     |         | - |     |         |  13,723,576 |     |       |  13,723,576 |
| Total Investments, at                      
 fair value                                 |     | $       | - |     | $       | - |     | $       | 113,261,454 |     | $     | 113,261,454 |

The Fund’s investment in MC I&I
Pref Opco, LP is valued as permitted by the practical expedient and therefore, does not need to be categorized within the fair value hierarchy.

The following