Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 154

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 154
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, and acquisition and other transaction costs that are required by GAAP to be expensed but
may not necessarily be indicative of current operating performance and that may not accurately compare our operating performance between
periods. Furthermore, although FFO and CFFO and other supplemental performance measures are defined in various ways throughout the REIT
industry, we also believe that FFO and CFFO may provide us and our stockholders with an additional useful measure to compare our financial
performance to certain other REITs.

Neither FFO nor CFFO is equivalent
to net income (loss), including net income (loss) attributable to common stockholders, 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.

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The table below presents
our calculation of FFO and CFFO for the three and six months ended June 30, 2025 and 2024 ($ in thousands):

|                                                                     |     | Three Months Ended 
 June 30,           
 2025               |            |   |     | 2024 |            |   |     | Six Months Ended 
 June 30,         
 2025             |            |   |     | 2024 |            |   |
|:--------------------------------------------------------------------|:----|:-------------------|-----------:|:--|:----|:-----|-----------:|:--|:----|:-----------------|-----------:|:--|:----|:-----|-----------:|:--|
| Net loss attributable to common stockholders                        |     | $                  |     (2,484 | ) |     | $    |     (1,632 | ) |     | $                |     (5,013 | ) |     | $    |     (2,652 | ) |
| Add back: Net loss attributable to Operating Partnership Units      |     |                    |     (5,567 | ) |     |      |     (3,536 | ) |     |                  |    (11,228 | ) |