Company: BHM
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001104659-25-046667
Chunk: 2

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 2
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 |
| Mortgage assumed upon property acquisition          | ​ | $            |       — | ​ | $    |  24,333 |
| Capital expenditures held in accounts payable       
 and other accrued liabilities                       | ​ | $            |   1,406 | ​ | $    |     327 |

See Notes to Consolidated Financial Statements

7

Table of Contents

#### BLUEROCK HOMES
TRUST, INC.

### NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS

#### ​

#### Note 1 –
Organization and Nature of Business

Bluerock
Homes Trust, Inc. (the “Company”) was incorporated in Maryland on December 16, 2021. The Company owns and operates a portfolio
of institutional residential properties including single-family homes, build-to-rent communities, and other residential communities located
in attractive markets with a focus on the knowledge-economy and high-quality of life growth markets of the Sunbelt and Western United
States. The Company’s principal objective is to generate attractive risk-adjusted returns on investments where it believes it can
drive growth in funds from operations and net asset value by acquiring residential units, developing residential communities, and through
Value-Add renovations. The Company’s Value-Add strategy focuses on repositioning lower-quality, less current assets to drive rent
growth and expand margins to increase net operating income and maximize the Company’s return on investment.

As
of March 31, 2025, the Company held twenty-three real estate investments, consisting of fourteen consolidated investments and nine preferred
equity and loan investments. The twenty-three investments represent an aggregate of 5,048 residential units, comprised of 3,414 consolidated
units, of which 170 units are under development, and 1,634 units through preferred equity and loan investments, which includes planned
units and those under development. As of March 31, 2025, the Company’s consolidated operating investments were approximately 91.9%
occupied; excluding units classified as held for sale and down/renovation units, the Company’s consolidated operating investments
were approximately 94.1% occupied.

The
Company has elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”) for federal income
tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company
is required, among other requirements, to distribute annually at least 90% of its