Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 142

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 142
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 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.

Sale of Consolidated Operating Units

We
closed on the following sales: four units in the ILE portfolio, eleven units in the Indy-Springfield portfolio, twenty-three units in
the Peak JV 2 portfolio, and sixty units in the Peak JV 3 portfolio, pursuant to the terms and conditions of multiple separate purchase
and sales agreements. The ninety-eight units were sold for an aggregate of approximately $15.3 million, subject to certain closing costs,
prorations and adjustments typical in such real estate transactions, and generated net proceeds of approximately $14.4 million and a gain
on sales of approximately $1.8 million.

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Held for Sale At December 31, 2024, we classified an aggregate of 167 units as held for sale in our consolidated balance sheets, and for the year ended December 31, 2024, we recorded an impairment of $3.