Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 148

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 148
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 fourteen consolidated investments and nine preferred equity and loan investments,
with the twenty-three investments representing an aggregate of 5,048 residential units. During the three months ended March 31, 2025,
net cash provided by operating activities was $1.0 million after net loss of $7.3 million was adjusted for the following:

| · | non-cash items of $6.7 million;                                                           |
| · | an increase in accounts payable and other accrued liabilities of $1.4 million;            |
| · | distributions of income and income from preferred equity investments of $1.3 million; and |
| · | a decrease in notes and accrued interest receivable of $0.4 million; offset by:           |
| · | an increase in accounts receivable, prepaids and other assets of $1.2 million; and        |
| · | an increase in due to affiliates of $0.3 million.                                         |

Cash Flows from Investing Activities

During the three months ended
March 31, 2025, net cash provided by investing activities was $19.0 million, primarily due to the following:

| · | $22.3 million of repayments on notes receivable; and                           |
| · | $6.3 million of proceeds from the sales of real estate investments; offset by: |
| · | $5.8 million used in investments in preferred equity investments; and          |
| · | $3.8 million used on capital expenditures.                                     |

Cash Flows from Financing Activities

During the three months ended
March 31, 2025, net cash used in financing activities was $0.5 million, primarily due to the following:

| · | $36.0 million of repayments on revolving credit facilities;                                       |
| · | $1.9 million of distributions to preferred stockholders; and                                      |
| · | $1.7 million of repayments on mortgages payable; offset by:                                       |
| · | $25.2 million of contributions from noncontrolling interests; and                                 |
| · | net proceeds of $14.1 million from the issuance of shares of Series A Redeemable Preferred Stock. |

Capital Expenditures

The following table summarizes
our total capital expenditures for the three months ended March 31, 2025 and 2024 (amounts in thousands):

|                                         |     | Three Months Ended 
 March 31,          |  2025 |     |   |  202