Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 27

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 27
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 The carrying amount of the Company’s investment in the unconsolidated real estate fund at September 30, 2025 is summarized below (amounts in thousands). The Company held no investments in unconsolidated real estate funds at December 31, 2024.

| ​                                      
 ​                                      
 Investment                             
 Name                                   | ​ 
 ​ |                        ​ 
 Weighted Average Company 
 Ownership Percentage (1) | ​ 
 ​ | ​             
 September 30, 
 2025          |      ​ |
|:---------------------------------------|:--|-------------------------:|:--|:--------------|-------:|
| Marble Capital Income and Impact Fund, 
 LP (2)                                 |   |                     11.7 | % | $             | 25,573 |
| Total                                  |   |                          | ​ | $             | 25,573 |

| (1) | Weighted                                               
 average ownership percentage as of September 30, 2025. |

| (2) | The                                                                                                                                   
 Company accounts for its investment in the Marble Capital Income and Impact Fund, LP under the equity method as the Company considers 
 its degree of influence to be more than minor.                                                                                        |

18

Table of Contents

Summary combined financial information for the Company’s investment in the unconsolidated real estate fund at June 30, 2025, and for the three and six months ended June 30, 2025, is summarized below (amounts in thousands):

| ​                               
 ​                               
 Balance                         
 Sheet                           | ​ 
 ​ | ​    
 June 
 30,  
 2025 |       ​ |
|:--------------------------------|:--|:-----|--------:|
| Investments                     | ​ | $    | 213,020 |
| Cash and cash equivalents       | ​ |      |   4,219 |
| Receivables and other assets    | ​ | ​    |   3,096 |
| Total assets                    | ​ | $    | 220,335 |
| ​                               | ​ | ​    |       ​ |
| Liabilities                     | ​ | $    |   2,565 |
| Partners’ capital               | ​ |      | 217,770 |
| Total liabilities and partners’ 
 capital                         | ​ | $    | 220,335 |

| ​                                      
 ​                                      | ​         
 Operating 
 Statement | ​                  
 Three Months Ended 
 ​                  |             ​ 
 June 30, 2025 | ​ | ​            
 Six