Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 139

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 139
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 million for the three months ended March 31, 2025 as compared to $0.4 million for the same
prior year period due to (i) an increase in the outstanding balance of one loan investment, which was fully paid off in the first
quarter 2025 and (ii) an increase in the return on a second loan investment. These increases in interest income were partially offset
by the full payoff of a third loan investment in the third quarter of 2024.

Expenses

Property operating expenses increased
$2.7 million, or 53%, to $7.7 million for the three months ended March 31, 2025 as compared to $5.0 million for the same prior year
period. The increase was primarily due to: (i) the acquisition of 294 units at Villas at Huffmeister during the first quarter 2024,
200 units at Avenue at Timberlin Park during the third quarter 2024, 408 units at Amira at Westly and 350 units at Allure at Southpark
during the fourth quarter 2024, and (ii) an increase in turnover expense subsequent to initial renovation completed on units in previous
years. The increase was partially offset by the sale of 176 units at Navigator Villas and 137 single-family units since January 1,
2024.

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Property management and asset management fee expenses were $1.3 million for the three months ended March 31, 2025 as compared to $1.1 million in
the same prior year period. Property management fees are based on a stated percentage of property revenues and asset management fees are
based on a stated percentage of capital contributions or assets under management, where applicable.

General and administrative expenses amounted to $3.1 million for the three months ended March 31, 2025 as compared to $2.9 million for the same prior
year period. Of the $3.1 million total expense in the first quarter 2025, $2.1 million related to direct costs incurred by us, while the
remaining $1.0 million related to the operating expense reimbursement to our Manager, which includes rent, utilities, and IT expenses.

Management fees to related party amounted to $2.5 million for the three months ended March 31, 2025 as compared to $2.1 million for the same prior
year period. The increase was due to an increase in equity primarily from our continuous