Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 151

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 151
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 to the operating expense reimbursement to our Manager, which included rent, utilities,
accounting and legal services, and IT expenses. The expense reimbursement to our Manager included an increase of $2.1 million related
to accounting and legal services compared to the same prior year period. Prior to the fourth quarter 2023, the Manager elected to not
seek reimbursement for legal and accounting services during our first year of operations. Commencing with the operating expense reimbursement
for the first quarter 2024, we paid the operating expense reimbursement to the Manager entirely in cash; prior to the first quarter 2024,
we paid the full operating expense reimbursement to the Manager through the issuance of C-LTIP Units.

Management fees to related party amounted to $9.1 million for the year ended December 31, 2024 as compared to $7.9 million for the same prior
year period. The increase was due to an increase in equity primarily from our continuous registered offering of Series A Preferred Stock,
which began in the third quarter of 2023. For the first three quarters of 2024, we paid the base management fee to the Manager as one
half (50%) in C-LTIP Units and the remainder in cash, and for the fourth quarter of 2024, we will pay $0.2 million of the base management
fee in C-LTIP Units with the remainder in cash. Prior to the first quarter of 2024, we paid the full base management fee to the Manager
through the issuance of C-LTIP Units

Acquisition and other transaction costs amounted to $0.3 million for the year ended December 31, 2024 as compared to $1.8 million for the same
prior year period. Acquisition costs can vary greatly, and the costs incurred in any given period may be significantly different in future
periods. The 2023 expense primarily relates to the transition of property management services for over 1,000 homes.

Weather-related losses amounted to $0.2 million for the year ended December 31, 2024 as compared to zero for the same prior year period. The 2024
expense primarily relates to hurricane damage in Texas.

Depreciation and amortization expenses were $19.9 million for the year ended December 31, 2024 as compared to $16.2 million for the same prior
year period, with the increase primarily due to the acquisition of Villas at Huffmeister during the first quarter 2024