Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 47

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 47
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546 |     | $     | 39,484,546 |
| Real                                       
 Estate, Preferred Member                   |     |         | - |     |         | - |     |         | 13,723,576 |     |       | 13,723,576 |
| Total Investments, at fair value           |     | $       | - |     | $       | - |     | $       | 53,208,122 |     | $     | 53,208,122 |

The Fund’s investment in MC I&I Pref
Opco, LP is valued as permitted by the practical expedient and therefore, does not need to be categorized within the fair value hierarchy.

The fair value of all of the Fund’s investments
categorized in level 3 of the fair value hierarchy at December 31, 2023 are based on quantitative unobservable inputs not internally
developed. Fair value for these investments are based on the cost of recent transactions.

During the year ended December 31, 2023,
there were no transfers in or out of level 3 and the Fund purchased $53,208,122 of level 3 assets.

| 4. | Committed capital |

As of December 31, 2023, the Fund has total
capital commitments from its partners with respect to their partnership interests in the aggregate of $129,120,000. The General Partner
may make capital calls up to the amount of unfunded capital commitments to enable the Fund to make investments, pay fees and expenses,
or to provide reserves. No partner is required to fund an amount in excess of their unfunded capital commitments. As of December 31,
2023, the Fund’s uncalled capital commitments amounted to $65,259,314. As of December 31, 2023, the ratio of total contributed
capital to total committed capital is 49.5%.

| 5. | Related party transactions |

The Fund considers the General Partner, their
principal owners, members of management, members of their immediate families, and entities under common control to be related parties
to the Fund. Amounts due from and due to related parties are generally settled in the normal course of business without formal payment
terms.

The Fund pays the General Partner a management
fee, initially calculated at a rate of 1.25% per annum, based on the limited partners’ Net Asset Value, payable quarterly in advance.
Management fees for the period ended December 31, 2023