Company: BHM
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001104659-25-046667
Chunk: 46

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 46
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 March 31, 2025 and were minimal 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.

Depreciation and amortization expenses were $7.5 million for the three months ended March 31, 2025 as compared to $4.0 million for the same prior
year period, with the increase primarily due to the acquisition of Villas at Huffmeister during the first quarter 2024, Avenue at Timberlin
Park during the third quarter 2024, and Amira at Westly and Allure at Southpark during the fourth quarter 2024. The increase was partially
offset by the sale of Navigator Villas and single-family units in our portfolio since January 1, 2024.

#### Other
Income and Expense

Other income and expense amounted to expense of $1.3 million for the three months ended March 31, 2025 as compared to income of $0.7 million
for the same prior year period. This was primarily due to a $2.7 million increase in interest expense primarily attributable to an increase
in the outstanding debt to $343.9 million at March 31, 2025 as compared to $228.7 million at March 31, 2024 and a decrease in the fair
value of the interest rate caps and swaps, which was partially offset by a $0.5 million increase in gain on sale of real estate investments.

Income Tax Expense

Income tax expense amounted to income of $0.3 million for the three months ended March 31, 2025 as compared to zero for the same prior year
period. The 2025 expense primarily relates to Amira at Westly and two preferred equity investments.

Net Operating Income

We
believe that net operating income (“NOI”) is a useful measure of our operating performance. We define NOI as total property
revenues less total property operating expenses, excluding depreciation and amortization and interest. Other REITs may use different methodologies
for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. NOI also is a computation made by analysts and investors
to measure a real estate company’s operating performance.

We
believe that this measure provides an operating perspective not immediately apparent from operating income or net income prepared in conformity
with accounting principles generally accepted in the United States of America (“GAAP”). NOI allows us to evaluate the operating