Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 29

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 29
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 “DST Property”). Each DST Property is leased-back by a wholly-owned subsidiary of the Operating Partnership on a long-term basis through a master lease agreement. The master lease agreement is partially guaranteed by the Operating Partnership in the form of a demand note capitalizing the lessee. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the DST from the investors in exchange for OP Units or cash commencing two years after full syndication. As the Company is the primary beneficiary of the DST Property for financial reporting purposes, the Company consolidates the DST Property and operations in its financial statements. Under the master lease, a wholly-owned indirect subsidiary of the Operating Partnership is responsible for subleasing the property to tenants, paying certain underlying costs associated with operating the property, and remitting rent to the DST that owns such property. The following table summarizes the Company’s offerings in its DST Program as of September 30, 2025 (amounts in thousands):

| ​                      
 ​                      
 Investment             | ​ 
 ​ | ​              
 ​              
 Location       | ​ 
 ​ | ​                     
 Net Offering Proceeds 
 Raised                |      ​ | ​ 
 ​ | ​                           
 ​                           
 Net Real Estate Investments |       ​ 
       ​ |
|:-----------------------|:--|:---------------|:--|:----------------------|-------:|:--|:----------------------------|--------:|
| Amira at Westly (1)    |   | Tampa, FL      | ​ | $                     | 59,812 | ​ | $                           | 102,740 |
| Skytop Apartments (2)  |   | Cincinnati, OH | ​ |                       |      — | ​ |                             |  84,211 |
| Southern Pines Reserve |   | Aberdeen, NC   | ​ |                       | 15,651 | ​ |                             |  56,949 |
| Total                  | ​ | ​              | ​ | $                     | 75,463 | ​ | $                           | 243,900 |

(1)The Amira at Westly DST has been fully subscribed with equity from individual investors. (2)Skytop Apartments was acquired on September 29, 2025. Note 10— Revolving Credit Facilities The outstanding balances on the revolving credit facilities at September 30, 2025 and December 31, 2024 were as follows (amounts in thousands):

| ​                           
 Revolving Credit Facilities | ​ 
 ​ |