Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 141

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 141
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 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 performance
of our properties because it measures the core operations of property performance by excluding corporate level expenses and other items
not related to property operating performance and captures trends in rental housing and property operating expenses.

However, NOI should only
be used as a supplemental measure of our financial performance. The following table reflects net loss attributable to common stockholders
together with a reconciliation to NOI, as computed in accordance with GAAP for the periods presented (amounts in thousands):

|                                                                               |     | Three Months Ended 
 March 31,          
 2025               |        |   |     | 2024 |        |   |
|:------------------------------------------------------------------------------|:----|:-------------------|-------:|:--|:----|:-----|-------:|:--|
| Net loss attributable to common stockholders                                  |     | $                  | (2,529 | ) |     | $    | (1,020 | ) |
| Add back: Net loss attributable to Operating Partnership Units                |     |                    | (5,661 | ) |     |      | (2,169 | ) |
| Net loss attributable to common stockholders and unit holders                 |     |                    | (8,190 | ) |     |      | (3,189 | ) |
| Net loss attributable to partially owned properties’ noncontrolling interests |     |                    | (1,673 | ) |     |      |   (234 | ) |
| Real estate depreciation and amortization                                     |     |                    |  7,476 |   |     |      |  3,970 |   |
| Non-real estate depreciation and amortization                                 |     |                    |     16 |   |     |      |     41 |   |
| Non-cash interest expense                                                     |     |                    |    758 |   |     |      |    251 |   |
| Unrealized loss on derivatives                                                |     |                    |    778 |   |     |