Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 5

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 5
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 procedures responsive to those risks. Such procedures include examining, on a test basis, evidence 
 regarding the amounts and disclosures in the financial statements.                                                                     |

| · | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that                            
 are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal 
 control. Accordingly, no such opinion is expressed.                                                                                   |

| · | Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting 
 estimates made by management, as well as evaluate the overall presentation of the financial statements.   |

| · | Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise    
 substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time. |

We are required to communicate with those charged
with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control-related matters that we identified during the audit.

/s/ RSM US LLP

Tampa, Florida

February 5, 2024

<div align='center'>Amira JV LP and Subsidiary

(A Limited Partnership)

Consolidated Balance Sheet

As of December 31, 2023</div>

| Assets                                      
 Investment in real estate:                  |     | 2023 |            |   |
|:--------------------------------------------|:----|:-----|-----------:|:--|
| Land and improvements                       |     | $    |  6,851,764 |   |
| Buildings and improvements                  |     |      | 70,176,910 |   |
| Furniture, fixtures and equipment           |     |      |  4,219,431 |   |
| Total investment in real estate             |     |      | 81,248,105 |   |
| Less accumulated depreciation               |     |      | (9,097,165 | ) |
| Investments in real estate, net             |     |      | 72,150,940 |   |
| Cash                                        |     |      |  4,055,707 |   |
| Restricted cash                             |     |      |    210,435 |   |
| Tenant receivables                          |     |      |      8,896 |   |
| Prepaid expenses and other assets           |     |      |     72,929 |   |