Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 121

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 121
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2.6 million for the three months ended June 30, 2025 as compared to $2.2 million for the same prior
year period. The increase was due to an increase in equity primarily from our continuous registered offering of Series A Preferred Stock.
For the second quarter of 2025, we will pay $0.2 million of the base management fee in C-LTIP Units with the remainder in cash. Prior
to the fourth quarter 2024, we paid the base management fee to the Manager as one half (50%) in C-LTIP Units and the remainder in cash.

Acquisition and other transaction costs amounted to $0.1 million for the three months ended June 30, 2025 and zero 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 $7.2 million for the three months ended June 30, 2025 as compared to $4.8 million for the same prior
year period, with the increase primarily due to the acquisition of four residential communities since April 1, 2024. The increase was
partially offset by (i) the sales of one residential community and single-family units in our portfolio since April 1, 2024 and (ii) in-place
leases being fully amortized at one residential community prior to the second quarter 2025.

#### Other
Income and Expense

Other income and expense amounted to income of $0.2 million for the three months ended June 30, 2025 as compared to expense of $1.2 million
for the same prior year period. This was primarily due to a $1.5 million gain on the sale of one preferred equity investment, a $1.0 million
decrease in impairment on real estate, and a $0.6 million increase in gain on sales of real estate investments. These income sources
were partially offset by a $1.6 million increase in interest expense primarily attributable to an increase in the outstanding debt to
$347.3 million at June 30, 2025 as compared to $228.0 million at June 30, 2024.

Income Tax Expense

Income tax expense amounted to income of $0.6 million for the three months ended June 30, 2025 as compared to zero for the same prior year
period. The 2025 expense primarily relates to Amira