Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 137

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 137
---
 for preferred equity interests in Wayford at Innovation
Park by $2.0 million, increasing our total investment to $15.4 million, (ii) we entered into a joint venture agreement with an unaffiliated
third party, and made a commitment to invest $16.2 million for preferred equity interests, to develop an approximately 300 unit residential
community located in Sanford, North Carolina known as Sanford Marketplace, and (iii) had our preferred equity investment in The Cottages
at Myrtle Beach fully redeemed in the aggregate amount of $28.1 million, which included our principal investment of $17.9 million, and
accrued preferred return and outstanding amounts of $10.2 million.

In addition, we sold our
preferred equity interests in Indigo Cove and Wayford at Pringle to a joint venture, with such joint venture including an affiliate of
Bluerock Homes Manager, LLC (our “Manager”), in the aggregate amounts of $4.2 million and $9.2 million, respectively, which
included our outstanding principal investments and accrued preferred returns, net of any reimbursements.

As of June 30, 2025,
we had funded $11.6 million of our $37.8 million aggregate commitment to fund capital for preferred equity interests in Canvas at Wildwood,
River Ford, and Sanford Marketplace.

Held for Sale

At June 30, 2025 and
December 31, 2024, we classified an aggregate of 94 units and 167 units, respectively, as held for sale in our consolidated balance
sheets. For the three and six months ended June 30, 2025 and 2024, we recorded an impairment of $0.1 million and $1.1 million, and
$0.2 million and $1.2 million, respectively, related to held for sale units which is included in gain on sale and (impairment) of real
estate investments, net in our consolidated statements of operations and comprehensive income. The 94 units classified as held for sale
at June 30, 2025 are all reported in our scattered single-family homes segment and are included in the following portfolios: 3 units
of ILE, 25 units of Indy-Springfield, 13 units of Peak JV 2, and all 53 units of Peak JV 3. These units were identified based on submarket
analysis and individual unit-level operational review. Real estate assets classified as held for sale are