Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 8

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 8
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NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

AS OF MARCH 31, 2025</div>

| (a) | Historical consolidated financial information derived from the Company’s                                                                 
 Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.                                                                      |
|:----|:-----------------------------------------------------------------------------------------------------------------------------------------|
| (b) | The acquisition of a 100% ownership interest in Southern Pines Reserve for a                                                             
 purchase price of $56.6 million, which the Company consolidated on its balance sheet. The Company recorded the following associated with 
 the acquisition of Southern Pines Reserve: (i) $2.0 million of capitalized acquisition costs, of which $1.4 million is an acquisition    
 fee payable to BR Churchill Downs DST Manager, LLC, which is a related party to the Company, (ii) a $30.7 million senior loan, and (iii) 
 borrowings of $20.0 million through a credit facility entered into with KeyBank National Association (the “KeyBank Credit Facility”).    
 The carrying value of the senior loan includes approximately ($1.1) million of deferred financing costs related to the acquisition.      |

<div align='center'>BLUEROCK HOMES TRUST, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2025

(In thousands, except share and per share amounts)</div>

| Revenues                                                       |     | Bluerock Homes 
 Trust, Inc.    
 Historical     
 (a)            |           |   |     | Pro Forma      
 Adjustments    
 Southern Pines 
 Reserve        
 (b)            |       |      |     | Pro Forma 
 Total     |           |   |
|:---------------------------------------------------------------|:----|:---------------|----------:|:--|:----|:---------------|------:|:-----|:----|:----------|----------:|:--|
| Rental and other property revenues                             |     | $              |    15,910 |   |     | $              | 1,188 |      |     | $         |    17,098 |   |
| Interest income from loan investments                          |     |                |       503 |   |     |                |     — |      |     |           |       503 |