Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 65

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 65
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 a “Preferred Redemption in common stock”). The Policy provides that
if, within 10 business days of any such Preferred Redemption in common stock, any such shares of Class A common stock are sold at a loss
(i.e. a lower price than the Aggregate Redemption Value), the holder can apply to us for a cash payment to the holder in an amount equal
to the difference between (i) the Aggregate Redemption Value of the Class A common stock so issued, and (ii) the Aggregate Sale Price
at which such shares of Class A common stock were sold, subject to certain conditions and requirements as set forth in the Policy. The
Policy applies both retroactively, and on a go-forward basis, to holders of our Series A Preferred Stock.

Stockholders’
Equity

Our
total stockholders’ equity decreased $7.4 million from $139.1 million as of December 31, 2024 to $131.7 million as of September
30, 2025. The decrease in our total stockholders’ equity is primarily attributable to dividends declared of $8.2 million, preferred
stock accretion of $3.4 million, and a net adjustment of $0.7 million for noncontrolling interests, partially offset by the acquisitions
of noncontrolling interests for $2.7 million, net income of $1.4 million, Class A common stock issuances, net of forfeitures, of $0.5
million, and comprehensive income of $0.2 million.

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Table of Contents

Results of Operations The following is a summary of our consolidated real estate investments as of September 30, 2025:

| ​                                       
 ​                                       
 ​                                       
 ​                                       
 Operating                               
 Investment Name                         
 Residential                             
 Communities                             | ​ 
 ​ 
 ​ | ​                     
 ​                     
 ​                     
 ​                     
 Market / Location     
 ​                     | ​ 
 ​ 
 ​ 
 ​ |         ​ 
         ​ 
         ​ 
 Number of 
     Units 
       (1) 
         ​ | ​ 
 ​ 
 ​ 
 ​ |          ​ 
          ​ 
          ​ 
    Average 
 Year Built 
          ​ | ​ 
 ​ 
 ​ 
 ​ |         ​ 
         ​ 
         ​ 
 Ownership 
  Interest 
         ​ | ​ 
 ​ 
 ​ 
 ​ | ​        
 ​        
 ​        
 Average  
 Rent (2) 
 ​        |     ​ 
     ​ 
     ​ 
     ​ | ​ 
 ​