Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 149

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 149
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 fees are based on a stated percentage of property revenues and asset management fees
are based on a stated percentage of capital contributions or assets under management, where applicable.

General and administrative expenses amounted to $8.4 million for the nine months ended September 30, 2025 as compared to $7.8 million for the same
prior year period. Of the $8.4 million total expense for the nine months ended September 30, 2025, $5.4 million related to direct
costs incurred by us, while the remaining $3.0 million related to the operating expense reimbursement to our Manager, which includes
rent, utilities, and IT expenses.

Management fees to related partyamounted to $7.8 million for the nine months ended September 30, 2025 as compared to $6.6 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 nine months ended September 30, 2025, we will pay $0.6 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

Weather-related losses amounted
to $0.1 million for the nine months ended September 30, 2025 as compared to $0.2 million for the same prior year period. The 2025
expense relates to weather damage at two residential communities and the 2024 expense primarily relates to hurricane damage in Texas.

Acquisition and other transaction costs amounted to $0.3 million for the nine months ended September 30, 2025 and were negligible 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 expenseswere $21.4 million for the nine months ended September 30, 2025 as compared to $13.7 million for the same prior
year period, with the increase primarily due to the acquisition of five residential communities since January 1, 2024. The increase
was partially offset by (i) the sales of one residential community and single-family units in our portfolio since January 1,
2024 and (ii) in-place leases being fully amortized at one residential community prior to