Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 158

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 158
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 our financial condition, revenues or expenses,
results of operations, liquidity, capital resources or capital expenditures. As of December 31, 2024, we own investments in eight joint
ventures that are accounted for as available-for-sale debt securities.

Cash Flows

Cash Flows from Operating Activities

As
of December 31, 2024, we held twenty-three real estate investments, consisting of fourteen consolidated investments and nine preferred
equity and loan investments, with the twenty-three investments representing an aggregate of 5,087 residential units. During the year ended
December 31, 2024, net cash provided by operating activities was $9.1 million after net loss of $12.1 million was adjusted for the following:

non-cash
items of $16.6 million;

distributions
of income and income from preferred equity investments of $2.3 million;

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Table of Contents

●an increase in accounts payable and other accrued liabilities of $1.9 million; and ●a decrease in accounts receivable, prepaids and other assets of $1.3 million; offset by ●a decrease in due from affiliates, net of $0.6 million; and ●an increase in notes and accrued interest receivable of $0.3 million. Cash Flows from Investing Activities During the year ended December 31, 2024, net cash used in investing activities was $224.9 million, primarily due to the following:

| ● | $248.2                                                          
 million used in acquiring consolidated real estate investments; |

| ● | $39.4                                                                                       
 million used in acquiring investments in preferred equity investments and notes receivable; |

| ● | $9.3                                      
 million used on capital expenditures; and |

| ● | $2.7                                             
 million paid for an interest rate cap; offset by |

| ● | $50.0                                                         
 million of proceeds from the sale of real estate investments. |

| ● | $16.2                                                                    
 million of proceeds from the redemption of preferred equity investments; |

| ● | $8.3                                           
 million of repayments of notes receivable; and |

| ● | $0.1                                                              
 million of insurance proceeds related to real estate investments. |

Cash Flows from Financing Activities During the year ended December 31, 2024, net cash provided by financing activities was $260.7 million, primarily due to the following:

| ● | net                                                
 borrowings