Company: BHM
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001104659-25-046667
Chunk: 45

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 45
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 quarter of 2024. Expenses Property operating expensesincreased $2.7 million, or 53%, to $7.7 million for the three months ended March 31, 2025 as compared to $5.0 million for the same prior year period. The increase was primarily due to: (i) the acquisition of 294 units at Villas at Huffmeister during the first quarter 2024, 200 units at Avenue at Timberlin Park during the third quarter 2024, 408 units at Amira at Westly and 350 units at Allure at Southpark during the fourth quarter 2024, and (ii) an increase in turnover expense subsequent to initial renovation completed on units in previous years. The increase was partially offset by the sale of 176 units at Navigator Villas and 137 single-family units since January 1, 2024.

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Property management and asset management fee expenses were $1.3 million for the three months ended March 31, 2025 as compared to $1.1 million
in the same prior year period. Property management 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 $3.1 million for the three months ended March 31, 2025 as compared to $2.9 million for the
same prior year period. Of the $3.1 million total expense in the first quarter 2025, $2.1 million related to direct costs incurred by
us, while the remaining $1.0 million related to the operating expense reimbursement to our Manager, which includes rent, utilities, and
IT expenses.

Management fees to related party amounted to $2.5 million for the three months ended March 31, 2025 as compared to $2.1 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 first quarter of 2025, we will pay $0.2 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.

Acquisition and other transaction costs amounted to $0.1 million for the three months ended