Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 146

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 146
---
 purchase of interest rate cap of $2.7 million; offset by |

| · | higher                                                               
 proceeds from the sales of real estate investments of $41.0 million; |

| · | increased                                           
 repayments on notes receivable of $8.3 million; and |

| · | lower                                                        
 investments in preferred equity investments of $5.5 million. |

Financing Activities

Net cash provided by financing activities increased $245.1 million
in 2024 compared to 2023 primarily due to:

| · | increase                                                                           
 in mortgage borrowings of $158.5 million;                                          |
| · | increase                                                                           
 in net proceeds from the Series A Preferred Offering of $84.2 million;             |
| · | increase                                                                           
 in proceeds from credit facilities of $50.0 million;                               |
| · | increase                                                                           
 in contributions from noncontrolling interests of $5.5 million;                    |
| · | increase                                                                           
 in the purchase of noncontrolling interests of $2.2 million; and                   |
| · | decrease                                                                           
 in distributions paid to partially owned properties’ noncontrolling interests $0.2 
 million; offset by                                                                 |
| · | increase                                                                           
 in net mortgage repayments of $20.8 million;                                       |

<div align='center'>73</div>

| · | increase                                                      
 in distributions paid of $15.8 million;                       |
| · | increase                                                      
 in revolving credit facility repayments of $14.0 million; and |
| · | increase                                                      
 in deferred financing fees of $4.9 million.                   |

Capital Expenditures

The following table summarizes
our total capital expenditures incurred for the years ended December 31, 2024 and 2023 (amounts in thousands):

|                                         |     |   |  2024 |     |   |  2023 |
|:----------------------------------------|:----|:--|------:|:----|:--|------:|
| New development                         |     | $ |   986 |     | $ |     — |
| Redevelopment/renovations               |     |   | 4,266 |     |   | 4,551 |
| Routine capital expenditures            |     |   | 3,982 |     |   | 3,193 |
| Normally recurring capital expenditures |     |   |   629 |     |   |   436 |
| Total capital expenditures              |