Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 134

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 134
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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 151 single-family units since January 1, 2023.

Property management and asset management fees expensewere $4.7 million for the year ended December 31, 2024 as compared
to $4.4 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 $10.6 million for the year ended December 31, 2024 as compared to $8.0 million
for the same prior year period. Of the $10.6 million total expense for the year ended December 31, 2024, $6.2 million related to
direct costs incurred by us, while the remaining $4.4 million related to the operating expense reimbursement to our Manager, which included
rent, utilities, accounting and legal services, and IT expenses. The expense reimbursement to our Manager included an increase of $2.1
million related to accounting and legal services compared to the same prior year period. Prior to the fourth quarter 2023, the Manager
elected to not seek reimbursement for legal and accounting services during our first year of operations. Commencing with the operating
expense reimbursement for the first quarter 2024, we paid the operating expense reimbursement to the Manager entirely in cash; prior
to the first quarter 2024, we paid the full operating expense reimbursement to the Manager through the issuance of C-LTIP Units.

Management fees to related partyamounted to $9.1 million for the year ended December 31, 2024 as compared to $7.9 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, which began in the third quarter of 2023. For the first three quarters of 2024, we paid the base management fee