Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 135

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 135
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 to the
Manager as one half (50%) in C-LTIP Units and the remainder in cash, and for the fourth quarter of 2024, we paid $0.2 million of the
base management fee in C-LTIP Units with the remainder in cash. Prior to the first quarter of 2024, we paid the full base management
fee to the Manager through the issuance of C-LTIP Units

Acquisition and other transaction costsamounted to $0.3 million for the year ended December 31, 2024 as compared to $1.8 million
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. The 2023 expense primarily relates to the transition of property management services for over 1,000 homes.

Weather-related losses amounted to $0.2 million for the year ended December 31, 2024 as compared to zero for the same prior year
period. The 2024 expense primarily relates to hurricane damage in Texas.

Depreciation and amortization expenseswere $19.9 million for the year ended December 31, 2024 as compared to $16.2 million for
the same prior year period, with the increase primarily due to the acquisition of Villas at Huffmeister during the first quarter 2024,
Avenue at Timberlin Park during the third quarter 2024, and Amira at Westly and Allure at Southpark during the fourth quarter 2024. The
increase was partially offset by the sale of Navigator Villas and single-family units in our portfolio since January 1, 2023.

Other Income and Expense

Other income and expenseamounted to income of $6.6 million for the year ended December 31, 2024 compared to income of
$0.6 million for the same prior year period. This was primarily due to a $11.5 million increase in gain on sales of real estate investments
and a $2.8 million increase in interest income from our short-term cash investments. These income sources were partially offset by a
$5.0 million net increase in interest expense primarily attributable to a decrease in the fair value of the interest rate caps and swaps
and an increase in the outstanding debt to $381.6 million at December 31, 2024 as compared to $166.7 million at December 31,
2023, and a $3.4 million