Company: BHM
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001104659-25-046667
Chunk: 9

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 9
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 due to supply shortages
and labor shortages. The long-term impact of these economic developments will largely depend on any future action by the Federal Reserve,
future laws that may be enacted, the impact on job growth and the broader economy, and reactions by consumers, companies, governmental
entities and capital markets. The Company continues to closely monitor the impact of economic volatility on all aspects of its business.

Note 3 – Sale of Real Estate Assets

Sale of Consolidated Operating Units

During
the first quarter 2025, the Company closed on the following sales: seven units in the ILE portfolio, four units in the Indy-Springfield
portfolio, ten units in the Peak JV 2 portfolio, and eighteen units in the Peak JV 3 portfolio, pursuant to the terms and conditions of
multiple separate purchase and sale agreements. The thirty-nine units were sold for an aggregate of approximately $6.9 million, subject
to certain closing costs, prorations and adjustments typical in such real estate transactions. After deducting the paydown of existing
mortgage indebtedness encumbering six units in the ILE portfolio of approximately $1.2 million, the sales of the thirty-nine units generated
net proceeds of approximately $5.1 million and a gain on sales of approximately $0.8 million.

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Table of Contents

Held for Sale At March 31, 2025, the Company classified an aggregate of 138 units as held for sale in its consolidated balance sheets, and for the three months ended March 31, 2025, the Company recorded an impairment of $0.1 million related to held for sale units which is included in gain on sale and impairment of real estate investments, net in its consolidated statements of operations and comprehensive income. The 138 units classified as held for sale are all reported in the Company’s scattered single-family homes segment and are included in the following portfolios: 11 units of ILE, 33 units of Indy-Springfield, 22 units of Peak JV 2, and all 72 units of Peak JV 3. These units were identified based on submarket analysis and individual unit-level operational review. Real estate assets classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell and are presented separately within operating real estate held for sale, net on the Company’s consolidated balance sheets. Note 4 - Investments in Real Estate As of March 31, 2025, the