Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 162

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 162
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common equity, preferred equity and mezzanine loans. Our build-to-rent communities are typically located in target markets that we believe
will enable us to capture development premiums upon completion. These residential properties are specifically designed to be rented and
are typically amenitized with larger floorplans ranging between two and four bedrooms and consist of both attached and detached homes.

As
of December 31, 2024, we held twenty-three real estate investments, consisting of fourteen consolidated investments and nine preferred
equity and loan investments. The twenty-three investments represent an aggregate of 5,087 residential units, comprised of 3,453 consolidated
units, of which 170 units are under development, and 1,634 units through preferred equity and loan investments, which includes planned
units and those under development. As of December 31, 2024, our consolidated operating investments were approximately 91.6% occupied;
excluding units classified as held for sale and down/renovation units, our consolidated operating investments were approximately 94.0%
occupied.

<div align='center'>87</div>

The
following is a summary of our consolidated real estate investments as of December 31, 2024:

| Operating Investment Name                     
 Scattered Single-Family Homes                 |     | Market / Location     |     |   Number 
 of Units 
      (1) |     | Average    
 Year Built |           |     | Ownership 
 Interest  |     |   |     | Average   
 Rent  (2) |       |     | Occupancy       
 – All Units (3) |      |   |     | Occupancy –    
 Excluding Held 
 for Sale/Reno  
 Units (4)      |      |   |
|:----------------------------------------------|:----|:----------------------|:----|---------:|:----|:-----------|----------:|:----|:----------|----:|:--|:----|:----------|------:|:----|:----------------|-----:|:--|:----|:---------------|-----:|:--|
| Ballast                                       |     | AZ / CO / WA          |     |       84 |     |            |      1998 |     |           |  95 | % |     | $         | 2,077 |     |                 | 97.6 | % |     |                | 97.6 | % |
| Golden Pacific                                |     | IN / KS / MO          |     |      169