Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 9

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 9
---
1,068,920 |   |

<div align='center'>See Notes to Unaudited Pro Forma Condensed Consolidated
Balance Sheet

BLUEROCK HOMES TRUST, INC.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

AS OF JUNE 30, 2025</div>

| (a) | Historical consolidated financial information derived from the Company’s                                                                        
 Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.                                                                              |
|:----|:------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | The acquisition of a 100% ownership interest in the Property for a purchase                                                                     
 price of $88.5 million, which the Company consolidated on its balance sheet. The Company recorded the following associated with the acquisition 
 of the Property: (i) $3.0 million of capitalized acquisition costs, of which $2.2 million is an acquisition fee payable to BR Skytop DST        
 Manager, LLC, which is a related party of the Company, (ii) a $57.5 million senior loan, and (iii) borrowings of $22.0 million through          
 the Company’s existing credit facility with KeyBank National Association (the “KeyBank Credit Facility”). The carrying                          
 value of the senior loan includes approximately ($1.8) million of deferred financing costs related to the acquisition.                          |

<div align='center'>BLUEROCK HOMES TRUST, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(In thousands, except share and per share amounts)</div>

| Revenues                                                       |     | Bluerock Homes Trust, 
 Inc.                  
 Historical            
 (a)                   |           |   |     | Pro Forma   
 Adjustments 
 Skytop      
 Apartments  
 (b)         |        |      |     | Pro Forma 
 Total     |           |   |
|:---------------------------------------------------------------|:----|:----------------------|----------:|:--|:----|:------------|-------:|:-----|:----|:----------|----------:|:--|
| Rental and other property revenues                             |     | $                     |    32,617 |   |     | $           |  3,762 |      |     | $         |    36,379