Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 6

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 6
---
berdeen, North Carolina and contains 280 residential units (refer to Note 6 for additional information) that are rented to tenants under
various lease agreements that are generally one year in length. All leases are accounted for as operating leases. The Property recognizes
rental revenue on a straight-line basis over the terms of the rental agreements and in accordance with ASC Topic 842 Leases.
Rental revenue is recognized on an accrual basis and when the collectability of the amounts due from tenants is deemed probable. Rental
revenue is included within rental and other property revenues on the Property’s statements of revenues and certain operating expenses.

Tenant reimbursements for
common area maintenance and other recoverable expenses, such as pet, administrative, application and other fees, are recognized when the
services are provided and the performance obligations are satisfied. Tenant reimbursements are included within rental and other property
revenues on the Property’s statements of revenues and certain operating expenses.

Note 4 – Certain Operating Expenses

Certain operating expenses
include only those costs expected to be comparable to the proposed future operations of the Property. Property operating expenses include
administrative, repairs and maintenance, marketing, payroll, utilities, taxes, and insurance. Expenses such as depreciation, amortization,
and interest are excluded.

Note 5 – Commitments and Contingencies

The Property is subject to
various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted
with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the
financial position or results of operations or liquidity of the Property.

Note 6 – Subsequent Events

The Property evaluated subsequent
events through July 1, 2025, the date the financial statements were available to be issued. On February 8, 2025, the Property
sustained a fire that resulted in the loss of eight units, reducing the number of units from 280 to 272. The Property’s final purchase
price for the April 2025 acquisition was adjusted to exclude and reflect the loss of the eight units.

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

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INFORMATION</div>

The following unaudited pro
forma condensed consolidated financial statements of Bluerock Homes Trust, Inc. (together with its consolidated subsidiaries, the “Company,”
“we,” “