Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 72

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 72
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 based on a stated percentage of capital contributions or assets under management, where applicable.

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Table of Contents

General and administrative expenses amounted to $8.4 million for the nine months ended September 30, 2025 as compared to $7.8 million for
the same prior year period. Of the $8.4 million total expense for the nine months ended September 30, 2025, $5.4 million related to direct
costs incurred by us, while the remaining $3.0 million related to the operating expense reimbursement to our Manager, which includes rent,
utilities, and IT expenses.

Management fees to related party amounted to $7.8 million for the nine months ended September 30, 2025 as compared to $6.6 million for the same
prior year period. The increase was due to an increase in equity primarily from our continuous registered offering of Series A Preferred
Stock. For the nine months ended September 30, 2025, we will pay $0.6 million of the base management fee in C-LTIP Units with the remainder
in cash. Prior to the fourth quarter 2024, we paid the base management fee to the Manager as one half (50%) in C-LTIP Units and the remainder
in cash

Weather-related losses amounted to $0.1 million for the nine months ended September 30, 2025 as compared to $0.2 million for the same prior year period.
The 2025 expense relates to weather damage at two residential communities and the 2024 expense primarily relates to hurricane damage in
Texas.

Acquisition and other transaction costs amounted to $0.3 million for the nine months ended September 30, 2025 and were negligible 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.

Depreciation and amortization expenses were $21.4 million for the nine months ended September 30, 2025 as compared to $13.7 million for the same
prior year period, with the increase primarily due to the acquisition of five residential communities since January 1, 2024. The increase
was partially offset by (i) the sales of one residential community and single-family units in our portfolio since January 1, 2024 and
(ii) in-place leases being fully amortized at one residential community prior to 2025.

Other Income