Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 204

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 204
---
 1,863 |
| The Cottages of Port St. Lucie            | ​          |   |  2,770 | ​ |   |  2,762 |
| The Woods at Forest Hill (1)              | ​          |   |    861 | ​ |   |    679 |
| Wayford at Innovation Park                | ​          |   |  1,702 | ​ |   |  1,619 |
| Wayford at Pringle                        | ​          | ​ |  1,063 | ​ | ​ |      — |
| Willow Park (2)                           | ​          |   |      — | ​ |   |    467 |
| Total preferred returns on unconsolidated 
 joint ventures (3)                        | ​          | $ | 11,937 | ​ | $ | 11,632 |

| (1) | The                                                                                                                                    
 Company’s preferred equity investments in Peak Housing and The Woods at Forest Hill were fully redeemed in September 2024 and November 
 2024, respectively. Refer to the Preferred Equity Investment Summary disclosure below for further information.                         |

| (2) | The                                                                                                                                
 Company’s preferred equity investments in The Cottages at Warner Robins and Willow Park were redeemed in December 2023 and October 
 2023, respectively.                                                                                                                |

| (3) | Total                                                                                                                                       
 income from preferred equity investments includes both current and accrued income amounts. For the years ended December 31, 2024 and 2023,  
 the accrued portion of the total income was $10.6 million and $8.0 million, respectively. At December 31, 2024 and 2023, the Company had    
 $23.3 million and $13.7 million, respectively, of total accrued preferred equity income, which is recorded in accounts receivable, prepaids 
 and other assets, net in its consolidated balance sheets.                                                                                   |

F-23

Table of Contents

Preferred Equity Investment Summary During the year ended December 31, 2024, the Company entered into three separate joint venture agreements with unaffiliated third parties to develop build-to-rent, single-family residential units. The Company made commitments to invest capital for preferred equity interests in the three joint ventures as follows: (i) $5.3 million for 82 units located in Bluffton, South Carolina known as Indigo Cove, (ii) $7.0 million for 170