Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 200

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 200
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| Development                         
 Investment Name                     | ​ | ​                     | ​ |      ​ | ​ | ​ |         ​ | ​ |
| Residential                         
 Communities                         | ​ | ​                     | ​ |      ​ | ​ | ​ |         ​ | ​ |
| Abode Wendell Falls                 | ​ | Wendell, NC           | ​ |    170 | ​ | ​ |       100 | % |
| Total                               
 Development Units                   | ​ | ​                     | ​ |    170 | ​ | ​ |         ​ | ​ |
| Total                               
 Units                               | ​ | ​                     | ​ |  3,453 | ​ | ​ |         ​ | ​ |

| (1) | Total                                                                                                                                 
 operating units includes an aggregate of 167 units classified as held for sale, with such units included in the following portfolios: 
 8 units of ILE, 37 units of Indy-Springfield, 32 units of Peak JV 2, and all 90 units of Peak JV 3.                                   |

Depreciation expense was $17.4 millionand $16.2 million for the years ended December 31, 2024 and 2023, respectively. Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was $2.5 million and zero for the years ended December 31, 2024 and 2023, respectively. The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all the risks and benefits of ownership of the consolidated real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as a security deposit vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not individually significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of their security deposit. Security deposits received in cash related to tenant leases are included within other accrued liabilities in the accompanying consolidated balance sheets and totaled $2.4 million and $