Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 164

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 164
---
 | ​ | $             | 1,795 | ​ | $    |  1,726 |
| Total                        | ​ | $             | 4,022 | ​ | $    | 15,845 |

| (1) | Series                                                                                                                                      
 A Preferred Stock amounts include the standard dividend at an annual rate of 6.0% of the Stated Value plus any special and enhanced special 
 dividends.                                                                                                                                  |

Critical Accounting Policies and Estimates Below is a discussion of the accounting policies that we consider critical to an understanding of our financial condition and operating results that may require complex or significant judgment in their application or require estimates about matters which are inherently uncertain. Principles of Consolidation and Basis of Presentation We conduct our operations through the Operating Partnership, of which we are the sole general partner. The consolidated financial statements include our accounts and those of the Operating Partnership and its subsidiaries. As of December 31, 2024, limited partners other than the Company owned approximately 69.48% of the common units of the Operating Partnership, of which 56.72% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 12.76% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 3.09% which are not vested at December 31, 2024.

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Table of Contents

Real Estate Investments, Preferred Equity Investments and Notes Receivable

We
first analyze an investment to determine if it is a variable interest entity (“VIE”) in accordance with Financial Accounting
Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation
and, if so, whether we are the primary beneficiary requiring consolidation of the entity. A VIE is an entity that has (i) insufficient
equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack
the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has
both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb
losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE
are contractual, ownership, or other financial interests in a VIE that change in value with changes in the fair value of the VIE’s
net assets. We continuously re-assess at each level of