Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 140

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 140
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 |     |              |      |     |            |      |   |     |           |       |
| Total                         
 Units/Average                 |     |                    |     |                 | 1,398 |     |                    |      |     |               |      |     |               |         |     |           |      |     |              |      |     |            |      |   |     | $         | 1,992 |

| (1) | Represents the average pro forma                                                                                         
 effective monthly rent per occupied unit for all expected occupied units during the first full quarter of stabilization. |

| (2) | None of the development investments         
 had commenced lease-up as of June 30, 2025. |

| (3) | Operating investments represent  
 stabilized operating properties. |

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

Revenue

Rental and other property revenuesincreased $4.8 million, or 40%, to $16.7 million for the three months ended June 30, 2025 as compared to $11.9 million for the same prior year period. The increase was primarily due to: (i) the acquisition of 1,230 units at four residential communities, which was partially offset by sales of 176 units at one residential community and 159 single-family units in our portfolio since April 1, 2024, and (ii) rental rate improvement from our active management and organic market rent growth. Our average rent per occupied unit increased $74, or 4.6%, to $1,689 as compared to $1,615 during the prior year
period. Average occupancy decreased 70 basis points from 92.3% to 91.6% on a year over year basis.

<div align='center'>65</div>

Interest income from loan investments amounted to $0.1 million for the three months ended June 30, 2025 as compared to $0.6 million for the same prior
year period due to the full payoff of three loan investments since the third quarter of 2024.

Expenses

Property operating expensesincreased
$2.2 million, or 37%, to $8.2 million for the three months ended June 30, 2025 as compared to $6.0 million for the same prior year
period. The increase was primarily due to the acquisition of 1,230 units at four residential communities, which was partially