Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 143

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 143
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 for the six months ended June 30, 2025 as compared to $11.0 million for the same prior year
period. The increase was primarily due to the acquisition of 1,524 units at five residential communities, which was partially offset by
sales of 176 units at one residential community and 183 single-family units in our portfolio since January 1, 2024.

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Property management and asset management fee expenses were $2.7 million for the six months ended June 30, 2025 as compared to $2.3 million in the
same prior year period. Property management fees are based on a stated percentage of property revenues and asset management fees are based
on a stated percentage of capital contributions or assets under management, where applicable.

General and administrative expenses amounted to $5.7 million for the six months ended June 30, 2025 as compared to $5.3 million for the same prior
year period. Of the $5.7 million total expense for the six months ended June 30, 2025, $3.7 million related to direct costs incurred
by us, while the remaining $2.0 million related to the operating expense reimbursement to our Manager, which includes rent, utilities,
and IT expenses.

Management fees to related party amounted to $5.1 million for the six months ended June 30, 2025 as compared to $4.2 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 Redeemable Preferred
Stock. For the six months ended June 30, 2025, we will pay $0.4 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.

Acquisition and other transaction costs amounted to $0.2 million for the six months ended June 30, 2025 and were minimal 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 $14.7 million for the six months ended June 30, 2025 as compared to $8.8 million for the same prior year period,
with the increase primarily due to