Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 131

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 131
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 investment activities at the subsidiary level. Off-Balance Sheet Arrangements As of June 30, 2025, we have off-balance sheet arrangements that may have a material effect on our financial condition, revenues or expenses, results of operations, liquidity, capital resources or capital expenditures. At June 30, 2025, we hold preferred equity interests in six joint ventures that are accounted for as available-for-sale debt securities. Cash Flows from Operating Activities As of June 30, 2025, we held twenty-one real estate investments, consisting of fifteen consolidated investments and six preferred equity investments, with the twenty-one investments representing an aggregate of 5,038 residential units. During the six months ended June 30, 2025, net cash provided by operating activities was $14.8 million after net loss of $13.2 million was adjusted for the following:

| ● | non-cash                
 items of $11.6 million; |

| ● | distributions                                                            
 of income and income from preferred equity investments of $10.7 million; |

| ● | an                                                                          
 increase in accounts payable and other accrued liabilities of $4.7 million; |

| ● | an                                                 
 increase in due to affiliates of $1.8 million; and |

| ● | a                                                                             
 decrease in notes and accrued interest receivable of $0.5 million; offset by: |

| ● | an                                                                          
 increase in accounts receivable, prepaids and other assets of $1.3 million. |

Cash Flows from Investing Activities During the six months ended June 30, 2025, net cash used in investing activities was $26.0 million, primarily due to the following:

| ● | $58.7                                                       
 million used in the acquisition of real estate investments; |

| ● | $25.0                                                                
 million used in an investment in an unconsolidated real estate fund; |

| ● | $8.9                                  
 million used on capital expenditures; |

| ● | $8.1                                                             
 million used in investments in preferred equity investments; and |

| ● | $1.6                                              
 million used in purchase of rate caps; offset by: |

| ● | $31.7                                      
 million of repayments on notes receivable; |

| ● | $30.8                                                                                 
 million of proceeds from the sale and redemption of preferred equity investments; and |

| ● | $13.7                                                          
 million of proceeds from the sales of real estate investments.