Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 54

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 54
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 from operations attributable to non-controlling interest                              |     |   |          3,508 |   |     |   |              - |
| Net increase (decrease) in partners' capital                                                    
 from operations attributable to partners                                                        |     | $ |      2,288,017 |   |     | $ |      1,035,550 |

<div align='center'>The accompanying footnotes
are an integral part of the financial statements</div>

6

Consolidated Statement of Changes in Partners' Capital (Unaudited)

For the three months ended March 31, 2025

|                                                              |     | General 
 Partner |         |   |     | Limited 
 Partner |             |   |     | Non-controlling 
 Interest        |         |   |     | Total |             |   |
|:-------------------------------------------------------------|:----|:--------|--------:|:--|:----|:--------|------------:|:--|:----|:----------------|--------:|:--|:----|:------|------------:|:--|
| Partners' capital, beginning                                 
 of period                                                    |     | $       | 341,129 |   |     | $       | 157,622,018 |   |     | $               |       - |   |     | $     | 157,963,147 |   |
| Capital contributions                                        |     |         |       - |   |     |         |  25,533,227 |   |     |                 | 125,000 |   |     |       |  25,658,227 |   |
| Capital distributions                                        |     |         |  (4,640 | ) |     |         |  (2,338,423 | ) |     |                 |  (3,508 | ) |     |       |  (2,346,571 | ) |
| Net increase (decrease) in partners' capital from operations |     |         |         |   |     |         |             |   |     |                 |         |   |     |       |             |   |
| Net investment income (loss)                                 |     |         |   4,608 |   |     |         |   2,106,166 |   |     |                 |   3,508 |   |     |       |   2,114,282 |   |
| Net gain (loss) on investments