Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 137

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 137
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 our Manager, which included
rent, utilities, accounting and legal services, and IT expenses. The expense reimbursement to our Manager included an increase of $2.1
million related to accounting and legal services compared to the same prior year period. Prior to the fourth quarter 2023, the Manager
elected to not seek reimbursement for legal and accounting services during our first year of operations. Commencing with the operating
expense reimbursement for the first quarter 2024, we paid the operating expense reimbursement to the Manager entirely in cash; prior
to the first quarter 2024, we paid the full operating expense reimbursement to the Manager through the issuance of C-LTIP Units.

Management fees to related partyamounted to $9.1 million for the year ended December 31, 2024 as compared to $7.9 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
Preferred Stock, which began in the third quarter of 2023. For the first three quarters of 2024, we paid the base management fee to the
Manager as one half (50%) in C-LTIP Units and the remainder in cash, and for the fourth quarter of 2024, we paid $0.2 million of the
base management fee in C-LTIP Units with the remainder in cash. Prior to the first quarter of 2024, we paid the full base management
fee to the Manager through the issuance of C-LTIP Units

Acquisition and other transaction costsamounted to $0.3 million for the year ended December 31, 2024 as compared to $1.8 million
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. The 2023 expense primarily relates to the transition of property management services for over 1,000 homes.

Weather-related losses amounted to $0.2 million for the year ended December 31, 2024 as compared to zero for the same prior year
period. The 2024 expense primarily relates to hurricane damage in Texas.

Depreciation and amortization expenseswere $19.9 million for the year ended December 31, 2024 as compared to $16.2 million for
the same prior year period, with the increase primarily due to the acquisition of Villas at Huffmeister during the first quarter 2024,
Avenue