Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 142

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 142
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rolling partner’s interest in each of the Peak JV 2 and Peak JV 3 portfolios for $0.2 million and
$0.9 million, respectively. We increased our interest in (i) the Peak JV 2 portfolio from 80% to 100% and (ii) the
Peak JV 3 portfolio from 56% to 100%.

Sale of Consolidated Operating Units

We closed on the following
sales: 20 units in the ILE portfolio, 14 units in the Indy-Springfield portfolio, 22 units in the Peak JV 2 portfolio, and 48 units in
the Peak JV 3 portfolio, pursuant to the terms and conditions of multiple separate purchase and sale agreements. The 104 units were all
previously classified as held for sale and sold for an aggregate of approximately $18.4 million, subject to certain closing costs, prorations
and adjustments typical in such real estate transactions. After deducting the paydown of existing mortgage indebtedness encumbering 19
units in the ILE portfolio of approximately $3.5 million, the sales of the 104 units generated net proceeds of approximately $13.3 million
and a gain on sales of approximately $2.0 million.

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Loan Investment Activity

Our two remaining loan
investments were paid off in full, including any accrued but unpaid interest amounts, as follows: (i) Wayford at Pringle in the
aggregate amount of $23.0 million, which included our principal investment of $22.3 million and accrued interest of $0.7 million, and
(ii) Willow Park in the aggregate amount of $9.4 million, which included our principal investment of $9.4 million and a negligible
amount of accrued interest.

Unconsolidated Real Estate Fund Summary

On April 25, 2025,
we closed on the acquisition of a limited partnership interest in Marble Capital Income and Impact Fund, LP (the “Marble Fund”)
for a purchase price of $25.0 million. We account for our investment in the Marble Fund under the equity method as we consider our degree
of influence to be more than minor. The Marble Fund owns a diversified portfolio of multifamily assets and build-to-rent multifamily
investments located in the United States.

Preferred Equity Investment Summary

Our preferred equity investment
activity was as follows: (i) we increased our original capital commitment for preferred equity interests in Wayford