Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 199

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 199
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 of Peak JV 2, and 70 units of Peak JV 3.

At
December 31, 2024, the Company classified an aggregate of 167 units as held for sale in its consolidated balance sheets, and for
the year ended December 31, 2024, the Company recorded an impairment of $3.3 million related to held for sale units which is included
in gain on sale and (impairment) of real estate investments, net in its consolidated statements of operations and comprehensive income.
The 167 units classified as held for sale are all reported in the Company’s scattered single-family homes segment and are included
in the following portfolios: 8 units of ILE, 37 units of Indy-Springfield, 32 units of Peak JV 2, and all 90 units of Peak JV 3.

Units
classified as held for sale were identified based on submarket analysis and individual unit-level operational review. Real estate assets
classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell and are presented
separately within operating real estate held for sale, net on the Company’s consolidated balance sheets. Real estate assets classified
as held for sale generally represent assets that are actively marketed or contracted for sale with the closing expected to occur within
one year.

#### Note 5 –
Investments in Real Estate

As
of December 31, 2024, the Company held twenty-three real estate investments, consisting of fourteen consolidated investments and
nine held through preferred equity and loan investments. The following tables provide summary information regarding the Company’s
consolidated investments and preferred equity and loan investments.

<div align='center'>F-18</div>

Table of Contents

Consolidated Investments

| ​                                   | ​ | ​                     | ​ |      ​ | ​ | ​ |         ​ | ​ |
| ​                                   | ​ | ​                     | ​ | Number 
     of | ​ | ​ | Ownership |   |
| Operating                           
 Investment Name                     |   | Location / Market     |   |  Units 
    (1) |   |   |  Interest | ​ |
| Scattered                           
 Single-Family Homes                 | ​ | ​                     | ​ |      ​ | ​ | ​ |         ​ | ​ |
| Ballast                             | ​ | AZ / CO / WA          | ​ |     84 | ​ | ​ |        95 | % |
| Golden Pacific                      |   | IN /