Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 163

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 163
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 including restaurants and retail shopping) with quality school systems and direct access to large metropolitan
areas. We source potential investments in residential properties through a variety of channels, including our existing relationships and
those developed by our network, real estate brokers, auctions and marketed portfolio sales. Our build-to-rent communities are typically
developed by our partners with expertise in development utilizing capital which we provide in a variety of structures, including through
common equity, preferred equity and mezzanine loans. Our build-to-rent communities are typically located in target markets that we believe
will enable us to capture development premiums upon completion. These residential properties are specifically designed to be rented and
are typically amenitized with larger floorplans ranging between two and four bedrooms and consist of both attached and detached homes.

As
of March 31, 2025, we held twenty-three real estate investments, consisting of fourteen consolidated investments and nine preferred
equity and loan investments. The twenty-three investments represent an aggregate of 5,048 residential units, comprised of 3,414 consolidated
units, of which 170 units are under development, and 1,634 units through preferred equity and loan investments, which includes planned
units and those under development. As of March 31, 2025, our consolidated operating investments were approximately 91.9% occupied;
excluding units classified as held for sale and down/renovation units, our consolidated operating investments were approximately 94.1%
occupied.

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The
following is a summary of our consolidated real estate investments as of March 31, 2025:

| Operating                               
 Investment Name                         
 Scattered                               
 Single-Family Homes                     |     | Market        
 / Location    |     | Number    
 of        
 Units (1) |       |     | Average    
 Year Built |           |     | Ownership 
 Interest  |     |   |     | Average   
 Rent  (2) |       |     | Occupancy     
 –             
 All Units (3) |      |   |     | Occupancy      
 –              
 Excluding Held 
 for Sale/Reno  
 Units (4)      |      |   |
|:----------------------------------------|:----|:--------------|:----|:----------|------:|:----|:-----------|----------:|:----|:----------|----:|:--|:----|:----------|------:|:----|:--------------|-----:|:--|:----|:---------------|-----:|: