Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 115

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 115
---
, respectively, which
included our outstanding principal investments and accrued preferred returns, net of any reimbursements.

As of June 30,
2025, we had funded $11.6 million of our $37.8 million aggregate commitment to fund capital for preferred equity interests in Canvas at
Wildwood, River Ford, and Sanford Marketplace.

<div align='center'>42</div>

Table of Contents

Held for Sale

At
June 30, 2025 and December 31, 2024, we classified an aggregate of 94 units and 167 units, respectively, as held for sale in our consolidated
balance sheets. For the three and six months ended June 30, 2025 and 2024, we recorded an impairment of $0.1 million and $1.1 million,
and $0.2 million and $1.2 million, respectively, related to held for sale units which is included in gain on sale and (impairment) of
real estate investments, net in our consolidated statements of operations and comprehensive income. The 94 units classified as held for
sale at June 30, 2025 are all reported in our scattered single-family homes segment and are included in the following portfolios: 3 units
of ILE, 25 units of Indy-Springfield, 13 units of Peak JV 2, and all 53 units of Peak JV 3. These units 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 our consolidated balance sheets.

Series A Redeemable Preferred Stock

During
the six months ended June 30, 2025, we issued 1,201,235 shares of 6.0% Series A Redeemable Preferred Stock (the “Series A Preferred
Stock”) at $25.00 per share (the “Stated Value”) under a continuous registered offering with net proceeds of approximately
$26.0 million after (i) commissions, dealer manager fees and sales discounts, and (ii) costs related to establishing the offering of Series
A Preferred Stock. As of June 30, 2025, we had issued a total of 5,834,520 shares of Series A Preferred Stock with total net proceeds
of approximately $127.1 million after commissions, dealer manager