Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 63

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 63
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 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 at Innovation Park by $2.0 million, increasing our total investment to $15.4 million, (ii) we entered into a joint venture agreement
with an unaffiliated third party and made a commitment to invest $16.2 million for preferred equity interests in the development of an
approximately 300-unit residential community located in Sanford, North Carolina known as Sanford Marketplace, and (iii) had our preferred
equity investments in two joint ventures with unaffiliated third parties fully redeemed as follows: (a) The Cottages at Myrtle Beach redeemed
in the aggregate amount of $28.1 million, which included our principal investment of $17.9 million, and accrued preferred return and outstanding
amounts of $10.2 million, and (b) The Cottages of Port St. Lucie redeemed in the aggregate amount of $30.0 million, which included our
principal investment of $18.8 million, and accrued preferred return and outstanding amounts of $11.2 million.

In addition, we
sold our preferred equity interests in Indigo Cove and Wayford at Pringle to a joint venture, with such joint venture including an affiliate
of Bluerock Homes Manager, LLC (our “Manager”), in the aggregate amounts of $4.2 million and $9.2 million, respectively, which
included our outstanding principal investments and accrued preferred returns, net of any reimbursements.

As of September
30, 2025, we had funded $14.6 million of our $37.8 million aggregate commitment to fund capital for preferred equity interests in Canvas
at Wildwood, River Ford, and Sanford Marketplace.

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Table of Contents

Held for Sale

At
September 30, 2025 and December 31, 2024, we classified an aggregate of 84 units and 167 units, respectively, as held for sale on our
consolidated balance sheets. For the three and nine months ended September 30, 2025 and 2024, we recorded an impairment of $0.4 million