Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 140

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 140
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 registered offering of Series A Redeemable
Preferred Stock. For the first quarter of 2025, we will pay $0.2 million of the base management fee in C-LTIP Units with the remainder
in cash. Prior to the fourth quarter 2024, we paid the base management fee to the Manager as one half (50%) in C-LTIP Units and the remainder
in cash.

Acquisition and other transaction costs amounted to $0.1 million for the three months ended March 31, 2025 and were minimal for the same prior
year period. Acquisition costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods.

Depreciation and amortization expenses were $7.5 million for the three months ended March 31, 2025 as compared to $4.0 million for the same prior year
period, with the increase primarily due to the acquisition of Villas at Huffmeister during the first quarter 2024, Avenue at Timberlin
Park during the third quarter 2024, and Amira at Westly and Allure at Southpark during the fourth quarter 2024. The increase was partially
offset by the sale of Navigator Villas and single-family units in our portfolio since January 1, 2024.

Other Income and Expense

Other income and expense amounted
to expense of $1.3 million for the three months ended March 31, 2025 as compared to income of $0.7 million for the same prior year
period. This was primarily due to a $2.7 million increase in interest expense primarily attributable to an increase in the outstanding
debt to $343.9 million at March 31, 2025 as compared to $228.7 million at March 31, 2024 and a decrease in the fair value of
the interest rate caps and swaps, which was partially offset by a $0.5 million increase in gain on sale of real estate investments.

Income Tax Expense

Income tax expense amounted
to income of $0.3 million for the three months ended March 31, 2025 as compared to zero for the same prior year period. The 2025
expense primarily relates to Amira at Westly and two preferred equity investments.

Net Operating Income

We believe that net operating
income (“NOI”) is a useful measure of our operating performance. We define NOI as total property revenues less total property
operating expenses, excluding depreciation