Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 162

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 162
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the amount of dividends to be paid to our stockholders. The determination of our Board will be based on several factors, including funds
available from operations, our capital expenditure requirements and the annual distribution requirements necessary to maintain our REIT
status for federal income tax purposes. As a result, our distribution rate and payment frequency may vary from time to time. However,
to maintain our REIT status for federal income tax purposes, we must make distributions equal to at least 90% of our “REIT taxable
income”, as defined by the Code, determined without regard to the dividends paid deduction and excluding net capital gains, to
our stockholders each year. While our policy is generally to pay distributions from cash flow from operations, we may declare distributions
in excess of funds from operations.

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Basis of Presentation and Summary of Significant Accounting Policies

Below is a discussion of
the accounting policies that we consider critical to an understanding of our financial condition and operating results that may require
complex or significant judgment in their application or require estimates about matters which are inherently uncertain.

Basis of Presentation and Principles of Consolidation

We conduct our operations
through the Operating Partnership, of which we are the sole general partner. The consolidated financial statements include our accounts
and those of the Operating Partnership and its subsidiaries. As of September 30, 2025, limited partners other than the company owned approximately 69.30% of the common units of the Operating Partnership, of which 55.74% were held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 13.56% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 2.99% which were not vested at September 30, 2025.

Certain amounts in prior year financial statement presentation have been reclassified to conform to the current year presentation.

Summary of Significant Accounting Policies

Refer to our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on March 20, 2025 for discussion of our significant accounting policies. During the nine months ended September 30, 2025, there were no material changes to these policies.

Consolidated Investments in Real Estate, Preferred Equity Investments, Notes Receivable and Unconsolidated Funds

We first analyze an investment
to determine if it is a variable interest entity (“VIE”) in accordance with Financial Accounting Standards Board (“FASB