Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 16

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 16
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 EQUITY                                                                                             |     | $           | 800,829 |   |     | $                     |  90,707 |   |     | $     | 891,536 |   |

<div align='center'>See Notes to Unaudited Pro Forma Condensed Consolidated
Balance Sheet

BLUEROCK HOMES TRUST, INC.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

AS OF SEPTEMBER 30, 2024</div>

| (a) | Historical consolidated                                                                                                                       
 financial information derived from the Company’s Quarterly Report on Form 10-Q as of September 30, 2024.                                      |
|:----|:----------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | The acquisition of a 100% ownership                                                                                                           
 interest in Amira at Westly for a purchase price of $103.0 million, which the Company consolidated on its balance sheet. The Company recorded 
 the following associated with the acquisition of Amira at Westly: (i) a $56.7 million senior loan, and (ii) borrowings of $36.0 million       
 through a credit facility entered into with KeyBank National Association (the “KeyBank Credit Facility”). The carrying value                  
 of the senior loan includes ($2.0) million of deferred financing costs related to the acquisition.                                            |

<div align='center'>BLUEROCK HOMES TRUST, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(In thousands, except share and per share amounts)</div>

| Revenues                                                |     | Bluerock    
 Homes       
 Trust, Inc. 
 Historical  
 (a)         |           |   |     | Pro Forma Adjustments 
 Amira                 
 at Westly             
 (b)                   |        |   |    |     | Pro Forma 
 Total     |           |   |
|:--------------------------------------------------------|:----|:------------|----------:|:--|:----|:----------------------|-------:|:--|:---|:----|:----------|----------:|:--|
| Rental and other property revenues                      |     | $           |    34,670 |   |     | $                     |  7,925 |   |    |     | $         |    42,595