Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 89

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 89
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 cost. The fair value of the Marble Fund is based upon the net asset value reported within the Marble Fund’s financial information. This financial information represents market prices within an inactive market as the Marble Fund prices units based on the net asset value of the fund. Entrants to the fund are priced based upon the current net asset value of the fund at the time of investment. As such, the carrying value of the Marble Fund approximates fair value, and the financial information used to determine the fair value of the Company’s investment in the Marble Fund represents market-corroborated inputs of the asset, which is considered a Level 2 input within the fair value hierarchy. The Company held no investments in unconsolidated real estate funds at December 31, 2024. Refer to Note 7 for further information on the Marble Fund. As of June 30, 2025 and December 31, 2024, based on the discounted amount of future cash flows using rates currently available to the Company for similar liabilities, the fair value of the Company’s mortgages payable is estimated at $343.8 million and $250.2 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $345.1 million and $258.2 million, respectively. The fair value of mortgages payable is estimated based on interest rates obtained from a third party for similar types of borrowing arrangements and accordingly, the fair value of mortgages payable is classified in Level 2 of the fair value hierarchy.

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Table of Contents

The carrying values and fair values of the Company’s financial instruments recorded at fair value on a recurring basis at June 30, 2025 and December 31, 2024 are summarized in the table below (amounts in thousands):

| ​                                    | ​ 
 ​ | ​       
 ​       | ​ 
 ​ | ​              
 ​              |             ​ 
 June 30, 2025 | ​ | ​          |      ​ | ​ | ​              
 ​              |                 ​ 
 December 31, 2024 | ​ | ​          |      ​ |
|:-------------------------------------|:--|:--------|:--|:---------------|--------------:|:--|:-----------|-------:|:--|:---------------|------------------:|:--|:-----------|-------:|
| ​                                    |   | ​       |   | Carrying Value |               |   | Fair Value |        |   | Carrying Value |                   |   | Fair Value |