Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 143

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 143
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, FFO, CFFO and cash flows could be reduced if the
development project does not produce sufficient cash flow to pays its operating expenses, debt service and preferred return obligations.
As we evaluate our capital position and capital allocation strategy, we may consider alternative means of financing our development loan
and preferred equity investment activities at the subsidiary level.

Off-Balance Sheet Arrangements

As of December 31, 2024, we have off-balance sheet arrangements that may have a material effect on our financial condition, revenues or expenses, results of operations, liquidity, capital resources or capital expenditures. As of December 31, 2024, we own investments in eight joint ventures that are accounted for as available-for-sale debt securities.

Cash Flows

Cash Flows from Operating Activities

As of December 31, 2024, we held twenty-three real estate investments, consisting of fourteen consolidated investments and nine preferred equity and loan investments, with the twenty-three investments representing an aggregate of 5,087 residential units. During the
year ended December 31, 2024, net cash provided by operating activities was $9.1 million after net loss of $12.1 million was
adjusted for the following:

| · | non-cash items of $16.6 million;                                             |
| · | distributions of income and income from                                      
 preferred equity investments of $2.3 million;                                |
| · | an increase in accounts payable and other                                    
 accrued liabilities of $1.9 million; and                                     |
| · | a decrease                                                                   
 in accounts receivable, prepaids and other assets of $1.3 million; offset by |
| · | a decrease                                                                   
 in due from affiliates, net of $0.6 million; and                             |
| · | an increase                                                                  
 in notes and accrued interest receivable of $0.3 million.                    |

Cash Flows from Investing Activities

During the year ended December 31, 2024,
net cash used in investing activities was $224.9 million, primarily due to the following:

| · | $248.2 million used in acquiring                         
 consolidated real estate investments;                    |
| · | $39.4 million used in acquiring investments in preferred 
 equity investments and notes receivable;                 |

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| · | $9.3 million used on capital expenditures; and             |
| · | $2.7 million paid for an interest rate cap; offset         
 by                                                         |
| ·