Company: BHM
Filing Date: 2025-02-18
Form Type: 8-K/A
Source: 0001104659-25-014738
Chunk: 4

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-02-18
Form: 8-K/A
Chunk 4
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 |     |   |             2,532 |     |   |              1,953 |
| Total certain operating expenses                 |     |   |             2,532 |     |   |              1,953 |
| Revenues in Excess of Certain Operating Expenses |     | $ |             3,907 |     | $ |              3,594 |

<div align='center'>See accompanying notes to statements of revenues
and certain operating expenses

ALLURE AT SOUTHPARK

NOTES TO STATEMENTS OF REVENUES AND CERTAIN OPERATING EXPENSES</div>

Note 1 – Business

On December 6, 2024, Bluerock
Homes Trust, Inc. (the “Company”) acquired Allure at Southpark (the “Property”) pursuant to a purchase agreement
through BHM Allure, LLC, a wholly owned subsidiary of Bluerock Residential Holdings, L.P. (the Company’s operating partnership),
with S2 Allure REIT Subsidiary LLC, S2C REIT OP, LP, and subsidiaries.

Note 2 – Basis of Presentation

The accompanying statements
of revenues and certain operating expenses have been prepared for the purpose of complying with Rule 3-14 of Regulation S-X of the United
States Securities and Exchange Commission promulgated under the Securities Act of 1933, as amended. Accordingly, the statements are not
representative of the actual operations for the periods presented as revenues, and certain operating expenses, which may not be directly
attributable to the revenues and expenses expected to be incurred in the future operations of the Property, have been excluded.

Use of Estimates

The preparation of the financial
statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management
to make estimates and assumptions that affect the reporting and disclosure of revenues and certain expenses during the reporting period
to present the statement of revenues and certain operating expenses. Actual results could differ from those estimates.

Note 3 – Revenues

The Property is located in
Charlotte, North Carolina and contains 350 residential units that are rented to tenants under various lease agreements that are generally
one year in length. All leases are accounted for as operating leases. The Property recognizes rental revenue on a straight-line basis
over the terms of the rental agreements and in accordance with ASC Topic 842 Leases. Rental revenue is recognized on an accrual
basis and when the collectability of the amounts due from tenants is