Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 7

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 7
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 for the six months ended June 30, 2025 reflect the Property’s historical results of operations under lease-up
and upon stabilization.

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
Cincinnati, Ohio and is a 361-unit residential community with units 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 deemed probable. Rental revenue is included within rental and other
property revenues on the Property’s statements of revenues and certain operating expenses.

Tenant reimbursements for
common area maintenance and other recoverable expenses, such as pet, administrative, application and other fees, are recognized when the
services are provided and the performance obligations are satisfied. Tenant reimbursements are included within rental and other property
revenues on the Property’s statements of revenues and certain operating expenses.

Note 4 – Certain Operating Expenses

Certain operating expenses
include only those costs expected to be comparable to the proposed future operations of the Property. Property operating expenses include
administrative, repairs and maintenance, marketing, payroll, utilities, taxes, and insurance. Expenses such as depreciation, amortization,
and interest are excluded.

Note 5 – Commitments and Contingencies

The Property is subject to
various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted
with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the
financial position or results of operations or liquidity of the Property.

Note 6 – Subsequent Events

The Property evaluated subsequent
events through October 3, 2025, the date the financial statements were available to be issued.

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

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INFORMATION</div>

The following una