Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 44

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 44
---
 participating broker-dealers and incurs costs in excess of the 10%, which costs are borne by the
dealer manager without reimbursement by the Company. For the nine months ended September 30, 2025, the Company incurred $2.6 million in
selling commissions and discounts and $1.1 million in dealer manager fees and discounts related to its offering of Series A Preferred
Stock. In addition, the Manager was, or shall be, reimbursed by the Company for offering costs of $0.9 million in conjunction with the
offering of Series A Preferred Stock during the nine months ended September 30, 2025. The selling commissions, dealer manager fees, discounts
and reimbursements for offering costs were recorded as a reduction to the proceeds of the offering.

**Note 15 – Stockholders’
Equity and Redeemable Preferred Stock**

Net (Loss) Income Per Common Share

Basic
and diluted net (loss) income per common share is computed by dividing net (loss) income attributable to common stockholders, less dividends
on restricted stock and LTIP Units expected to vest, by the weighted average number of common shares outstanding for the period. Net (loss)
income attributable to common stockholders is computed by adjusting net (loss) income for the non-forfeitable dividends paid on non-vested
restricted stock and LTIP Units.

The
Company considers the requirements of the two-class method when preparing earnings per share. The Company has two classes of common stock
outstanding: Class A common stock, $0.01 par value per share, and Class C common stock, $0.01 par value per share. Earnings per share
is not affected by the two-class method because the Company’s Class A and C common stock participate in dividends on a one-for-one
basis.

<div align='center'>32</div>

Table of Contents

The following table reconciles the components of basic and diluted net (loss) income per common share for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands, except share and per share amounts):

| ​                                                                   
 ​                                                                   
 ​                                                                   
 ​                                                                   
 Net                                                                 
 (loss) income                                                       
 Less                                                                
 preferred stock dividends                                           
 Less                                                                
 preferred stock accretion                                           
 Less                                                                
 dividends on restricted stock and LTIP Units expected to vest       
 Addback                                                             
 net loss (income) attributable to noncontrolling interests          
 Net                                                                 
 (loss) income