Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 138

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 138
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     97.1 | % |     |                  | 2,453 |
| Total                     
 Operating Units           |     |               |     |                       388 |     |                                                    |      |     |                       |      |     |                                        |         |     |                               |     |                                     |     |          |   |     |                  |       |
| Total                     
 Units/Average             |     |               |     |                     1,634 |     |                                                    |      |     |                       |      |     |                                        |         |     |                               |     |                                     |     |          |   |     | $                | 2,055 |

| (1) | Represents                                                                                                                                     
 the average pro forma effective monthly rent per occupied unit for all expected occupied units during the first full quarter of stabilization. |

| (2) | Chandler                         
 commenced lease-up in June 2024. |

| (3) | None                                                                        
 of the development investments had commenced lease-up as of March 31, 2025. |

| (4) | Operating                                              
 investments represent stabilized operating properties. |

<div align='center'>66</div>

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Revenue

Rental and other property revenues increased $5.1 million, or 48%, to $15.9 million for the three months ended March 31, 2025 as compared to $10.8
million for the same prior year period. The increase was primarily due to: (i) the acquisition of 294 units at Villas at Huffmeister
during the first quarter 2024, 200 units at Avenue at Timberlin Park during the third quarter 2024, 408 units at Amira at Westly and 350
units at Allure at Southpark during the fourth quarter 2024, and (ii) rental rate improvement from our active management and organic
market rent growth. The increase was partially offset by the sale of 176 units at Navigator Villas and 137 single-family units in our
portfolio since January 1, 2024. Our average rent per occupied unit increased $95, or 5.9%, to $1,695 as compared to $1,600 during
the prior year period. Average occupancy decreased 70 basis points from 92.5% to 91.8% on a year over year basis.

Interest income from loan investments amounted to $0.5