Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 137

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 137
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 performance of our properties because it measures the core operations of property performance by excluding corporate level
expenses and other items not related to property operating performance and captures trends in rental housing and property operating expenses.

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However,
NOI should only be used as a supplemental measure of our financial performance. The following table reflects net loss attributable to
common stockholders together with a reconciliation to NOI, as computed in accordance with GAAP for the years ended December 31,
2024 and 2023 (amounts in thousands):

|                                                                               |     | 2024 |         |   |     | 2023 |         |   |
|:------------------------------------------------------------------------------|:----|:-----|--------:|:--|:----|:-----|--------:|:--|
| Net loss attributable to common stockholders                                  |     | $    |  (4,234 | ) |     | $    |  (4,503 | ) |
| Add back: Net loss attributable to Operating Partnership Units                |     |      |  (9,232 | ) |     |      |  (8,996 | ) |
| Net loss attributable to common stockholders and unit holders                 |     |      | (13,466 | ) |     |      | (13,499 | ) |
| Net loss attributable to partially owned properties’ noncontrolling interests |     |      |  (2,891 | ) |     |      |  (2,398 | ) |
| Real estate depreciation and amortization                                     |     |      |  19,810 |   |     |      |  16,023 |   |
| Non-real estate depreciation and amortization                                 |     |      |     140 |   |     |      |     200 |   |
| Non-cash interest expense                                                     |     |      |   1,755 |   |     |      |   2,775 |   |
| Unrealized loss on derivatives                                                |     |      |   3,885 |   |     |      |   2,933 |   |
| (Recovery of) provision for credit losses                                     |     |      |     (93 | ) |     |      |     174 |   |
| Property management and asset management fees                                 |     |      |   4,715 |   |     |      |   4,416 |   |
| Management fees to related party                                              |     |