Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 70

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 70
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Table of Contents

Management fees to related party amounted to $2.6 million for the three months ended September 30, 2025 as compared to $2.4 million for the same
prior year period. The increase was due to an increase in equity primarily from our continuous registered offering of Series A Preferred
Stock. For the third quarter of 2025, we will pay $0.2 million of the base management fee in C-LTIP Units with the remainder in cash.
Prior to the fourth quarter 2024, we paid the base management fee to the Manager as one half (50%) in C-LTIP Units and the remainder in
cash.

Weather-related losses were negligible for the three months ended September 30, 2025 as compared to $0.2 million for the same prior year period. The
2024 expense primarily relates to hurricane damage in Texas.

Acquisition and other transaction costs amounted to $0.1 million for the three months ended September 30, 2025 and were negligible for the same
prior year period. Acquisition costs can vary greatly, and the costs incurred in any given period may be significantly different in future
periods.

Depreciation and amortization expenses were $6.8 million for the three months ended September 30, 2025 as compared to $4.9 million for the same
prior year period, with the increase primarily due to the acquisition of four residential communities since July 1, 2024. The increase
was partially offset by (i) the sales of one residential community and single-family units in our portfolio since July 1, 2024 and (ii)
in-place leases being fully amortized at two residential communities prior to the third quarter 2025.

#### Other
Income and Expense

Other income and expenseamounted to expense of $3.9 million for the three months ended September 30, 2025 as compared to income of $8.4
million for the same prior year period. This was primarily due to a $10.0 million decrease in gain on sales of real estate investments,
a $3.2 million increase in impairment on real estate, a decrease in preferred returns of $0.9 million as funding to our preferred equity
investments decreased to $45.0 million at September 30, 2025 as compared to $73.3 million at September 30, 2024. These changes were partially
offset by a $1.8 million