Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 18

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 18
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 Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation**

The
Company conducts its operations through Bluerock Residential Holdings, L.P., its operating partnership (the “Operating Partnership”),
of which it is the sole general partner. The consolidated financial statements include the Company’s accounts and those of the Operating
Partnership and its subsidiaries. As of September 30, 2025, limited partners other than the Company owned approximately 69.30% of the
common units of the Operating Partnership, of which 55.74% were held by holders of limited partnership interest in the Operating Partnership
(“OP Units”) and 13.56% were held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP
Units”), including 2.99% which were not vested at September 30, 2025.

Certain
amounts in prior year financial statement presentation have been reclassified to conform to the current year presentation.

Summary of Significant Accounting Policies

Refer
to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the Securities and Exchange Commission
(“SEC”) on March 20, 2025 for discussion of the Company’s significant accounting policies. During the nine months ended
September 30, 2025, there were no material changes to these policies.

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Table of Contents

Consolidated Investments
in Real Estate, Preferred Equity Investments, Notes Receivable and Unconsolidated Funds

The
Company first analyzes an investment to determine if it is a variable interest entity (“VIE”) in accordance with Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation
and, if so, whether the Company is the primary beneficiary requiring consolidation of the entity. A VIE is an entity that has (i) insufficient
equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack
the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has
both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb
losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE
are contractual, ownership, or other financial interests in a VIE that change