Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 9

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 9
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         |     | $              |    (2,058 | ) |     | $              |   (70 | )    |     | $         |    (2,128 | ) |

<div align='center'>See Notes to Unaudited Pro Forma Condensed Consolidated
Statement of Operations and Comprehensive Income

BLUEROCK HOMES TRUST, INC.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2025</div>

| (a) 
 (b) | Historical consolidated financial information derived from the Company’s                                                                    
 Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.                                                                         
 Represents adjustments to the Company’s                                                                                                     
 historical operations to give effect to the purchase of Southern Pines Reserve on April 28, 2025 as if these assets had been acquired       
 on January 1, 2024. Pro forma adjustments to the Company’s historical results for the three months ended March 31, 2025 include             
 adjustments to the following: rental and other property revenues, property operating expenses, property management and asset management     
 fees, depreciation and amortization, interest expense, and the operating partnership units’ interest.                                       
 The property’s actual results of operations                                                                                                 
 (historical operations for the three months ended March 31, 2025) for rental and other property revenues and property operating expenses    
 have been adjusted to reflect operations with eight fewer units as such units were lost due to a fire that occurred at the property in      
 February 2025.                                                                                                                              |
|:----|:--------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | Represents property management and asset management fees estimated to have been                                                             
 incurred for Southern Pines Reserve. Property management fees shall be calculated at the greater of (i) 2.50% of monthly property revenues, 
 or (ii) $8,500 per month. The Company calculated the property management fees at 2.50% of monthly property revenues. Asset management       
 fees are calculated at 0.20% per annum of the $56.6 million purchase price, prorated for the three months ended March 31, 2025, which       
 is due to BR Churchill Downs DST Manager, LLC for providing management and supervisory services in connection with Southern Pines Reserve.  
 BR Churchill Downs DST Manager, LLC is