Company: BHM
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001104659-25-046667
Chunk: 12

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 12
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 (2)                    | ​          | $            | 3,110 | ​ | $ | 2,741 |

| (1) | The Company’s                                                                                                                                    
 preferred equity investments in Peak Housing and The Woods at Forest Hill were fully redeemed in September 2024 and November 2024, respectively. |

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| (2) | Total income                                                                                                                                   
 from preferred equity investments includes both current and accrued income amounts. For the three months ended March 31, 2025 and 2024,        
 the accrued portion of the total income was $2.9 million and $2.5 million, respectively. At March 31, 2025 and December 31, 2024, the          
 Company had $25.1 million and $23.3 million, respectively, of total accrued preferred equity income, which is recorded in accounts receivable, 
 prepaids and other assets, net in its consolidated balance sheets.                                                                             |

Preferred Equity Investment Summary In February 2025, the Company increased its original capital commitment for preferred equity interests in Wayford at Innovation Park by $2.0 million, increasing its total investment to $15.4 million. As of March 31, 2025, the Company had funded $11.8 million of its $26.9 million aggregate commitment to fund capital for preferred equity interests in Canvas at Wildwood, Indigo Cove and River Ford. Note 7 – DST Program The Company has a program to raise capital through private placement offerings under which it sells beneficial interests in specific Delaware statutory trusts (each, a “DST”) holding real properties (collectively, the “DST Program”). Under the DST Program, the private placement offers interest in the real property placed into a Delaware statutory trust (a “DST Property”). The underlying interest of the real property sold to investors pursuant to such private placement is leased-back by a wholly-owned subsidiary of the Operating Partnership on a long-term basis through a master lease agreement. The master lease agreement is partially guaranteed by the Operating Partnership in the form of a demand note capitalizing the lessee. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trust from the investors in exchange for OP Units or cash commencing two years after full syndication. As the Company is the primary beneficiary of the DST Property for financial reporting purposes, the Company consolidates the DST Property and operations in its financial statements. Under