Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 21

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 21
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     |    |     |           |   (11,647 | ) |
| Comprehensive (loss) income attributable                   
 to common stockholders                                     |     | $              |    (4,398 | ) |     | $           |   386 |     |    |     | $         |    (4,012 | ) |

<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 YEAR ENDED DECEMBER 31, 2024</div>

| (a) 
 (b) | Historical consolidated                                                                                                                     
 financial information derived from the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.                           
 Represents adjustments to the Company’s                                                                                                     
 historical operations to give effect to the Marble Investment on April 25, 2025 as if the investment had been made on January 1,            
 2024. Pro forma adjustments to the Company’s historical results for the year ended December 31, 2024 include adjustments to                 
 the following: income from unconsolidated real estate joint ventures and the operating partnership units’ interest.                         |
|:----|:--------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | Represents income from unconsolidated                                                                                                       
 real estate joint ventures estimated to have been earned on the Marble Investment. Income from unconsolidated real estate joint ventures    
 is calculated at 4.9% of the Company’s total $25 million investment and is based on historical distribution rates for an investor           
 with similar limited partnership interests in the Marble Fund.                                                                              |
| (d) | Earnings per share is calculated                                                                                                            
 in accordance with Accounting Standards Codification 260 – “Earnings per Share.” The historical earnings per share amounts                  
 are the amounts reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Unvested share-based             
 payment awards that contain nonforfeitable rights to dividends are participating securities and are included in the computation of earnings 
 per share.                                                                                                                                  |

<div align='center'>SIGNATURES</div>

Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its