Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 136

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 136
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 with (i) a $30.7 million
senior loan secured by Southern Pines Reserve, (ii) borrowings of $20.0 million on the KeyBank Credit Facility, and (iii) cash
of $8.9 million funded by us, inclusive of certain adjustments typical in such real estate transactions. Southern Pines Reserve is the
second property acquired by us through a Delaware statutory trust to be part of a private placement offering through which interests in
the Southern Pines DST will be issued to third party accredited investors therein.

Sale of Consolidated Operating Units

We closed on the following
sales: 17 units in the ILE portfolio, 12 units in the Indy-Springfield portfolio, 19 units in the Peak JV 2 portfolio, and 37 units in
the Peak JV 3 portfolio, pursuant to the terms and conditions of multiple separate purchase and sale agreements. The 85 units were all
previously classified as held for sale and sold for an aggregate of approximately $15.1 million, subject to certain closing costs, prorations
and adjustments typical in such real estate transactions. After deducting the paydown of existing mortgage indebtedness encumbering 16
units in the ILE portfolio of approximately $3.0 million, the sales of the 85 units generated net proceeds of approximately $10.7 million
and a gain on sales of approximately $1.7 million.

Loan Investment Activity

Our
two remaining loan investments were paid off in full, including any accrued but unpaid interest amounts, as follows: (i) Wayford at Pringle in the aggregate amount of $23.0 million, which included our principal investment of $22.3 million and accrued interest of $0.7 million, and (ii) Willow Park in the aggregate amount of $9.4 million, which included our principal investment of $9.4 million and a nominal amount of accrued interest.

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Unconsolidated Real Estate Fund Summary

On April 25, 2025, we
closed on the acquisition of a limited partnership interest in Marble Capital Income and Impact Fund, LP (the “Marble Fund”)
for a purchase price of $25.0 million. The Marble Fund owns a diversified portfolio of multifamily assets and build-to-rent multifamily
investments located in the United States.

Preferred Equity Investment Summary

Our preferred equity investment
activity was as follows: (i) we increased our original capital commitment