Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 181

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 181
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ock 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 December 31, 2024, limited partners other than the Company owned approximately 69.48% of
the common units of the Operating Partnership, of which 56.72% is held by holders of limited partnership interest in the Operating Partnership
(“OP Units”) and 12.76% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP
Units”), including 3.09% which are not vested at December 31, 2024.

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

<div align='center'>F-7</div>

Table of Contents

Summary of Significant Accounting Policies

Real Estate Investments,
Preferred Equity Investments and Notes Receivable

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 in value with changes in the fair value of the VIE’s
net assets. The Company continuously re-assesses at each level of the investment whether (i) the entity is a VIE, and (ii) the
Company is the primary beneficiary of the VIE. If it was determined that an entity in which the Company holds an interest qualified as
a VIE and the Company was the primary beneficiary, the entity would be consolidated.

If,
after consideration of the VIE accounting literature, the Company has determined that an entity is not a VIE,