Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 149

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 149
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 that CFFO can help facilitate comparisons of operating performance between periods and provides a more meaningful predictor
of future earnings potential.

Our calculation of CFFO
differs from the methodology used for calculating CFFO by certain other REITs and, accordingly, our CFFO may not be comparable to CFFO
reported by other REITs. Our management utilizes FFO and CFFO as measures of our operating performance after adjustment for certain non-cash
items, such as depreciation and amortization expenses, and acquisition and other transaction costs that are required by GAAP to be expensed
but may not necessarily be indicative of current operating performance and that may not accurately compare our operating performance
between periods. Furthermore, although FFO and CFFO and other supplemental performance measures are defined in various ways throughout
the REIT industry, we also believe that FFO and CFFO may provide us and our stockholders with an additional useful measure to compare
our financial performance to certain other REITs.

Neither FFO nor CFFO is
equivalent to net income (loss), including net income (loss) attributable to common stockholders, or cash generated from operating activities
determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management’s discretionary
use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Neither FFO nor
CFFO should be considered as an alternative to net income, including net income (loss) attributable to common stockholders, as an indicator
of our operating performance or as an alternative to cash flow from operating activities as a measure of our liquidity.

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The table below presents our calculation of FFO
and CFFO for the years ended December 31, 2024 and 2023 ($ in thousands):

|                                                                     |     | 2024 |            |   |     | 2023 |            |   |
|:--------------------------------------------------------------------|:----|:-----|-----------:|:--|:----|:-----|-----------:|:--|
| Net loss attributable to common stockholders                        |     | $    |     (4,234 | ) |     | $    |     (4,503 | ) |
| Add back: Net loss attributable to Operating Partnership Units      |     |      |     (9,232 | ) |     |      |     (8,996 | ) |
| Net loss