Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 53

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 53
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, respectively, and the remaining Lease term was approximately 5.8 years. In addition, the Company incurred tenant improvement costs related to the renovation and buildout of the NY Premises which are capitalized and included within net real estate investments on the Company’s consolidated balance sheets. Such tenant improvement costs are depreciated on a straight-line basis over the term of the Lease. The following table summarizes the future minimum lease payments and total operating lease liability as of September 30, 2025 (amounts in thousands):

| ​                                      
 Year                                   | ​ | ​     
 Total |      ​ |
|:---------------------------------------|:--|:------|-------:|
| 2025 (October 1 – December 31)         | ​ | $     |    268 |
| 2026                                   | ​ |       |  1,070 |
| 2027                                   | ​ |       |  1,070 |
| 2028                                   | ​ |       |  1,070 |
| 2029                                   | ​ |       |  1,070 |
| Thereafter                             | ​ |       |  1,773 |
| Total future minimum lease payments    
 (undiscounted cash flows)              | ​ | $     |  6,321 |
| Difference between future undiscounted 
 cash flows and discounted cash flows   | ​ |       | -1,240 |
| Total operating lease liability        | ​ | $     |  5,081 |

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Table of Contents

Note 17 – Segment Information

The Company owns
and operates residential real estate assets that generate rental and other property-related income through the leasing of residential
units to a diverse base of tenants. The Company evaluates operating performance on an individual property investment level and based on
the investments’ similar economic characteristics. The Company’s Chief Operating Decision Makers (“CODMs”) are
its Chief Executive Officer, Chief Investment Officer and Chief Financial Officer. The CODMs’ primary financial measure for operating
performance is NOI as it measures the core operations of property performance by excluding corporate level expenses and those other items
not related to property operating performance. CODMs are provided financial reports which include an income statement with property revenues,
property operating expenses, and property net income. These financial reports assist the CODMs in assessing the Company’s financial
performance and in allocating resources appropriately. The Company views its residential real estate assets as two reportable segments,
consisting of (i) residential communities and (ii) scattered