Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 24

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 24
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 Skytop Apartments. The purchase price of $88.5 million was funded with (i) a $57.5

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Table of Contents

million senior loan secured by Skytop Apartments, (ii) borrowings of $22.0 million through the KeyBank Credit Facility, and (iii) cash of $13.0 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions. Southern Pines Reserve and Skytop Apartments are the second and third properties, respectively, acquired by the Company through Delaware statutory trusts (each, a “DST”) to be part of private placement offerings through which interests in each DST will be issued to third party accredited investors therein. Refer to Note 9 for further information on the Company’s DST Program. Harmony at Clear Creek Development On September 30, 2025, the Company, through a joint venture with an unaffiliated third party (the “Harmony JV”), in which the Company holds an 85% interest, acquired land located in Shawnee, Kansas for a purchase price of $2.3 million for the development of an approximately 188-unit residential community to be known as Harmony at Clear Creek. In connection with the acquisition and planned development, the Harmony JV entered into a construction loan agreement providing for borrowings of up to $46.5 million. At September 30, 2025, the outstanding balance under the construction loan was negligible and is included in mortgages payable on the Company’s consolidated balance sheets. The interest rate cap associated with the construction loan, and any capitalized interest, is recorded within construction in process on the consolidated balance sheets. The Company accounts for Harmony at Clear Creek as a consolidated investment. Purchase Price Allocation The real estate acquisitions above have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets based on their estimated fair values at the dates of acquisition. The following table summarizes the assets acquired at the acquisition dates for the Company’s acquisitions made during the nine months ended September 30, 2025 (amounts in thousands):

| ​                                                   
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 ​ 
 ​ | ​          
 Purchase   
 Price      
 Allocation |       ​ |
|:----------------------------------------------------|:--|:-----------|--------:|
| Land                                                | ​ | $          |  15,723 |
| Building                                            | ​ |            | 104,504 |
| Building improvements                               | ​ |            |   3,632 |
| Land improvements