Company: BHM
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001104659-25-046667
Chunk: 18

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 18
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 quotes (“market data”). However,              
 given the implied price dispersion amongst the market data, the fair value determination for the AFS preferred equity investments has         
 also utilized significant unobservable inputs in discounted cash flow models based on recent performance of the collateral, the underlying    
 collateral characteristics, industry trends as well as expectations of macroeconomic events. At each measurement date, the Company considers  
 both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable 
 inputs, the fair values of AFS preferred equity investments are classified in Level 3 of the fair value hierarchy.                            |

| (2) | The carrying                                                                                                                              
 values of the mortgages payable include ($2,319) and ($2,400) of unamortized fair value debt adjustments and exclude $5,131 and $5,416    
 of deferred financing costs at March 31, 2025 and December 31, 2024, respectively. The fair value of mortgages payable is estimated based 
 on interest rates obtained from third party lenders for similar types of borrowing arrangements.                                          |

The Company’s operating units classified as held for sale for which it has recorded impairments, measured at fair value on a non-recurring basis, for the three months ended March 31, 2025 and 2024 are summarized in the table below (amounts in thousands). The units classified as held for sale are all reported in the Company’s scattered single-family homes segment.

| ​                                           
 ​                                           
 ​                                           
 ​                                           
 Investment in operating                     
 units classified as held for sale (Level 3) | ​ 
 ​ 
 ​ 
 ​ | ​                  
 Three Months Ended 
 March 31,          
 2025               
 ​                  |     ​ 
     ​ | ​ 
 ​ 
 ​ | ​    
 2024 
 ​    |     ​ 
     ​ |
|:--------------------------------------------|:--|:-------------------|------:|:--|:-----|------:|
| Pre-impairment amount                       | ​ | $                  | 1,652 | ​ | $    | 6,493 |
| Total impairments (1)                       | ​ |                    |  -124 | ​ | ​    |  -126 |
| Fair value (2)                              | ​ | $                  | 1,528 | ​ | $    | 6,367 |

| (1) | Impairment                                                                                                                      
 amounts are included in gain on sale and impairment of real