Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 2

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 2
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 complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

| ITEM 2.01 | COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS |

Acquisition of Skytop Property

On September 29, 2025, Bluerock
Homes Trust, Inc., a Maryland corporation (the “Company”), through BHM DST Acquisitions, LLC, a wholly owned subsidiary of
the Company’s operating partnership, Bluerock Residential Holdings, L.P., a Delaware limited partnership (the “Operating Partnership”),
entered into an Assignment of Purchase and Sale Contract (the “PSA”) with BHM Skytop Investment Co, LLC, a Delaware limited
liability company, and wholly owned subsidiary of the Operating Partnership (“BR Skytop Depositor”), who further assigned
the PSA to BR Skytop Multifamily, DST, a Delaware statutory trust and a wholly owned subsidiary of the Operating Partnership (“BR
Skytop DST”), pursuant to which the Company, through its subsidiaries, assigned to BR Skytop DST the right to acquire, through a
membership purchase interest agreement, the membership interests in BHM Skytop TH, LLC, a Delaware limited liability company (the “TH
Entity”), which holds the fee simple interest in a 361-unit residential community known as Skytop Apartments, located in Cincinnati,
Ohio (the “Skytop Property”), from Wood Stone V Holdings Skytop LLC and Wood Stone VI Skytop Holdings LLC, (collectively,
the “Skytop Seller”), an unaffiliated seller.

On September 29, 2025, the
Company, through BR Skytop Depositor, closed on the acquisition of the TH Entity for a total purchase price of $88.5 million, subject
to certain prorations and adjustments typical in a real estate transaction.

The sale was based on arm’s
length negotiations with the unaffiliated Skytop Seller. In evaluating the Skytop Property as a potential investment, a variety of factors
were considered, including overall valuation of net rental income, expected capital expenditures, submarket demographics, community features
and amenities, location, price per unit and occupancy.

Financing for the Acquisition of Skytop Property

The acquisition of the Skytop
Property was funded with (i) approximately $13.0 million of gross equity from the Company (inclusive of certain transaction costs, operating
expenses, and operating and lender reserves), (ii) a senior loan held by Fannie Mae, to