Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 150

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 150
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,412 |     | $    |  1,129 |
| Fourth Quarter               |     |               |       |     |      |        |
| Series A Preferred Stock (1) |     | $             | 1,795 |     | $    |  1,726 |
| Total Fourth Quarter         |     | $             | 1,795 |     | $    |  1,726 |
| Total                        |     | $             | 4,022 |     | $    | 15,845 |

| (1) | Series A Preferred Stock amounts include the standard dividend at an annual rate of 6.0% of the Stated Value plus any special and enhanced special dividends. |

Critical Accounting Policies and Estimates

Below
is a discussion of the accounting policies that we consider critical to an understanding of our financial condition and operating results
that may require complex or significant judgment in their application or require estimates about matters which are inherently uncertain.

Principles of Consolidation and Basis of Presentation

We conduct our operations
through the Operating Partnership, of which we are the sole general partner. The consolidated financial statements include our accounts
and those of the Operating Partnership and its subsidiaries. As of December 31, 2024, limited partners other than the company owned approximately 69.48% of the common units of the Operating Partnership, of which 56.72% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 12.76% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 3.09% which are not vested at December 31, 2024.

Real Estate Investments, Preferred Equity Investments and Notes Receivable

We first analyze an investment
to determine if it is a variable interest entity (“VIE”) in accordance with Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 810: Consolidation and, if so, whether we are the primary beneficiary
requiring consolidation of the entity. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities
without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial
interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that
most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive