Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 61

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 61
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 and
our results of operations.

#### Other Significant Developments
Investment Activity Summary

Provided
below is a summary of our investment activity during the nine months ended September 30, 2025.

Acquisition of Southern Pines Reserve

On
April 28, 2025, we, through a Delaware statutory trust (the “Southern Pines DST”), acquired a 272-unit residential community
located in Aberdeen, North Carolina known as Southern Pines Reserve, aka Hawthorne. The purchase price of $56.6 million was funded with
(i) a $30.7 million senior loan secured by Southern Pines Reserve, (ii) borrowings of $20.0 million through our existing credit facility
with KeyBank National Association (the “KeyBank Credit Facility”), and (iii) cash of $8.9 million funded by us, inclusive
of certain adjustments typical in such real estate transactions.

Acquisition of Skytop Apartments

On
September 29, 2025, we, through a Delaware statutory trust (the “Skytop DST”), acquired a 361-unit residential community located
in Cincinnati, Ohio known as Skytop Apartments. The purchase price of $88.5 million was funded with (i) a $57.5 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 us, inclusive of certain adjustments typical in such real estate transactions.

Southern
Pines Reserve and Skytop Apartments are the second and third properties, respectively, that we have acquired 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.

Harmony at Clear Creek Development

On
September 30, 2025, we, through a joint venture with an unaffiliated third party (the “Harmony JV”), in which we hold 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