Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 134

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 134
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 ongoing property operations such as acquisition and
other transaction costs, non-cash interest, unrealized gains or losses on derivatives, provision for (recovery of) credit losses, losses
on extinguishment of debt and debt modification costs (includes prepayment penalties incurred and the write-off of unamortized deferred
financing costs and fair market value adjustments of assumed debt), one-time weather-related costs, equity compensation expense, non-recurring
income tax, and preferred stock accretion. We believe that CFFO is helpful to investors as a supplemental performance measure because
it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core
recurring property operations. As a result, we believe that CFFO can help facilitate comparisons of operating performance between periods
and provides a more meaningful predictor of future earnings potential.

Our
calculation of CFFO differs from the methodology used for calculating CFFO by certain other REITs and, accordingly, our CFFO may not be
comparable to CFFO reported by other REITs. Our management utilizes FFO and CFFO as measures of our operating performance after adjustment
for certain non-cash items, such as depreciation and amortization expenses, and acquisition and other transaction costs that are required
by GAAP to be expensed but may not necessarily be indicative of current operating performance and that may not accurately compare our
operating performance between periods. Furthermore, although FFO and CFFO and other supplemental performance measures are defined in various
ways throughout the REIT industry, we also believe that FFO and CFFO may provide us and our stockholders with an additional useful measure
to compare our financial performance to certain other REITs.

Neither
FFO nor CFFO is equivalent to net income (loss), including net income (loss) attributable to common stockholders, or cash generated from
operating activities determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management’s
discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties.
Neither FFO nor CFFO should be considered as an alternative to net income, including net income (loss) attributable to common stockholders,
as an indicator of our operating performance or as an alternative to cash flow from operating activities as a measure of our liquidity.

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Table of Contents

The table below presents our