Company: BHM
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001104659-25-046667
Chunk: 3

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 3
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 “REIT taxable income,” as defined by the
Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify
as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates and it would
not be permitted to qualify as a REIT for four years following the year in which it lost its qualification. The Company intends to continue
to organize and operate in such a manner as to remain qualified as a REIT.

**Note 2 –
Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation**

The
Company conducts its operations through Bluerock Residential Holdings, L.P., its operating partnership (the “Operating Partnership”),
of which it is the sole general partner. The consolidated financial statements include the Company’s accounts and those of the Operating
Partnership and its subsidiaries. As of March 31, 2025, limited partners other than the Company owned approximately 69.59% of the common
units of the Operating Partnership, of which 56.54% were held by holders of limited partnership interest in the Operating Partnership
(“OP Units”) and 13.05% were held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP
Units”), including 3.08% which were not vested at March 31, 2025.

Certain
amounts in prior year financial statement presentation have been reclassified to conform to the current year presentation.

Summary of Significant Accounting Policies

Refer
to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the Securities and Exchange Commission
(“SEC”) on March 20, 2025 for discussion of the Company’s significant accounting policies. During the three months ended
March 31, 2025, there were no material changes to these policies.

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Table of Contents

Real Estate Investments,
Preferred Equity Investments and Notes Receivable

The
Company first analyzes 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 the Company is the primary beneficiary requiring consolidation of the entity. A VIE is an entity that has (i) insufficient