Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 4

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 4
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detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial
likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the Statements.

In performing an audit in accordance with GAAS,
we:

| · | Exercise professional judgment and maintain professional skepticism throughout the audit. |

| · | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or                            
 error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence 
 regarding the amounts and disclosures in the Statements.                                                                               |

| · | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that                             
 are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Property's internal 
 control. Accordingly, no such opinion is expressed.                                                                                    |

| · | Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting 
 estimates made by management, as well as evaluate the overall presentation of the Statements.             |

| · | Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise     
 substantial doubt about the Property's ability to continue as a going concern for a reasonable period of time. |

We are required to communicate with those charged
with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control-related matters that we identified during the audit.

/s/ Plante Moran, PC

East Lansing, Michigan

July 1, 2025

<div align='center'>SOUTHERN PINES RESERVE

STATEMENTS OF REVENUES AND CERTAIN OPERATING EXPENSES

(In thousands)</div>

|                                                  |     |   |   Year Ended 
 December 31, 
         2024 |     |   |    (Unaudited) 
   Three Months 
          Ended 
 March 31, 2025 |
|:-------------------------------------------------|:----|:--|-------------:|:----|:--|---------------:|
| Revenues                                         |     |   |              |     |   |                |
| Rental and other property revenues               |     | $ |        4,922 |