Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 147

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 147
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expenses.

Management fees to related partyamounted to $2.6 million for the three months ended September 30, 2025 as compared to $2.4 million for the same
prior year period. The increase was due to an increase in equity primarily from our continuous registered offering of Series A Preferred
Stock. For the third quarter of 2025, we will pay $0.2 million of the base management fee in C-LTIP Units with the remainder in cash.
Prior to the fourth quarter 2024, we paid the base management fee to the Manager as one half (50%) in C-LTIP Units and the remainder
in cash.

Weather-related losses were
negligible for the three months ended September 30, 2025 as compared to $0.2 million for the same prior year period. The 2024 expense
primarily relates to hurricane damage in Texas.

Acquisition and other transaction costs amounted to $0.1 million for the three months ended September 30, 2025 and were negligible for the same
prior year period. Acquisition costs can vary greatly, and the costs incurred in any given period may be significantly different in future
periods.

Depreciation and amortization expenseswere $6.8 million for the three months ended September 30, 2025 as compared to $4.9 million for the same prior
year period, with the increase primarily due to the acquisition of four residential communities since July 1, 2024. The increase
was partially offset by (i) the sales of one residential community and single-family units in our portfolio since July 1, 2024
and (ii) in-place leases being fully amortized at two residential communities prior to the third quarter 2025.

Other Income and Expense

Other income and expenseamounted
to expense of $3.9 million for the three months ended September 30, 2025 as compared to income of $8.4 million for the same prior
year period. This was primarily due to a $10.0 million decrease in gain on sales of real estate investments, a $3.2 million increase
in impairment on real estate, a decrease in preferred returns of $0.9 million as funding to our preferred equity investments decreased
to $45.0 million at September 30, 2025 as compared to $73.3 million at September 30, 2024. These changes were partially offset
by a $1.8