Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 144

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 144
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 Flows from Operating Activities

As of December 31, 2024, we held twenty-three real estate investments, consisting of fourteen consolidated investments and nine preferred equity and loan investments, with the twenty-three investments representing an aggregate of 5,087 residential units. During the
year ended December 31, 2024, net cash provided by operating activities was $9.1 million after net loss of $12.1 million was
adjusted for the following:

| · | non-cash items of $16.6 million;                                             |
| · | distributions of income and income from                                      
 preferred equity investments of $2.3 million;                                |
| · | an increase in accounts payable and other                                    
 accrued liabilities of $1.9 million; and                                     |
| · | a decrease                                                                   
 in accounts receivable, prepaids and other assets of $1.3 million; offset by |
| · | a decrease                                                                   
 in due from affiliates, net of $0.6 million; and                             |
| · | an increase                                                                  
 in notes and accrued interest receivable of $0.3 million.                    |

Cash Flows from Investing Activities

During the year ended December 31, 2024,
net cash used in investing activities was $224.9 million, primarily due to the following:

| · | $248.2 million used in acquiring                         
 consolidated real estate investments;                    |
| · | $39.4 million used in acquiring investments in preferred 
 equity investments and notes receivable;                 |

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| · | $9.3 million used on capital expenditures; and             |
| · | $2.7 million paid for an interest rate cap; offset         
 by                                                         |
| · | $50.0 million of proceeds from the sale of real estate     
 investments.                                               |
| · | $16.2 million of proceeds from the redemption of preferred 
 equity investments;                                        |
| · | $8.3 million of repayments of notes receivable; and        |
| · | $0.1 million of insurance proceeds related to real         
 estate investments.                                        |

Cash Flows from Financing Activities

During the year ended December 31,
2024, net cash provided by financing activities was $260.7 million, primarily due to the following:

| · | net borrowings                                                                    
 of $158.5 million on mortgages payable;                                           |
| · | net proceeds of $92.9 million                                                     
 from the issuance of Series