Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 27

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 27
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, administrative, application and other fees, are recognized when the
services are provided and the performance obligations are satisfied. Tenant reimbursements are included within rental and other property
revenues on the Property’s statements of revenues and certain operating expenses.

Note 4 – Certain Operating Expenses

Certain operating expenses
include only those costs expected to be comparable to the proposed future operations of the Property. Property operating expenses include
administrative, repairs and maintenance, marketing, payroll, utilities, taxes, and insurance. Expenses such as depreciation, amortization,
and interest are excluded.

Note 5 – Commitments and Contingencies

The Property is subject to
various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted
with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the
financial position or results of operations or liquidity of the Property.

Note 6 – Subsequent Events

The Property evaluated subsequent
events through February 18, 2025, the date the financial statements were available to be issued.

<div align='center'>BLUEROCK HOMES TRUST, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INFORMATION</div>

The following unaudited pro
forma condensed consolidated financial statements of Bluerock Homes Trust, Inc. (together with its consolidated subsidiaries, the “Company,”
“we,” “our” or “us”) should be read in conjunction with our historical audited consolidated financial
statements as of and for the year ended December 31, 2023, and as of and for the nine months ended September 30, 2024 (unaudited), and
the related notes thereto.

The unaudited pro forma condensed
consolidated balance sheet as of September 30, 2024, and the unaudited pro forma condensed consolidated statement of operations for the
nine months ended September 30, 2024, and the year ended December 31, 2023, have been prepared to provide pro forma financial information
with regard to the Allure at Southpark acquisition on December 6, 2024, which the Company expects to consolidate.

The pro forma condensed consolidated
balance sheet at September 30, 2024 assumes that the Allure at Southpark acquisition occurred on September 30, 2024.

The pro forma condensed consolidated
statements of operations assume the transaction referred to