Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 71

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 71
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 gain on the sale of one preferred equity investment.

Income Tax Expense

Income tax expense amounted to $0.4 million for the three months ended September 30, 2025 as compared to zero for the same prior year period.
The 2025 expense primarily relates to income earned on certain taxable REIT subsidiaries for Amira at Westly, Southern Pines Reserve,
and one preferred equity investment.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Revenue

Rental and other property revenues increased $14.5 million, or 42%, to $49.2 million for the nine months ended September 30, 2025 as compared
to $34.7 million for the same prior year period. The increase was primarily due to: (i) the acquisition of 1,524 units at five residential
communities, which was partially offset by sales of 176 units at one residential community and 202 single-family units in our portfolio
since January 1, 2024, and (ii) rental rate improvement from our active management and organic market rent growth. Our average rent per
occupied unit increased $76, or 4.7%, to $1,693 as compared to $1,617 during the prior year period. Average occupancy decreased 30 basis
points from 91.9% to 91.6% on a year over year basis.

Interest income from loan investments amounted to $0.6 million for the nine months ended September 30, 2025 as compared to $1.7 million for
the same prior year period due to the full payoff of three loan investments since the third quarter of 2024.

Expenses

Property operating expenses increased $7.2 million, or 41%, to $24.6 million for the nine months ended September 30, 2025 as compared to $17.4
million for the same prior year period. The increase was primarily due to the acquisition of 1,524 units at five residential communities,
which was partially offset by sales of 176 units at one residential community and 202 single-family units in our portfolio since January
1, 2024.

Property management and asset management fee expenses were $4.0 million for the nine months ended September 30, 2025 as compared to $3.5 million
in the same prior year period. Property management fees are based on a stated percentage of property revenues and asset management fees
are