Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 10

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 10
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 a related party of the Company, but it is not within the Company’s control and is not consolidated   
 in the Company’s financial statements.                                                                                                      |
| (d) | Represents depreciation and amortization expense adjustment to historical results                                                           
 for the three months ended March 31, 2025 based on the allocation of the purchase price. Depreciation expense is calculated using the       
 straight-line method over the asset’s estimated useful life as follows: 30-40 years for the building, 5-15 years for building and           
 land improvements, and 3-8 years for furniture, fixtures and equipment. Amortization expense relates to the Company’s identifiable          
 intangible assets and consists of the value of in-place leases. In-place leases are amortized using the straight-line method over the       
 remaining non-cancelable term of the respective leases, which is on average six months.                                                     |
| (e) | Represents interest expense for the Southern Pines Reserve acquisition and is                                                               
 estimated to have been incurred on the $30.7 million senior loan, which bears interest at a fixed rate of 5.13% and matures on May 1,       
 2035. Interest expense is calculated as if the senior loan was entered into on January 1, 2024. Interest expense also includes deferred     
 financing costs which are recognized at acquisition and amortized using the straight-line method over the remaining life of the senior      
 loan. Interest expense does not include any amounts related to borrowings on the KeyBank Credit Facility as borrowings are assumed to       
 have been made on January 1, 2024 and repaid in full one year from the date of funding due to certain minimum paydown requirements per      
 the terms of the KeyBank Credit Facility. The mortgage balance assumed in the pro forma balance sheet is presented at fair value less       
 unamortized deferred financing costs.                                                                                                       |
| (f) | Earnings per share is calculated in accordance with Accounting Standards Codification                                                       
 260 – “Earnings per Share.” The historical earnings per share amounts are the amounts reported in the Company’s                             
 Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.                                                                         |

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

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

FOR THE YEAR ENDED DECEMBER 31, 2024

(In thousands