Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 152

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 152
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 $0.5 million of distributions to partially owned properties’ noncontrolling interests; |

| · | $0.5 million of cash distributions paid to common stockholders; and |

| · | $0.2 million paid for the redemption of Series A Redeemable Preferred Stock. |

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Capital Expenditures

The following table summarizes
our total capital expenditures for the six months ended June 30, 2025 and 2024 (amounts in thousands):

|                                         |     | Six Months Ended 
 June 30,         |  2025 |     |   |  2024 |
|:----------------------------------------|:----|:-----------------|------:|:----|:--|------:|
| New development                         |     | $                | 4,162 |     | $ |   235 |
| Redevelopment/renovations               |     |                  | 2,950 |     |   | 1,414 |
| Routine capital expenditures            |     |                  | 1,999 |     |   | 1,867 |
| Normally recurring capital expenditures |     |                  |   438 |     |   |   289 |
| Total capital expenditures              |     | $                | 9,549 |     | $ | 3,805 |

New development represents
the expenditures for the planning, land development, and construction of residential homes and communities. Redevelopment and renovation
costs are non-recurring capital expenditures for significant projects, such as preparing a unit for rental. The renovation work varies,
but may include flooring, cabinetry, paint, plumbing, appliances and other items required to make the unit rent ready. Routine capital
expenditures are necessary non-revenue generating improvements that extend the useful life of the property and that are less frequent
in nature, such as roof repairs and concrete work/asphalt resurfacing. Normally recurring capital expenditures are necessary non-revenue
generating improvements that occur on a regular ongoing basis, such as flooring and appliances.

Funds from Operations and Core Funds from Operations Attributable to Common Stockholders and Unit Holders

We believe that funds from
operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), and core
funds from operations (“CFFO”) are important non-GAAP supplemental measures of operating performance for a REIT.

FFO attributable to common
stockholders and unit holders is a