Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 6

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 6
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 |     |   |            1,988 |
| Total certain operating expenses                 |     |   |             1,971 |     |   |            1,988 |
| Revenues in Excess of Certain Operating Expenses |     | $ |             2,127 |     | $ |            1,774 |

<div align='center'>See accompanying notes to statements of revenues
and certain operating expenses

SKYTOP APARTMENTS

NOTES TO STATEMENTS OF REVENUES AND CERTAIN OPERATING EXPENSES</div>

Note 1 – Business

On September 29, 2025, Bluerock
Homes Trust, Inc. (the “Company”), through BHM Skytop Investment Co, LLC, a wholly owned subsidiary of the Company’s
operating partnership, Bluerock Residential Holdings, L.P. (the “Operating Partnership”), and pursuant to a Purchase and Sale
Agreement, closed on the acquisition of BHM Skytop TH, LLC (the “TH Entity”), which holds the fee simple interest in Skytop
Apartments (the “Property”), from Wood Stone V Holdings Skytop LLC and Wood Stone VI Skytop Holdings LLC, both unaffiliated
third party sellers. The Company, through its subsidiaries, assigned to BR Skytop Multifamily, DST, a Delaware statutory trust and an
indirect, wholly owned subsidiary of the Operating Partnership, the right to acquire the membership interests in the TH Entity.

Note 2 – Basis of Presentation

The accompanying statements
of revenues and certain operating expenses have been prepared for the purpose of complying with Rule 3-14 of Regulation S-X of the United
States Securities and Exchange Commission promulgated under the Securities Act of 1933, as amended. Accordingly, the statements are not
representative of the actual operations for the periods presented as revenues, and certain operating expenses, which may not be directly
attributable to the revenues and expenses expected to be incurred in the future operations of the Property, have been excluded.

Property Occupancy

The Company considers a property
stabilized upon attainment of 90.0% physical occupancy. The Property did not achieve 90.0% occupancy until the second quarter of 2025.
As such, revenue and certain operating expense amounts presented in the statement of revenues and certain operating expenses for the year
ended December 31, 2024 reflect the Property’s historical results of operations under lease-up, whereas revenue and certain operating
expense amounts presented