Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 5

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 5
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     | $ |          1,211 |
| Total revenues                                   |     |   |        4,922 |     |   |          1,211 |
| Certain Operating Expenses                       |     |   |              |     |   |                |
| Property operating expenses                      |     |   |        1,566 |     |   |            400 |
| Total certain operating expenses                 |     |   |        1,566 |     |   |            400 |
| Revenues in Excess of Certain Operating Expenses |     | $ |        3,356 |     | $ |            811 |

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

SOUTHERN PINES RESERVE

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

Note 1 – Business

On April 28, 2025, Bluerock
Homes Trust, Inc. (the “Company”), through BHM DST Acquisitions, LLC, a wholly owned subsidiary of Bluerock Residential Holdings,
L.P. (the Company’s “Operating Partnership”), acquired Southern Pines Reserve (the “Property”) pursuant
to a Purchase and Sale Agreement (the “PSA”) with Hawthorne Pines, LLC, an unaffiliated third party. The Company, through
its subsidiaries, assigned the PSA to BR Churchill Downs, DST, a Delaware statutory trust and an indirect, wholly owned subsidiary of
the Operating Partnership.

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.

Use of Estimates

The preparation of the financial
statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management
to make estimates and assumptions that affect the reporting and disclosure of revenues and certain expenses during the reporting period
to present the statement of revenues and certain operating expenses. Actual results could differ from those estimates.

Note 3 – Revenues

The Property is located in
A