Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 31

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 31
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30, 2024 include adjustments to the following: property management and asset management 
 fees, depreciation and amortization, interest expense, and the operating partnership units’ interest.                                          |
|:----|:-----------------------------------------------------------------------------------------------------------------------------------------------|
|     | Amounts shown for rental and other property revenues and property operating expenses reflect the property’s                                    
 actual results of operations (historical operations) and have not been adjusted.                                                               |
| (c) | Represents property management and asset management fees estimated to have been                                                                
 incurred for Allure at Southpark. Property management fees and asset management fees are calculated at 3.0% and 1.0% of total monthly          
 property revenues, respectively.                                                                                                               |
| (d) | Represents depreciation and amortization expense adjustment to historical results                                                              
 for the nine months ended September 30, 2024 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 Allure at Southpark acquisition and is estimated                                                           
 to have been incurred on the $55.2 million senior loan, which bears interest at a fixed rate of 5.58% and matures on January 1, 2030.          
 Interest expense is calculated as if the senior loan was entered into on January 1, 2023. 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. 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 nine months ended September 30, 2024.                                                                    |

<div align='center'>BLUEROCK HOMES TRUST