Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 147

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 147
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 (loss) attributable to common stockholders, or cash generated from operating activities
determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management’s discretionary
use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Neither FFO nor
CFFO should be considered as an alternative to net income, including net income (loss) attributable to common stockholders, as an indicator
of our operating performance or as an alternative to cash flow from operating activities as a measure of our liquidity.

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The table below presents our calculation of FFO
and CFFO for the years ended December 31, 2024 and 2023 ($ in thousands):

|                                                                     |     | 2024 |            |   |     | 2023 |            |   |
|:--------------------------------------------------------------------|:----|:-----|-----------:|:--|:----|:-----|-----------:|:--|
| Net loss attributable to common stockholders                        |     | $    |     (4,234 | ) |     | $    |     (4,503 | ) |
| Add back: Net loss attributable to Operating Partnership Units      |     |      |     (9,232 | ) |     |      |     (8,996 | ) |
| Net loss attributable to common stockholders and unit holders       |     |      |    (13,466 | ) |     |      |    (13,499 | ) |
| Real estate depreciation and amortization                           |     |      |     19,810 |   |     |      |     16,023 |   |
| (Gain) on sale and impairment of real estate investments, net       |     |      |     (7,081 | ) |     |      |      1,017 |   |
| Adjustment for partially owned properties’ noncontrolling interests |     |      |     (2,245 | ) |     |      |     (2,215 | ) |
| FFO attributable to common stockholders and unit holders            |     |      |     (2,982 | ) |     |      |      1,326 |   |
| Acquisition and other transaction costs                             |     |      |        255 |   |     |      |      1,820 |   |
| Non-cash interest expense                                           |     |      |      1,755