Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 160

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 160
---
 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.

<div align='center'>95</div>

The table below presents
our calculation of FFO and CFFO for the three and nine months ended September 30, 2025 and 2024 ($ in thousands):

|                                                                     |     | Three Months Ended 
 September 30,      
 2025               |            |   |     | 2024 |            |   |     | Nine Months Ended 
 September 30,     
 2025              |            |   |     | 2024 |            |   |
|:--------------------------------------------------------------------|:----|:-------------------|-----------:|:--|:----|:-----|-----------:|:--|:----|:------------------|-----------:|:--|:----|:-----|-----------:|:--|
| Net                                                                 
 (loss) income attributable to common stockholders                   |     | $                  |     (3,608 | ) |     | $    |        921 |   |     | $                 |     (8,621 | ) |     | $    |     (1,731 | ) |
| Add                                                                 
 back: Net (loss) income attributable to Operating Partnership Units |     |                    |     (8,074 | ) |     |      |      2,010 |   |     |                   |    (19,302 | ) |     |      |     (3,695 | ) |
| Net                                                                 
 (loss) income attributable to common stockholders and unit holders  |     |                    |    (11,682 | ) |     |      |      2,931 |   |     |                   |    (27,923 | ) |     |      |     (5,426 | ) |
| Real estate                                                         
 depreciation and amortization                                       |     |                    |      6,740 |   |     |      |      4,851 |   |     |                   |     21,392 |   |