Company: BHM
Filing Date: 2025-07-08
Form Type: 8-K/A
Source: 0001104659-25-066350
Chunk: 4

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: 8-K/A
Chunk 4
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 pro forma
condensed consolidated financial statements are prepared for informational purposes only. In management’s opinion, all material
adjustments necessary to reflect the effects of the transactions referred to above have been made. Our unaudited pro forma condensed consolidated
financial statements are based on assumptions and estimates considered appropriate by the Company’s management. However, they are
not necessarily indicative of what our consolidated financial condition or results of operations would have been assuming the transactions
referred to above had occurred as of the dates indicated, nor do they purport to represent our consolidated financial position or results
of operations for future periods.

<div align='center'>BLUEROCK HOMES TRUST, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

AS OF MARCH 31, 2025

(In thousands, except share and per share amounts)</div>

| ASSETS                                                                                                                                                                     
 Net real estate investments                                                                                                                                                |     | Bluerock Homes 
 Trust, Inc.    
 Historical (a) |         |   |     | Pro Forma             
 Adjustments           
 Marble Investment (b) |         |   |     | Pro Forma 
 Total     |         |   |
|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:---------------|--------:|:--|:----|:----------------------|--------:|:--|:----|:----------|--------:|:--|
| Land                                                                                                                                                                       |     | $              | 103,299 |   |     | $                     |       — |   |     | $         | 103,299 |   |
| Buildings and improvements                                                                                                                                                 |     |                | 579,817 |   |     |                       |       — |   |     |           | 579,817 |   |
| Furniture, fixtures and equipment                                                                                                                                          |     |                |  20,310 |   |     |                       |       — |   |     |           |  20,310 |   |
| Construction in process                                                                                                                                                    |     |                |   2,919 |   |     |                       |       — |   |     |           |   2,919 |   |
| Total gross operating real estate investments                                                                                                                              |     |                | 706,345 |   |     |                       |       — |   |     |           | 706,345 |   |
| Accumulated depreciation                                                                                                                                                   |     |                | (47,812 | ) |     |                       |