Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 122

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 122
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 at Westly and three preferred equity investments.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

Revenue

Rental and other property revenues increased $9.9 million, or 44%, to $32.6 million for the six months ended June 30, 2025 as compared to
$22.7 million for the same prior year period. The increase was primarily due to: (i) the acquisition of 1,524 units at five residential
communities, which was partially offset by sales of 176 units at one residential community and 183 single-family units in our portfolio
since January 1, 2024, and (ii) rental rate improvement from our active management and organic market rent growth. Our average rent per
occupied unit increased $84, or 5.2%, to $1,692 as compared to $1,608 during the prior year period. Average occupancy decreased 70 basis
points from 92.4% to 91.7% on a year over year basis.

Interest income from loan investments amounted to $0.6 million for the six months ended June 30, 2025 as compared to $1.0 million for the same
prior year period due to the full payoff of three loan investments since the third quarter of 2024.

Expenses

Property operating expenses increased $4.8 million, or 44%, to $15.8 million for the six months ended June 30, 2025 as compared to $11.0 million
for the same prior year period. The increase was primarily due to the acquisition of 1,524 units at five residential communities, which
was partially offset by sales of 176 units at one residential community and 183 single-family units in our portfolio since January 1,
2024.

Property management and asset management fee expenses were $2.7 million for the six months ended June 30, 2025 as compared to $2.3 million
in the same prior year period. Property management fees are based on a stated percentage of property revenues and asset management fees
are based on a stated percentage of capital contributions or assets under management, where applicable.

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Table of Contents

General and administrative expenses amounted to $5.7 million for the six months ended June 30, 2025 as compared to $5.3 million for the same
prior year period. Of the $5