Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 114

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 114
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 sold for an aggregate of approximately $15.1 million, subject to certain closing
costs, prorations and adjustments typical in such real estate transactions. After deducting the paydown of existing mortgage indebtedness
encumbering 16 units in the ILE portfolio of approximately $3.0 million, the sales of the 85 units generated net proceeds of approximately
$10.7 million and a gain on sales of approximately $1.7 million.

Loan Investment Activity

Our
two remaining loan investments were paid off in full, including any accrued but unpaid interest amounts, as follows: (i) Wayford at Pringle
in the aggregate amount of $23.0 million, which included our principal investment of $22.3 million and accrued interest of $0.7 million,
and (ii) Willow Park in the aggregate amount of $9.4 million, which included our principal investment of $9.4 million and a nominal amount
of accrued interest.

Unconsolidated Real Estate Fund Summary

On
April 25, 2025, we closed on the acquisition of a limited partnership interest in Marble Capital Income and Impact Fund, LP (the “Marble
Fund”) for a purchase price of $25.0 million. The Marble Fund owns a diversified portfolio of multifamily assets and build-to-rent
multifamily investments located in the United States.

Preferred Equity Investment Summary

Our
preferred equity investment activity was as follows: (i) we increased our original capital commitment for preferred equity interests in
Wayford at Innovation Park by $2.0 million, increasing our total investment to $15.4 million, (ii) we entered into a joint venture agreement
with an unaffiliated third party, and made a commitment to invest $16.2 million for preferred equity interests, to develop an approximately
300 unit residential community located in Sanford, North Carolina known as Sanford Marketplace, and (iii) had our preferred equity investment
in The Cottages at Myrtle Beach fully redeemed in the aggregate amount of $28.1 million, which included our principal investment of $17.9
million, and accrued preferred return and outstanding amounts of $10.2 million.

In addition, we
sold our preferred equity interests in Indigo Cove and Wayford at Pringle to a joint venture, with such joint venture including an affiliate
of Bluerock Homes Manager, LLC (our “Manager”), in the aggregate amounts of $4.2 million and $9.2 million