Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 124

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 124
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and a $1.0 million decrease in impairment on real estate.

Income Tax Expense

Income tax expense amounted to income of $1.0 million for the six months ended June 30, 2025 as compared to zero for the same prior year
period. The 2025 expense primarily relates to Amira at Westly and three preferred equity investments.

Net Operating Income

We
believe that net operating income (“NOI”) is a useful measure of our operating performance. We define NOI as total property
revenues less total property operating expenses, excluding depreciation and amortization and interest. Other REITs may use different methodologies
for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. NOI also is a computation made by analysts and investors
to measure a real estate company’s operating performance.

We
believe that this measure provides an operating perspective not immediately apparent from operating income or net income prepared in conformity
with accounting principles generally accepted in the United States of America (“GAAP”). NOI allows us to evaluate the operating
performance of our properties because it measures the core operations of property performance by excluding corporate level expenses and
other items not related to property operating performance and captures trends in rental housing and property operating expenses.

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Table of Contents

However, NOI should only be used as a supplemental measure of our financial performance. The following table reflects net loss attributable to common stockholders together with a reconciliation to NOI, as computed in accordance with GAAP for the periods presented (amounts in thousands):

| ​                                                                         | ​ |            ​ |      ​ | ​ |    ​ |      ​ | ​ |            ​ |       ​ | ​ |    ​ |      ​ |
| ​                                                                         | ​ |        Three 
 Months Ended |        |   |      |        | ​ |          Six 
 Months Ended |         |   |      |        |
| ​                                                                         | ​ |     June 30, |        |   |      |        | ​ |     June 30, |         |   |      |        |
| ​                                                                         |   |         2025 |        |   | 2024 |        |   |         2025 |         |   | 2024 |        |
| Net                                                                       
 loss attributable to common stockholders                                  | ​ |            $ | -2,484 | ​ |    $ | -1,632 | ​ |            $ |  -5,013 | ​ |