Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 12

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 12
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5.                                                                                                                                          |
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| (c) | Represents property management and asset management fees estimated to have been                                                                
 incurred for Southern Pines Reserve. Property management fees shall be calculated at the greater of (i) 2.50% of monthly property revenues,    
 or (ii) $8,500 per month. The Company calculated the property management fees at 2.50% of monthly property revenues. Asset management          
 fees are calculated at 0.20% per annum of the $56.6 million purchase price, which is due to BR Churchill Downs DST Manager, LLC for providing  
 management and supervisory services in connection with Southern Pines Reserve. BR Churchill Downs DST Manager, LLC is a related party          
 of the Company, but it is not within the Company’s control and is not consolidated in the Company’s financial statements.                      |
| (d) | Represents depreciation and amortization expense adjustment to historical results                                                              
 for the year ended December 31, 2024 based on the allocation of the purchase price. Depreciation expense is calculated using the straight-line 
 method over the asset’s estimated useful life as follows: 30-40 years for the building, 5-15 years for building and land improvements,         
 and 3-8 years for furniture, fixtures and equipment. Amortization expense relates to the Company’s identifiable intangible assets              
 and consists of the value of in-place leases. In-place leases are amortized using the straight-line method over the remaining non-cancelable   
 term of the respective leases, which is on average six months.                                                                                 |
| (e) | Represents interest expense for the Amira at Westly acquisition and is estimated                                                               
 to have been incurred on (i) the $30.7 million senior loan, which bears interest at a fixed rate of 5.13% and matures on May 1, 2035,          
 and (ii) the borrowings of $20.0 million on the KeyBank Credit Facility, which bears interest per annum, at the Company’s option,              
 at SOFR (Daily Simple or Term) plus 3.60% or the base rate plus 2.50%, and matures one-year from the date of funding, subject to               
 certain minimum paydowns determined by the terms of the KeyBank Credit Facility. Interest expense is calculated as if the senior loan          
 was entered into, and borrowings on the KeyBank Credit Facility were made, on January 1,