Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 146

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 146
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| · | $3.9 million of distributions                                                     
 to common stockholders;                                                           |
| · | $3.5 million in cash distributions                                                
 paid to preferred stockholders;                                                   |
| · | $2.9 million for purchase                                                         
 of interests from noncontrolling interests; and                                   |
| · | $0.1 million in cash distributions                                                
 paid to partially owned properties’ noncontrolling interests.                     |

Year ended December 31, 2024 as compared to the year ended December 31, 2023

Operating Activities

Net cash flow provided by operating activities decreased $4.8 million
in 2024 compared to 2023 primarily due to:

| · | decrease                                                                                     
 in net distributions of income and income from preferred equity investments of $3.1 million; |

| · | operating                                                       
 income, adjusted for non-cash activity, decreased $3.0 million; |

| · | decrease                                           
 in amounts due to affiliates, net of $1.9 million; |

| · | decrease                                                                       
 in accounts receivable, prepaid expenses and other assets of $1.5 million; and |

| · | increase                                                            
 in notes and accrued interest receivable of $0.2 million; offset by |

| · | increase                                                           
 in accounts payable and other accrued liabilities of $1.9 million. |

Investing Activities

Net cash used in investing activities increased $199.2 million in
2024 compared to 2023 primarily due to:

| · | net                                                                                            
 increase in acquisition of real estate investments and capital expenditures of $237.1 million; |

| · | lower                                                                     
 proceeds from redemption of preferred equity investments of $9.6 million; |

| · | increase                                               
 in investment in notes receivable of $4.6 million; and |

| · | increase                                                    
 in purchase of interest rate cap of $2.7 million; offset by |

| · | higher                                                               
 proceeds from the sales of real estate investments of $41.0 million; |

| · | increased                                           
 repayments on notes receivable of $8.3 million; and |

| · | lower                                                        
 investments in preferred equity investments of $5.5 million. |

Financing Activities

Net cash provided by financing activities increased $245.1 million
in 2024 compared to 2023 primarily due to:

| · | increase                                                                           
 in mortgage borrowings of $158.5 million;                                          |
| · | increase