Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 123

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 123
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.7 million total expense for the six months ended June 30, 2025, $3.7 million related to direct costs incurred
by us, while the remaining $2.0 million related to the operating expense reimbursement to our Manager, which includes rent, utilities,
and IT expenses.

Management fees to related party amounted to $5.1 million for the six months ended June 30, 2025 as compared to $4.2 million for the same prior
year period. The increase was due to an increase in equity primarily from our continuous registered offering of Series A Preferred Stock.
For the six months ended June 30, 2025, we will pay $0.4 million of the base management fee in C-LTIP Units with the remainder in cash.
Prior to the fourth quarter 2024, we paid the base management fee to the Manager as one half (50%) in C-LTIP Units and the remainder in
cash.

Acquisition and other transaction costs amounted to $0.2 million for the six months ended June 30, 2025 and were minimal for the same prior year
period. Acquisition costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods.

Depreciation and amortization expenses were $14.7 million for the six months ended June 30, 2025 as compared to $8.8 million for the same prior
year period, with the increase primarily due to the acquisition of five residential communities since January 1, 2024. The increase was
partially offset by (i) the sales of one residential community and single-family units in our portfolio since January 1, 2024 and (ii)
in-place leases being fully amortized at one residential community prior to 2025.

Other Income and Expense

Other income and expense amounted to expense of $1.1 million for the six months ended June 30, 2025 as compared to expense of $0.4 million
for the same prior year period. This was primarily due to a $4.3 million increase in interest expense primarily attributable to an increase
in the outstanding debt to $347.3 million at June 30, 2025 as compared to $166.7 million at December 31, 2023. This expense was partially
offset by a $1.5 million gain on the sale of one preferred equity investment, a $1.1 million increase in gain on sale of real estate investments,