Bluerock Homes Trust, Inc. 10-K

Item 9A. Controls and Procedures Disclosure Controls and Procedures Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. As required by Rule 13a-15(b) and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our management, including our Chief Executive Officer and Chief Financial Officer, evaluated, as of December 31, 2023, the effectiveness of our disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) and Rule 15d-15(e). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2023, to provide reasonable assurance that information required to be disclosed by us in this report filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Exchange Act and is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures. We believe, however, that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls systems are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud or error, if any, within a company have been detected. Management’s Annual Report on Internal Control over Financial Reporting This Annual Report on Form 10-K does not include a report of management’s assessment regarding internal control over financial reporting due to a transition period established by rules of the Securities and Exchange Commission for newly public companies . Changes in Internal Control over Financial Reporting There has been no change in internal control over financial reporting that occurred during the quarter ended December 31, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Item 9B. Other Information During the quarter ended December 31, 2023, none of our directors or officers (as defined in Section 16 of the Exchange Act) adopted or terminated a “ Rule 10b5-1 trading arrangement” or a “ non-Rule 10b5-1 trading arrangement” (each as defined in Item 408(a) and (c), respectively, of Regulation S-K). Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections Not applicable. ​ 81 Table of Contents PART III Item 10. Directors, Executive Officers and Corporate Governance . The information required by this Item is incorporated by reference from the Company’s 2024 Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2023. Item 11. Executive Compensation The information required by this Item is incorporated by reference from the Company’s 2024 Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2023. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by this Item is incorporated by reference from the Company’s 2024 Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2023. Item 13. Certain Relationships and Related Transactions and Director Independence The information required by this Item is incorporated by reference from the Company’s 2024 Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2023. Item 14. Principal Accountant Fees and Services The information required by this Item is incorporated by reference from the Company’s 2024 Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2023. PART IV Item 15. Exhibits and Financial Statement Schedules (a) List of Documents Filed. 1. Financial Statements The list of the financial statements filed as part of this Annual Report on Form 10-K is set forth on page F-1 herein. (b) Exhibits. The exhibits filed in response to Item 601 of Regulation S-K are listed on the Exhibit Index attached hereto. (c) Financial Statement Schedules. Our combined consolidated financial statements and supplementary data are included as a separate section in this Annual Report on Form 10-K commencing on page F-1 and are incorporated herein by reference. Item 16. Form 10-K Summary None. ​ 82 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BLUEROCK HOMES TRUST, INC . Date: March 12, 2024 /s/ R. Ramin Kamfar R. Ramin Kamfar Chief Executive Officer (Principal Executive Officer) ​ Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. BLUEROCK HOMES TRUST, INC . Date: March 12, 2024 /s/ R. Ramin Kamfar R. Ramin Kamfar Chief Executive Officer (Principal Executive Officer) Date: March 12, 2024 /s/ Christopher J. Vohs Christopher J. Vohs Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) Date: March 12, 2024 /s/ Elizabeth Harrison Elizabeth Harrison Director Date: March 12, 2024 /s/ Kamal Jafarnia Kamal Jafarnia Director Date: March 12, 2024 /s/ I. Bobby Majumder I. Bobby Majumder Director Date: March 12, 2024 /s/ Romano Tio Romano Tio Director ​ ​ ​ 83 Table of Contents INDEX TO COMBINED CONSOLIDATED FINANCIAL STATEMENTS Page Financial Statements Report of Independent Registered Public Accounting Firm (PCAOB ID Number 248 ) F-2 Combined Consolidated Balance Sheets as of December 31, 2023 and 2022 F-3 Combined Consolidated Statements of Operations for the Years Ended December 31, 2023 and 2022 F-4 Combined Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2023 and 2022 F-5 Combined Consolidated Statements of Cash Flows for the Years Ended December 31, 2023 and 2022 F-6 Notes to Combined Consolidated Financial Statements F-7 ​ ​ ​ F-1 Table of Contents Report of Independent Registered Public Accounting Firm The Board of Directors and Shareholders Bluerock Homes Trust, Inc. Opinion on the Financial Statements We have audited the accompanying combined consolidated balance sheets of Bluerock Homes Trust, Inc. (a Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2023 and 2022, the related combined consolidated statements of operations, changes in stockholders’ equity, and cash flows for each of the two years in the period ended December 31, 2023, and the related notes and financial statement schedules included under Item 15(a) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America. Basis for opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ GRANT THORNTON LLP We have served as the Company’s auditor since 2021. Southfield, Michigan March 12, 2024 ​ F-2 Table of Contents BLUEROCK HOMES TRUST, INC. COMBINED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2023 2022 ASSETS ​ ​ Net Real Estate Investments ​ ​ Land ​ $ 70,637 ​ $ 69,369 Buildings and improvements ​ 394,548 ​ 412,463 Furniture, fixtures and equipment ​ 13,277 ​ 8,159 Total Gross Operating Real Estate Investments ​ 478,462 ​ 489,991 Accumulated depreciation ​ ( 32,452 ) ​ ( 17,865 ) Total Net Operating Real Estate Investments ​ 446,010 ​ 472,126 Operating real estate held for sale, net ​ ​ 18,890 ​ ​ — Total Net Real Estate Investments ​ ​ 464,900 ​ ​ 472,126 Cash and cash equivalents ​ 80,163 ​ 78,426 Restricted cash ​ 6,221 ​ ​ 4,136 Notes and accrued interest receivable, net ​ 17,797 ​ — Accounts receivable, prepaids and other assets, net ​ 21,383 ​ 17,916 Preferred equity investments in unconsolidated real estate joint ventures, net ​ 81,156 ​ 86,289 TOTAL ASSETS ​ $ 671,620 ​ $ 658,893 ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ ​ Mortgages payable ​ $ 96,670 ​ $ 98,191 Revolving credit facilities ​ 70,000 ​ 55,000 Accounts payable ​ 691 ​ 1,751 Other accrued liabilities ​ 9,438 ​ 9,752 Due to affiliates ​ 3,509 ​ 2,211 Distributions payable ​ 12,440 ​ — Total Liabilities ​ 192,748 ​ 166,905 6.0 % Series A Redeemable Preferred Stock, liquidation preference $ 25.00 per share, 30,000,000 shares authorized; 436,675 and no shares issued and outstanding at December 31, 2023 and 2022, respectively ​ ​ 8,273 ​ ​ — Equity ​ ​ ​ ​ ​ ​ Stockholders’ Equity ​ ​ ​ ​ ​ ​ Preferred stock, $ 0.01 par value, 220,000,000 shares authorized; no shares issued and outstanding at December 31, 2023 and 2022 ​ ​ — ​ ​ — Common stock - Class A, $ 0.01 par value, 562,500,000 shares authorized; 3,871,265 and 3,835,013 shares issued and outstanding at December 31, 2023 and 2022, respectively ​ ​ 39 ​ ​ 38 Common stock - Class C, $ 0.01 par value, 187,500,000 shares authorized; 8,489 shares issued and outstanding at December 31, 2023 and 2022 ​ ​ — ​ ​ — Additional paid-in-capital ​ ​ 122,369 ​ ​ 126,623 Retained earnings ​ ​ 24,943 ​ ​ 33,325 Total Stockholders’ Equity ​ ​ 147,351 ​ ​ 159,986 Noncontrolling Interests ​ ​ ​ Operating partnership units ​ ​ 307,945 ​ ​ 307,825 Partially owned properties ​ 15,303 ​ 24,177 Total Noncontrolling Interests ​ 323,248 ​ 332,002 Total Equity ​ 470,599 ​ 491,988 TOTAL LIABILITIES AND EQUITY ​ $ 671,620 ​ $ 658,893 ​ See Notes to Combined Consolidated Financial Statements F-3 Table of Contents BLUEROCK HOMES TRUST, INC. COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (1) ​ 2023 2022 Revenues ​ ​ Rental and other property revenues ​ $ 40,999 ​ $ 32,859 Interest income from loan investments ​ 94 ​ 1,285 Total revenues ​ 41,093 ​ 34,144 ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ Property operating ​ 19,164 ​ 15,171 Property management and asset management fees ​ 4,416 ​ 3,834 General and administrative ​ 8,004 ​ 7,102 Management fees to related party ​ ​ 7,922 ​ ​ 1,787 Acquisition and other transaction costs ​ 1,820 ​ 167 Weather-related losses, net ​ ​ ( 17 ) ​ ​ 25 Depreciation and amortization ​ 16,178 ​ 16,007 Total expenses ​ 57,487 ​ 44,093 ​ ​ ​ ​ ​ ​ ​ Other income (expense) ​ ​ Other income, net ​ 679 ​ 446 Preferred returns on unconsolidated real estate joint ventures ​ 11,632 ​ 8,588 (Provision for) recovery of credit losses ​ ( 174 ) ​ 402 Transaction costs ​ ​ — ​ ​ ( 24 ) Gain on sale and impairment of real estate investments, net ​ ​ ( 1,017 ) ​ ​ — Interest expense, net ​ ( 13,102 ) ​ ( 5,699 ) Interest income ​ ​ 2,609 ​ ​ — Total other income ​ 627 ​ 3,713 Net loss from continuing operations ​ ( 15,767 ) ​ ( 6,236 ) ​ ​ ​ ​ ​ ​ ​ Discontinued operations ​ ​ Income on operations of rental property ​ — ​ 53 Gain on sale of assets from discontinued operations ​ — ​ 258 Income from discontinued operations ​ — ​ 311 Net loss ​ ( 15,767 ) ​ ( 5,925 ) Preferred stock dividends ​ ​ ( 130 ) ​ ​ — Net loss attributable to noncontrolling interests ​ ​ ​ ​ Operating partnership units ​ ​ ( 8,996 ) ​ ​ ( 1,927 ) Partially-owned properties ​ ​ ( 2,398 ) ​ ​ ( 2,998 ) Net loss attributable to noncontrolling interests ​ ​ ( 11,394 ) ​ ​ ( 4,925 ) Net loss attributable to common stockholders ​ $ ( 4,503 ) ​ $ ( 1,000 ) ​ ​ ​ ​ ​ ​ ​ Net loss per common share – Basic ​ ​ ​ ​ ​ ​ Continuing operations ​ $ ( 1.30 ) ​ $ ( 0.29 ) Discontinued operations ​ ​ — ​ ​ 0.03 ​ ​ $ ( 1.30 ) ​ $ ( 0.26 ) Net loss per common share - Diluted ​ ​ ​ ​ ​ ​ Continuing operations ​ $ ( 1.30 ) ​ $ ( 0.29 ) Discontinued operations ​ ​ — ​ ​ 0.03 ​ ​ $ ( 1.30 ) ​ $ ( 0.26 ) ​ ​ ​ ​ ​ ​ ​ Weighted average basic common shares outstanding ​ ​ 3,845,349 ​ ​ 3,843,502 Weighted average diluted common shares outstanding ​ ​ 3,845,349 ​ ​ 3,843,502 (1) The consolidated financial statements for the year ended December 31, 2023 represent the Company’s results of operations as an independent, publicly traded company. The combined consolidated financial statements for the year ended December 31, 2022 includes (i) the Company’s results of operations for the period of October 6 – December 31, 2022, which represents the Company’s results of operations following its spin-off from Bluerock Residential, and (ii) the Company’s results of operations for the period ending and prior to October 6, 2022, which represents a carve-out of revenues and expenses attributable to the Company related to Bluerock Residential’s single-family residential home business. As a result, results of operations for the year ended December 31, 2023 may not be comparable to the Company’s results of operations for the year ended December 31, 2022. See Notes to Combined Consolidated Financial Statements ​ F-4 Table of Contents ​ BLUEROCK HOMES TRUST, INC. COMBINED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands, except share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Stock ​ Class C Common Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Predecessor ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Par ​ Number of ​ Par ​ Bluerock Homes ​ Additional ​ Cumulative ​ Retained ​ Noncontrolling ​ ​ ​ ​ Shares Value Shares Value Equity Paid-in Capital ​ Distributions Earnings Interests Total Equity Balance, January 1, 2022 — ​ $ — — ​ $ — ​ $ 116,510 ​ $ — ​ $ — ​ $ 34,325 ​ $ 311,136 ​ $ 461,971 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contributions, net ​ — ​ — ​ — ​ — ​ 98,204 ​ — ​ ​ — ​ — ​ 7,223 ​ 105,427 Cash distribution to Parent at spin-off ​ — ​ ​ — ​ — ​ ​ — ​ ​ ( 68,470 ) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 68,470 ) Predecessor Bluerock Homes Equity reclassified at spin-off ​ — ​ ​ — ​ — ​ ​ — ​ ​ ( 146,244 ) ​ ​ 128,714 ​ ​ — ​ ​ — ​ ​ 17,530 ​ ​ — Issuance of Class A common stock at spin-off ​ 3,835,013 ​ ​ 38 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 38 Issuance of Class C common stock at spin-off ​ — ​ ​ — ​ 8,489 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Issuance of LTIP Units for equity incentive plan compensation ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 566 ​ ​ 566 Issuance of LTIP Units to Manager ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 306 ​ ​ 306 Distributions to partially owned properties’ noncontrolling interests — ​ — — ​ — ​ — ​ — ​ ​ — ​ — ​ ( 1,925 ) ​ ( 1,925 ) Adjustment for noncontrolling interest ownership in the Operating Partnership — ​ — — ​ — ​ — ​ ( 2,091 ) ​ ​ — ​ — ​ 2,091 ​ — Net loss — ​ — — ​ — ​ — ​ — ​ ​ — ​ ( 1,000 ) ​ ( 4,925 ) ​ ( 5,925 ) Balance, December 31, 2022 3,835,013 ​ $ 38 8,489 ​ $ — ​ $ — ​ $ 126,623 ​ $ — ​ $ 33,325 ​ $ 332,002 ​ $ 491,988 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of restricted Class A common stock and LTIP Units for equity incentive plan compensation 31,260 ​ 1 — ​ — ​ — ​ ​ 107 ​ ​ — ​ — ​ 2,603 ​ 2,711 Issuance of C-LTIP Units to Manager ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9,146 ​ ​ 9,146 Common stock distributions declared — ​ — — ​ — ​ — ​ — ​ ​ ( 3,879 ) ​ — ​ — ​ ( 3,879 ) Series A Preferred Stock distributions declared — ​ — — ​ — ​ — ​ — ​ ​ ( 130 ) ​ — ​ — ​ ( 130 ) Distributions to Operating Partnership noncontrolling interests — ​ — — ​ — ​ — ​ — ​ ​ — ​ — ​ ( 8,509 ) ​ ( 8,509 ) Distributions to partially owned properties’ noncontrolling interests — ​ — — ​ — ​ — ​ — ​ ​ — ​ — ​ ( 311 ) ​ ( 311 ) Acquisition of noncontrolling interests — ​ — — ​ — ​ — ​ 1,515 ​ ​ — ​ — ​ ( 6,564 ) ​ ( 5,049 ) Conversion of Operating Partnership Units to Class A common stock 4,992 ​ — — ​ — ​ — ​ 204 ​ ​ — ​ — ​ ( 204 ) ​ — Contributions from noncontrolling interests ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 399 ​ ​ 399 Adjustment for noncontrolling interest ownership in the Operating Partnership — ​ — — ​ — ​ — ​ ( 6,080 ) ​ ​ — ​ — ​ 6,080 ​ — Net loss — ​ — — ​ — ​ — ​ — ​ ​ — ​ ( 4,373 ) ​ ( 11,394 ) ​ ( 15,767 ) Balance, December 31, 2023 3,871,265 ​ $ 39 8,489 ​ $ — ​ $ — ​ $ 122,369 ​ $ ( 4,009 ) ​ $ 28,952 ​ $ 323,248 ​ $ 470,599 ​ See Notes to Combined Consolidated Financial Statements ​ F-5 Table of Contents ​ BLUEROCK HOMES TRUST, INC. COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 Cash flows from operating activities ​ ​ Net loss ​ $ ( 15,767 ) ​ $ ( 5,925 ) Adjustments to reconcile net loss to net cash provided by operating activities: ​ ​ Depreciation and amortization ​ 19,275 ​ 18,768 Amortization of fair value adjustments ​ ( 319 ) ​ ( 319 ) Preferred returns on unconsolidated real estate joint ventures ​ ( 11,632 ) ​ ( 8,588 ) Gain on sale and impairment of real estate investments, net ​ ​ 1,017 ​ ​ — Gain on sale of assets from discontinued operations ​ — ​ ( 258 ) Fair value adjustment of interest rate caps and swaps ​ 2,933 ​ ( 3,084 ) Provision for (recovery of) credit losses, net ​ 174 ​ ( 402 ) Distributions of income and preferred returns from preferred equity investments in unconsolidated real estate joint ventures ​ 5,418 ​ 2,125 Share-based compensation attributable to equity incentive plan ​ ​ 2,710 ​ ​ 566 Share-based compensation to Manager – C-LTIP Units ​ ​ 9,146 ​ ​ 306 Changes in operating assets and liabilities: ​ ​ Due to affiliates, net ​ 1,297 ​ 2,134 Accounts receivable, prepaids and other assets ​ ( 215 ) ​ 127 Notes and accrued interest receivable ​ ( 129 ) ​ 2,942 Accounts payable and other accrued liabilities ​ ( 28 ) ​ ( 4,894 ) Net cash provided by operating activities ​ 13,880 ​ 3,498 ​ ​ ​ ​ ​ ​ ​ Cash flows from investing activities ​ ​ Acquisitions of real estate investments ​ ( 10,843 ) ​ ( 147,813 ) Capital expenditures ​ ( 9,527 ) ​ ( 18,648 ) Investment in notes receivable ​ ( 17,684 ) ​ ( 9,645 ) Repayments on notes receivable ​ — ​ 45,645 Proceeds from sale of real estate investments ​ 9,053 ​ — Proceeds from redemption of unconsolidated real estate joint ventures ​ 25,841 ​ — Investments in unconsolidated real estate joint venture interests ​ ( 22,562 ) ​ ( 46,716 ) Net cash used in investing activities ​ ( 25,722 ) ​ ( 177,177 ) ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities ​ ​ Distributions to partially owned properties’ noncontrolling interests ​ ( 311 ) ​ ( 1,925 ) Distributions to preferred stockholders ​ ( 78 ) ​ — Contribution from Parent ​ — ​ 98,204 Contributions from noncontrolling interests ​ 399 ​ 7,223 Cash distribution to Parent at spin-off ​ ​ — ​ ​ ( 68,470 ) Purchase of interests from noncontrolling interests ​ ​ ( 5,049 ) ​ ​ — Borrowings on mortgages payable ​ — ​ 41,942 Repayments on mortgages payable ​ ( 1,526 ) ​ ( 5,819 ) Proceeds from revolving credit facilities ​ 21,000 ​ 55,000 Repayments on revolving credit facilities ​ ( 6,000 ) ​ — Payments of deferred financing fees ​ ( 1,467 ) ​ ( 4,616 ) Other financing activities ​ ​ — ​ ​ 38 Purchase of interest rate caps ​ — ​ ( 2,265 ) Net proceeds from issuance of 6.0% Series A Redeemable Preferred Stock ​ ​ 8,696 ​ ​ — Net cash provided by financing activities ​ 15,664 ​ 119,312 ​ ​ ​ ​ ​ ​ ​ Net increase (decrease) in cash, cash equivalents and restricted cash ​ ​ 3,822 ​ ​ ( 54,367 ) Cash, cash equivalents and restricted cash, beginning of year ​ 82,562 ​ 136,929 Cash, cash equivalents and restricted cash, end of year ​ $ 86,384 ​ $ 82,562 ​ ​ ​ ​ ​ ​ ​ Reconciliation of cash, cash equivalents and restricted cash ​ ​ Cash and cash equivalents ​ $ 80,163 ​ $ 78,426 Restricted cash ​ 6,221 ​ 4,136 Total cash, cash equivalents and restricted cash, end of year ​ $ 86,384 ​ $ 82,562 ​ ​ ​ ​ ​ ​ ​ Supplemental disclosure of cash flow information ​ ​ Cash paid for interest (net of interest capitalized) ​ $ 7,200 ​ $ 5,926 ​ ​ ​ ​ ​ ​ ​ Supplemental disclosure of non-cash investing and financing activities ​ ​ Distributions payable – declared and unpaid ​ $ 12,440 ​ $ — Capital expenditures held in accounts payable and other accrued liabilities ​ $ 238 ​ $ 1,585 ​ See Notes to Combined Consolidated Financial Statements ​ F-6 Table of Contents BLUEROCK HOMES TRUST, INC. NOTES TO COMBINED CONSOLIDATED FINANCIAL STATEMENTS ​ Note 1 – Organization and Nature of Business Bluerock Homes Trust, Inc. (the “Company” or “Bluerock Homes”) was incorporated as a Maryland corporation on December 16, 2021. The Company previously operated as part of Bluerock Residential Growth REIT, Inc (“Bluerock Residential”) and not as a standalone company. On October 6, 2022, Bluerock Residential completed a spin-off transaction (see “The Separation and the Distribution” below) that resulted in its single-family residential real estate business and certain other assets being contributed to the Company. The accompanying combined consolidated financial statements have been derived from (i) Bluerock Residential’s historical accounting records and are presented on a carve-out basis for the period ended and prior to October 6, 2022, and (ii) the Company’s accounting records as a standalone company subsequent to the spin-off transaction. All revenues and costs as well as assets and liabilities directly associated with the business activity of the Company are included in the financial statements. The financial statements also include allocations of certain general, administrative, sales and marketing expenses and operations from Bluerock Residential for the period ended and prior to October 6, 2022. However, amounts recognized by the Company are not representative of the amounts that would have been reflected in the financial statements had the Company operated independently of Bluerock Residential. Related-party allocations are discussed further in Note 13. All significant intercompany balances and transactions have been eliminated. Any references to “the Company,” “we,” “us,” or “our” for all periods ended and prior to October 6, 2022 refer to Bluerock Homes as owned by Bluerock Residential, and for all periods subsequent to October 6, 2022 refer to Bluerock Homes as an independent, publicly traded company. The Company owns and operates high-quality single-family properties located in attractive markets with a focus on the knowledge-economy and high-quality of life growth markets of the Sunbelt and Western United States. The Company’s principal objective is to generate attractive risk-adjusted returns on investments where it believes it can drive growth in funds from operations and net asset value by acquiring pre-existing single-family residential units, developing build-to-rent communities, and through Value-Add renovations. The Company’s Value-Add strategy focuses on repositioning lower-quality, less current assets to drive rent growth and expand margins to increase net operating income and maximize the Company’s return on investment. As of December 31, 2023, the Company held eighteen real estate investments, consisting of eleven consolidated investments and seven preferred equity and loan investments. The eighteen investments represent an aggregate of 4,059 residential units, comprised of 2,475 consolidated units, of which 170 units are under development, and 1,584 units through preferred equity and loan investments. As of December 31, 2023, the Company’s consolidated operating investments were approximately 94.1 % occupied. In October 2023, the Company filed its U.S. federal income tax return for the taxable year ending December 31, 2022 and elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90 % of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates and it would not be permitted to qualify as a REIT for four years following the year in which it lost its qualification. The Company intends to continue to organize and operate in such a manner as to remain qualified as a REIT. The Separation and the Distribution On October 5, 2022, the Company entered into a Separation and Distribution Agreement with Bluerock Residential, Badger Parent LLC, Badger Holdco LLC and Bluerock Residential Holdings, L.P., the Company’s operating partnership (the “Operating Partnership”), pursuant to which, among other things, Bluerock Residential contributed to the Company its single-family residential real estate business and certain other assets (the “Separation”). F-7 Table of Contents On October 6, 2022, following the Separation, Bluerock Residential completed the spin-off of the Company by distributing all the Company’s outstanding shares of Class A common stock and Class C common stock to the holders of Bluerock Residential common stock (the “Distribution”) as of the record date, September 29, 2022 (the “Spin-Off”). As a result of the Separation, the Distribution and the Spin-Off, the Company became an independent, publicly traded company and its Class A common stock is listed under the symbol “BHM” on the NYSE American. Following the Separation, the Distribution and the Spin-Off, the former holders of Bluerock Residential common stock who received shares of the Company’s common stock in the Distribution indirectly owned approximately 34 % of the Company’s single-family residential business, and holders of units in the Operating Partnership (other than the holders of the Company’s common stock) indirectly owned approximately 66 % of the Company’s single-family residential business. Note 2 – Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Company conducts its operations through the Operating Partnership, of which it is the sole general partner. The combined consolidated financial statements include the Company’s accounts and those of the Operating Partnership and its subsidiaries. As of December 31, 2023, limited partners other than the Company owned approximately 68.68 % of the common units of the Operating Partnership ( 59.45 % is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 9.23 % is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 3.76 % which are not vested at December 31, 2023). The combined consolidated financial statements include certain prior period reclassifications made by the Company to reflect the Operating Partnership unitholders’ approximately 66 % ownership in the Company following the Separation and the Distribution. Reclassifications to net loss on the combined consolidated statements of operations, along with reclassifications to stockholders’ equity and noncontrolling interest for Operating Partnership unitholders on the combined consolidated balances sheets and statements of stockholders’ equity, were made for the period ending and prior to October 6, 2022. Significant Risks and Uncertainties Uncertainty Due to Economic Volatility The Company’s results of operations in the future may be directly or indirectly affected by uncertainties such as the effects of inflation and related volatility in the market. As inflation accelerated rapidly in 2022 and into 2023, the Federal Reserve increased interest rates a total of seven times during 2022 and four times during 2023 to curb the effects of rising inflation. While the Federal Reserve has held rates steady since July 2023 and has forecasted rate cuts in 2024, there can be no assurances that interest rates will not rise again, and the Company’s operating costs, including utilities and payroll, may increase as a result of future increases in inflation. Rising interest rates cause uncertainty in credit and capital markets which could have material and adverse effects on the Company’s financial condition, results of operations and cash flows. The long-term impact of these economic developments will largely depend on any future action by the Federal Reserve, future laws that may be enacted, the impact on job growth and the broader economy, and reactions by consumers, companies, governmental entities and capital markets. The Company continues to closely monitor the impact of economic volatility on all aspects of its business. Summary of Significant Accounting Policies Real Estate Investments, Preferred Equity Investments and Notes Receivable (Real Estate Loan Investments) The Company first analyzes an investment to determine if it is a variable interest entity (“VIE”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation and, if so, whether the Company is the primary beneficiary requiring consolidation of the entity. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests in a VIE that change in value with changes in the fair value of the VIE’s net assets. The Company continuously re-assesses at each level of the investment whether (i) the entity is a VIE, and (ii) the Company is the primary beneficiary of the VIE. If it was determined that an entity in which the Company holds an interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. F-8 Table of Contents If, after consideration of the VIE accounting literature, the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures, the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members has either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course of business. The Company analyzes each investment that involves real estate acquisition, development, and construction to consider whether the investment qualifies as an investment in a real estate acquisition, development, and construction arrangement. The Company has evaluated its real estate investments as required by ASC 310-10 Receivables and concluded that no investments are considered an investment in a real estate acquisition, development, or construction arrangement. As such, the Company next evaluates if these investments are considered a security under ASC 320 Investments – Debt Securities . For investments that meet the criteria of a security under ASC 320 Investments – Debt Securities , the Company classifies each preferred equity investment as a held-to-maturity debt security as the Company has the intention and ability to hold the investment to maturity. The Company earns a fixed return on these investments which is included within preferred returns on unconsolidated real estate joint ventures in its combined consolidated statements of operations. The Company evaluates the collectability of each preferred equity investment and estimates a provision for credit loss, as applicable. Refer to the Current Expected Credit Losses (“CECL”) section of this Note for further information regarding CECL and the Company’s provision for credit losses. The Company accounts for these investments as preferred equity investments in unconsolidated real estate joint ventures in its combined consolidated balance sheets. For investments that do not meet the criteria of a security under ASC 320 Investments – Debt Securities , the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The Company recognizes interest income on its notes receivable on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected. Costs incurred to originate its notes receivable are deferred and amortized using the effective interest method over the term of the related notes receivable. The Company evaluates the collectability of each loan investment and estimates a provision for credit loss, as applicable. Refer to the CECL section of this Note for further information regarding CECL and the Company’s provision for credit losses. Fair Value of Financial Instruments As of December 31, 2023 and December 31, 2022, the carrying values of cash and cash equivalents, restricted cash, accounts receivable, due to affiliates, accounts payable, other accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations. Refer to Note 11 for further information regarding fair value measurements. F-9 Table of Contents Real Estate Assets Real Estate Purchase Price Allocations Upon acquisition, the Company evaluates its acquired residential properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Purchases of residential properties are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Acquisition costs typically include legal fees, broker commissions and title fees, as well as other closing costs. In making estimates of fair values for purposes of allocating the purchase price of acquired properties, the Company utilizes various sources including its own market knowledge obtained from historical transactions, published market data, and independent appraisers. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. Intangible assets include the value of in-place leases which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates. Capital Additions, Depreciation and Amortization The Company capitalizes costs incurred in connection with its capital additions activities, including redevelopment, development and construction projects, other tangible improvements, and replacements of existing components. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Accordingly, many factors are considered as part of our evaluation processes with no one factor necessarily determinative. Depreciation and amortization expense are computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: ​ ​ ​ ​ Buildings 30 – 40 years Building improvements ​ 5 – 15 years Land improvements ​ 5 – 15 years Furniture, fixtures and equipment ​ 3 – 8 years In-place leases ​ 6 months ​ Impairment of Operating Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s operating real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of operating real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the operating real estate and related intangible assets, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the operating real estate and related intangible assets. No impairment charges on operating real estate and related intangible assets were recorded in 2023 or 2022. F-10 Table of Contents Held for Sale Real Estate Assets Real estate assets are classified as held for sale when they meet the applicable GAAP criteria in accordance with ASC 360-10 Property, Plant, and Equipment - Overall , including, but not limited to, the availability of the real estate asset for immediate sale in its present condition, the existence of an active program to locate a buyer, the probable sale of the real estate asset within one year, and actions required to complete the sale of the real estate asset are likely to occur. Real estate assets classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell and are presented separately within operating real estate held for sale, net on the combined consolidated balance sheets. At December 31, 2023, the Company had 118 units classified as held for sale, with a recorded impairment related to held for sale units of $ 1.3 million which is included in gain on sale and impairment of real estate investments, net within the combined consolidated statements of operations. There were no real estate assets classified as held for sale at December 31, 2022 and no impairment charges were recorded in 2022. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. Restricted Cash Restricted cash is composed of lender-imposed escrow accounts for replacement reserves, tenant deposits, real estate taxes and insurance. Concentration of Credit Risk The Company maintains cash balances with high-quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third-party costs associated with obtaining financing. Fees associated with the Company’s revolving lines of credit are recorded within accounts receivable, prepaids and other assets on the combined consolidated balance sheets. Deferred fees associated with its lines of credit are amortized to interest expense over the terms of the financing agreements using the straight-line method, which approximates the effective interest method. Partially Owned Properties’ Noncontrolling Interests Partially owned properties’ noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement. F-11 Table of Contents Revenue Recognition The Company recognizes rental revenue on a straight-line basis over the terms of the rental agreements and in accordance with ASC Topic 842 Leases . Rental revenue is recognized on an accrual basis and when the collectability of the amounts due from tenants is deemed probable. Rental revenue is included within rental and other property revenues on the Company’s combined consolidated statement of operations. Amounts received in advance are recorded as a liability within other accrued liabilities on the Company’s combined consolidated balance sheet. Other property revenues are recognized in the period earned. The Company recognizes a gain or loss on the sale of real estate assets when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtains control. Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 Compensation-Stock Compensation . ASC Topic 718 requires companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. The cost of the share award is expensed over the requisite service period (usually the vesting period). Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders to maintain its REIT status. Distributions to stockholders will be determined by the Company’s board of directors (the “Board”) and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements to maintain the Company’s status as a REIT, and other considerations as the Board may deem relevant. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared. Dividends may be funded from a variety of sources. In particular, the Company expects that, initially, dividends may exceed net income under accounting principles generally accepted in the United States of America (“GAAP”) because of non-cash expenses, mainly depreciation and amortization expense, which are included in net income. To the extent that funds available for distribution are less than the amount required to be distributed to stockholders to satisfy the requirements to maintain its REIT status, the Company may consider various means to cover any such shortfall, including borrowing under loans, selling certain assets or using a portion of the net proceeds from future offerings of equity, equity-related securities or debt securities or declaring taxable share dividends. In addition, the Company’s charter allows the issuance of preferred equity shares that could have a preference on dividends, and such dividend preference on the preferred equity could limit the ability to pay dividends to the holders of our common stock. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2022. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income (loss) and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. F-12 Table of Contents For the year ended December 31, 2023, 100 % of the distributions received by both the common and preferred stockholders were classified as capital gains for income tax purposes and none were a return of capital. For the common and preferred stockholders, 0.4022 % and 0.5665 % of the capital gains, respectively, qualified as Section 1250 gains. For the year ended December 31, 2022 , the Company did not make any distributions. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2022 tax returns (where applicable), and those positions expected to be taken on the 2023 tax returns, and concluded that tax positions taken have a more likely than not level of assurance of being sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2023. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. The statute of limitations for the Company’s returns is generally 3 years and as of December 31, 2023, tax returns for the calendar year 2022 remains subject to examination by the Internal Revenue Service and various state tax jurisdictions. Reportable Segment The Company owns and operates residential investments that generate rental and other property-related income through the leasing of units to a diverse base of tenants. The Company evaluates operating performance on an individual property investment level and based on the investments’ similar economic characteristics. The Company’s primary financial measure for operating performance is net operating income (“NOI”) as it measures the core operations of property performance by excluding corporate level expenses and those other items not related to property operating performance. The Company views its residential real estate assets as one reportable segment, and, accordingly, aggregates its properties into one reportable segment. Lessor Accounting The Company’s current portfolio generates rental revenue by leasing residential units. As lease revenues for residential units fall under the scope of ASC Topic 842, such lease revenues are classified as operating leases with straight-line recognition over the terms of the relevant lease agreement and inclusion within rental revenue. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between the Company and the resident. Non-lease components of the Company’s leases are combined with the related lease component and accounted for as a single lease component under ASC Topic 842. The balances of net real estate investments and related depreciation on the Company’s combined consolidated financial statements relate to assets for which the Company is the lessor. Lessee Accounting The Company determines whether an arrangement is a lease at inception. The Company determined that its lessee operating lease commitments have no material impact on its combined consolidated financial statements with the adoption of ASC Topic 842. The Company will continue to assess any modification of existing lease agreements and execution of any new lease agreements for the potential requirement of recording a right-of-use asset or liability in the future. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. F-13 Table of Contents New Accounting Pronouncements In January 2021, the FASB issued Accounting Standards Update (“ASU”) No. 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”). The amendments in ASU 2021-01 were effective immediately and permit entities to elect certain optional expedients in connection with reference rate reform activities and their impact on debt, contract modifications and derivative instruments as it is expected the global market will transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The initial sunset date for election of the amendments in ASU 2021-01 was December 31, 2022, though with the issuance by FASB of ASU 2022-06 “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848”, the amendments in ASU 2021-01 can be elected over time as reference rate reform activities occur through December 31, 2024. The Company has not elected the optional expedients, though it continues to evaluate the impact of the guidance and may apply elections as applicable as changes in the market occur. In November 2023, the FASB issued Accounting Standards Update No. 2023-07 “Improvements to Reportable Segment Disclosures (Topic 280)” (“ASU 2023-07”). The amendments in ASU 2023-07 require additional disclosures regarding reportable segments, including a segment’s significant expenses on both an annual and interim basis. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods with fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07 on its financial disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 “Improvements to Income Tax Disclosures (Topic 740)” (“ASU 2023-09”). The amendments in ASU 2023-09 require additional disclosure with respect to the effective tax rate reconciliation and information on income taxes paid. The amendments in ASU 2023-09 are effective for the Company for annual reporting periods beginning after December 15, 2024. The Company is currently evaluating the impact of adopting ASU 2023-09 on its financial disclosures. Current Expected Credit Losses The Company estimates provision for credit losses on its loans (notes receivable) and preferred equity investments under CECL. This method is based on expected credit losses for the life of the investment as of each balance sheet date. The method for calculating the estimate of expected credit loss considers historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The Company estimates its provision for credit losses using a collective (pool) approach for investments with similar risk characteristics, such as collateral and duration of investment. In measuring the CECL provision for investments that share similar characteristics, the Company applies a default rate to the investments for the remaining loan or preferred equity investment hold period. As the Company does not have a significant historical population of loss data on its loan and preferred equity investments, the Company’s default rate utilized for CECL is based on an external historical loss rate for commercial real estate loans. In addition to analyzing investments as a pool, the Company performs an individual investment assessment of expected credit losses. If it is determined that the borrower is experiencing financial difficulty, or a foreclosure is probable, or the Company expects repayment through the sale of the collateral, the Company calculates expected credit losses based on the value of the underlying collateral as of the reporting date. During this review process, if the Company determines that it is probable that it will not be able to collect all amounts due for both principal and interest according to the contractual terms of an investment, that loan or preferred equity investment is not considered fully recoverable and a provision for credit loss is recorded. In estimating the value of the underlying collateral when determining if a loan or preferred equity investment is fully recoverable, the Company evaluates estimated future cash flows to be generated from the collateral underlying the investment. The inputs and assumptions utilized to estimate the future cash flows of the underlying collateral are based upon the Company’s evaluation of the operating results, economy, market trends, and other factors, including judgments regarding costs to complete any construction activities, lease-up and occupancy rates, rental rates, and capitalization rates utilized to estimate the projected cash flows at the disposition. The Company may also obtain a third-party valuation which may value the collateral through an “as-is” or “stabilized value” methodology. If upon completion of the valuation the fair value of the underlying collateral securing the investment is less than the net carrying value, the Company records a provision for credit loss on that loan or preferred equity investment. As the investment no longer displays the characteristics that are similar to those of the pool of loans or preferred equity investments, the investment is removed from the CECL collective (pool) analysis described above. F-14 Table of Contents Note 3 – Discontinued Operations The following table summarizes amounts for the year ended December 31, 2022 related to discontinued operations that resulted from trailing sales activity of multifamily investments in 2021 (amounts in thousands). The Company previously concluded that these multifamily investment sales were discontinued operations as the asset group represented a component of an entity, the component met the criteria of held for sale in 2021, and the disposals represented a strategic shift in the Company’s business from multifamily apartment communities to single-family residential units. ​ ​ ​ ​ ​ ​ 2022 Total Revenues ​ $ — ​ ​ ​ ​ Expenses ​ Property operating ​ ( 53 ) Total expenses ​ ( 53 ) Income on operations of rental property ​ 53 ​ ​ ​ ​ Gain on sale of real estate assets ​ 258 Income from discontinued operations ​ $ 311 ​ There are no amounts in the combined consolidated statement of cash flows that are included in discontinued operations for the year ended December 31, 2022. ​ ​ ​ Note 4 – Sale of Real Estate Assets and Held for Sale Real Estate Assets Sale of The Hartley at Blue Hill On February 28, 2022, The Hartley at Blue Hill, a property located in Chapel Hill, North Carolina, was sold. The mezzanine loan provided by the Company was paid off for $ 34.4 million, which included principal repayment of $ 31.0 million and accrued interest of $ 3.4 million. On April 29, 2022, the senior loan provided by the Company, which was secured by a parcel of land adjacent to The Hartley at Blue Hill property, was paid off for $ 5.0 million. Weatherford 185 Mezzanine Loan Repayment On July 22, 2022, the outstanding balance of the Weatherford 185 mezzanine loan provided by the Company was paid off for $ 9.4 million, which included principal repayment of $ 9.3 million and accrued interest of $ 0.1 million. Sale of Consolidated Operating Units During 2023, the Company closed on the following sales: two units in the Golden Pacific portfolio, twelve units in the Peak JV 2 portfolio, and thirty-nine units in the Peak JV 3 portfolio, pursuant to the terms and conditions of multiple separate purchase and sales agreements. The fifty-three units were sold for an aggregate of approximately $ 9.5 million, subject to certain closing costs, prorations and adjustments typical in such real estate transactions, and generated net proceeds of approximately $ 9.1 million and a gain on sales of approximately $ 0.3 million. ​ Sale of Willow Park Interests On October 26, 2023, Willow Park, the underlying asset of an unconsolidated joint venture located in Willow Park, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed for $ 4.1 million, which included $ 2.9 million of its total $ 4.6 million principal investment and $ 1.2 million of accrued preferred return.The remaining $ 1.7 million of the Company’s principal investment is collateralized by The Woods at Forest Hill and Peak REIT OP. Refer to Note 8 for further information. F-15 Table of Contents Sale of The Cottages at Warner Robins Interests On December 15, 2023, The Cottages at Warner Robins, the underlying asset of an unconsolidated joint venture located in Warner Robins, Georgia, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $ 16.6 million, which included its original preferred investment of $ 13.3 million, accrued preferred return of $ 3.1 million and a minimum interest payment of $ 0.2 million. Held for Sale As of December 31, 2023, the Company classified an aggregate of 118 units as held for sale in its combined consolidated balance sheets, with a $ 1.3 million recorded impairment related to held for sale units which is included in gain on sale and impairment of real estate investments, net on the combined consolidated statements of operations. The units are included in the following portfolios: 35 units of Indy-Springfield (formerly Peak JV 1), 13 units of Peak JV 2, and 70 units of Peak JV 3. These units were identified based on submarket analysis and individual unit-level operational review. Note 5 – Investments in Real Estate As of December 31, 2023, the Company held eighteen real estate investments, consisting of eleven consolidated investments and seven held through preferred equity and loan investments. The following tables provide summary information regarding the Company’s consolidated investments and preferred equity and loan investments. Consolidated Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Average Year ​ Ownership Operating Investment Name Market / Location Units (1) Built Interest ​ Ballast ​ AZ / CO / WA ​ 84 ​ 1998 ​ 95 % Golden Pacific IN / KS / MO 169 1977 97 % ILE TX / SE US 482 1991 95 % Indy-Springfield, formerly Peak JV 1 ​ IN / MO ​ 334 ​ 1999 ​ 100 % Navigator Villas Pasco, WA 176 2013 90 % Peak JV 2 Various / TX 596 1980 80 % Peak JV 3 ​ Dallas-Fort Worth, TX ​ 150 ​ 1961 ​ 56 % Savannah-84, formerly Peak JV 4 ​ Savannah, GA ​ 84 ​ 2022 ​ 100 % Wayford at Concord Concord, NC 150 2019 83 % Yauger Park Villas Olympia, WA 80 2010 95 % Total Operating Units ​ 2,305 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment Name ​ ​ ​ ​ ​ ​ ​ ​ ​ Abode Wendell Falls (2) ​ Wendell, NC ​ 170 ​ — ​ 100 % Total Development Units ​ ​ ​ 170 ​ ​ ​ ​ ​ Total Units ​ ​ ​ 2,475 ​ ​ ​ ​ ​ (1) Total operating units includes an aggregate of 118 units classified as held for sale and includes the following portfolios: 35 units in Indy-Springfield, 13 units in Peak JV 2, and 70 units in Peak JV 3. (2) Abode Wendell Falls is a build to rent development project expected to commence construction in the second quarter 2024. The total estimated project cost is $ 56.0 million, of which $ 6.5 million was incurred as of December 31, 2023. Depreciation expense was $ 16.2 million and $ 12.9 million for the years ended December 31, 2023 and 2022, respectively. Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was zero and $ 2.7 million for the years ended December 31, 2023 and 2022, respectively. F-16 Table of Contents The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all the risks and benefits of ownership of the consolidated real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as a security deposit vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not individually significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of their security deposit. Security deposits received in cash related to tenant leases are included within other accrued liabilities in the accompanying combined consolidated balance sheets and totaled $ 2.3 million and $ 2.1 million as of December 31, 2023 and 2022, respectively, for the Company’s consolidated real estate investments. No individual tenant represents over 10% of the Company’s annualized base rent for the consolidated real estate investments. Preferred Equity and Loan Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual / ​ ​ ​ ​ ​ ​ Actual / ​ Estimated ​ Actual / Estimated ​ ​ ​ ​ Planned ​ Initial ​ Construction Lease-up Investment Name Location / Market Number of Units Occupancy Completion The Woods at Forest Hill ​ Forest Hill, TX ​ 76 ​ 4Q 2022 ​ 3Q 2023 Willow Park Willow Park, TX 58 2Q 2022 3Q 2023 The Cottages at Myrtle Beach ​ Myrtle Beach, SC ​ 294 ​ 2Q 2023 ​ 4Q 2023 The Cottages of Port St. Lucie ​ Port St. Lucie, FL ​ 286 ​ 2Q 2023 ​ 1Q 2024 Wayford at Innovation Park ​ Charlotte, NC ​ 210 ​ 3Q 2023 ​ 3Q 2024 Total Lease-up Units ​ 924 ​ ​ ​ ​ ​ ​ ​ ​ ​ Development Investment Name Chandler ​ Chandler, AZ ​ 208 ​ 2Q 2024 ​ 3Q 2024 Total Development Units ​ 208 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Investment Name ​ Number of Units ​ ​ Peak Housing (1) IN / MO / TX 452 ​ ​ ​ ​ Total Operating Units ​ ​ 452 ​ ​ ​ ​ Total Units ​ ​ 1,584 ​ ​ ​ ​ (1) Peak Housing is a stabilized operating portfolio and the number of units shown represents those collateralizing the Company’s preferred equity investment in the Peak REIT OP as of December 31, 2023 (refer to Note 8 for further information). Unit count excludes units presented in the consolidated investments table above. F-17 Table of Contents Note 6 – Acquisition of Real Estate The following describes the Company’s significant acquisition activity and related new financing during the years ended December 31, 2023 and 2022 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Ownership ​ ​ Purchase ​ ​ ​ ​ Investment Name Market / Location Date (1) Units Interest ​ Price Debt (2) ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peak JV 2 ​ Various / TX ​ March ​ 34 ​ 80 % ​ $ 7,650 ​ $ 5,355 (3) Savannah-84, formerly Peak JV 4 ​ Savannah, GA ​ March ​ 19 ​ 100 % (4) ​ 4,465 ​ ​ — ​ Golden Pacific ​ IN / KS / MO ​ Various ​ 62 ​ 97 % ​ ​ 11,774 ​ ​ — ​ ILE ​ TX / SE US ​ Various ​ 31 ​ 95 % ​ ​ 7,011 ​ ​ 9,974 (5) Second Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ballast ​ AZ / CO / WA ​ Various ​ 65 ​ 95 % ​ ​ 26,100 ​ ​ — ​ Golden Pacific IN / KS / MO ​ Various 66 97 % ​ 13,966 ​ — ​ ILE TX / SE US ​ Various 108 95 % ​ 27,804 ​ 8,802 (5) Savannah-84 ​ Savannah, GA ​ Various ​ 20 ​ 100 % (4) ​ 4,767 ​ ​ — ​ Third Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ballast ​ AZ / CO / WA ​ Various ​ 19 ​ 95 % ​ ​ 6,233 ​ ​ — ​ Golden Pacific ​ IN / KS / MO ​ Various ​ 35 ​ 97 % ​ ​ 7,859 ​ ​ — ​ ILE ​ TX / SE US ​ Various ​ 64 ​ 95 % ​ ​ 16,711 ​ ​ 10,193 (5) Savannah-84 ​ Savannah, GA ​ Various ​ 14 ​ 100 % (4) ​ 3,394 ​ ​ — ​ Fourth Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Golden Pacific ​ IN / KS / MO ​ October ​ 1 ​ 97 % ​ ​ 155 ​ ​ — ​ Savannah-84 Savannah, GA ​ Various 13 100 % (4) 3,151 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Savannah-84 ​ Savannah, GA ​ February 23, 2023 ​ 18 ​ 100 % ​ ​ 4,230 ​ ​ — ​ Abode Wendell Falls (6) ​ Wendell, NC ​ December 20, 2023 ​ 170 ​ 100 % ​ ​ 5,750 ​ ​ — ​ (1) For those dates where a month is listed, additional units were acquired and added to the respective existing portfolio throughout that specified month. For those dates where “Various” is listed, additional units were acquired and added to the respective existing portfolios on various dates throughout that specified quarter. For Ballast, the units acquired in the second quarter 2022 were the first acquisitions by the Company for the portfolio. (2) For those investments where no debt amount is presented, the purchase price was funded in full by the Company and its unaffiliated joint venture partner, or solely by the Company for investments where it holds full ownership, upon acquisition. (3) As part of the acquisition, the Company provided a mezzanine loan to the consolidated portfolio owner in the full amount shown. During 2022, this loan was converted into a common equity interest. Refer to the Peak Housing disclosure in Note 7 for further information. (4) In January 2023, the Company acquired the unaffiliated joint venture partner’s interest in Savannah-84, increasing its interest from 80 % to 100 % . (5) As there are four separate credit agreements under which the ILE portfolio acquisitions are financed, the debt amount represents the aggregate debt held through one or more of these credit agreements. Refer to Note 9 and Note 10 for further information. (6) Abode Wendell Falls is a build to rent development project expected to commence construction in the second quarter 2024. The total estimated project cost is $ 56.0 million, of which $ 6.5 million was incurred as of December 31, 2023. Purchase Price Allocation The real estate acquisitions above have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets based on their estimated fair values at the dates of acquisition. F-18 Table of Contents The following table summarizes the assets acquired at the acquisition date for acquisitions made during the year ended December 31, 2023 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ Purchase Price ​ Allocation Land ​ $ 7,012 Building ​ 3,831 Total assets acquired (1) ​ $ 10,843 (1) The $ 10.8 million of total assets acquired includes $ 0.9 million of acquisition expenses that have been capitalized as the acquisitions of additional real estate have been accounted for as asset acquisitions. ​ Acquisition of Additional Interests in Investments ​ During the year ended December 31, 2023, the Company acquired the noncontrolling partner’s interest in the following consolidated operating investments ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Previous Ownership New Ownership Investment Name ​ Date ​ Amount ​ Interest ​ Interest Savannah-84 ​ January 6, 2023 ​ $ 939 80 % 100 % Indy-Springfield, formerly Peak JV 1 ​ March 8, 2023 ​ 4,110 60 % 100 % ​ ​ ​ Note 7 – Notes and Interest Receivable Following is a summary of the notes and accrued interest receivable due from loan investments at December 31, 2023 (amounts in thousands). At December 31, 2022, the Company held no loan investments and there were no outstanding interest receivable amounts due to the Company. ​ ​ ​ ​ Investment Name 2023 Notes Receivable ​ The Woods at Forest Hill ​ $ 8,284 Willow Park ​ 9,400 Total notes receivable ​ $ 17,684 ​ ​ ​ ​ Accrued Interest Receivable ​ The Woods at Forest Hill ​ $ 94 Willow Park ​ 35 Total accrued interest receivable ​ $ 129 Total notes and accrued interest receivable ​ $ 17,813 Allowance for credit losses ​ ( 16 ) Total, net ​ $ 17,797 ​ ​ F-19 Table of Contents Allowance for Credit Losses The provision for and recovery of credit losses of the Company’s loan investments at December 31, 2023 and 2022 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Beginning balances, net as of January 1, 2023 and 2022, respectively ​ $ — ​ $ 59 Provision for (recovery of) credit losses on pool of assets (1) ​ 16 ​ ( 59 ) Allowance for credit losses, end of period ​ $ 16 ​ $ — (1) Under CECL, a provision for, or recovery of, credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The provision for credit losses during the year ended December 31, 2023 was attributable to the addition of two investments to the pool of assets. The recovery of credit losses during the year ended December 31, 2022 was a result of the sale of The Hartley at Blue Hill. ​ Following is a summary of the interest income from loan investments for the years ended December 31, 2023 and 2022 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Investment Name 2023 2022 The Hartley at Blue Hill (1) ​ $ — ​ $ 784 The Woods at Forest Hill ​ 7 ​ — Weatherford 185 (2) ​ — ​ 501 Willow Park ​ 87 ​ — Total ​ $ 94 ​ $ 1,285 (1) In the first quarter 2022, The Hartley at Blue Hill property was sold and the mezzanine loan provided by the Company was paid off in full. The Hartley at Blue Hill senior loan provided by the Company was paid off in full in the second quarter 2022. Refer to the disclosure below for further information. (2) In July 2022, the Weatherford 185 mezzanine loan provided by the Company was paid off in full. Refer to the disclosure below for further information. The occupancy percentages of the Company’s loan investments at December 31, 2023 are as follows: ​ ​ ​ ​ ​ Investment Name 2023 The Woods at Forest Hill (1) 63.2 % Willow Park (2) 44.8 % (1) The Woods at Forest Hill commenced lease-up in October 2022. (2) Willow Park commenced lease-up in late June 2022. F-20 Table of Contents Peak Housing Financing Prior to 2023, the Company made a preferred equity investment in the operating partnership of Peak Housing REIT (the “Peak REIT OP”), and in addition, made common equity investments, through joint ventures with Peak REIT OP, in sixteen portfolios of single-family residential units through Indy-Springfield (formerly Peak JV 1), Peak JV 2, Peak JV 3, and Savannah-84 (formerly Peak JV 4). In addition to its common and/or preferred equity investments, the Company, through wholly-owned lender-entities, provided the full mortgage or mezzanine loan to fifteen of the sixteen respective portfolio owners within Indy-Springfield, Peak JV 2, and Peak JV 3 (no loan was provided in conjunction with Savannah-84). These portfolio owners are owned by joint ventures in which the Company has its common equity investments along with Peak REIT OP. During the second quarter 2022, the mortgage and mezzanine loans provided by the Company to fourteen of the respective portfolio owners in Indy-Springfield and Peak JV 2 were converted into a total of $ 105.4 million of common equity interests, which included the full principal loan balances in the aggregate amount of $ 99.8 million and an aggregate amount of $ 5.6 million representing the minimum interest associated with the respective loans. As of December 31, 2023, one mezzanine loan that the Company provided to the portfolio owner in Peak JV 3 in the initial amount of $ 20.0 million remains. The entity through which the Company provided the loan (the lender-entity) and the entity to which the loan was provided (the property owner) consolidate into the Company’s financial statements. As such, the loan receivable balance and the loan payable balance, and the loan interest income and loan interest expense attributable to the Company, are eliminated through consolidation on the combined consolidated balance sheets and statements of operations, respectively. The Company (as lender entity) recognizes Peak REIT OP’s portion of interest expense on the loan as income and this amount is reflected in net income (loss) attributable to common stockholders in the Company’s combined consolidated statements of operations. The mezzanine loan was to mature on December 31, 2023, however on November 30, 2023, the property owner delivered written notice to the Company of its intention to exercise one of the loan’s two six-month extension options, extending the maturity date to June 30, 2024. The loan has one six-month extension option remaining, subject to certain conditions, and the loan can be prepaid without penalty. During 2023, proceeds from the sales of 39 units in the Peak JV 3 portfolio (refer to Note 4 for further information) have been used to reduce the outstanding balance of the mezzanine loan provided by the Company to $ 15.9 million as of December 31, 2023. The Hartley at Blue Hill Loan Financing The Company provided a $ 31.0 million mezzanine loan (the “Hartley Mezz Loan”) to BR Chapel Hill JV, LLC (“BR Chapel Hill JV”), which owns a 100 % interest in BR Chapel Hill, LLC (“BR Chapel Hill”) and is a joint venture with common interests held by Bluerock Special Opportunity + Income Fund, LLC, Bluerock Special Opportunity + Income Fund II, LLC (“Fund II”), and BR Chapel Hill Investment, LLC, all managed by affiliates of BRG Manager, LLC (the “former Manager”). The Hartley Mezz Loan was to mature on March 31, 2024 or earlier upon the occurrence of certain events, including the date of sale or transfer or property, and could be prepaid without penalty. The Hartley Mezz Loan bore interest at a current rate of 5.25 % and an accrued rate of 6.5 % for a total interest rate of 11.75 % per annum. In conjunction with the Hartley Mezz Loan, the Company provided a $ 5.0 million senior loan to BR Chapel Hill. The senior loan was secured by BR Chapel Hill’s fee simple interest in The Hartley at Blue Hill property. The senior loan was to mature on March 31, 2024 and could be prepaid without penalty. The senior loan bore interest at a fixed rate of 10.0 % per annum with regular monthly payments that were interest-only during the initial term. In February 2022, The Hartley at Blue Hill property was sold and the Hartley Mezz Loan was paid off for $ 34.4 million, which included principal repayment of $ 31.0 million and accrued interest of $ 3.4 million. In April 2022, the senior loan of $ 5.0 million was paid off in full. F-21 Table of Contents The Woods at Forest Hill Loan Financing On December 28,2023, the Company assumed an $ 8.3 million senior loan (the “Woods Loan”) made to an unaffiliated third-party borrower for 76 -build for rent, single-family residential units in Forest Hill, Texas. The Woods Loan investment by the Company is in addition to its existing preferred equity investment in The Woods at Forest Hill (refer to Note 8 for further information). The Woods Loan bears interest at the prime rate plus 1.50 % per annum, subject to a 4.75 % rate floor, with regular monthly payments that are interest-only through June 2024 and future payments based on twenty-five -year amortization. The Woods Loan matures on December 20, 2024, contains two (2) one-year extension options subject to certain conditions, and can be prepaid in part or in whole subject to a make whole premium. Weatherford 185 Mezzanine Loan Financing In February 2022, the Company provided a $ 9.6 million mezzanine loan to an unaffiliated third party to purchase land in Weatherford, Texas for the development of approximately 185 -build for rent, single-family residential units. The loan bore interest at a fixed rate of 12 % per annum with interest-only payments during the term of the loan. The loan was to initially mature on May 16, 2022 and contained three (3) thirty-day extension options, of which the borrower exercised all three options, extending the maturity date to August 14, 2022. At the time of each such extension, the borrower was required to make a payment to the Company of $ 0.1 million toward the unpaid principal amount of the loan. The loan could be prepaid without penalty. In July 2022, the outstanding balance of the Weatherford 185 mezzanine loan provided by the Company was paid off for $ 9.4 million, which included principal repayment of $ 9.3 million and accrued interest of $ 0.1 million. ​ Willow Park Loan Financing On October 26, 2023, Willow Park, the underlying asset of an unconsolidated joint venture located in Willow Park, Texas, was sold and the Company’s preferred equity investment was redeemed (refer to Note 8 for further information). As part of the sale, the Company provided a $ 9.4 million senior loan (the “Willow Loan”) to the new unaffiliated third-party owner of Willow Park for 58 -build for rent, single-family residential units. Of the 58 total units acquired by the Willow Loan borrower, 46 units previously collateralized the Company’s preferred equity investment in Willow Park, with the remaining 12 units previously owned by unaffiliated third parties. The Willow Loan bears interest at a fixed rate of 5.08 % per annum during the initial term with regular monthly payments that are interest-only. The Willow Loan matures on October 28, 2024, contains two six-month extension options subject to certain conditions, and can be prepaid in part, subject to a minimum payment, or in whole without penalty. ​ Note 8 – Preferred Equity Investments in Unconsolidated Real Estate Joint Ventures The carrying amount of the Company’s preferred equity investments in unconsolidated real estate joint ventures at December 31, 2023 and 2022 is summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Investment Name 2023 2022 Chandler ​ $ 15,000 ​ $ — Peak Housing ​ ​ 10,663 ​ ​ 20,318 The Cottages at Myrtle Beach ​ 17,913 ​ 17,913 The Cottages at Warner Robins (1) ​ — ​ 13,250 The Cottages of Port St. Lucie ​ 18,785 ​ 18,785 The Woods at Forest Hill ​ 5,575 ​ 3,300 Wayford at Innovation Park ​ 13,400 ​ 10,205 Willow Park (2) ​ — ​ 2,540 Total ​ $ 81,336 ​ $ 86,311 Allowance for credit losses ​ ( 180 ) ​ ( 22 ) Total, net ​ $ 81,156 ​ $ 86,289 (1) On December 15, 2023, the Company’s preferred equity investment was redeemed. Refer to the disclosures below for further information. (2) On October 26, 2023, the Company’s preferred equity investment was redeemed. Refer to the disclosures below for further information. ​ F-22 Table of Contents Allowance for Credit Losses The provision for and recovery of credit losses of the Company’s preferred equity investments at December 31, 2023 and 2022 are summarized in the table below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Beginning balances, net as of January 1, 2023 and 2022, respectively ​ $ 22 ​ $ 73 Provision for (recovery of) credit losses on pool of assets, net (1) ​ 158 ​ ( 51 ) Allowance for credit losses, net, end of period ​ $ 180 ​ $ 22 ​ ​ ​ ​ ​ ​ ​ Recovery of credit loss – Alexan Southside Place (2) ​ $ — ​ $ ( 292 ) (1) Under CECL, a provision for, or recovery of, credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The provision for credit losses during the year ended December 31, 2023 was attributable to the addition of one investment to the pool of assets (which was only partially offset by the removal of two investments from the pool of assets) and an increase in the trailing twelve-month historical default rate. (2) In 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. In 2022, the Company recognized a partial recovery of a previously recorded credit loss on Alexan Southside Place. As of December 31, 2023, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding preferred equity investments in six joint ventures which are classified as held to maturity debt securities as the Company has the intention and ability to hold the investments to maturity. The Company earns a fixed return on these investments which is included within preferred returns on unconsolidated real estate joint ventures in its combined consolidated statements of operations. Each joint venture’s purpose is to develop or operate a portfolio of residential units. The preferred returns on the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2023 and 2022 are summarized below (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Investment Name 2023 2022 Chandler ​ $ 259 ​ $ — Peak Housing ​ 1,350 ​ 1,887 The Cottages at Myrtle Beach ​ 2,633 ​ 2,288 The Cottages at Warner Robins ​ 1,863 ​ 1,151 The Cottages of Port St. Lucie ​ 2,762 ​ 2,186 The Woods at Forest Hill ​ 679 ​ 274 Wayford at Innovation Park ​ 1,619 ​ 469 Willow Park ​ 467 ​ 333 Total preferred returns on unconsolidated joint ventures (1) ​ $ 11,632 ​ $ 8,588 (1) Total includes both current and accrued preferred return amounts. The accrued balance of the total preferred returns was $ 8.0 million and $ 6.7 million at December 31, 2023 and 2022, respectively. The occupancy percentages of the Company’s unconsolidated real estate joint ventures at December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ Investment Name 2023 2022 Chandler (1) — ​ — ​ Peak Housing (2) ​ 88.3 % 95.4 % The Cottages at Myrtle Beach (3) ​ 37.4 % — ​ The Cottages of Port St. Lucie (3) ​ 29.4 % — ​ The Woods at Forest Hill (4) ​ 63.2 % 1.3 % Wayford at Innovation Park (5) ​ 11.0 % — ​ (1) Chandler had not commenced lease-up as of December 31, 2023. (2) Percent occupied for Peak Housing at December 31, 2023 excludes 32 down/renovation units. (3) The Cottages investments commenced lease-up in 2023 as follows: at Myrtle Beach in April and of Port St. Lucie in June. (4) The Woods at Forest Hill commenced lease-up in October 2022. (5) Wayford at Innovation Park commenced lease-up in August 2023. F-23 Table of Contents Chandler Interests On November 15, 2023, the Company made a $ 15.0 million preferred equity investment in a joint venture (the “Chandler JV”) with an unaffiliated third party for Chandler, a 208 -unit community located in Chandler, Arizona. The Company earns a preferred return on its investment of 13.5 % per annum, subject to a minimum multiple, as follows: for the first two years following the initial investment, the return will be fully accrued; after year two, the return will be paid 4.0 % on a current basis with the remaining 9.5 % accrued; after year three, the return will be paid 6.0 % on a current basis with the remaining 7.5 % accrued. The Chandler JV is required to redeem the Company’s preferred equity investment plus any accrued but unpaid preferred return on November 15, 2030 (the “redemption date”) or earlier upon the occurrence of certain events. The redemption date can be extended through three ( 3 ) one-year extension options subject to certain conditions. Peak Housing Interests Prior to 2023, the Company made a preferred equity investment in the Peak REIT OP in the aggregate amount of $ 20.3 million which was collateralized by 474 single-family residential units (“Peak Housing”) located throughout Texas. The Company earned a 7.0 % current return and a 3.0 % accrued return, for a total preferred return of 10.0 % per annum, on $ 16.0 million of its investment. On its remaining $ 4.3 million investment, the Company earned a 4.0 % current return and a 4.0 % accrued return, for a total preferred return of 8.0 % per annum. On the Company’s total $ 20.3 million investment, it earned a total weighted average preferred return of 9.6 % per annum. On March 3, 2023, the Company’s agreement with the Peak REIT OP regarding its total preferred equity investment in Peak Housing was amended. As part of the amendment, the Company’s two tranches of preferred equity investments were combined into one $ 20.3 million preferred equity investment earning a 6.4 % current return and a 3.2 % accrued return, for a total preferred return of 9.6 % per annum. In addition, the amendment increased the collateral underlying the Company’s preferred equity investment from 474 units to 648 units, and the net assets of the Peak REIT OP were included as additional collateral. Peak REIT OP may sell the units collateralizing the Company’s preferred equity investment, though Peak REIT OP is required to distribute any net sale proceeds to the Company, after consideration for partnership operating expenses and reserve requirements, until the Company’s full preferred equity investment has been repaid in full, subject to certain rate of return requirements and including any accrued but unpaid preferred returns. During 2023, the Company’s preferred equity investment in the Peak REIT OP was partially redeemed in the aggregate amount of $ 10.7 million, which included principal investment of $ 9.7 million and accrued preferred return of $ 1.0 million. The Company’s partial redemption of its preferred equity investment was a result of the sale by Peak REIT OP of 196 of the 648 units that collateralized the Company’s investment. As of December 31, 2023, the Company’s remaining preferred equity investment in the Peak REIT OP was $ 10.6 million, with a remaining 452 units as collateral underlying the Company’s investment. The Cottages at Myrtle Beach Interests In September 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Cottages MB JV”) and developed 294 -build for rent, single-family residential units in Myrtle Beach, South Carolina. The Company made a commitment to invest $ 17.9 million of preferred equity interests in the Cottages MB JV, all of which had been funded as of December 31, 2023. The Company earns a 14.5 % per annum accrued return on outstanding capital contributions with payments to be remitted when the properties generate cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of properties. The Cottages MB JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with The Cottages at Myrtle Beach investment, The Cottages at Myrtle Beach property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $ 40.2 million construction loan, of which $ 36.7 million was outstanding as of December 31, 2023. The loan matures on March 9, 2025 and is secured by the fee simple interest in The Cottages at Myrtle Beach property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at the greater of 3.10 % or one-month LIBOR plus 2.60 % with interest-only monthly payments through the initial term of the loan. F-24 Table of Contents The Cottages at Warner Robins Interests In December 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Cottages WR JV”) and developed 251 -build for rent, single-family residential units in Warner Robins, Georgia. The Company made a preferred equity investment of $ 13.3 million in the Cottages WR JV, all of which had been funded. The Company earned a 14.5 % per annum accrued return on outstanding capital contributions with payments to be remitted when the properties generated cash flow in excess of operating costs and/or there were available net proceeds from financing, refinancing or sale of properties. The Cottages WR JV was required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) was due and payable or earlier upon the occurrence of certain events. In conjunction with The Cottages at Warner Robins investment, The Cottages at Warner Robins property owner, which was owned by an entity in which the Company had a preferred equity interest, entered into a $ 34.5 million construction loan. The loan was to mature on April 5, 2025,was secured by the fee simple interest in The Cottages at Warner Robins property, and could be prepaid without penalty. The loan bore interest on the amount drawn with interest-only monthly payments through the initial term of the loan. On December 15, 2023, The Cottages at Warner Robins was sold, and the Company’s preferred equity investment in The Cottages at Warner Robins was redeemed by the Cottages WR JV for $ 16.6 million, which included its original preferred investment of $ 13.3 million, accrued preferred return of $ 3.1 million and a minimum interest payment of $ 0.2 million. The Cottages of Port St. Lucie Interests In August 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Cottages St. Lucie JV”) to develop approximately 286 -build for rent, single-family residential units in Port St. Lucie, Florida. The Company made a commitment to invest $ 18.8 million of preferred equity interests in the Cottages St. Lucie JV, all of which had been funded as of December 31, 2023. The Company earns a 14.5 % per annum accrued return on outstanding capital contributions with payments to be remitted when the properties generate cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of properties. The Cottages St. Lucie JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with The Cottages of Port St. Lucie investment, The Cottages of Port St. Lucie property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $ 45.2 million construction loan, of which $ 40.1 million was outstanding as of December 31, 2023. The loan matures on August 26, 2024 and is secured by the fee simple interest in The Cottages of Port St. Lucie property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at the greater of 3.50 % or one-month LIBOR plus 2.75 % with interest-only monthly payments through the initial term of the loan. The Woods at Forest Hill Interests In December 2021, the Company entered into a joint venture agreement with Peak REIT OP (the “Woods JV”) and developed 76 -build for rent, single-family residential units in Forest Hill, Texas. The Company made an original commitment to invest $ 3.3 million of preferred equity interests in the Woods JV, however on March 17, 2023, the Company increased its commitment in the Woods JV by $ 2.3 million, for a total preferred equity investment commitment of $ 5.6 million, of which all had been funded as of December 31, 2023. The Company earns a 13.0 % per annum accrued return on its original preferred equity investment of $ 3.3 million. On its additional preferred equity investment commitment of $ 2.3 million, the Company earns an accrued return on its outstanding capital contributions at a rate of 15.0 % per annum compounded monthly, subject to a minimum multiple. Payments of the Company’s preferred return are to be remitted when the properties generate cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of properties. The Woods JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with The Woods at Forest Hill development, The Woods at Forest Hill property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into an $ 8.3 million construction loan, of which the full amount was outstanding as of December 31, 2023. The loan matures on December 20, 2024 and is secured by the fee simple interest in The Woods at Forest Hill property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid subject to a make whole premium. The loan bears interest on the amount drawn at the greater of 4.75 % or the prime rate plus 1.50 % with interest-only monthly payments through July 2024 and future monthly payments based on twenty-five-year amortization. F-25 Table of Contents On December 28, 2023, the Company made a loan investment in The Woods at Forest Hill in addition to its existing preferred equity investment. Refer to Note 7 for further information. Wayford at Innovation Park Interests In June 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Wayford IP JV”) to develop approximately 210 -build for rent, single-family residential units in Charlotte, North Carolina. The Company made a commitment to invest $ 13.4 million of preferred equity interests in the Wayford IP JV, of which all had been funded as of December 31, 2023. The Company earns a 12.5 % per annum accrued return on outstanding capital contributions with payments to be remitted when the property generates cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of the property. The Wayford IP JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return on June 17, 2026 or earlier upon the occurrence of certain events. In conjunction with the Wayford at Innovation Park development, the Wayford at Innovation Park property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $ 39.6 million construction loan, of which $ 18.0 million was outstanding as of December 31, 2023. The loan matures on October 15, 2026, can be prepaid without penalty, and is secured by the fee simple interest in the Wayford at Innovation Park property. The loan bears interest on the amount drawn at the greater of 3.50 % or one-month LIBOR plus 2.25 % with interest-only monthly payments through October 2024 and future monthly payments based on thirty-year amortization. Willow Park Interests In June 2021, the Company entered into a joint venture agreement with Peak REIT OP (the “Willow Park JV”) and developed 46 -build for rent, single-family residential units in Willow Park, Texas. The Company made an original commitment to invest $ 2.5 million of preferred equity interests in the Willow Park JV, however on February 28, 2023, the Company increased its commitment in the Willow Park JV by $ 2.1 million, for a total preferred equity investment commitment of $ 4.6 million, of which nearly all had been funded. The Company earned a 13.0 % per annum accrued return on its original preferred equity investment of $ 2.5 million. On its additional preferred equity investment commitment of $ 2.1 million, the Company earned an accrued return on its outstanding capital contributions at a rate of 15.0 % per annum compounded monthly, subject to a minimum multiple. Payments of the Company’s preferred return were to be remitted when the properties generated cash flow in excess of operating costs and/or there were available net proceeds from financing, refinancing or sale of properties. The Willow Park JV was required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) was due and payable or earlier upon the occurrence of certain events. In conjunction with the Willow Park development, the Willow Park property owner, which was owned by an entity in which the Company had a preferred equity interest, entered into an $ 8.8 million construction loan. The loan was to mature on August 5, 2024, was secured by the fee simple interest in the Willow Park property, and could be prepaid subject to a make whole premium. The loan bore interest on the amount drawn with interest-only monthly payments through February 2024. On October 26, 2023, Willow Park was sold, and the Company’s preferred equity investment in Willow Park was redeemed by the Willow Park JV for $ 4.1 million, which included $ 2.9 million of its total $ 4.6 million principal investment and $ 1.2 million of accrued preferred return. The accrued preferred return was earned by the Company on its total principal investment and based on rates and terms agreed upon for its original and additional principal investments. The remaining $ 1.7 million of the Company’s principal investment is collateralized by The Woods at Forest Hill and Peak REIT OP investments and is recorded within accounts receivable, prepaids and other assets of the Company’s consolidated balance sheet. As part of the sale, the Company provided a loan to the new unaffiliated third-party owner of Willow Park. Refer to Note 7 for further information. F-26 Table of Contents Note 9 — Revolving Credit Facilities The outstanding balances on the revolving credit facilities as of December 31, 2023 and 2022 are as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Revolving Credit Facilities 2023 2022 Amended DB Credit Facility ​ $ 50,000 ​ $ — DB Credit Facility ​ ​ — ​ ​ 35,000 ILE Sunflower Credit Facility ​ ​ 20,000 ​ ​ 20,000 Total ​ $ 70,000 ​ $ 55,000 ​ Amended Deutsche Bank Credit Facility (“Amended DB Credit Facility”) On December 29, 2023, certain of the Company’s subsidiaries entered into an amended and restated credit facility (the “Amended DB Credit Facility”) with Deutsche Bank Securities Inc. (“Deutsche Bank”), as sole lead arranger, Deutsche Bank AG, New York Branch, as administrative agent, the financial institutions party thereto as lenders and Computershare Trust Company, N.A., as paying agent and calculation agent, and the Company as a guarantor. The Amended DB Credit Facility extended the maturity date of the credit facility to April 6, 2025, included the addition of a one-year extension option, subject to certain conditions, and included changes in certain financial and operating covenants. There were no other material changes in terms from the previous credit facility. The Amended DB Credit Facility provides for a revolving loan with a maximum commitment amount of $ 150 million. Borrowings under the Amended DB Credit Facility are limited to financings related to the acquisition, renovation, rehabilitation, maintenance and leasing of single-family residential units initially only in the Peak JV 2 portfolio, though in the second quarter 2023, the credit facility was amended such that borrowings can also be applied to units in the Indy-Springfield (formerly Peak JV 1) and Savannah-84 (formerly Peak JV 4) portfolios. Borrowings under the Amended DB Credit Facility bear interest on the amount drawn at Term SOFR plus 2.80 %, and borrowings can be prepaid without premium or penalty. The interest rate on outstanding borrowings was 8.14 % at December 31, 2023. The Amended DB Credit Facility contains certain financial and operating covenants, including maximum leverage ratio, minimum debt yield and minimum debt service coverage ratio. At December 31, 2023, the Amended DB Credit Facility was drawn at $ 50 million and the Company was in compliance with all covenants under the Amended DB Credit Facility. The availability of borrowings under the Amended DB Credit Facility at December 31, 2023 was approximately $ 56 million and is based on the collateral and compliance with various ratios related to those assets. ILE Sunflower Credit Facility On December 27, 2021, the Company’s unaffiliated joint venture partner, ILE, entered into a credit facility with Sunflower Bank, N.A. (the “ILE Sunflower Credit Facility”). The ILE Sunflower Credit Facility provides for a revolving loan with an initial commitment amount of $ 20 million, which commitment contains an accordion feature to a maximum total commitment of up to $ 50 million. The ILE Sunflower Credit Facility, along with four other separate non-revolving credit facilities (refer to Note 10 for further information), is used in the financing of acquisitions of single-family residential units. Borrowings under the ILE Sunflower Credit Facility bear interest at LIBOR plus 3.0 %, subject to a rate floor, and can be prepaid without penalty or premium. The interest rate on outstanding borrowings was 8.47 % at December 31, 2023. The ILE Sunflower Credit Facility matures on December 27, 2024 and contains certain financial and operating covenants, including a minimum fixed charge coverage ratio. At December 31, 2023, ILE was in compliance with all covenants under the ILE Sunflower Credit Facility and the initial commitment was fully drawn at $ 20 million. A principal of ILE has guaranteed the obligations under the ILE Sunflower Credit Facility and the Company and ILE have pledged certain assets as collateral. F-27 Table of Contents Note 10 – Mortgages Payable The following table summarizes certain information as of December 31, 2023 and 2022 with respect to the Company’s senior mortgage indebtedness (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Principal As of December 31, 2023 ​ ​ December 31, ​ December 31, ​ ​ ​ Interest-only ​ ​ ​ Investment Name ​ 2023 2022 ​ Interest Rate through date Maturity Date ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Rate: ​ ​ ​ ILE (1)(2) ​ $ 25,107 ​ $ 25,976 3.69 % (3) ​ (1) ​ ILE (2)(4) ​ ​ 4,573 ​ ​ — ​ 6.00 % (3) ​ August 9, 2028 ​ Navigator Villas (5) ​ 19,702 ​ 20,039 4.57 % (3) ​ June 1, 2028 ​ Yauger Park Villas (6) ​ 14,350 ​ 14,643 4.86 % (3) ​ April 1, 2026 ​ Total Fixed Rate ​ $ 63,732 ​ $ 60,658 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floating Rate: ​ ​ ​ ​ ​ ​ ​ ILE (4) ​ $ — ​ $ 4,600 ​ ​ ​ ​ ​ ​ Wayford at Concord (7) ​ 32,973 ​ 32,973 4.73 % May 2027 ​ May 1, 2029 ​ Total Floating Rate ​ $ 32,973 ​ $ 37,573 ​ ​ Total ​ $ 96,705 ​ $ 98,231 ​ ​ Fair value adjustments ​ 916 ​ 1,235 ​ ​ Deferred financing costs, net ​ ( 951 ) ​ ( 1,275 ) ​ ​ Total mortgages payable ​ $ 96,670 ​ $ 98,191 ​ ​ (1) ILE’s fixed rate debt represents the aggregate debt outstanding across two separate credit agreements. Of the $ 25.1 million balance, $ 6.4 million held through one credit agreement has a fixed rate of 3.50 % , while the remaining $ 18.7 million held through the second credit agreement has a fixed rate of 3.75 % . Both credit agreements mature in 2026. (2) At December 31, 2023, the lender waived the minimum debt service coverage ratio covenant under the credit agreement to remain in compliance with such covenant. (3) The loan requires monthly payments of principal and interest. (4) During the second quarter 2023, one ILE credit agreement was amended to reduce and temporarily convert its interest rate from floating to fixed rate through August 1, 2023, upon which such date an interest rate swap became effective, converting the credit agreement to a fixed rate of 6.00 %. (5) The principal balance includes a $ 14.2 million senior loan at a fixed rate of 4.31 % and a $ 5.5 million supplemental loan at a fixed rate of 5.23 % . (6) The principal balance includes a $ 10.0 million senior loan at a fixed rate of 4.81 % and a $ 4.4 million supplemental loan at a fixed rate of 4.96 % . (7) The Wayford at Concord loan bears interest at the 30-day average SOFR plus 2.23 %. In December 2023, the 30-day average SOFR in effect was 5.33 %. SOFR rate is subject to a 2.50 % rate cap through April 2025. Please refer to Note 12 for further information. Deferred financing costs Costs incurred in obtaining long-term financing are amortized on a straight-line basis to interest expense over the terms of the related financing agreements, as applicable, which approximates the effective interest method. Amortization of deferred financing costs, including the amounts related to the revolving credit facilities, was $ 3.1 million and $ 2.8 million for the years ended December 31, 2023 and 2022, respectively. Fair value adjustments of debt The Company records a fair value adjustment based upon the fair value of the loans on the date they were assumed in conjunction with acquisitions. The fair value adjustments are being amortized to interest expense over the remaining life of the loans. Amortization of fair value adjustments was $ 0.3 million and $ 0.3 million for the years ended December 31, 2023 and 2022, respectively. F-28 Table of Contents Loss on Extinguishment of Debt and Debt Modification Costs Upon repayment of or in conjunction with a material change (i.e. a 10% or greater difference in the cash flows between instruments) in the terms of an underlying debt agreement, the Company writes-off any unamortized deferred financing costs and fair market value adjustments related to the original debt that was extinguished. Prepayment penalties incurred on the early repayment of debt and costs incurred in a debt modification that are not capitalized are also included within loss on extinguishment of debt and debt modification costs on the combined consolidated statements of operations. Loss on extinguishment of debt and debt modification costs were zero for the years ended December 31, 2023 and 2022. Debt maturities As of December 31, 2023, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): ​ ​ ​ ​ ​ Year Total 2024 ​ $ 1,639 2025 ​ 1,717 2026 ​ 37,471 2027 ​ 866 2028 ​ ​ 23,022 Thereafter ​ 31,990 ​ ​ $ 96,705 Add: Unamortized fair value debt adjustment ​ 916 Subtract: Deferred financing costs, net ​ ​ ( 951 ) Total ​ $ 96,670 ​ The net book value of real estate assets providing collateral for these above borrowings, including the revolving credit facilities (refer to Note 9 for further information), was $ 365.3 million as of December 31, 2023. The mortgage loans encumbering the Company’s properties are nonrecourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, the Company or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. The mortgage loans have a period where a prepayment fee or yield maintenance would be required. Note 11 – Fair Value of Financial Instruments Fair Value Measurements For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price the Company would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions; preference is given to observable inputs. In accordance with GAAP and as defined in ASC Topic 820: Fair Value Measurement, these two types of inputs create the following fair value hierarchy: ● Level 1: Quoted prices for identical instruments in active markets ● Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable F-29 Table of Contents ● Level 3: Significant inputs to the valuation model are unobservable ​ If the inputs used to measure the fair value fall within different levels of the hierarchy, the fair value is determined based upon the lowest level input that is significant to the fair value measurement. Whenever possible, the Company uses quoted market prices to determine fair value. In the absence of quoted market prices, the Company uses independent sources and data to determine fair value. Fair Value of Financial Instruments As of December 31, 2023 and 2022, the carrying values of cash and cash equivalents, restricted cash, accounts receivable, due to affiliates, accounts payable, other accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations. Derivative Financial Instruments The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps is determined using the market-standard methodology of discounting the future expected cash receipts which would occur if floating interest rates rise above the strike rate of the caps. The floating interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The fair value of interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The inputs used in the valuation of interest rate caps and swaps fall within Level 2 of the fair value hierarchy. Fair Value of Debt As of December 31, 2023 and December 31, 2022, based on the discounted amount of future cash flows using rates currently available to the Company for similar liabilities, the fair value of the Company’s mortgages payable is estimated at $ 93.0 million and $ 93.7 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $ 97.6 million and $ 99.5 million, respectively. The fair value of mortgages payable is estimated based on the Company’s current interest rates (Level 3 inputs of the fair value hierarchy) for similar types of borrowing arrangements. Note 12 – Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. The Company’s objectives in using interest rate derivative financial instruments are to add stability to interest expense and to manage the Company’s exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate caps and swaps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. F-30 Table of Contents The Company has not designated any of the interest rate derivatives as hedges. Although these derivative financial instruments were not designated or did not qualify for hedge accounting, the Company believes the derivative financial instruments are effective economic hedges against increases in interest rates. The Company does not use derivative financial instruments for trading or speculative purposes. As of December 31, 2023, the Company had interest rate caps and swaps which effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying interest rate for $ 94.0 million of the Company’s debt. The table below presents the classification and fair value of the Company’s derivative financial instruments on the combined consolidated balance sheets at December 31, 2023 and 2022 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ Fair Values of Derivative instruments under ASC 815-20 ​ Balance Sheet Location ​ Instruments ​ ​ 2023 2022 Interest rate caps Accounts receivable, prepaids and other assets ​ $ 1,934 ​ $ 4,702 Interest rate swaps Accounts receivable, prepaids and other assets ​ 483 ​ 647 ​ The table below presents the classification and effect of the Company’s derivative financial instruments on the combined consolidated statements of operations for the years ended December 31, 2023 and 2022 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging ​ Location of Gain (Loss) ​ The Effect of Derivative Instruments instruments under ASC 815-20 ​ Recognized in Income ​ on the Statements of Operations ​ ​ ​ 2023 2022 Interest rate caps Interest expense ​ $ ( 2,768 ) ​ $ 2,437 Interest rate swaps Interest expense ​ ( 165 ) ​ ​ 647 ​ Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. ​ ​ ​ Note 13 – Related Party Transactions Management Agreement with the Manager On October 5, 2022, and in conjunction with the Separation and the Distribution, the Company entered into a management agreement (the “Management Agreement”) with the Operating Partnership and Bluerock Homes Manager, LLC (the “Manager”), which is an affiliate of Bluerock Real Estate, LLC (“BRE”), pursuant to which the Manager will provide for the day-to-day management of the Company’s operations. Pursuant to the terms of the Management Agreement, the Manager provides the Company with a management team and appropriate support personnel to provide such management services to the Company. The Management Agreement requires the Manager to manage the Company’s business affairs under the supervision and direction of the Company’s board of directions (the “Board”). Specifically, the Manager is responsible for (i) the selection, purchase and sale of the Company’s portfolio investments, (ii) the Company’s financing activities, and (iii) providing the Company with advisory services, in each case in conformity with the investment guidelines and other policies approved and monitored by its Board. The initial term of the Management Agreement expires on October 6, 2023 and will be automatically renewed for a one-year term on each anniversary date thereafter unless earlier terminated or not renewed in accordance with the terms thereof. The Company pays the Manager a base management fee (the “base management fee”) in an amount equal to 1.50 % of the Company’s New Stockholders’ Equity (as defined in the Management Agreement) per year, as well as an incentive fee (the “incentive fee”) with respect to each calendar quarter (or part thereof that the Management Agreement is in effect) in arrears. The Company is required to reimburse the Manager for certain expenses and pay all operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The Management Agreement provides that (i) the base management fee and the incentive fee shall be allocated and payable as one half ( 50 %) in C-LTIP Units and the remainder payable in cash or C-LTIP Units, at the discretion of the Board, and (ii) expense reimbursements shall be payable either in cash or C-LTIP Units, at the discretion of the Board. The number of C-LTIP Units payable and issued to the Manager for the base management fee, the incentive fee and expense reimbursements will be equal to the dollar amount (of the portion deemed payable in C-LTIP Units) of the fees earned or reimbursement amount divided by the average of the closing prices of the Class A common stock for the five business days prior to issuance. F-31 Table of Contents For the year ended December 31, 2023 and for the period of October 6 – December 31, 2022, the Company recorded base management fees of $ 7.9 million and $ 1.8 million, respectively, and expense reimbursements of $ 2.8 million and $ 0.4 million, respectively. The expense reimbursements were recorded as part of general and administrative expenses in the Company’s consolidated statements of operations. There has been no incentive fee expense incurred during the years ended December 31, 2023 and 2022. The table below presents the related party amounts payable to the Manager as of December 31, 2023 and 2022 pursuant to the terms of the Management Agreement (amounts in thousands). The Company records these payables in due to affiliates in its combined consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ Amounts payable to the Manager under the Management Agreement 2023 2022 Base management fee ​ $ 2,048 ​ $ 1,787 Operating and direct expense reimbursements ​ 1,365 ​ 424 Offering expense reimbursements ​ ​ 96 ​ ​ — Total amounts payable to the Manager ​ $ 3,509 ​ $ 2,211 ​ At December 31, 2023 and 2022, the Company had no receivables due from any related parties. Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Company’s Series A Preferred Stock (refer to Note 14 for further information), the Company engaged a related party as dealer manager, and pays up to 10 % of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers and incurs costs in excess of the 10 %, which costs are borne by the dealer manager without reimbursement by the Company. For the year ended December 31, 2023, the Company has incurred $ 0.8 million in selling commissions and discounts and $ 0.3 million in dealer manager fees and discounts related to its offering of Series A Preferred Stock. In addition, the Manager was, or shall be, reimbursed for offering costs of $ 0.4 million in conjunction with the offering of Series A Preferred Stock during the year ended December 31, 2023. The selling commissions, dealer manager fees, discounts and reimbursements for offering costs were recorded as a reduction to the proceeds of the offering. Administrative Services Agreement Prior to the completion of the Spin-Off on October 6, 2022, Bluerock Residential was party to an Administrative Services Agreement (the “ASA”) and a Leasehold Cost-Sharing Agreement (the “CSA”) with BRE and its affiliate, Bluerock Real Estate Holdings, LLC (together “BREH”). Pursuant to the ASA, BREH provided Bluerock Residential with certain human resources, investor relations, marketing, legal and other administrative services (the “Services”). In addition, the ASA permitted certain Bluerock Residential employees to provide services to BREH, on an at-cost basis, generally allocated based on the use of such services for the benefit of the business of BREH, and otherwise subject to the terms of the Services provided by BREH to Bluerock Residential under the ASA. Pursuant to the CSA, Bluerock Residential and BREH were allocated costs, including those costs associated with tenant improvements, with respect to the lease for their New York headquarters (the “NY Lease”). Payments by Bluerock Residential of any amounts payable to BREH under the ASA and CSA were made in cash or, at the discretion of its board of directors, in the form of Bluerock Residential’s long-term incentive plan units. Pursuant to the terms of the ASA, operating expenses were (i) paid by BREH on behalf of Bluerock Residential, and (ii) paid by Bluerock Residential on behalf of BREH. Pursuant to the terms of the CSA, costs with respect to the NY Lease were paid by BREH on behalf of Bluerock Residential. Recorded as part of general and administrative expenses in the Company’s combined consolidated statements of operations, operating expenses paid by BREH on behalf of Bluerock Residential of $ 0.7 million were expensed during 2022 for the period ending and prior to October 6, 2022. Additionally, during this same period, Bluerock Residential paid operating expenses on behalf of BREH of $ 0.7 million. These prior period amounts were allocated to the Company by applying an allocation percentage, which was determined by taking the number of units carved out of the Bluerock Residential portfolio divided by Bluerock Residential’s total portfolio unit count, to the total operating expenses paid on behalf of or by Bluerock Residential. Prior period operating expense amounts recognized by the Company are not representative of the amounts that would have been reflected in the financial statements had the Company operated independently of Bluerock Residential. On October 6, 2022, Bluerock Residential caused the termination of all services under both the ASA and CSA in connection with the transactions related to the Separation, the Distribution and the Spin-Off. F-32 Table of Contents Note 14 – Stockholders’ Equity Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders, less dividends on restricted stock, LTIP Units and C - LTIP Units expected to vest, by the weighted average number of common shares outstanding for the period. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period. Net loss attributable to common stockholders is computed by adjusting net loss for the non-forfeitable dividends paid on non-vested restricted stock, LTIP Units and C - LTIP Units. The Company considers the requirements of the two-class method when preparing earnings per share. The Company has two classes of common stock outstanding: Class A common stock, $ 0.01 par value per share, and Class C common stock, $ 0.01 par value per share. Earnings per share is not affected by the two-class method because the Company’s Class A and C common stock participate in dividends on a one -for- one basis. The following table reconciles the components of basic and diluted net loss per common share for the years ended December 31, 2023 and 2022 (amounts in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Loss from continuing operations (1) $ ( 15,897 ) ​ $ ( 6,236 ) Dividends on restricted stock and LTIP Units expected to vest ​ ( 498 ) ​ ​ — Net loss from continuing operations attributable to noncontrolling interests ​ ( 11,394 ) ​ ( 5,130 ) Loss from continuing operations attributable to BHM ​ $ ( 5,001 ) ​ $ ( 1,106 ) Income from discontinued operations ​ — ​ 311 Net income from discontinued operations attributable to noncontrolling interests ​ ​ — ​ ​ 205 Income from discontinued operations attributable to BHM ​ — ​ 106 Net loss attributable to common stockholders ​ $ ( 5,001 ) ​ $ ( 1,000 ) ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding (2) ​ 3,845,349 ​ 3,843,502 Potential dilutive shares (3) ​ — ​ — Weighted average common shares outstanding and potential dilutive shares (2) ​ 3,845,349 ​ 3,843,502 ​ ​ ​ ​ ​ ​ ​ Net loss per common share, basic ​ ​ ​ ​ Continuing operations ​ $ ( 1.30 ) ​ $ ( 0.29 ) Discontinued operations ​ — ​ 0.03 ​ ​ $ ( 1.30 ) ​ $ ( 0.26 ) Net loss per common share, diluted ​ ​ ​ ​ Continuing operations ​ $ ( 1.30 ) ​ $ ( 0.29 ) Discontinued operations ​ — ​ 0.03 ​ ​ $ ( 1.30 ) ​ $ ( 0.26 ) (1) Loss from continuing operations for the year ended December 31, 2023 includes $( 130 ) of preferred stock dividends. (2) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (3) For the year ended December 31, 2023, potential vesting of restricted Class A common stock of 3,595 shares is excluded from the diluted shares calculation as the effect is antidilutive. ​ The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common stock on a one -for-one basis. The income allocable to such OP Units is allocated on this same basis and reflected as noncontrolling interests in the accompanying combined consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share. F-33 Table of Contents Class C Common Stock The Company’s Class C common stock will be equivalent in all material respects to, and rank on parity with, the Company’s Class A common stock, except that each share of Class C common stock will entitle the holder thereof to up to fifty votes. A holder of Class C common stock will not be entitled to a number of votes in excess of the number of its direct and indirect economic interests in the Operating Partnership. Therefore, no holder of Class C common stock will have a number of votes in respect of its shares of Class C common stock that exceeds the number of shares of Class C common stock, C-LTIP units, LTIP units, C-OP units and OP units beneficially owned by such holder. In order to implement this limitation, the number of votes (“Class C Votes”) per share of Class C common stock beneficially owned by a holder will equal the lesser of: (x) 50 and (y) the quotient of (A) the sum of (1) the number of shares of Class C common stock beneficially owned by such holder plus (2) the number of C-LTIP units beneficially owned by such holder plus (3) the number of LTIP units beneficially owned by such holder plus (4) the number of C-OP units beneficially owned by such holder plus (5) the number of OP units beneficially owned by such holder (each of a share of Class C common stock, a C-LTIP unit, a LTIP unit, a C-OP unit and an OP Unit, a “Class C Interest”) divided by (B) the number of shares of Class C common stock beneficially owned by such holder. If any Class C Interest is beneficially owned by more than one holder of Class C common stock and would, in the absence of this sentence, increase the number of Class C Votes of more than one such holder of Class C common stock by virtue of clause (y) of the immediately preceding sentence, then such Class C Interest shall only increase the number of Class C Votes of the ultimate beneficial owner of such Class C Interest that is also such a holder of Class C common stock, and not any other holder of Class C common stock. Shares of the Company’s Class C common stock may be converted, or automatically convert, in certain circumstances to shares of the Company’s Class A common stock on a one -for-one basis. Subject to the preferential rights, if any, of holders of any class or series of the Company’s stock other than the Company’s Class A common stock and to the provisions of the Company’s charter regarding the restrictions on the ownership and transfer of stock, the holders of the Company’s Class C common stock will be entitled to receive distributions authorized by the Company’s Board and declared by the Company out of legally available funds after payment of, or provision for, full cumulative distributions on and any required redemptions of shares of any series of preferred stock then outstanding. Series A Redeemable Preferred Stock On June 28, 2023, the SEC declared effective the Company’s registration statement on Form S-11 (File No. 333-269415) (the “2023 Registration Statement”). On June 30, 2023, the Company filed a prospectus supplement related to the 2023 Registration Statement offering a maximum of 20,000,000 shares of 6.0 % Series A Redeemable Preferred Stock (the “Series A Preferred Stock”) at $ 25.00 per share (the “Stated Value”), for a maximum offering amount of $ 500,000,000 in Series A Preferred Stock (the “Series A Preferred Offering”), and on August 11, 2023, the Company made the initial issuances of Series A Preferred Stock pursuant to the Series A Preferred Offering. The Series A Preferred Stock ranks senior to all classes of the Company’s common stock. The Series A Preferred Stock is entitled, when and as authorized by the Board and declared by the Company out of legally available funds, to priority cumulative dividends at an annual rate of 6.0 % of the Stated Value to be paid monthly, in arrears. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 12 % redemption fee. After year one , the redemption fee decreases to 9 %, after year two it decreases to 6 %, after year three it decreases to 3 %, and after year four there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company, at its option, in either cash or in equal value of shares of its Class A common stock. The Company has the right to redeem the Series A Preferred Stock beginning two years from the original issuance for the Stated Value, plus any accrued and unpaid dividends, in either cash or in equal value of shares of its Class A common stock, at the Company’s option, with the number of shares of Class A common stock issued for redemption (if any) based on the closing price per share of the Class A common stock for the single trading day prior to the date of redemption. As of December 31, 2023, the Company had issued 436,675 shares of Series A Preferred Stock pursuant to the Series A Preferred Offering with net proceeds of approximately $ 8.7 million after (i) commissions, dealer manager fees and discounts of approximately $ 1.1 million, and (ii) offering costs related to establishing the Series A Preferred Offering of approximately $ 1.1 million. The Company did not redeem any shares of Series A Preferred Stock during the year ended December 31, 2023. F-34 Table of Contents Operating Partnership and Long-Term Incentive Plan Units On April 2, 2014, Bluerock Residential entered into the Second Amended and Restated Agreement of Limited Partnership of its Operating Partnership, Bluerock Residential Holdings, L.P. (the “Partnership Agreement”), pursuant to which Bluerock Residential was the sole general partner of the Operating Partnership. In connection with the Distribution, the Partnership Agreement was amended by the Thirteenth Amendment thereto, pursuant to which Bluerock Residential withdrew as the general partner of the Operating Partnership and the Company was admitted as the sole general partner thereof. The Company may not be removed as general partner of the Operating Partnership by the limited partners with or without cause. The Partnership Agreement, as amended, provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests: OP Units and LTIP Units. Certain OP units will be designated as “C-OP Units” and certain LTIP units will be designated as “C-LTIP Units.” The Company expects that its Operating Partnership will issue OP units to limited partners, including the Company, in exchange for capital contributions of cash or property, including in connection with the contribution of the net proceeds of any future offering of the Company’s shares, as described above, and that the Company’s Operating Partnership will issue LTIP units, pursuant to the BHM Incentive Plans, to persons (including our Manager, directors and employees) or entities who provide services to the Company. In addition, the Company’s Operating Partnership will issue C-LTIP Units to the Company’s Manager pursuant to the Management Agreement. In calculating the percentage interests of the partners in the Operating Partnership, LTIP Units are treated as OP Units. Additional C-LTIP Units will also be issuable to the Company’s executive officers or other service providers of the Company at the discretion of the Company’s Board. Pursuant to the Partnership Agreement the Company will be obligated to file a registration statement covering the issuance or resale of shares of common stock received by limited partners who held their Partnership Units as of the date of the partnership agreement (including their transferees and assigns) upon such limited partners’ redemption of their OP units, under which the Company will agree to use reasonable efforts to have the registration statement declared effective, to register or qualify such shares under the securities or blue sky laws of such jurisdictions within the United States as required by law, to list the Company’s shares of common stock issued pursuant to the exercise of redemption rights on any securities exchange or national market system upon which the Company’s shares of common stock are then listed, and to indemnify limited partners exercising redemption rights against all losses caused by any untrue statement of a material fact contained in the registration statement, preliminary prospectus or prospectus or caused by any omission to state a material fact required to be stated or necessary to make the statements therein not misleading, except insofar as such losses are caused by any untrue statement or omission based upon information furnished to us by such limited partners. In general, LTIP Units will receive the same per-unit distributions as the OP Units. Initially, each LTIP Unit will have a capital account balance of zero and, therefore, will not have full parity with OP Units with respect to any liquidating distributions. However, the Partnership Agreement, as amended provides that “book gain,” or economic appreciation, in the Company’s assets realized by the Operating Partnership as a result of the actual sale of all or substantially all of the Operating Partnership’s assets, or the revaluation of the Operating Partnership’s assets as provided by applicable U.S. Department of Treasury regulations, will be allocated first to the holders of LTIP Units until their capital account per unit is equal to the average capital account per-unit of the Company’s OP Unit holders in the Operating Partnership. As of December 31, 2023, limited partners other than the Company owned approximately 68.68 % of the common units of the Operating Partnership ( 7,365,735 OP Units, or 59.45 %, is held by OP Unit holders, and 1,143,442 LTIP Units, or 9.23 %, is held by LTIP Unit holders, including 3.76 % which are not vested at December 31, 2023). Subject to certain restrictions set forth in the Operating Partnership’s Partnership Agreement, OP Units are exchangeable for Class A common stock on a one-for-one basis, or, at the Company’s election, redeemable for cash. LTIP Units and C - LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock, or, at the Company’s election, cash. During the year ended December 31, 2023, the Company granted C-LTIP Units to the Manager pursuant to the Management Agreement in payment of (i) the base management fee and (ii) the operating expense reimbursement as follows: (a) 85,750 and 17,462 C-LTIP Units, respectively, granted on February 22, 2023 for the fourth quarter 2022, (b) 114,391 and 20,531 C-LTIP Units, respectively, granted on May 17, 2023 for the first quarter 2023, (c) 125,491 and 24,753 C-LTIP Units, respectively, granted on August 15, 2023 for the second quarter 2023, and (d) 142,144 and 27,835 C-LTIP Units, respectively, granted on November 14, 2023 for the third quarter 2023. Such C-LTIP Units were fully vested upon issuance. In the future, the Operating Partnership may issue OP Units or preferred OP Units from time to time in connection with acquisitions of properties or for financing, compensation or other reasons. F-35 Table of Contents Equity Incentive Plans The Company’s Board has adopted, and the Company’s sole initial stockholder has approved, the Bluerock Homes Trust, Inc. 2022 Equity Incentive Plan for Individuals (the “BHM Individuals Plan”) and the Bluerock Homes Trust, Inc. 2022 Equity Incentive Plan for Entities (the “BHM Entities Plan”). Together, the Company refers to the BHM Individuals Plan and the BHM Entities Plan as the “BHM Incentive Plans.” The BHM Incentive Plans provide for the grant of options to purchase shares of our common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards, and are administered by the compensation committee of our Board. The aggregate number of shares of the Company’s common stock authorized for issuance under the BHM Incentive Plans is 3,597,109 , with (i) 1,200,000 shares available for issuance under the BHM Incentive Plans, and (ii) 2,397,109 shares subject to awards granted under the Bluerock Residential Growth REIT, Inc. Amended and Restated 2014 Equity Incentive Plan for Individuals and the Bluerock Residential Growth REIT, Inc. Amended and Restated 2014 Equity Incentive Plan for Entities (together, the “Prior Plans”) that may become available for issuance or reissuance, as applicable, under the BHM Incentive Plans if such awards are forfeited, canceled or otherwise terminated (other than by exercise). LTIP Unit Grants On November 3, 2022, the Company made an initial staking grant of 405,796 LTIP Units to the Manager pursuant to the BHM Incentive Plans. Effective November 2, 2023, for tax efficiency purposes, the Manager forfeited 367,357 unvested LTIP Units granted to the Manager on November 3, 2022 in payment of the initial staking grant pursuant to the BHM Entities Plan. On November 3, 2023, by mutual agreement of the Manager and the Company, and at the direction of the Manager, such 367,357 unvested LTIP Units were issued directly to and among certain of the BREH Personnel (as defined below), pursuant to the BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities. These issuances were made in satisfaction of the Manager’s obligation to its affiliate, BREH, for compensation - related expenses incurred by BREH in connection with its employment of the Manager’s executive management team and personnel who provide other services to the Manager (collectively, the “BREH Personnel”), and were evidenced by LTIP Unit Vesting Agreements. Such LTIP Units vested one - fifth on November 3, 2023, and the remainder will vest ratably on an annual basis over a four - year period. The Company recognizes compensation expense ratably over the vesting period for time-based LTIP Units based on the fair value at the date of grant. The Company recognized expense of $ 0.3 million related to such grants during the 2022 period. Once vested, these awards of LTIP Units may convert to OP Units upon reaching capital account equivalency with the OP Units held by the Company, and may then be redeemed for cash or, at the option of the Company and after a one year holding period (including any period during which the LTIP Units were held), settled in shares of the Company’s Class A common stock on a one -for-one basis. The holders of such LTIP Units will be entitled to receive “distribution equivalents” with respect to such LTIP Units, whether or not vested, at the same time distributions are paid to the holders of the Company’s Class A common stock. In addition, on November 3, 2022, the Company made an initial staking grant of 5,339 LTIP Units to each independent member of the Board (such grants, collectively, the “Director Grants”). Each such Director Grant was evidenced by an LTIP Unit Award Agreement. Such LTIP Units were fully vested upon issuance and may convert to OP Units upon reaching capital account equivalency with the OP Units held by the Company, and may then be redeemed for cash or, at the option of the Company and after a one year holding period (including any period during which the LTIP Units were held), settled in shares of the Company’s Class A common stock on a one -for-one basis. The Company recognized an aggregate expense of $ 0.5 million immediately based on the fair value at the date of grant. From the date of grant, holders of such LTIP Units will be entitled to receive “distribution equivalents” with respect to such LTIP Units at the time distributions are paid to the holders of the Company’s Class A common stock. Additionally, on November 3, 2022, the Company granted 764 LTIP Units to each independent member of the Board in payment of the prorated equity portion of their respective annual retainers for fiscal year 2022 (such grants, collectively, the “Retainer Grants”) pursuant to the BHM Incentive Plans. Each such Retainer Grant was evidenced by an LTIP Unit Award Agreement. Such LTIP Units were fully vested upon issuance and may convert to OP Units upon reaching capital account equivalency with the OP Units held by the Company, and may then be redeemed for cash or, at the option of the Company and after a one year holding period (including any period during which the LTIP Units were held), settled in shares of the Company’s Class A common stock on a one -for-one basis. The Company recognized an aggregate expense of $ 0.1 million immediately based on the fair value at the date of grant. From the date of grant, holders of such LTIP Units will be entitled to receive “distribution equivalents” with respect to such LTIP Units at the time distributions are paid to the holders of the Company’s Class A common stock. F-36 Table of Contents On January 1, 2023, the Company granted 3,303 LTIP Units pursuant to the BHM Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. Such LTIP Units were fully vested upon issuance and the Company recognized expense of $ 0.3 million based on the fair value at the date of grant. On May 25, 2023, the Company granted 141,665 LTIP Units pursuant to the BHM Incentive Plans to the Manager as an annual long - term incentive equity grant for the year ended December 31, 2022. Effective November 2, 2023, for tax efficiency purposes, the Manager forfeited 83,995 unvested LTIP Units granted to the Manager on May 25, 2023 in payment of the annual long - term incentive equity grant pursuant to the BHM Entities Plan. On November 3, 2023, by mutual agreement of the Manager and the Company, and at the direction of the Manager, such 83,995 unvested LTIP Units were issued directly to and among certain of the BREH Personnel, pursuant to the BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities. These issuances were made in satisfaction of the Manager’s obligation to its affiliate, BREH, for compensation - related expenses incurred by BREH in connection with its employment of the BREH Personnel, and were evidenced by LTIP Unit Vesting Agreements. Such LTIP Units will vest one - third on May 25, 2024, and the remainder will vest ratably on an annual basis over a two - year period from April 1, 2024. A summary of the status of the Company’s non-vested shares and LTIP Units granted under the BHM Incentive Plans as of December 31, 2022 and 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Weighted average grant- ​ ​ Shares / LTIP Units ​ date fair value Balance at January 1, 2022 — ​ $ — Granted 430,208 ​ 22.64 Vested ( 24,412 ) ​ 22.64 Forfeited — ​ — Balance at December 31, 2022 405,796 ​ $ 22.64 Granted ​ 186,137 ​ ​ 17.00 Vested ​ ( 94,375 ) ​ ​ 22.43 Forfeited ​ — ​ ​ — Balance at December 31, 2023 ​ 497,558 ​ $ 20.57 ​ The Company recognizes compensation expense ratably over the vesting period for time-based LTIP Units based on the fair value at the date of grant. During the years ended December 31, 2023 and 2022, the Company recognized compensation expense for such LTIP Units of approximately $ 2.3 million and $ 0.3 million, respectively. Such expense was recorded as part of general and administrative expenses in the Company’s combined consolidated statements of operations. As of December 31, 2023, there was $ 8.9 million of total unrecognized compensation expense related to unvested LTIP Units granted under the BHM Incentive Plans. The remaining expense is expected to be recognized over a period of 3.5 years. Restricted Stock Grants On May 25, 2023, the Company granted 31,260 shares of Class A common stock as restricted stock grants (“RSGs”), pursuant to the BHM Incentive Plans, to the Manager as an annual incentive grant for the year ended December 31, 2022. Such RSGs will vest in equal installments on an annual basis over a three-year period from April 1, 2023. Effective November 2, 2023, for tax efficiency purposes, the Manager forfeited 31,260 unvested RSGs that were granted to the Manager on May 25, 2023 in payment of the annual equity incentive grant pursuant to the BHM Entities Plan. On November 3, 2023, by mutual agreement of the Manager and the Company, and at the direction of the Manager, the foregoing aggregate number of unvested RSGs were issued directly to and among certain of the BREH Personnel, pursuant to the BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities. Such RSGs will vest one-third on May 25, 2024, and the remainder will vest ratably on an annual basis over a two-year period from April 1, 2024. During the year ended December 31, 2023, the Company recognized compensation expense for such RSGs of approximately $ 0.1 million. Such expense was recorded as part of general and administrative expenses in the Company’s consolidated statements of operations. As of December 31, 2023, there was $ 0.4 million of total unrecognized compensation expense related to the unvested RSGs granted under the BHM Incentive Plans. The remaining expense is expected to be recognized over a period of 2.25 years. F-37 Table of Contents The Company currently uses authorized and unissued shares to satisfy share award grants. Distributions ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date Payable to stockholders of record as of Amount Paid / Payable Date Class A common stock Special Dividend ​ December 19, 2023 ​ December 29, 2023 ​ $ 1.00 ​ January 5, 2024 Class C common stock Special Dividend ​ ​ ​ December 19, 2023 ​ December 29, 2023 ​ $ 1.00 ​ January 5, 2024 Series A Preferred Stock (1) ​ ​ ​ September 11, 2023 ​ August 25, 2023 ​ $ 0.125000 ​ October 5, 2023 September 11, 2023 ​ September 25, 2023 ​ 0.125000 ​ October 5, 2023 October 13, 2023 ​ October 25, 2023 ​ 0.125000 ​ November 3, 2023 October 13, 2023 ​ November 24, 2023 ​ 0.125000 ​ December 5, 2023 October 13, 2023 ​ December 22, 2023 ​ 0.125000 ​ January 5, 2024 Series A Preferred Stock Special Dividend (2) ​ ​ ​ November 7, 2023 ​ Each day of November 1 - 30, 2023 ​ $ 0.012550 ​ December 5, 2023 November 7, 2023 ​ Each day of December 1 - 31, 2023 ​ 0.002469 ​ January 5, 2024 (1) Holders of record of newly issued Series A Preferred Stock shares that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series A Preferred Stock was outstanding. (2) Holders of record of Series A Preferred Stock shares as of the close of business on each day of the applicable month are entitled to additional contingent special daily dividends for each such day, to be aggregated and payable (if at all) on the payable date, in each case equal to the amount (if any) by which (i) the Stated Value of the Series A Preferred Stock multiplied by (a) the sum of (I) the average 10-year Daily Treasury Par Yield Curve Rate for the period from the 26 th of the prior month to the 25 th of the applicable month (as reported by the United States Department of the Treasury), plus (II) two percent ( 2.0 % ), divided by (b) twelve ( 12 ), divided further by (c) the actual number of days in the applicable month, exceeds (ii) the quotient of (a) $ 0.125 divided by (b) the actual number of days in the applicable month. A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. Holders of restricted stock, OP Units, LTIP Units and C-LTIP Units are entitled to receive “distribution equivalents” at the same time as dividends are paid to holders of the Company’s Class A common stock. Distributions declared and paid for the year ended December 31, 2023 were as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Distributions 2023 Declared Paid Third Quarter ​ ​ ​ Series A Preferred Stock (1) ​ $ 12 ​ $ — Total third quarter ​ $ 12 ​ $ — Fourth Quarter ​ ​ Class A common stock ​ $ 3,871 ​ $ — Class C common stock ​ 8 ​ — Series A Preferred Stock (1) ​ 118 ​ 78 OP Units ​ 7,366 ​ — LTIP / C-LTIP Units ​ 1,143 ​ — Total fourth quarter ​ $ 12,506 ​ $ 78 Total ​ $ 12,518 ​ $ 78 (1) For the third quarter 2023, amounts include only the standard dividend at an annual rate of 6.0 % of the Stated Value. For the fourth quarter 2023, amounts include the standard dividend at an annual rate of 6.0 % of the Stated Value and any special dividends. ​ F-38 Table of Contents Note 15 – Commitments and Contingencies The aggregate amount of the Company’s contractual commitments to fund future cash obligations in certain of its consolidated real estate investments and preferred equity investments was $ 0.2 million and $ 3.4 million as of December 31, 2023 and 2022, respectively. The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the combined consolidated financial position or results of operations or liquidity of the Company. Note 16 – Subsequent Events Issuance of LTIP Units under the BHM Incentive Plans On January 8, 2024, the Company granted 5,185 LTIP Units pursuant to the BHM Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. Such LTIP Units were fully vested upon issuance. Declaration of Dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date Payable to stockholders of record as of Amount Paid / Payable Date Series A Preferred Stock (1) ​ January 15, 2024 ​ January 25, 2024 ​ $ 0.125 ​ February 5, 2024 January 15, 2024 ​ February 23, 2024 ​ 0.125 ​ March 5, 2024 January 15, 2024 ​ March 25, 2024 ​ 0.125 ​ April 5, 2024 Series A Preferred Stock Special Dividend ​ ​ ​ January 15, 2024 ​ Each day of January 1 - 31, 2024 ​ ​ (2) ​ February 5, 2024 January 15, 2024 ​ Each day of February 1 - 29, 2024 ​ ​ (2) ​ March 5, 2024 January 15, 2024 ​ Each day of March 1 - 31, 2024 ​ ​ (2) ​ April 5, 2024 (1) Holders of record of newly issued Series A Preferred Stock shares that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series A Preferred Stock was outstanding. (2) Holders of record of Series A Preferred Stock shares as of the close of business on each day of the applicable month are entitled to additional contingent special daily dividends for each such day, to be aggregated and payable (if at all) on the payable date, in each case equal to the amount (if any) by which (i) the Stated Value of the Series A Preferred Stock multiplied by (a) the sum of (I) the average 10-year Daily Treasury Par Yield Curve Rate for the period from the 26 th of the prior month to the 25 th of the applicable month (as reported by the United States Department of the Treasury), plus (II) two percent ( 2.0 % ), divided by (b) twelve ( 12 ), divided further by (c) the actual number of days in the applicable month, exceeds (ii) the quotient of (a) $ 0.125 divided by (b) the actual number of days in the applicable month. Distributions Paid The following distributions were declared and/or paid to the Company’s stockholders subsequent to December 31, 2023 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution Total Shares ​ Declaration Date ​ Record Date ​ Date Paid ​ per Share ​ Distribution Class A common stock ​ December 19, 2023 ​ December 29, 2023 ​ January 5, 2024 ​ $ 1.00 ​ $ 3,871 Class C common stock ​ December 19, 2023 ​ December 29, 2023 ​ January 5, 2024 ​ 1.00 ​ 8 Series A Preferred Stock (1) ​ October 13, 2023 ​ December 22, 2023 ​ January 5, 2024 ​ 0.127469 ​ 51 OP Units ​ December 19, 2023 ​ December 29, 2023 ​ January 5, 2024 ​ 1.00 ​ 7,366 LTIP / C-LTIP Units ​ December 19, 2023 ​ December 29, 2023 ​ January 5, 2024 ​ 1.00 ​ 1,143 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A Preferred Stock (1) ​ January 15, 2024 ​ January 25, 2024 ​ February 5, 2024 ​ 0.125337 ​ 68 Series A Preferred Stock (1) ​ January 15, 2024 ​ February 23, 2024 ​ March 5, 2024 ​ 0.128458 ​ 86 Total ​ ​ ​ ​ ​ ​ $ 12,593 (1) The Series A Preferred Stock distribution per share amounts include the standard dividend at an annual rate of 6.0 % of the Stated Value and any special dividends. F-39 Table of Contents Issuance of C-LTIP Units for Payment of the Fourth Quarter 2023 Base Management Fee and Operating Expense Reimbursement The Manager earned a base management fee of $ 2.0 million during the fourth quarter 2023. This amount was payable 50 % in C-LTIP Units with the other 50 % payable in either cash or C-LTIP Units, at the discretion of the Board. In addition, the Manager was entitled to a $ 1.3 million reimbursement for operating expenses it incurred on behalf of the Company for the fourth quarter 2023. This reimbursement was payable in cash or C-LTIP Units, at the discretion of the Board. Upon consultation with the Manager, the Board elected to pay 100 % of the base management fee and the operating expense reimbursement in C-LTIP Units. On February 21, 2024, the Company issued 151,600 and 95,204 C-LTIP Units in payment of the base management fee and operating expense reimbursement, respectively, for the fourth quarter 2023. Wayford at Pringle Loan Financing On January 10, 2024, the Company entered into an agreement to provide a loan in the maximum aggregate amount up to $ 30.1 million (the “Pringle Loan”) to an unaffiliated, third-party borrower to acquire 102 -build for rent, single-family residential units in Charlotte, North Carolina to be known as Wayford at Pringle. The units are currently under development, and the Company will disburse loan proceeds to the borrower for unit acquisitions as construction is completed. The Pringle Loan is comprised of two notes as follows: Note A in the maximum principal amount up to $ 22.3 million and Note B in the maximum principal amount up to $ 7.8 million. Both notes have an initial maturity of January 12, 2026 and contain four (4) six-month extension options subject to certain conditions. Note A bears interest on the amount drawn at one-month SOFR plus 4.50 % through initial maturity, and if extended, such rate becomes subject to a 5.31 % rate floor. Note A has regular monthly payments that are interest-only during the term of the loan, and no prepayment of Note A, in part or in whole, can be made prior to prepayment of Note B subject to certain conditions. On Note B, interest shall accrue on the amount drawn at a rate of 15.00 % per annum, compounded monthly, with outstanding principal and accrued interest amounts due upon maturity. Note B can be prepaid in part or in whole subject to minimum interest. As of February 29, 2024, the Company had funded zero and $ 5.9 million of Note A and Note B, respectively. Stock Repurchase Plan On February 13, 2024, the Board authorized a stock repurchase plan for the repurchase, from time to time, of up to an aggregate of $5 million of the Company’s outstanding shares of Class A common stock, with such repurchases to be conducted in accordance with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and subject to Rule 10b-5 of the Exchange Act. The repurchase plan has a term of one year and may be discontinued at any time. The extent to which the Company repurchases shares of its Class A common stock under the repurchase plan, and the timing of any such repurchases, depends on a variety of factors including general business and market conditions and other corporate considerations. The Company expects to repurchase shares of its Class A common stock through open market transactions subject to market conditions, certain price limitations and other conditions established under the plan. Open market repurchases will be structured to occur in conformity with the method, timing, price and volume requirements of Rule 10b-18 of the Exchange Act. As of the filing date of this Annual Report on Form 10-K, no repurchases were made by the Company. ​ ​ F-40 Table of Contents ​ ​ ​ ​ Bluerock Homes Trust, Inc. ​ Schedule III - Real Estate and Accumulated Depreciation December 31, 2023 (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COLUMN A ​ COLUMN B ​ ​ COLUMN C ​ COLUMN D ​ ​ COLUMN E ​ COLUMN F ​ COLUMN G ​ COLUMN H ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life on Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation in ​ ​ ​ ​ ​ ​ ​ Initial Cost ​ Capitalized ​ Gross Amount at Which Carried at Close of Period ​ ​ ​ ​ ​ ​ Latest Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ Subsequent ​ ​ Building and ​ ​ ​ ​ ​ Accumulated ​ Date of ​ Statement is Property ​ Location ​ Encumbrance ​ Land Improvements to Acquisition ​ Land Improvements ​ Total ​ Depreciation Acquisition Computed Real Estate Held for Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Abode Wendell Falls (1) ​ NC ​ ​ — ​ ​ 6,514 ​ ​ — ​ ​ — ​ ​ 6,514 ​ ​ — ​ ​ 6,514 ​ ​ — ​ 2023 ​ 3 - 40 Years Ballast AZ / CO / WA ​ — ​ 7,272 ​ 25,900 ​ 1,216 ​ 7,321 ​ 27,067 ​ 34,388 ​ 1,577 2022 3 - 40 Years Golden Pacific IN / KS / MO ​ — ​ 6,105 ​ 29,519 ​ 4,838 ​ 6,105 ​ 34,357 ​ 40,462 ​ 2,106 2021 / 2022 3 - 40 Years ILE (2) TX / SE US ​ 29,680 ​ 22,438 ​ 90,637 ​ 11,603 ​ 22,438 ​ 102,240 ​ 124,678 ​ 6,732 2021 / 2022 3 - 40 Years Indy-Springfield, formerly Peak JV 1 (3) ​ IN / MO ​ ​ — ​ ​ 7,535 ​ ​ 40,513 ​ ​ 2,368 ​ ​ 7,540 ​ ​ 42,876 ​ ​ 50,416 ​ ​ 3,430 ​ 2021 ​ 3 - 40 Years Navigator Villas WA ​ 19,702 ​ 2,026 ​ 27,206 ​ 1,332 ​ 2,027 ​ 28,537 ​ 30,564 ​ 4,396 2019 3 - 40 Years Peak JV 2 (3) Various / TX ​ — ​ 9,914 ​ 73,105 ​ 6,172 ​ 9,926 ​ 79,265 ​ 89,191 ​ 5,869 2021 / 2022 3 - 40 Years Peak JV 3 TX ​ — ​ 1,811 ​ 7,201 ​ 818 ​ 1,813 ​ 8,017 ​ 9,830 ​ 586 2021 3 - 40 Years Savannah-84, formerly Peak JV 4 (3) GA ​ — ​ 2,698 ​ 17,880 ​ 234 ​ 2,698 ​ 18,114 ​ 20,812 ​ 824 2022 3 - 40 Years Wayford at Concord NC ​ 32,973 ​ 2,933 ​ 40,922 ​ 141 ​ 2,933 ​ 41,063 ​ 43,996 ​ 3,487 2021 3 - 40 Years Yauger Park Villas WA ​ 14,350 ​ 1,322 ​ 24,575 ​ 739 ​ 1,322 ​ 25,314 ​ 26,636 ​ 2,606 2021 3 - 40 Years Subtotal ​ 96,705 ​ 70,568 ​ 377,458 ​ 29,461 ​ 70,637 ​ 406,850 ​ 477,487 ​ 31,613 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Single-family properties held for sale (4) ​ Various ​ ​ — ​ ​ 3,841 ​ ​ 15,617 ​ ​ 622 ​ ​ 3,841 ​ ​ 16,239 ​ ​ 20,080 ​ ​ 1,190 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Real Estate assets ​ ​ ​ ​ ​ ​ ​ ​ REIT Operator MI ​ — ​ — ​ 185 ​ 790 ​ — ​ 975 ​ 975 ​ 839 2017 5 Years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 96,705 ​ $ 74,409 ​ $ 393,260 ​ $ 30,873 ​ $ 74,478 ​ $ 424,064 ​ $ 498,542 ​ $ 33,642 (1) Abode Wendell Falls is a build to rent development project expected to commence construction in the second quarter 2024. The total estimated construction cost is $ 56.0 million, of which $ 6.5 million was incurred as of December 31, 2023. (2) ILE was funded, in part, by the ILE Sunflower Credit Facility. At December 31, 2023, the outstanding ILE Sunflower Credit Facility balance was $ 20.0 million. (3) Indy-Springfield, Peak JV 2 and Savannah-84 were funded, in part, by the Amended DB Credit Facility. At December 31, 2023, the outstanding Amended DB Credit Facility balance was $ 50.0 million. (4) An aggregate of 118 units are classified as held for sale from the following portfolios: 35 units in Indy-Springfield, 13 units in Peak JV 2, and 70 units in Peak JV 3. ​ ​ F-41 Table of Contents ​ ​ ​ ​ Bluerock Homes Trust, Inc. ​ Notes to Schedule III December 31, 2023 (amounts in thousands) ​ ​ 1. Reconciliation of Real Estate Properties The following table reconciles the Real Estate Properties from January 1, 2022 to December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Balance at January 1 ​ $ 489,991 ​ $ 323,048 Acquisition of real estate ​ 10,843 ​ 147,619 Capital expenditures ​ 8,180 ​ 19,324 Impairment of held for sale real estate ​ ​ ( 1,330 ) ​ ​ — Disposition of real estate ​ ​ ( 9,142 ) ​ ​ — Balance at December 31 ​ $ 498,542 ​ $ 489,991 ​ 2. Reconciliation of Accumulated Depreciation The following table reconciles the Real Estate Properties from January 1, 2022 to December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Balance at January 1 ​ $ 17,865 ​ $ 4,964 Current year depreciation expense ​ 16,179 ​ 12,901 Disposition of real estate ​ ( 402 ) ​ — Balance at December 31 ​ $ 33,642 ​ $ 17,865 ​ ​ ​ F-42 Table of Contents ​ ​ ​ ​ Bluerock Homes Trust, Inc. ​ Schedule IV - Loans on Real Estate December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Amount of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face Amount of ​ Carrying Amount of ​ Loans Subject to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Periodic Payment ​ ​ ​ Loans ​ Loans ​ Delinquent Description Property Name Location Interest Rate Maturity Date Terms Prior Liens (in thousands) (in thousands) Principal or Interest Real Estate Loans on Residential Rental Community (1) The Woods at Forest Hill Forest Hills, TX 10.00 % 12/20/2024 12 — ​ $ 8,284 ​ $ 8,284 — ​ ​ Willow Park ​ Willow Park, TX ​ 5.08 % 10/28/2024 ​ 12 ​ — ​ ​ 9,400 ​ ​ 9,400 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,684 ​ $ 17,684 ​ ​ (1) Refer to Note 7 for further information regarding the Woods Loan and the Willow Loan. ​ ​ F-43 Table of Contents Bluerock Homes Trust, Inc. Note to Schedule IV - Reconciliation of Loans on Real Estate (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 Balance at beginning of period ​ $ — ​ $ 36,000 Additions during period: ​ ​ ​ Purchases ​ 17,684 ​ 9,645 Deductions during period: ​ ​ Collections of principal ​ — ​ ( 45,645 ) Balance at end of period ​ $ 17,684 ​ $ — ​ ​ ​ F-44 Table of Contents EXHIBIT INDEX Exhibit Number Description 2.1 ​ Separation and Distribution Agreement, dated as of October 5, 2022, by and among Bluerock Residential Growth REIT, Inc., Badger Parent LLC, Badger Holdco LLC, Bluerock Residential Holdings, L.P. and Bluerock Homes Trust, Inc., incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 3.1 ​ Second Articles of Amendment and Restatement of Bluerock Homes Trust, Inc., incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 3.2 ​ Amended and Restated Bylaws of Bluerock Homes Trust, Inc., incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 3.3 ​ Articles Supplementary of the Company, dated December 1, 2022, incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on December 5, 2022 ​ ​ ​ 3.4 ​ Articles Supplementary of the Company, dated January 24, 2023, incorporated by reference to Exhibit 3.3 to the Company’s Registration Statement on Form S-11 (SEC File No. 333-269415) filed on January 25, 2023 ​ ​ ​ 3.5 ​ Articles Supplementary of the Company, dated March 14, 2023, incorporated by reference to Exhibit 3.5 to the Company’s Annual Report on Form 10 - K filed on March 22, 2023 ​ ​ ​ 4(vi) ​ Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 ​ ​ ​ 10.1 ​ Tax Matters Agreement, dated as of October 5, 2022, by and among Bluerock Residential Growth REIT, Inc., Badger Parent LLC, Badger Holdco LLC, Bluerock Residential Holdings, L.P., Bluerock REIT Holdings, LLC and Bluerock Homes Trust, Inc., incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.2 ​ Management Agreement, dated as of October 5, 2022, by and among Bluerock Homes Manager, LLC, Bluerock Homes Trust, Inc. and Bluerock Residential Holdings, L.P., incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.3 ​ Amendment to Management Agreement, dated January 10, 2023, by and among Bluerock Homes Manager, LLC, Bluerock Homes Trust, Inc. and Bluerock Residential Holdings, L.P., incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on January 12, 2023 ​ ​ ​ 10.4 ​ Bluerock Homes Trust, Inc. 2022 Equity Incentive Plan for Individuals, incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.5 ​ Bluerock Homes Trust, Inc. 2022 Equity Incentive Plan for Entities, incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.6 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and R. Ramin Kamfar, effective October 6, 2022, incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.7 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Jordan Ruddy, effective October 6, 2022, incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 82 Table of Contents 10.8 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Ryan MacDonald, effective October 6, 2022, incorporated by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.9 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and James G. Babb, III, effective October 6, 2022, incorporated by reference to Exhibit 10.8 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.10 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Christopher J. Vohs, effective October 6, 2022, incorporated by reference to Exhibit 10.9 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.11 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Michael DiFranco, effective October 6, 2022, incorporated by reference to Exhibit 10.10 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.12 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Jason Emala, effective October 6, 2022, incorporated by reference to Exhibit 10.11 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.13 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and I. Bobby Majumder, effective October 6, 2022, incorporated by reference to Exhibit 10.12 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.14 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Elizabeth Harrison, effective October 6, 2022, incorporated by reference to Exhibit 10.13 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.15 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Kamal Jafarnia, effective October 6, 2022, incorporated by reference to Exhibit 10.14 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.16 ​ Indemnification Agreement by and among Bluerock Homes Trust, Inc., Bluerock Residential Holdings, L.P. and Romano Tio, effective October 6, 2022, incorporated by reference to Exhibit 10.15 to the Company’s Current Report on Form 8-K filed on October 6, 2022 ​ ​ ​ 10.17 ​ Loan Agreement, dated April 6, 2022, by and among persons that are party thereto listed as Borrowers, persons party thereto that are listed as Equity Owners, Bluerock Residential Holdings, LP, persons that are party thereto listed as Lenders, Deutsche Bank Securities Inc., Deutsche Bank AG, New York Branch and Computershare Trust Company, N.A., incorporated by reference to Exhibit 10.16 to the Company’s Quarterly Report on Form 10-Q filed on November 4, 2022 ​ ​ ​ 10.18 ​ Sponsor Guaranty, dated April 6, 2022, by and between Bluerock Homes Trust, Inc. and Deutsche Bank AG, New York Branch, incorporated by reference to Exhibit 10.17 to the Company’s Quarterly Report on Form 10-Q filed on November 4, 2022 ​ ​ ​ 10.19 ​ Managing Broker Dealer Agreement by and among Bluerock Homes Trust, Inc. and Bluerock Capital Markets, LLC, dated November 1, 2022, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 5, 2022 ​ ​ ​ 10.20 ​ Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated April 2, 2014, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on April 8, 2014 ​ ​ ​ 83 Table of Contents 10.21 ​ First Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated October 21, 2015, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on October 21, 2015 ​ ​ ​ 10.22 ​ Second Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated December 21, 2015, incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on December 22, 2015 ​ ​ ​ 10.23 ​ Third Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated March 1, 2016, incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on March 1, 2016 ​ ​ ​ 10.24 ​ Fourth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated March 29, 2016, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on April 19, 2016 ​ ​ ​ 10.25 ​ Fifth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated July 15, 2016, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on July 18, 2016 ​ ​ ​ 10.26 ​ Sixth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated October 11, 2016, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on October 12, 2016 ​ ​ ​ 10.27 ​ Seventh Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated July 21, 2017, incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on July 21, 2017 ​ ​ ​ 10.28 ​ Eighth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated October 31, 2017, incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on November 6, 2017 ​ ​ ​ 10.29 ​ Ninth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated November 15, 2017, incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on November 20, 2017 ​ ​ ​ 10.30 ​ Tenth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated August 6, 2018, incorporated by reference to Exhibit 10.6 to the Quarterly Report on Form 10-Q of Bluerock Residential Growth REIT, Inc. filed on August 8, 2018 ​ ​ ​ 10.31 ​ Eleventh Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated November 16, 2018, incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on November 19, 2018 ​ ​ ​ 10.32 ​ Twelfth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated November 19, 2019, incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on November 19, 2019 ​ ​ ​ 10.33 ​ Thirteenth Amendment to Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated September 22, 2022, incorporated by reference to the Current Report on Form 8-K of Bluerock Residential Growth REIT, Inc. filed on September 22, 2022 ​ ​ ​ 84 Table of Contents 10.34 ​ Fourteenth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated December 1, 2022, incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on December 5, 2022 ​ ​ ​ 10.35 ​ Fifteenth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated January 24, 2023, incorporated by reference to Exhibit 4.4 to the Company’s Registration Statement on Form S-11 (SEC File No. 333-269415) filed on January 25, 2023 ​ ​ ​ 10.36 ​ Form of Dealer Manager Agreement by and among Bluerock Homes Trust, Inc. and Bluerock Capital Markets, LLC, incorporated by reference to Exhibit 10.18 to the Company’s Registration Statement on Form S-11 (SEC File No. 333-269415) filed on January 25, 2023 ​ ​ ​ 14.1 ​ Code of Business Conduct and Ethics, effective October 6, 2022, incorporated by reference to Exhibit 14.1 to the Company’s Quarterly Report on Form 10-Q filed on November 4, 2022 ​ ​ ​ 14.2 ​ Code of Ethics for Senior Executive and Financial Officers, effective October 6, 2022, incorporated by reference to Exhibit 14.2 to the Company’s Quarterly Report on Form 10-Q filed on November 4, 2022 ​ ​ ​ 21.1 ​ Subsidiaries of the Registrant ​ ​ ​ 23.1 ​ Consent of Grant Thornton LLP ​ ​ ​ 31.1 ​ Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 ​ ​ ​ 31.2 ​ Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 ​ ​ ​ 32.1 ​ Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002 ​ ​ ​ 97 ​ Bluerock Homes Trust, Inc. Executive Incentive-Based Compensation Recoupment Policy dated October 6, 2022. ​ ​ ​ 99.1 ​ Press Release of Bluerock Homes Trust, Inc. issued December 19, 2023, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by the Company on December 22, 2023 ​ ​ ​ 99.2 ​ Press Release of Bluerock Homes Trust, Inc. issued November 14, 2023, incorporated by reference to Exhibit 99.2 to the Current Report on Form 8-K filed by the Company on December 22, 2023 ​ ​ ​ 101.1 ​ The following information from the Company’s annual report on Form 10-K for the year ended December 31, 2023, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Balance Sheets; (ii) Statements of Operations; (iii) Statement of Stockholders’ Equity; (iv) Statements of Cash Flows ​ ​ ​ 104.1 ​ Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101.1) ​ ​ ​ 85