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Schedule III and Schedule IV (Tables)

12 Months Ended

Dec. 31, 2025

Schedule III and Schedule IV

Schedule of real estate and accumulated depreciation


Bluerock Homes Trust, Inc.
Schedule III - Real Estate and Accumulated Depreciation	December 31, 2025
(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			—			6,868			6,514			6,868			13,382			—		2023		3 - 40 Years
Allure at Southpark		NC			55,166			10,451			80,917			1,086			10,451			82,003			92,454			2,507		2024		3 - 40 Years
Amira at Westly		FL			56,650			15,287			88,602			1,700			15,290			90,299			105,589			3,520		2024		3 - 40 Years
Avenue at Timberlin Park		FL			23,660			4,752			28,512			1,891			4,752			30,403			35,155			1,615		2024		3 - 40 Years
Ballast		AZ / CO / WA			—			7,272			25,900			1,616			7,321			27,467			34,788			3,665		2022		3 - 40 Years
District at Parkview		GA			38,625			6,705			60,959			—			6,705			60,959			67,664			—		2025		3 - 40 Years
Golden Pacific		IN / KS / MO			—			5,219			25,935			4,599			5,219			30,534			35,753			4,256		2021/2022		3 - 40 Years
Harmony at Clear Creek ⁽¹⁾		KS			1			3,142			1,002			1,759			3,142			2,761			5,903			—		2025		3 - 40 Years
ILE		TX / SE US			44,878			19,824			79,344			12,578			19,824			91,922			111,746			13,281		2021/2022		3 - 40 Years
Indy-Springfield		IN / MO			21,277			7,254			39,001			4,732			7,259			43,728			50,987			6,897		2021		3 - 40 Years
Parkside at Summers Corner ⁽²⁾		SC			—			334			3,026			—			334			3,026			3,360			8		2025		3 - 40 Years
Peak JV 2		Various / TX			29,196			8,953			64,008			11,203			8,965			75,199			84,164			12,178		2021/2022		3 - 40 Years
Peak JV 3 ⁽³⁾		TX			—			—			—			—			—			—			—			—		2021		3 - 40 Years
Savannah-84		GA			9,527			2,698			17,880			508			2,698			18,388			21,086			2,089		2022		3 - 40 Years
Southern Pines Reserve		NC			30,739			4,240			53,406			788			4,240			54,194			58,434			1,425		2025		3 - 40 Years
Skytop Apartments		OH			57,525			8,341			75,869			3			8,341			75,872			84,213			648		2025		3 - 40 Years
Villas at Huffmeister		TX			26,846			7,950			32,818			1,187			7,950			34,005			41,955			2,274		2024		3 - 40 Years
Wayford at Concord		NC			32,973			2,933			40,922			318			2,933			41,240			44,173			6,221		2021		3 - 40 Years
Yauger Park Villas		WA			13,720			1,322			24,575			854			1,322			25,429			26,751			4,614		2021		3 - 40 Years
Subtotal					440,783			123,191			742,676			51,690			123,260			794,297			917,557			65,198

Total Single-family properties held for sale ⁽⁴⁾		Various			—			2,880			12,809			1,718			2,880			14,527			17,407			1,760

Non-Real Estate assets
REIT Operating Partnership		MI			—			—			—			458			—			458			458			78		2024		5 Years
REIT Operator		MI			—			—			185			(143)			—			42			42			42		2017		5 Years
Subtotal					—			—			185			315			—			500			500			120

Total				$	440,783		$	126,071		$	755,670		$	53,723		$	126,140		$	809,324		$	935,464		$	67,078

(1)	Represents a build-to-rent development project with no units delivered as of December 31, 2025.

(2)	Parkside at Summers Corner represents a build-to-rent project with units to be acquired in tranches as construction is completed. Of the total 100 units that the Company has committed to acquire, 12 units had been acquired as of December 31, 2025.

(3)	All 42 units of Peak JV 3 were classified as held for sale at December 31, 2025 and are included in Total Single-family properties held for sale.

(4)	An aggregate of 107 units are classified as held for sale from the following portfolios: 12 units of Golden Pacific, 27 units of ILE, 18 units of Indy-Springfield, 8 units of Peak JV 2, and all 42 units of Peak JV 3.

Schedule of reconciliation of real estate properties


Bluerock Homes Trust, Inc.
Notes to Schedule III	December 31, 2025
(amounts in thousands)

1. Reconciliation of Real Estate Properties

The following table reconciles the Real Estate Properties from January 1, 2024 to December 31, 2025.


		2025			2024
Balance at January 1		$	727,798		$	498,542
Acquisition of real estate			217,024			269,289
Capital expenditures			18,133			9,863
Impairment			(5,905)			(4,703)
Disposition of real estate			(21,586)			(45,193)
Balance at December 31		$	935,464		$	727,798

2. Reconciliation of Accumulated Depreciation

The following table reconciles the Real Estate Properties from January 1, 2024 to December 31, 2025.


		2025			2024
Balance at January 1		$	44,170		$	33,642
Current year depreciation expense			24,723			17,379
Disposition of real estate			(1,815)			(6,851)
Balance at December 31		$	67,078		$	44,170

Schedule of mortgage loans on real estate


Bluerock Homes Trust, Inc.
Schedule IV - Mortgage Loans on Real Estate	December 31, 2025

Principal Amount of

Face Amount of

Carrying Amount of

Mortgages Subject to

Periodic Payment

Mortgages

Mortgages

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⁾

—

$

—

$

—

—

$

—

$

—

(1)	The Company held no loan investments on real estate at December 31, 2025.

Reconciliation of mortgage loans on real estate

Bluerock Homes Trust, Inc.

Note to Schedule IV - Reconciliation of Mortgage Loans on Real Estate

(amounts in thousands)


		Year Ended December 31,
		2025			2024
Balance at beginning of period		$	31,700		$	17,684
Additions during period:
Purchases			—			22,300
Deductions during period:
Collections of principal			(31,700)			(8,284)
Balance at end of period		$	—		$	31,700