Asset Transaction (Form 8-K)

Acquisition of Skytop Property

On September 29, 2025, Bluerock Homes Trust, Inc., a Maryland corporation (the "Company"), through BHM DST Acquisitions, LLC, a wholly owned subsidiary of the Company's operating partnership, Bluerock Residential Holdings, L.P., a Delaware limited partnership (the "Operating Partnership"), entered into an Assignment of Purchase and Sale Contract (the "PSA") with BHM Skytop Investment Co, LLC, a Delaware limited liability company, and wholly owned subsidiary of the Operating Partnership ("BR Skytop Depositor"), who further assigned the PSA to BR Skytop Multifamily, DST, a Delaware statutory trust and a wholly owned subsidiary of the Operating Partnership ("BR Skytop DST"), pursuant to which the Company, through its subsidiaries, assigned to BR Skytop DST the right to acquire, through a membership purchase interest agreement, the membership interests in BHM Skytop TH, LLC, a Delaware limited liability company (the "TH Entity"), which holds the fee simple interest in a 361-unit residential community known as Skytop Apartments, located in Cincinnati, Ohio (the "Skytop Property"), from Wood Stone V Holdings Skytop LLC and Wood Stone VI Skytop Holdings LLC, (collectively, the "Skytop Seller"), an unaffiliated seller.

On September 29, 2025, the Company, through BR Skytop Depositor, closed on the acquisition of the TH Entity for a total purchase price of $88.5 million, subject to certain prorations and adjustments typical in a real estate transaction.

The sale was based on arm's length negotiations with the unaffiliated Skytop Seller. In evaluating the Skytop Property as a potential investment, a variety of factors were considered, including overall valuation of net rental income, expected capital expenditures, submarket demographics, community features and amenities, location, price per unit and occupancy.

Financing for the Acquisition of Skytop Property

The acquisition of the Skytop Property was funded with (i) approximately $13.0 million of gross equity from the Company (inclusive of certain transaction costs, operating expenses, and operating and lender reserves), (ii) a senior loan held by Fannie Mae, to BR Skytop DST, in the principal amount of approximately $57.5 million (the "Skytop Senior Loan"), and (iii) borrowings of approximately $22.0 million through the Company's existing credit facility with KeyBank National Association (the "KeyBank Credit Facility"). The Skytop Senior Loan is secured by the Skytop Property, bears interest at a fixed rate of 4.98% per annum with interest-only payments during the term of the loan, and matures on October 1, 2035. The KeyBank Credit Facility bears interest per annum, at the Company's option, at SOFR (Daily Simple or Term) plus 3.60% or the base rate plus 2.50%, and matures one year from the date of funding, subject to certain minimum paydowns, and timing of such paydowns, pursuant to the terms of the KeyBank Credit Facility.