Bluerock Homes Trust, Inc.

Occupancy –

Number of · Average Year · Ownership · Average · Occupancy – · Excluding Held for

Operating Investment Name · Market / Location · Units (1) · Built · Interest · Rent (2) · All Units (3) · Sale/Reno Units (4)

Allure at Southpark · Charlotte, NC · 350 · 2014 · 98 · 1,681 · 95.7 · 96.0

Amira at Westly · Tampa, FL · 408 · 1999/2023 · (5) · 1,847 · 93.1 · 93.4

Avenue at Timberlin Park · Jacksonville, FL · 200 · 2001 · 100 · 1,591 · 94.5 · 95.0

District at Parkview (6) · Stone Mountain, GA · 264 · 2023 · 69 · 1,907 · 88.3 · 88.6

Skytop Apartments (6) · Cincinnati, OH · 361 · 2024 · 3 · 1,721 · 94.5 · 95.0

Southern Pines Reserve (6) · Aberdeen, NC · 272 · 2000/2003 · 22 · 1,486 · 93.4 · 93.7

Villas at Huffmeister · Houston, TX · 294 · 2007 · 95 · 1,601 · 96.3 · 96.6

Wayford at Concord · Concord, NC · 150 · 2019 · 83 · 2,157 · 98.0 · 98.7

Yauger Park Villas · Olympia, WA · 80 · 2010 · 95 · 2,476 · 97.5 · 97.5

Total Residential Communities Units / Average · 2,379 · 1,746 · 93.7 · 94.5

Ballast · AZ / CO / WA · 84 · 1998 · 95 · 2,130 · 77.4 · 77.4

Golden Pacific · IN / KS / MO · 161 · 1977 · 97 · 1,802 · 73.9 · 79.9

ILE · TX / SE US · 450 · 1991 · 95 · 1,862 · 92.9 · 93.9

Indy-Springfield · IN / MO · 304 · 1999 · 100 · 1,426 · 91.8 · 95.5

Peak JV 2 · Various / TX · 549 · 1982 · 100 · 1,382 · 88.3 · 90.0

Peak JV 3 · Dallas-Fort Worth, TX · 42 · 1960 · 100 · 1,082 · 14.3 · —

Savannah-84 · Savannah, GA · 84 · 2022 · 100 · 1,875 · 97.6 · 97.6

Total Scattered Single-Family Homes / Average · 1,674 · 1,625 · 86.9 · 90.8

Total Operating Units / Average · 4,053 · 1,695 · 90.9 · 93.0

Abode Wendell Falls (7) · Wendell, NC · 170 · — · 100 · — · — · —

Harmony at Clear Creek (7) · Shawnee, KS · 188 · — · 85 · — · — · —

Parkside at Summers Corner (8) · Summerville, SC · 12 · 2025 · 100 · — · — · —

(1) · Total operating units includes an aggregate of 107 units classified as held for sale, with such units included in 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.

(2) · Represents the average of the ending average effective rent per occupied unit as of the last day of each month in the three months ended December 31, 2025.

(3) · Percent occupied is calculated as (i) the number of units occupied as of December 31, 2025 divided by (ii) total number of units, expressed as a percentage.

(4) · Percent occupied is calculated as (i) the number of units occupied as of December 31, 2025 divided by (ii) total number of units, expressed as a percentage, and excludes 107 units classified as held for sale and an aggregate of 11 down/renovation units.

(5) · Amira at Westly is held through our DST Program (refer to Note 9 of our consolidated financial statements for further information). The Amira at Westly DST has been fully subscribed with equity from individual investors.

(6) · District at Parkview, Skytop Apartments and Southern Pines Reserve are held through our DST Program.

(7) · Represents a development project with no units delivered as of December 31, 2025. Abode Wendell Falls commenced construction in 2024 and Harmony at Clear Creek is anticipated to commence construction in 2026.

(8) · Parkside at Summers Corner represents a development project with units to be acquired in tranches as construction is completed. Of the total 100 units that we have committed to acquire, 12 units had been acquired as of December 31, 2025.

Total Actual/

Actual/ · Estimated · Actual/ · Actual/ · Actual/

Planned · Construction · Estimated · Estimated · Estimated · Estimated

Number · Cost · Cost to Date · Construction · Initial · Construction · Average

Development Investment Name (1) · Location · of Units · (in millions) · (in millions) · Cost Per Unit · Occupancy · Completion · % Occupied · Rent (2)

River Ford · Brunswick, GA · 170 · 51.6 · 18.0 · 303,529 · 1Q 2026 · 1Q 2027 · — · 2,004

Sanford Marketplace · Sanford, NC · 300 · 59.6 · 12.7 · 198,667 · 4Q 2026 · 2Q 2027 · — · 1,587

Canvas at Wildwood · Wildwood, FL · 224 · 60.3 · 17.0 · 269,196 · 4Q 2026 · 4Q 2027 · — · 1,937

Archer at RiverBlue (3) · Asheville, NC · 245 · 71.8 · 10.8 · 293,061 · 1Q 2028 · 2Q 2028 · — · 2,113

Operating Investment Name (4)

Wayford at Innovation Park · Charlotte, NC · 210 · 91.4 · 2,313

Total Units/Average · 1,149 · 1,934

(1) · None of the development investments had commenced lease-up as of December 31, 2025.

(2) · For development investments, represents the average pro forma effective monthly rent per occupied unit for all expected occupied units during the first full quarter of stabilization. For the operating investment, represents the average effective monthly rent per occupied unit.

(3) · In December 2025, we entered into a joint venture agreement and made a commitment to invest capital for preferred equity interests in Archer at RiverBlue. No capital had been funded as of December 31, 2025.

(4) · Operating investment represents a stabilized operating property.

• We may not be able to effectively control the timing and costs relating to the renovation and maintenance of our properties, which may adversely affect our operating results and ability to make distributions to our stockholders.
• We have in the past acquired and may from time to time in the future acquire some of our residential properties through the auction process, which could subject us to significant risks that could adversely affect us.
• Title defects could lead to material losses on our investments in our properties.
• We are subject to certain risks associated with bulk portfolio acquisitions and dispositions.
• We depend on our residents and their willingness to meet their lease obligations and renew their leases for substantially all of our revenues. Poor resident selection, defaults, and nonrenewals by our residents may adversely affect our reputation, financial performance, and ability to make distributions to our stockholders.
• Our leases are relatively short-term, exposing us to the risk that we may have to re-lease our properties frequently, which we may be unable to do on attractive terms, on a timely basis, or at all.
• Climate change may adversely affect our business.
• Eminent domain could lead to material losses on our investments in our properties.
• Tenant relief laws, including laws regulating evictions, rent control laws, and other regulations that limit our ability to increase rental rates may negatively impact our rental income and profitability.
• We may become a target of legal demands, litigation (including class actions), and negative publicity by tenant and consumer rights organizations, which could directly limit and constrain our operations and may result in significant litigation expenses and reputational harm.
• We may not be successful in identifying and consummating suitable investment opportunities.
• Adverse economic conditions may negatively affect our results of operations and, as a result, our ability to make distributions to our stockholders or to realize appreciation in the value of our properties.
• Our revenues are significantly influenced by demand for residential rental properties generally, and a decrease in such demand will likely have a greater adverse effect on our revenues than if we owned a more diversified real estate portfolio.
• The properties in our investment pipeline are subject to contingencies that could delay or prevent acquisition or investment in those properties.
• Our expenses may remain constant or increase, even if our revenues decrease, causing our results of operations to be adversely affected.
• Competition in identifying and acquiring our properties could adversely affect our ability to implement our business and growth strategies, which could materially and adversely affect us.
• Our investments will be dependent on tenants for revenue, and tenant failure to pay in a timely manner could reduce our revenues from rents, resulting in the decline in the value of your investment.
• Our operating results and distributable cash flow depend on our ability to generate revenue from leasing our properties to tenants on terms favorable to us.
• As the owner of real property, we could become subject to liability for asbestos-containing building materials in the buildings on our properties.
• Costs associated with addressing indoor air quality issues, moisture infiltration and resulting mold remediation may be costly.
• A change in the United States government policy with regard to Fannie Mae and Freddie Mac could impact our financial condition.
• If we are not able to cost-effectively maximize the life of our properties, we may incur greater than anticipated capital expenditure costs, which may adversely affect our ability to make distributions to our stockholders.
• Any uninsured losses or high insurance premiums will reduce our net income and the amount of our cash distributions to stockholders.
• We may have difficulty selling real estate investments, and our ability to distribute all or a portion of the net proceeds from such sale to our stockholders may be limited.
• Representations and warranties made by us in connection with sales of our properties may subject us to liability that could result in losses and could harm our operating results and, therefore, distributions we make to our stockholders.
• Our investments could be adversely affected if a member of our Bluerock operating partner network performs poorly at one or more of our projects, which could adversely affect returns to our stockholders.
• Actions of our joint venture partners could subject us to liabilities in excess of those contemplated or prevent us from taking actions which are in the best interests of our stockholders, which could result in lower investment returns to our stockholders.
• Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act; if we are subject to registration under the Investment Company Act, we will not be able to continue our business.
• If we or the Operating Partnership are required to register as an investment company under the Investment Company Act, the additional expenses and operational limitations associated with such registration may reduce your investment return or impair our ability to conduct our business as planned.
• Our internal control over financial reporting may not be effective, which could adversely affect our reputation, results of operations and stock price.
• We may at times have limited sources of capital other than proceeds from future mortgage debt financings for acquisition and/or development projects, cash generated from operating activities, our $50 million revolving credit facility, the net proceeds of offerings of our securities, and the proceeds from our DST Program.
• You will have limited control over changes in our policies and day-to-day operations, which limited control increases the uncertainty and risks you face as a stockholder. In addition, our Board may change our major operational policies without your approval.
• We are highly dependent on information systems and therefore systems failures, cybersecurity incidents or other technology disruptions could negatively impact our business.
• Security breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer.
• Conflicts of interest may exist or could arise in the future with our Operating Partnership and its limited partners, which may impede business decisions that could benefit our stockholders.
• Conflicts of interest exist between our interests and the interests of our Manager and its affiliates.
• The ownership by our executive officers of interests representing a significant portion of our common stock on a fully diluted basis could allow our executive officers to exert significant influence over our company in a manner that may not be in the best interests of our other stockholders.
• Our executive officers will have competing demands on their time and attention.
• We may use mortgage and other debt financing to acquire properties or interests in properties.
• High levels of debt or increases in interest rates could increase the amount of any future loan payments, which could reduce the cash available for distribution to stockholders.
• High mortgage rates may make it difficult for us to finance or refinance properties, which could reduce the number of properties we can acquire, our cash flow from operations and the amount of cash distributions we can make.
• Lenders may require us to enter into restrictive covenants relating to our operations, which could limit our ability to make distributions to you.
• If mortgage debt is unavailable at reasonable rates, it may make it difficult for us to finance or refinance properties, which could reduce the number of properties we can acquire, our cash flows from operations and the amount of cash distributions we can make.
• Volatility in the commercial mortgage-backed securities market could impact the pricing of secured debt.
• Some of our mortgage loans may have “due-on-sale” provisions, which may impact the manner in which we acquire, sell and/or finance our properties.
• Lenders may be able to recover against our other properties under our mortgage loans.
• If we are required to make payments under any “bad boy” carve-out guaranties that we may provide in connection with certain mortgages and related loans, our business and financial results could be materially adversely affected.
• Interest-only indebtedness may increase our risk of default and ultimately may reduce our funds available for distribution to our stockholders.
• To hedge against interest rate fluctuations, we may use derivative financial instruments that may be costly and ineffective, may reduce the overall returns on your investment and may expose us to the credit risk of counterparties.
• Complying with REIT requirements may limit our ability to hedge risk effectively.
• You may not receive any profits resulting from the sale of one of our properties, or receive such profits in a timely manner, because we may provide financing for the purchaser of such property.
• We are subject to increasing scrutiny from investors with respect to the social and environmental impact of our business, which may adversely impact our business and ability to raise capital from such investors.
• Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations.
• Our business, results of operations, financial condition, and cash flows may be adversely affected by pandemics and outbreaks of infectious disease, which may include COVID-19.
• We may acquire co-ownership interests in property that are subject to certain co-ownership agreements which may have an adverse effect on our results of operations, relative to if the co-ownership agreements did not exist.
• The terms of the Master Leases entered into by subsidiaries of our Operating Partnership in connection with the DST Program may subject us to risk.
• The Operating Partnership’s private placements of beneficial interests in specific Delaware statutory trusts under our DST Program could subject us to liabilities from litigation or otherwise.
• The Operating Partnership’s private placements of beneficial interests in specific Delaware statutory trusts under our DST Program will not shield us from risks related to the performance of the real properties held through such structures.
• We may own beneficial interests in DSTs owning real property that will be subject to the agreements under our DST Program, which may have an adverse effect on our results of operations, relative to if the DST Program agreements did not exist.
• Properties that are placed into the DST Program and later reacquired may be less liquid than other assets, which could impair our ability to utilize cash proceeds from sales of such properties for other purposes such as paying down debt, distributions, or additional investments.
• Risks Related to Our Management and Relationships with Our Manager
• We are dependent on our Manager and its key personnel for our success.
• Our Manager may not be successful in identifying and consummating suitable investment opportunities.
• The inability of our Manager to retain or obtain key personnel could delay or hinder implementation of our investment strategies, which could impair our ability to make distributions and could reduce the value of your investment.
• Our Manager’s limited operating history makes it difficult for you to evaluate this investment.
• Non-renewal of the Management Agreement, even for poor performance, could be difficult and costly, including as a result of termination fees, and may cause us to be unable to execute our business plan.
• Because we will be dependent upon our Manager and its affiliates to conduct our operations, any adverse changes in the financial health of our Manager or its affiliates or our relationship with them could hinder our operating performance and the return on your investment.
• Our Board will approve very broad investment guidelines for our Manager and will not approve each investment and financing decision made by our Manager unless required by our investment guidelines.