If you want the contents of an option, variables, or anything for that matter to be treated like post content you’ll need to call the post content filters.
<?php echo apply_filters( 'the_content', $your_var ); ?>
Your data is then treated in the same way as post content is, inline with the code sample you’ve posted, the call should go like this..
<?php echo apply_filters( 'the_content', theme_option('homepage_content') ); ?>
Hope that helps. 🙂
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