Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 155

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 155
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at any time. The extent to which we repurchase shares of our 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.
We expect that any repurchases of our Class A common stock will be 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 September 30, 2025, we had
not made any repurchases of our Class A common stock.

Our primary long-term
liquidity requirements relate to (i) costs for additional residential investments, including development properties, (ii) repayment
of long-term debt and our revolving credit facility, (iii) capital expenditures, (iv) cash redemption requirements related
to our Series A Preferred Stock, (v) cash requirements related to our Series A Preferred Stock Safeguard Policy, and (vi) Class A
common stock repurchases under our stock repurchase plan.

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We intend to finance our
long-term liquidity requirements with net proceeds of additional issuances of common and preferred stock, including issuances in connection
with the continuous registered offering of our Series A Preferred Stock, our revolving credit facility, as well as future acquisition
or project-based borrowings. Our success in meeting these requirements will therefore depend upon our ability to access capital. Further,
our ability to access equity capital is dependent upon, among other things, general market conditions for REITs and the capital markets
generally, market perceptions about us and our asset class, and current trading prices of our securities.

As we did in the nine
months ended September 30, 2025, we may also selectively sell consolidated operating assets at appropriate times, which would be
expected to generate cash sources for both our short-term and long-term liquidity needs.

We may also meet our long-term
liquidity needs through borrowings from a number of sources, either at the corporate or project level. We believe our revolving credit
facility will serve as our primary debt source that will continue to enable us to deploy our capital more efficiently and provide capital
structure flexibility as we grow our asset base. In addition to restrictive covenants, our revolving credit facility contains material
financial covenants. At September 30,