Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 72

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 72
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 triggering taxes due to the built in gain tied to DST Investors. Such reduced
liquidity could impair our ability to utilize cash proceeds from sales for other purposes such as paying down debt, paying distributions,
funding redemptions or making 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.

We will be externally advised
by our Manager and, pursuant to the Management Agreement, our Manager will not be obligated to dedicate any specific personnel exclusively
to us, nor will its personnel be obligated to dedicate any specific portion of their time to the management of our business. As a result,
we cannot provide any assurances regarding the amount of time our Manager will dedicate to the management of our business. Moreover, each
of our officers will also be an employee of our Manager or one of its affiliates, and will have significant responsibilities for other
investment vehicles currently managed by Bluerock affiliates, and may not always be able to devote sufficient time to the management of
our business. Consequently, we may not receive the level of support and assistance that we otherwise might receive if we were internally
managed.

In addition, we offer no assurance
that our Manager will remain our manager or that we will continue to have access to our Manager’s principals and professionals.
The current term of our Management Agreement with our Manager expires October 6, 2025 with automatic one-year renewals thereafter,
and may be terminated earlier under certain circumstances. If the Management Agreement is terminated or not renewed and no suitable replacement
is found to manage us, we may not be able to execute our business plan, which could have a material adverse effect on our results of operations
and our ability to make distributions to our stockholders.

Our Manager may not be successful in identifying and consummating suitable investment opportunities.

Our investment strategy will
require us, through our Manager, to identify suitable investment opportunities compatible with our investment criteria. Our Manager may
not be successful in identifying suitable opportunities that meet our criteria or in consummating investments, including those identified
as part of our investment pipeline, on satisfactory terms or at all. Our ability to make investments on favorable terms may be constrained
by several factors including, but not limited to, competition from other investors with significant capital, including other publicly-traded
REITs and institutional investment funds, which may significantly increase investment costs; and/or the inability to finance an investment
on favorable terms or at all. The failure to identify