Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 157

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 157
---
 cash flows could have been reduced below the stated returns if the property did not produce sufficient cash flow to pay its operating expenses and debt service, or to refinance its debt obligations.As we evaluate our capital position
and capital allocation strategy, we may consider alternative means of financing our development loan and preferred equity investment
activities at the subsidiary level.

Off-Balance Sheet Arrangements

As of September 30,
2025, we have off-balance sheet arrangements that may have a material effect on our financial condition, revenues or expenses, results
of operations, liquidity, capital resources or capital expenditures. At September 30, 2025, we hold preferred equity interests in
five joint ventures that are accounted for as available-for-sale debt securities.

<div align='center'>92</div>

Cash Flows from Operating Activities

As of September 30,
2025, we held twenty-two real estate investments, consisting of seventeen consolidated investments and five preferred equity investments,
with the twenty-two investments representing an aggregate of 5,282 residential units. During the nine months ended September 30,
2025, net cash provided by operating activities was $28.3 million after net loss of $23.1 million was adjusted for the following:

| · | distributions                                                            
 of income and income from preferred equity investments of $22.0 million; |
| · | non-cash items of $20.3                                                  
 million;                                                                 |
| · | an increase in accounts                                                  
 payable and other accrued liabilities of $8.2 million;                   |
| · | an increase in due to                                                    
 affiliates of $1.8 million;                                              |
| · | a decrease in notes                                                      
 and accrued interest receivable of $0.5 million; and                     |
| · | distributions from investments                                           
 in unconsolidated real estate funds of $0.3 million; offset by:          |
| · | an increase in accounts                                                  
 receivable, prepaids and other assets of $1.7 million.                   |

Cash Flows from Investing Activities

During the nine months
ended September 30, 2025, net cash used in investing activities was $109.0 million, due to the following:

| · | $155.7 million                                                
 used in the acquisition of real estate investments;           |
| · | $25.0 million used in                                         
 an investment in an unconsolidated real estate fund;          |
| · | $13.7 million used on                                         
 capital expenditures;