Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 81

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 81
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 recognition of an increased taxable gain or reduced
taxable loss due to the reduction in such adjusted tax basis.

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Because we conduct substantially all of our operations through our Operating Partnership, our ability to pay dividends on our Series A Redeemable Preferred Stock will depend almost entirely on the distributions we receive from our Operating Partnership. We may not be able to pay dividends regularly on our Series A Redeemable Preferred Stock.

We
may not be able to pay dividends on a regular quarterly basis in the future on our Series A Redeemable Preferred Stock. We intend
to contribute the entire net proceeds from this offering of our Series A Redeemable Preferred Stock to our Operating Partnership
in exchange for units of limited partnership interest in our Operating Partnership that have substantially the same economic terms as
the Series A Redeemable Preferred Stock (“Series A Redeemable Preferred Units”). Because we conduct substantially
all of our operations through our Operating Partnership, our ability to pay dividends on the Series A Redeemable Preferred Stock
will depend almost entirely on payments and distributions we receive on our interests in our Operating Partnership. If our Operating Partnership
fails to operate profitably and to generate sufficient cash from operations (and the operations of its subsidiaries), we may not be able
to pay dividends on the Series A Redeemable Preferred Stock. Furthermore, any new shares of preferred stock on parity with any such
series of preferred stock will substantially increase the cash required to continue to pay cash dividends at stated levels. Any common
stock or preferred stock that may be issued in the future to finance acquisitions, upon exercise of stock options or otherwise, would
have a similar effect.

Your interests in our Series A Redeemable Preferred Stock could be subordinated and/or diluted by the incurrence of additional debt, the issuance of additional shares of preferred stock, including additional shares of Series A Redeemable Preferred Stock, and by other transactions.

As
of December 31, 2024, our total indebtedness was approximately $381.6 million, which includes $121.0 million outstanding under our
revolving credit facilities. We may incur significant additional debt in the future. The Series A Redeemable Preferred Stock is subordinate
to all of our existing and future debt and liabilities and those of our subsidiaries. Our future debt may include restrictions on our
ability to pay dividends to preferred stockholders in the event of a default under the debt facilities or under other circumstances. In
addition, our charter currently authorizes the issuance