Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 130

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 130
---
 days in such dividend period during
which such shares of Series A Redeemable Preferred Stock were outstanding.

The timing and amount of any
dividends on the Series A Redeemable Preferred Stock will be determined by our board of directors, in its sole discretion, and may
vary from time to time. All such dividends will accrue and be paid on the basis of a 360-day year consisting of twelve 30-day months.
Dividends on the Series A Redeemable Preferred Stock will accrue whether or not (i) we have earnings, (ii) there are funds
legally available for the payment of such dividends and (iii) such dividends are authorized by our board of directors or declared
by us. Accrued dividends on the Series A Redeemable Preferred Stock will not bear interest.

We cannot assure you that
we will generate sufficient cash flows to make distributions to our stockholders or that we will be able to sustain those distributions.
If our operations do not generate sufficient cash flow to allow us to satisfy the REIT distribution requirements, we may be required to
fund distributions from working capital, offering proceeds, proceeds from our DST Program, borrowing funds, selling assets, making a taxable
distribution of our equity or debt securities, or reducing such distributions. In addition, while we have no intention to do so, prior
to the time we have fully invested the net proceeds of this offering, we may fund our distributions out of the net proceeds of this offering,
which could adversely impact our results of operations. Our distribution policy enables us to review the alternative funding sources available
to us from time to time. Our actual results of operations will be affected by a number of factors, including the revenues we receive from
our properties and other investments, our operating expenses, interest expense, the ability of our tenants to meet their obligations and
unanticipated expenditures. For more information regarding risk factors that could materially adversely affect our actual results of operations,
please see “Risk Factors.”

<div align='center'>60

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

The following discussion and analysis should be read in conjunction with the accompanying financial statements, and the notes thereto. As used herein, the terms “we,” “our” and “us” refer to Bluerock Homes Trust, Inc., a Maryland corporation, and, as required by context, Bluerock Residential Holdings, L.P., a Delaware limited partnership, which we refer to as