Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 58

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 58
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 we make to our stockholders.

Our investments could be adversely affected if a member of our Bluerock operating partner network performs poorly at one or more of our projects, which could adversely affect returns to our stockholders.

In general, we expect to rely
on members of our operating partner network for the day-to-day management and development of our real estate investments. Members of our
network are not fiduciaries to us, and generally will have limited capital invested in a project, if any. One or more members of our network
may perform poorly in managing our project investments for a variety of reasons, including failure to properly adhere to budgets or properly
implement the property business plan. A member of our network may also underperform for strategic reasons related to projects or assets
that the partner is involved in with a Bluerock affiliate but not our company. If a member of our network does not perform well, we may
not be able to ameliorate the adverse effects of poor performance by terminating the partner and finding a replacement partner to manage
our projects in a timely manner. In such an instance, the returns to our stockholders could be adversely affected.

Actions of our joint venture partners could subject us to liabilities in excess of those contemplated or prevent us from taking actions which are in the best interests of our stockholders, which could result in lower investment returns to our stockholders.

We have entered into, and
in the future intend to enter into, joint ventures, including with members of our operating partner network, to acquire or improve properties.
We may also purchase properties in partnerships, co-tenancies or other co-ownership arrangements. Such investments may involve risks not
otherwise present when acquiring real estate directly, including, for example:

| · | joint venturers may share certain approval rights over major decisions and reduce our flexibility to maximize project values or limit property costs; |

| · | that such co-venturer, co-owner or partner may at any time have economic or business interests or goals which are or which become inconsistent with our business interests or goals, including inconsistent goals relating to the timing of the sale of properties held in the joint ventures and/or the timing of termination or liquidation of the joint ventures; |

| · | the possibility that our co-venturer, co-owner or partner in an investment might become insolvent or bankrupt and thus be unable to fulfill its financial obligations to us in that investment; |

| · | the possibility that we may incur liabilities as a result of an action or omission taken by