Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 53

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 53
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 may remain constant or increase, even if our revenues decrease, causing our results of operations to be adversely affected.

Costs associated with our
business, such as mortgage payments, real estate taxes, insurance premiums and maintenance costs, are relatively inflexible and generally
do not decrease, and may increase, when residential properties are not occupied, rental rates decrease, tenants fail to pay rent or other
circumstances cause a reduction in property revenues. As a result, if revenues drop, we may not be able to commensurately reduce our expenses,
which would adversely affect our financial condition and results of operations.

Competition in identifying and acquiring our properties could adversely affect our ability to implement our business and growth strategies, which could materially and adversely affect us.

In acquiring our properties,
we compete with a variety of institutional investors, including other REITs, specialty finance companies, public and private funds, savings
and loan associations, banks, mortgage bankers, insurance companies, institutional investors, investment banking firms, financial institutions,
governmental bodies, and other entities. We also compete with individual private home buyers and small scale investors.

Certain of our competitors
may be larger in certain of our markets and may have greater financial or other resources than we do. Some competitors may have a lower
cost of funds and access to funding sources that may not be available to us. In addition, any potential competitor may have higher risk
tolerances or different risk assessments and may not be subject to the operating constraints associated with maintaining qualification
for taxation as a REIT, which could allow them to consider a wider variety of investments. Competition may result in fewer investments,
higher prices, a broadly dispersed portfolio of properties that does not lend itself to efficiencies of concentration, acceptance of greater
risk, lower yields and a narrower spread of yields over our financing costs. In addition, competition for desirable investments could
delay the investment of our capital, which could adversely affect our results of operations and cash flows. As a result, there can be
no assurance that we will be able to identify and finance investments that are consistent with our investment objectives or to achieve
positive investment results, and our failure to accomplish any of the foregoing could have a material adverse effect on us and cause the
value of our Series B Redeemable Preferred Stock or Class A common stock to decline.

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Our investments will be dependent on tenants for revenue, and tenant failure to pay in a timely manner could reduce our revenues from rents, resulting in the decline in