Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 133

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 133
---
 the recent increases in both housing prices and mortgage rates have exacerbated 
 the difference. This is expected to continue into the future and will force the millennial generation to rent for longer as they           
 enter their household formation years.                                                                                                     |

| · | Demand fundamentals                                                                                                                 
 are strong and strengthening further, particularly from rental-biased and debt-burdened millennials now reaching peak homeownership 
 age. We believe that a continued upswing in propensity to rent, coupled with the limited and descending supply of housing options,  
 signals significant opportunity in the residential rental industry.                                                                 |

| · | Residential                                                                                                                                
 rental production has been below historical levels since the end of the Great Financial Crisis. This, coupled with lack of new housing     
 supply and a significant decrease in apartment construction following 2024, is expected to create an ideal environment for the residential 
 rental industry, providing landlords with significant pricing power due to a strong imbalance of supply and demand.                        |

Results of Operations

Note 3 “Acquisition of Real Estate”; Note 4 “Sale of Real Estate Assets and Held for Sale Real Estate Assets”; Note 5 “Investments in Real Estate”; Note 6 “Notes and Interest Receivable”; and Note 7 “Preferred Equity Investments,”to the Consolidated Financial Statements appearing in our Annual Report on Form 10-K for the year ended December 31, 2024, which is incorporated herein by reference, provide discussion of our various purchases and sales of consolidated investments, and
our loan and preferred equity investments. These transactions have resulted in material changes to the presentation of our financial
statements.

<div align='center'>66</div>

The following is a summary
of our consolidated real estate investments as of December 31, 2024:

| Operating Investment            
 Name                            
 Scattered                       
 Single-Family Homes             |     | Market / Location     |     | Number   
 of Units 
 (1)      |       |     | Average    
 Year Built |           |     | Ownership 
 Interest  |     |   |     | Average   
 Rent  (2) |       |     | Occupancy     
 –             
 All Units (3) |      |   |     | Occupancy      
 –              
 Excluding Held 
 for Sale/Reno  
 Units (4)      |      |   |
|:--------------------------------|:----|:----------------------|:----|:---------|------:|:----|:-----------|----------:|:----|:----------|----:|:--|:----|: