Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 99

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 99
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 tax purposes. If that were to occur, it would result in the amount of distributions that exceed our earnings and profits
being treated first as a return of capital to the extent of the stockholder’s adjusted tax basis in the stockholder’s Series
A Preferred Stock and then, to the extent of any excess over the stockholder’s adjusted tax basis in the stockholder’s Series
A Preferred Stock, as capital gain. Any distribution that is treated as a return of capital will reduce the stockholder’s adjusted
tax basis in the stockholder’s Series A Preferred Stock, and subsequent sales (including cash redemptions) of such stockholder’s
Series A Preferred Stock will result in recognition of an increased taxable gain or reduced taxable loss due to the reduction in such
adjusted tax basis.

Because we conduct substantially all of our operations through our Operating Partnership, our ability to pay dividends on our Series A 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 Preferred Stock.

We
may not be able to pay dividends on a regular quarterly basis in the future on our Series A Preferred Stock. We intend to contribute the
entire net proceeds from any offerings of our Series A Preferred Stock to our Operating Partnership in exchange for Series A Preferred
Units that have substantially the same economic terms as the Series A Preferred Stock. Because we conduct substantially all of our operations
through our Operating Partnership, our ability to pay dividends on the Series A 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 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.

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Your interests 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 Preferred Stock, and by other transactions.

As
of December 31, 2024, our total indebtedness was approximately $381.6 million, which includes $