Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 77

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 77
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/or similar interests, which are subject to certain co-ownership
agreements. The co-ownership agreements may limit our ability to encumber, lease, or dispose of our co-ownership interest. Such agreements
could affect our ability to turn our investments into cash and could affect cash available for distributions to you. The co-ownership
agreements could also impair our ability to take actions that would otherwise be in the best interest of our stockholders and, therefore,
may have an adverse effect on our results of operations, relative to if the co-ownership agreements did not exist.

The terms of the Master Leases entered into by subsidiaries of our Operating Partnership in connection with the DST Program may subject us to risk.

Pursuant to our DST Program,
we, through subsidiaries of our Operating Partnership, will hold long-term leasehold interests in properties held by Delaware statutory
trusts, the beneficial interests of which are sold to investors, pursuant to a Master Lease (each such property, a “DST Property”).
In connection with each Master Lease, our Operating Partnership has entered into a demand note with the subsidiary of our Operating Partnership
that acts as the Master Tenant for such DST Property. Under each Master Lease, we will be responsible for subleasing the relevant DST
Property to occupying tenants, which means that the Master Tenant under the Master Lease bears the risk that the underlying cash flow
from a DST Property may be less than the Master Lease payments. As a result, if a DST Property experiences negative performance, the
applicable Master Tenant could demand funding pursuant to the demand note if the net operating cash flow is insufficient to pay the rent
required under the Master Lease (subject to limited deferral rights) or to satisfy its other obligations under the Master Lease, which
could affect cash available for distributions to our stockholders and could have an adverse effect on our results of operations. For
additional information, see “Management’s Discussion and Analysis of Financial Conditions and Results of Operations—Liquidity
and Capital Resources.”

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The Operating Partnership’s private placements of beneficial interests in specific Delaware statutory trusts under our DST Program could subject us to liabilities from litigation or otherwise.

We, through the Operating
Partnership, have commenced a program to raise capital in private placements exempt from registration under Section 506(c) of
the Securities Act through the sale of beneficial interests in specific Delaware statutory trusts, or DSTs, holding real properties,
which may include properties currently indirectly owned by the Operating Partnership.

These