Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 132

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 132
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 and loan investments.
The twenty-three investments represent an aggregate of 5,048 residential units, comprised of 3,414 consolidated units, of which 170 units
are under development, and 1,634 units through preferred equity and loan investments, which includes planned units and those under development.
As of March 31, 2025, our consolidated operating investments were approximately 91.9% occupied; excluding units classified as held
for sale and down/renovation units, our consolidated operating investments were approximately 94.1% occupied.

We have elected to be treated,
and currently qualify, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, we generally
are not subject to corporate-level income taxes. To maintain our REIT status, we are required, among other requirements, to distribute
annually at least 90% of our “REIT taxable income,” as defined by the Code,
to our stockholders. If we fail to qualify as a REIT in any taxable year, we would be subject to federal income tax on our taxable income
at regular corporate tax rates and we would not be permitted to qualify as a REIT for four years following the year in which we lost our
qualification. Such an event could materially and adversely affect our net income and results of operations. We intend to continue to
organize and operate in such a manner as to remain qualified as a REIT.

Industry Segments

We own and operate residential
real estate assets that generate rental and other property-related income through the leasing of residential units to a diverse base of
tenants. We view our residential real estate assets as two reportable segments, consisting of (i) scattered single-family homes,
and (ii) residential communities. Our Chief Operating Decision Makers, which are our Chief Executive Officer, Chief Investment Officer
and Chief Financial Officer, do not distinguish or group operations on a geographic, tenant or other basis when assessing the financial
performance of our portfolio of properties/investments.

Scattered single-family homes segment includes the acquisition, ownership, management, and renovation of scattered single-family homes, which are, generally,
detached homes with no onsite property management.

Residential communities segment
includes the acquisition, ownership, management, renovation, construction, and development of residential communities, which include both
detached single-family home communities and attached unit communities such as apartments, townhouses, and duplexes. Each residential community
is, generally, located on a single, contiguous