Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 131

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 131
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 costs, all advertising and marketing expenses (including costs incurred for travel, meals and lodging for our employees to attend       
 retail seminars hosted by broker-dealers or bona fide training or educational meetings hosted by us), charges of transfer agents,       
 registrars and experts, and fees, expenses and taxes related to the filing, registration and qualification, as necessary, of the        
 sale of shares of our Series B Redeemable Preferred Stock under federal and state laws, including taxes and fees and accountants’       
 and attorneys’ fees. We do not expect such offering expenses to exceed 1.25% of gross offering proceeds, though the amount              
 of such expenses may exceed the expected amount, as long as said expenses would not cause the cumulative selling commissions, placement 
 fee and issuer organization and offering expenses paid by us to exceed 15.0% of gross offering proceeds. All organization and offering  
 expenses, including selling commissions and the placement fee, are not expected to exceed 11.25% of the aggregate gross proceeds        
 of this offering, though the amount of such expenses may exceed the expected amount.                                                    |

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| (3) | Although the                                                                                                                                
 net proceeds are expected to be used in connection with the acquisition of residential properties and other real estate-related investments 
 and the payment of fees and expenses related thereto, the proceeds are available for our other capital needs, whether related to            
 the repayment of debt or otherwise. For purposes of this table, however, we have assumed that we will use all the net proceeds for          
 acquisitions of real property and other real estate-related investments and the payment of related fees and expenses. Until                 
 required in connection with the acquisition of real property, other real estate-related investments or other capital needs, we intend       
 to invest the net proceeds of this offering in interest-bearing, short-term investment-grade securities, money-market accounts or           
 other investments that will not adversely affect our ability to maintain our qualification as a REIT.                                       |

Assuming the maximum offering,
we estimate that we will receive net proceeds from the sale of shares of Series B Redeemable Preferred Stock in the offering of
approximately $310.63 million, after deducting estimated offering expenses, including selling commissions and the placement fee, payable
by us of approximately $39.38 million.

We will contribute the net
proceeds of this offering to our operating partnership in exchange for Series B Redeemable Preferred Units (as defined herein).

We intend to use the net
proceeds