Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 145

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 145
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 holder in an amount equal to the difference
between (i) the Aggregate Redemption Value of the Class A common stock so issued, and (ii) the Aggregate Sale Price at
which such shares of Class A common stock were sold, subject to certain conditions and requirements as set forth in the Series A
Safeguard Policy. The Series A Safeguard Policy applies both retroactively, and on a go-forward basis, to holders of our Series A
Redeemable Preferred Stock.

Stockholders’ Equity

Our total stockholders’
equity decreased $7.4 million from $139.1 million as of December 31, 2024 to $131.7 million as of September 30,
2025. The decrease in our total stockholders’ equity is primarily attributable to dividends declared of $8.2 million, preferred
stock accretion of $3.4 million, and a net adjustment of $0.7 million for noncontrolling interests, partially offset by the acquisitions
of noncontrolling interests for $2.7 million, net income of $1.4 million, Class A common stock issuances, net of forfeitures, of
$0.5 million, and comprehensive income of $0.2 million.

Industry Outlook

The residential rental industry
has historically been more resilient to economic cycles than other commercial real estate sectors and is currently benefiting from significant
industry tailwinds that began during the pandemic. We believe industry dynamics present a compelling investment opportunity for us, including:

| · | Renting currently                                                                                                                          
 represents a significant cost saving to homeownership, and 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