Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 91

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 91
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effect on the market price of the Series B Redeemable Preferred Stock. It is also possible that the Series B Redeemable Preferred
Stock will never be rated.

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Dividend payments on the Series B Redeemable Preferred Stock are not guaranteed.

Although
dividends on the Series B Redeemable Preferred Stock are cumulative, our board of directors must approve the actual payment of such
distributions. Our board of directors can elect at any time or from time to time, and for an indefinite duration, not to pay any or all
accrued distributions. Our board of directors could do so for any reason, and may be prohibited from doing so in the following instances:

| · | poor historical                                                                                                                          
 or projected cash flows;                                                                                                                 |
| · | the need to make payments                                                                                                                
 on our indebtedness;                                                                                                                     |
| · | concluding that payment                                                                                                                  
 of distributions on any or all such series of preferred stock would cause us to breach the terms of any indebtedness or other instrument 
 or agreement; or                                                                                                                         |
| · | determining that the payment                                                                                                             
 of distributions would violate applicable law regarding unlawful distributions to stockholders.                                          |

We intend to use the net proceeds from this offering of the Series B Redeemable Preferred Stock to fund future investments and for other general corporate and working capital purposes, but any such offerings will not be conditioned upon the closing of pending property investments and we will have broad discretion to determine alternative uses of proceeds.

We
intend to use a portion of the net proceeds from this offering of our Series B Redeemable Preferred Stock to fund future investments
and for other general corporate and working capital purposes. However, the offering will not be conditioned upon the closing of definitive
agreements to acquire or invest in any properties. We will have broad discretion in the application of the net proceeds from this offering,
and holders of our Series B Redeemable Preferred Stock will not have the opportunity as part of their investment decision to assess
whether the net proceeds are being used appropriately. Because of the number and variability of factors that will determine our use of
the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use, and result in investments
that are not accretive to our results from operations.

If we are required to make payments under any “bad boy” carve-out guaranties, recourse guaranties, and completion guaranties that we may provide in connection with certain mortgages