Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 39

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 39
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 to our activities, (b) allocation of investment 
 opportunities between us and investment vehicles affiliated with Bluerock, (c) purchase or sale of residential properties, including from   
 or to Bluerock or its affiliates, and (d) fee arrangements with our Manager that might induce our Manager to make investment decisions      
 that are not in our best interests.                                                                                                         |

| ● | We                                                                                                                                              
 have invested and anticipate that we will continue to invest in the redevelopment of existing properties and the development of new properties. 
 These investments involve risks beyond those presented by stabilized, income-producing properties. These risks may diminish the return          
 to our stockholders.                                                                                                                            |

| ● | We                                                                                                                                     
 have a limited operating history as a REIT and an independent publicly traded company, which makes our future performance difficult to 
 predict.                                                                                                                               |

| ● | We                                                                                                                                      
 may fail to maintain our qualification as a REIT for federal income tax purposes. We would then be subject to corporate level taxation, 
 and we would not be required to pay any distributions to our stockholders.                                                              |

If we are unable to effectively manage the impact of these and other risks, our ability to meet our investment objectives would be substantially impaired. In turn, the value of our securities and our ability to make distributions would be materially reduced.

5

Table of Contents

PART I

Item 1. Business

Organization

Bluerock
Homes Trust, Inc. (“Bluerock Homes,” “the Company,” “we,” “us,” or “our”)
was incorporated on December 16, 2021 under the laws of the state of Maryland.

We
have elected to be taxed and have qualified as a real estate investment trust (“REIT”) for federal income tax purposes beginning
with our taxable year ended December 31, 2022. As a REIT, we generally are not subject to corporate-level income taxes. In order 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 Internal Revenue Code of 1986, as amended (the “Code”), to our stockholders. If we fail to maintain our
qualification 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. We intend
to continue