Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 247

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 247
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 programs sponsored by affiliates of our Manager will result in conflicts of interest. See “Risk Factors — Risks Related
to our Management and Relationships with our Manager.”

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We will establish the terms
with respect to any particular joint venture agreement on a case-by-case basis after our board of directors considers all of the facts
that are relevant, such as the nature and attributes of our other potential joint venture partners, the proposed structure of the joint
venture, the nature of the operations, the liabilities and assets associated with the proposed joint venture and the size of our interest
when compared to the interests owned by other partners in the venture. With respect to any joint venture investment, we expect to consider
the following:

| · | Our ability to manage                                                                                                              
 and control the joint venture. We will seek to obtain certain approval rights in joint ventures we do not control. For proposed    
 joint ventures in which we are to share control with another entity, we will consider procedures to address decisions in the event 
 of an impasse.                                                                                                                     |

| · | Our ability to exit                                                                                                                
 a joint venture. We will consider requiring buy/sell rights, redemption rights or forced liquidation rights to allow us to control 
 the timing of our exit.                                                                                                            |

| · | Our ability to control                                                                                                       
 transfers of interests held by other partners to the venture. We will consider requiring consent provisions, rights of first 
 refusal, and or forced redemption rights in connection with transfers.                                                       |

Investments in Real Estate Mortgages

Although we have no current
intention of doing so, we may, at the discretion of our board of directors, invest in mortgages and other types of real estate interests
consistent with our qualification as a REIT. If we choose to invest in mortgages, we would expect to invest in mortgages secured by residential
properties. However, there is no restriction on the proportion of our assets that may be invested in a type of mortgage or any single
mortgage.

Investments in real estate
mortgages run the risk that one or more borrowers may default under certain mortgages and that the collateral securing certain mortgages
may not be sufficient to enable us to recoup our full investment. We do not presently intend to invest in real estate mortgages. We will
limit any investments in securities so that we do not fall within the definition of an investment company under the Investment Company
Act.

Investments in Securities of or Interests in Persons Primarily Engaged in Real Estate Activities and Other