Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 171

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 171
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control positions in joint ventures with a network of established private, regional owner-operators in proprietary, off-market transactions
across a broad market footprint, enabling us to execute our strategies across multiple markets and strategies. Where appropriate, we
may seek to increase our ownership of the venture to 100%, subsequent to the execution of the initial business plan for each property.

We were formed in 2021 as
a Maryland corporation and have elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended
December 31, 2022.

Our Portfolio

Our portfolio consists primarily
of residential properties that are between 15 and 40 years old located in first-ring suburban markets (which are areas within close proximity
to downtown amenities, including restaurants and retail shopping) with quality school systems and direct access to large metropolitan
areas. We source potential investments in residential properties through a variety of channels, including our existing relationships
and those developed by our network, real estate brokers, auctions and marketed portfolio sales. Our build-to-rent communities are typically
developed by our partners with expertise in development utilizing capital which we provide in a variety of structures, including through
common equity, preferred equity and mezzanine loans. Our build-to-rent communities are typically located in target markets that we believe
will enable us to capture development premiums upon completion. These residential properties are specifically designed to be rented and
are typically amenitized with larger floorplans ranging between two and four bedrooms and consist of both attached and detached homes.

As
of September 30, 2025, we held twenty-two real estate investments, consisting of seventeen consolidated investments and five preferred
equity investments. The twenty-two investments represent an aggregate of 5,282 residential units, comprised of 4,170 consolidated units,
of which 358 units are under development, and 1,112 units through preferred equity investments, which includes planned units and those
under development. As of September 30, 2025, our consolidated operating investments were approximately 91.8% occupied; excluding
units classified as held for sale and down/renovation units, our consolidated operating investments were approximately 93.7% occupied.

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The
following is a summary of our consolidated real estate investments as of September 30, 2025:

| Operating Investment Name           
 Residential Communities             |     | Market /              
 Location              |     |   Number 
 of Units 
      (1