Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 146

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 146
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 of the underlying
properties in accordance with the waterfall set forth in the applicable Master Lease. As of June 30, 2025, we had two properties
(Amira at Westly and Southern Pines Reserve) in our DST Program and had raised net offering proceeds of $45.5 million, issued a demand
note of $1.1 million, and had $160.3 million in total net real estate investments associated with the DST Program.

In conjunction with sponsoring
of the DST Program, our Operating Partnership is granted an option to acquire DST Interests from the DST Program’s beneficial owners
at a later date for an aggregate value equal to such beneficial owner’s pro rata share of the appraised value of the properties,
as determined by an independent appraisal firm, less any indebtedness encumbering such beneficial owner’s DST Interest or the beneficial
owner’s pro rata share of any indebtedness encumbering the properties, which will be assumed or paid off by our Operating Partnership.

In general, we believe our
available cash balances, cash flows from operations, proceeds from the offering of our Series A Redeemable Preferred Stock, proceeds
from the KeyBank Credit Facility (as hereinafter defined, the “revolving credit facility”), proceeds from our DST Program,
proceeds from future mortgage debt financings for acquisitions and/or development projects, and other financing arrangements will be sufficient
to fund our liquidity requirements with respect to our existing portfolio for the next 12 months. In general, we expect that our results
related to our existing portfolio will improve in future periods as a result of anticipated future investments in and acquisitions of
residential properties and build-to-rent communities.

We believe we will be able
to meet our primary liquidity requirements going forward through, among other sources:

| · | $127.6 million in cash available at June 30, 2025; |

| · | capacity of $50 million, all of which was available on the KeyBank Credit Facility at June 30, 2025 for use in our DST Program; |

| · | proceeds from future mortgage debt financings for acquisition and/or development projects; |

| · | cash generated from operating activities; and |

| · | proceeds from the offering of our Series A Redeemable Preferred Stock and potential offerings of common and preferred stock, as well as issuances of units of limited partnership interest in our Operating Partnership (“OP Units”). |

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The following table summarizes
our contractual