Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 133

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 133
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, which manages our day-to-day operations under the Management Agreement. The current term of the
Management Agreement expires October 6, 2025 and will be automatically renewed for a one-year term each year on October 6, unless
previously terminated in accordance with the terms of the Management Agreement. The Manager is responsible for managing our affairs on
a day-to-day basis and for identifying and making real estate investments on our behalf. Substantially all our business is conducted through
our Operating Partnership, of which we are the sole general partner.

As of June 30, 2025,
we held twenty-one real estate investments, consisting of fifteen consolidated investments and six preferred equity investments. The twenty-one
investments represent an aggregate of 5,038 residential units, comprised of 3,640 consolidated units, of which 170 units are under development,
and 1,398 units through preferred equity investments, which includes planned units and those under development. As of June 30, 2025,
our consolidated operating investments were approximately 91.4% occupied; excluding units classified as held for sale and down/renovation
units, our consolidated operating investments were approximately 93.2% occupied.

We have elected to be treated,
and currently qualify, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, we generally
are not subject to corporate-level income taxes. 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 Code, to our stockholders. If we fail to qualify 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. Such an event could materially
and adversely affect our net income and results of operations. We intend to continue to organize and operate in such a manner as to remain
qualified as a REIT.

Industry Segments

We own and operate residential
real estate assets that generate rental and other property-related income through the leasing of residential units to a diverse base of
tenants. We view our residential real estate assets as two reportable segments, consisting of (i) scattered single-family homes,
and (ii) residential communities. Our Chief Operating Decision Makers, which are our Chief Executive Officer, Chief