Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 138

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 138
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 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 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.

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.

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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 evaluate operating performance on an individual property investment level and based on the investments’ similar
economic characteristics. Our Chief Operating Decision Makers (“CODMs”) are our Chief Executive Officer, Chief Investment
Officer and Chief Financial Officer. The CODMs’ primary financial measure for operating performance is NOI as it measures the core
operations of property performance by excluding corporate level expenses and those other items not related to property operating performance.
The CODMs are provided financial reports which include an income statement with property revenues, property