Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 90

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 90
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 our DST Program. The DST Program agreements limit our ability to encumber, lease or dispose of our beneficial interests. Such
agreements could affect our ability to turn our beneficial interests into cash and could affect cash available for distributions to our
stockholders. The DST Program agreements could also impair our ability to take actions that would otherwise be in the best interests of
our stockholders and, therefore, may have an adverse effect on our results of operations and NAV, relative to if the DST Program agreements
did not exist.

Properties that are placed into the DST Program and later reacquired may be less liquid than other assets, which could impair our ability to utilize cash proceeds from sales of such properties for other purposes such as paying down debt, distributions, or additional investments.

DST
Properties may later be reacquired through exercise of the FMV Option granted to our Operating Partnership. In such cases, the investors
who become limited partners in the Operating Partnership (the “DST Investors”) will generally remain tied to the applicable
DST Property in terms of basis and built in gain. As a result, if the applicable DST Property is subsequently sold, unless we effectuate
a like kind exchange under Section 1031 of the Code, then tax will be triggered on the DST Investors’ built in gain. Although we
are not contractually obligated to do so, we may seek to execute a 1031 exchange in such situations rather than trigger gain. Any replacement
property acquired in connection with a 1031 exchange will similarly be tied to the DST Investors with similar considerations if such replacement
property ever is sold. As a result of these factors, placing properties into the DST Program may limit our ability to access liquidity
from such properties or replacement properties through sale without triggering taxes due to the built in gain tied to DST Investors. Such
reduced liquidity could impair our ability to utilize cash proceeds from sales for other purposes such as paying down debt, paying distributions,
funding redemptions or making additional investments.

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Table of Contents

Risks Related to Our Management and Relationships with Our Manager

We are dependent on our Manager and its key personnel for our success.

We
will be externally advised by our Manager and, pursuant to the Management Agreement, our Manager will not be obligated to dedicate any
specific personnel exclusively to us, nor will its personnel be obligated to dedicate any specific portion of their time to the management
of our business. As a result, we cannot provide any assurances regarding