Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 142

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 142
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 facilities, our DST Program, as well
as future acquisition or project-based borrowings. Our success in meeting these requirements will therefore depend upon our ability to
access capital. Further, our ability to access equity capital is dependent upon, among other things, general market conditions for REITs
and the capital markets in general, market perceptions about us and our asset class, and current trading prices of our securities.

As we did in the year ended
December 31, 2024, we may also selectively sell consolidated operating assets at appropriate times, which would be expected to generate
cash sources for both our short-term and long-term liquidity needs.

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We may also meet our long-term
liquidity needs through borrowings from a number of sources, either at the corporate or project level. In December 2023, we entered
into an amended and restated credit agreement with Deutsche Bank Securities, Inc. and a syndicate of other lenders, which provides
for a revolving loan with a maximum commitment amount of $150 million (the “Amended DB Credit Facility”). In addition, in
October 2024, we entered into a credit agreement with KeyBank National Association and a syndicate of other lenders, which provides
for a revolving loan with a maximum commitment amount of $50 million (the “KeyBank Credit Facility”). We believe our revolving
credit facilities will serve as our primary debt source that will continue to enable us to deploy our capital more efficiently and provide
capital structure flexibility as we grow our asset base. In addition to restrictive covenants, our revolving credit facilities contain
material financial covenants. At December 31, 2024, we were in compliance with all covenants under our credit facilities. We will
continue to monitor the debt markets, including Fannie Mae and Freddie Mac, and as market conditions permit, access borrowings that are
advantageous to us.

If we are unable to obtain
financing on favorable terms or at all, we would likely need to curtail our investment activities, including acquisitions and improvements
to and developments of real properties, which could limit our growth prospects. This, in turn, could reduce cash available for distribution
to our stockholders and may hinder our ability to raise capital by issuing more securities or borrowing more money. We also may be forced
to dispose of assets at inopportune times to maintain REIT qualification and Investment Company Act exemption.

We expect to maintain a
distribution on our Series