Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 100

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 100
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 buy additional shares of stock or other securities if we issue new shares of stock or other securities. We may issue
common stock, convertible debt or preferred stock pursuant to a subsequent public offering or a private placement, or to sellers of properties
we directly or indirectly acquire instead of, or in addition to, cash consideration. Investors purchasing Series B Redeemable Preferred
Stock in the offering of our Series B Redeemable Preferred Stock who do not participate in any future stock issuances will experience
dilution in the percentage of the issued and outstanding stock they own. In addition, depending on the terms and pricing of any additional
offerings and the value of our investments, you also may experience dilution in the book value and fair market value of, and the amount
of distributions paid on, your shares of Series B Redeemable Preferred Stock and Class A common stock, if any.

Holders of the Series B Redeemable Preferred Stock have no control over changes in our policies and operations.

Our
board of directors manages our business and affairs, including setting and determining our policies with regard to investment objectives,
financing, growth, debt capitalization, REIT qualification and distributions. Our board of directors may amend or revise these and other
policies without a vote of the stockholders.

Holders
of shares of Series B Redeemable Preferred Stock generally have no voting rights under our charter, except with respect to any amendment
of our charter that would alter only the contract rights, as expressly set forth therein, of either (a) the Series B Redeemable
Preferred Stock alone, or (b) of any preferred stock (i) ranking on parity with the Series B Redeemable Preferred Stock
with respect to dividend rights and rights upon our liquidation, dissolution or winding up, and (ii) upon which like voting rights
have also been conferred, including the Series A Redeemable Preferred Stock. Other than in these limited circumstances, holders of
Series B Redeemable Preferred Stock have no voting rights.

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RISKS RELATED TO OUR STATUS AS A REIT

Failure to maintain our qualification as a REIT would materially and adversely affect us and the value of our common stock.

In October 2023, we filed
our U.S. federal income tax return for the taxable year ending December 31, 2022 and elected to be treated, and currently qualify,
as a real estate investment trust (“REIT”) for federal income tax purposes. We