Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 144

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 144
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, 5 units of ILE,
23 units of Indy-Springfield, 10 units of Peak JV 2, and all 42 units of Peak JV 3. These units were identified based on submarket analysis
and individual unit-level operational review. Real estate assets classified as held for sale are reported at the lower of their carrying
value or estimated fair value less costs to sell and are presented separately within operating real estate held for sale, net on our
consolidated balance sheets.

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Series A Redeemable Preferred Stock

During the nine months
ended September 30, 2025, we issued 1,493,372 shares of 6.0% Series A Redeemable
Preferred Stock (the “Series A Preferred Stock”) at $25.00 per share (the “Stated Value”) under a continuous
registered offering with net proceeds of approximately $32.3 million after commissions, dealer manager fees and sales discounts, and
costs related to establishing the offering of Series A Preferred Stock. As of September 30,
2025, we have issued a total of 6,126,657 shares of Series A Preferred Stock with total net proceeds of approximately $133.4 million
after commissions, dealer manager fees, sales discounts and offering costs. Additionally, as of September 30,
2025, we, at the request of holders, had redeemed a total of 10,960 shares of Series A Preferred Stock through the issuance of 18,653
shares of Class A common stock and redeemed a total of 27,868 shares of Series A Preferred Stock in cash.

Series A Redeemable Preferred Stock Redemption Safeguard Policy

On February 6, 2025,
we implemented a new Series A Redeemable Preferred Stock Redemption Safeguard Policy (the “Series A Safeguard Policy”)
with respect to our Series A Redeemable Preferred Stock. The Series A Safeguard Policy is applicable in the event of any redemption
of shares of Series A Redeemable Preferred Stock in shares of our Class A common stock rather than in cash (each, a “Series A
Preferred Redemption in Common Stock”). The Series A Safeguard Policy provides that if, within 10 business days of any such
Series A Preferred Redemption in Common Stock, any such shares of Class A common stock are sold at a loss (i.e., a lower price
than the Aggregate Redemption Value), the holder can apply to us for a cash payment to the