Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 127

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 127
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we will generate sufficient cash flows to make distributions to our stockholders or that we will be able to sustain those distributions.
If our operations do not generate sufficient cash flow to allow us to satisfy the REIT distribution requirements, we may be required
to fund distributions from working capital, offering proceeds, proceeds from our DST Program, borrowing funds, selling assets, making
a taxable distribution of our equity or debt securities, or reducing such distributions. In addition, while we have no intention to do
so, prior to the time we have fully invested the net proceeds of this offering, we may fund our distributions out of the net proceeds
of this offering, which could adversely impact our results of operations. Our distribution policy enables us to review the alternative
funding sources available to us from time to time. Our actual results of operations will be affected by a number of factors, including
the revenues we receive from our properties and other investments, our operating expenses, interest expense, the ability of our tenants
to meet their obligations and unanticipated expenditures. For more information regarding risk factors that could materially adversely
affect our actual results of operations, please see “Risk Factors.”

<div align='center'>63

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

The following discussion and analysis should be read in conjunction with the accompanying financial statements, and the notes thereto. As used herein, the terms “we,” “our” and “us” refer to Bluerock Homes Trust, Inc., a Maryland corporation, and, as required by context, Bluerock Residential Holdings, L.P., a Delaware limited partnership, which we refer to as our “Operating Partnership,” and to their subsidiaries. We refer to Bluerock Real Estate, L.L.C., a Delaware limited liability company, together with its affiliates, as “Bluerock,” and we refer to our external manager, Bluerock Homes Manager, LLC, a Delaware limited liability company organized in 2022, as our “Manager.” Both Bluerock and our Manager are affiliated with us. This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. The matters discussed in these forward-looking statements are subject to risk, uncertainties and other factors that could cause actual results to differ materially from those made, projected or implied in the forward-looking statements. Please refer to the sections entitled “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” herein for a discussion of