Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 6

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 6
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 by our partners with expertise in development utilizing capital which we provide in a variety of structures, including through
common equity, preferred equity and mezzanine loans. Our build-to-rent communities are typically located in target markets that we believe
will enable us to capture development premiums on completion. These residential properties are specifically designed to be rented and
are typically amenitized with larger floorplans ranging between two and four bedrooms and consist of both attached and detached homes.

As of December 31, 2024,
we held twenty-three real estate investments, consisting of fourteen consolidated investments and nine preferred equity and loan investments.
The twenty-three investments represent an aggregate of 5,087 residential units, comprised of 3,453 consolidated units, of which 170 units
are under development, and 1,634 units through preferred equity and loan investments, which includes planned units and those under development.
As of December 31, 2024, our consolidated operating investments were approximately 91.6% occupied, excluding units classified as
held for sale and down/renovation units, our consolidated operating investments were approximately 94.0% occupied. For more information,
see “Our Business and Properties—Our Portfolio.”

Our Target Markets

We focus on Knowledge/Quality
markets with strong job growth, expanding populations and favorable quality of life characteristics. These Knowledge/Quality markets are
typically non-gateway regions, with access to good healthcare, highly-rated school systems, lower crime rates, robust infrastructure,
good affordability and a growing economic base. They are generally anchored by major universities, technology, healthcare, trade, next-generation
high value-add manufacturing or government industries as well as right to work laws, growing populations, and strong household formations.

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Because employment growth
is highly correlated with rental demand, we generally select markets with job growth above the national average. In addition, because
income growth is highly correlated with ability to deliver rent growth, we select markets with exposure to industries with attractive
and growing compensation levels. We believe our approach of focusing on Knowledge/Quality markets with employment and income growth should
not only contribute to achieving strong rental demand and occupancy but should also enable us to achieve revenue growth to deliver attractive
risk-adjusted returns within our portfolio.

Geographically, the majority
of our existing portfolio is positioned in the Sunbelt. According to Moody’s Analytics, as of Q1 2024, the Sunbelt is home to approximately
50% of all U.S. households and is expected