Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 140

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 140
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Higher construction costs could adversely impact our investments in real estate assets and our expected yields on development projects.

Additionally, developments
in the banking industry in early 2023 caused uncertainty and concern regarding the strength of the banking system. As a result, the cost
of obtaining debt from credit and capital markets increased as many lenders increased interest rates, enacted tighter lending standards,
and reduced and, in some cases, ceased to provide funding to borrowers. Although our banking relationships are primarily with large national
banks, a significant disruption to the banking system could lead to market-wide liquidity problems which could adversely affect our access
to capital and our cost of capital. If we need to incur debt from a source other than our revolving credit facilities, we cannot be certain
the additional financing will be available to the extent required and on acceptable terms. If debt financing on acceptable terms is not
available, we may be unable to fully execute our growth strategy, otherwise take advantage of business opportunities, or respond to competitive
pressures, any of which could have a material adverse effect on our results of operations and financial condition.

Other weakened economic
conditions, including job losses, high unemployment levels, stock market volatility, and uncertainty about the future, could adversely
affect rental rates and occupancy levels. In addition, during the nine months ended September 30, 2025, the current U.S. administration
has introduced tariffs on imports from a broad set of countries, including Canada, Mexico, European Union member states, Japan and China,
in response to which global trading partners have imposed or may impose their own tariffs. Such tariffs, and any additional tariffs imposed
by the current administration or other countries, may cause further inflationary pressures in the economy, uncertainty and volatility
of debt and equity markets, and a slowdown in the U.S. and global economies. The announced tariffs are likely to increase construction
costs and further reduce already constrained new supply starts, which could adversely impact the timing of actual completion and/or stabilization
of our build - to - rent communities, including potential delays due to supply shortages and labor shortages. Any of these factors could
depress economic activity and have a material adverse effect on our business, financial condition, cash flows, and our results of operations.

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Other Significant Developments

Investment Activity Summary

Provided below is a summary
of our investment activity during the nine months ended September 30, 2025.

Acquisition of Southern Pines Reserve

On April 28, 202