Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 152

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 152
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 our capital raise strategies by offering what we
believe to be an attractive investment product for investors that may be seeking replacement properties to complete like-kind exchange
transactions and create future pipeline acquisition opportunities. In conjunction with the DST Program, our Operating Partnership has
issued certain non-interest bearing demand notes in relation to its role as the master tenant (the “Master Tenant”) under
certain master leases (the “Master Leases”) related to the DST Program (the “Demand Notes”), which could be called
upon if the net operating cash flow is insufficient to pay the rent required under the Master Leases (subject to limited deferral rights)
or satisfy its other obligations under the Master Leases. As compensation for the Operating Partnership’s obligations under the
Master Leases, we will share in the rent paid by the tenants of the underlying properties in accordance with the waterfall set forth
in the applicable Master Lease. As of September 30, 2025, we had three DST Properties (Amira at Westly, Skytop Apartments and Southern
Pines Reserve) in our DST Program and had raised net offering proceeds of $75.5 million, issued demand notes of $1.8 million, and had
$243.9 million in total net real estate investments associated with the DST Program. The Amira at Westly DST had been fully subscribed
with equity from individual investors as of September 30, 2025.

In conjunction with sponsoring
of the DST Program, our Operating Partnership is granted an option to acquire DST Interests from the DST Program’s beneficial owners
at a later date for an aggregate value equal to such beneficial owner’s pro rata share of the appraised value of the properties,
as determined by an independent appraisal firm, less any indebtedness encumbering such beneficial owner’s DST Interest or the beneficial
owner’s pro rata share of any indebtedness encumbering the properties, which will be assumed or paid off by our Operating Partnership.

In general, we believe our
available cash balances, cash flows from operations, proceeds from the offering of our Series A Redeemable Preferred Stock, proceeds
from the KeyBank Credit Facility (as hereinafter defined, the “revolving credit facility”), proceeds from our DST Program,
proceeds from future mortgage debt financings for acquisitions and/or development projects, and other financing arrangements will be
sufficient to fund our liquidity requirements with respect to our existing portfolio for the next 12 months. In general, we expect that
our results related to our