Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 141

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 141
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-18 of the Exchange Act. During the year ended December 31, 2024, we had not made any repurchases of our Class A
common stock.

Our primary long-term liquidity
requirements relate to (i) costs for additional residential investments, including development projects, (ii) repayment of
long-term debt and our revolving credit facilities, (iii) capital expenditures, and (iv) cash redemption requirements related
to our Series A Preferred Stock, and (v) Class A common stock repurchases under our stock repurchase plan.

We intend to finance our
long-term liquidity requirements with net proceeds of additional issuances of common and preferred stock, including issuances in connection
with the continuous registered offering of our Series A Preferred Stock, our revolving credit facilities, our DST Program, as well
as future acquisition or project-based borrowings. Our success in meeting these requirements will therefore depend upon our ability to
access capital. Further, our ability to access equity capital is dependent upon, among other things, general market conditions for REITs
and the capital markets in general, market perceptions about us and our asset class, and current trading prices of our securities.

As we did in the year ended
December 31, 2024, we may also selectively sell consolidated operating assets at appropriate times, which would be expected to generate
cash sources for both our short-term and long-term liquidity needs.

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We may also meet our long-term
liquidity needs through borrowings from a number of sources, either at the corporate or project level. In December 2023, we entered
into an amended and restated credit agreement with Deutsche Bank Securities, Inc. and a syndicate of other lenders, which provides
for a revolving loan with a maximum commitment amount of $150 million (the “Amended DB Credit Facility”). In addition, in
October 2024, we entered into a credit agreement with KeyBank National Association and a syndicate of other lenders, which provides
for a revolving loan with a maximum commitment amount of $50 million (the “KeyBank Credit Facility”). We believe our revolving
credit facilities will serve as our primary debt source that will continue to enable us to deploy our capital more efficiently and provide
capital structure flexibility as we grow our asset base. In addition to restrictive covenants, our revolving credit facilities contain
material financial covenants. At December 31, 2024, we were in compliance with all covenants under our credit