Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 238

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 238
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 assets that may be invested in one entity, property or geographic area. In any event, we
do not intend that any such investments in securities will require us to register as an investment company under the Investment Company
Act, and we intend to divest of securities before any registration would be required.

Investments in Other Securities

Other than as described above,
we do not intend to invest in any additional securities such as bonds, preferred stocks or common stock.

Investments in and Originating Real Estate-Related Investments

We generally do not intend
to invest in or originate first or second mortgages, subordinated, bridge and other real estate-related loans, debt securities related
to or secured by real estate assets, or common and preferred equity securities, including equity securities of other REITs or real estate
companies. Excluded from this category are joint venture investments in which we exercise some control and generally, with respect to
development projects, preferred equity and subordinated loans with equity participation. Although we do not intend to make such investments,
our charter does not limit the amount of gross offering proceeds that we may apply to loan investments. Our charter also does not place
any limit or restriction on the percentage of our assets that may be invested in any type of loan or in any single loan, or the types
of properties subject to mortgages or other loans in which we could invest.

Financing Policy

We intend to use prudent amounts
of leverage in connection with our operations. As of December 31, 2024, our total mortgage indebtedness was approximately $260.6
million, and we had $121.0 million outstanding under our revolving credit facilities. Once we reach sufficient scale, we generally expect
our total indebtedness to be less than 75% of the fair market value of our real estate investments. However, we are not subject to any
limitations on the amount of leverage we may use, and accordingly, the amount of leverage we use may be significantly less or greater
than we currently anticipate. Further, during our ramp-up to scale, we expect that our leverage will fluctuate and for periods of time
will exceed 75% of the fair market value of our real estate investments as appropriate. For purposes of calculating our leverage, we include
our consolidated real estate investments, include our preferred equity and loan investments at cost, include assets we have classified
as held for sale, and include any joint venture level indebtedness in our total indebtedness.

Our board of directors will
have the authority to change our