Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 105

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 105
---
 of either (a) the Series A Preferred Stock,
or (b) of any preferred stock (i) ranking on parity with the Series A Preferred Stock with respect to dividend rights and
rights upon our liquidation, dissolution or winding up, and (ii) upon which like voting rights have been conferred. Other than in
these limited circumstances, holders of Series A Preferred Stock will generally not have voting rights.

The amount of the liquidation preference is fixed and holders of Series A Preferred Stock will have no right to receive any greater payment.

The
payment due upon liquidation is fixed at the liquidation preference of $25.00 per share of Series A Preferred Stock, plus an amount
equal to all accrued and unpaid dividends thereon, to and including the date of payment, whether or not authorized or declared. If, in
the case of our liquidation, there are remaining assets to be distributed after payment of this amount, holders of Series A Preferred
Stock will have no right to receive or to participate in these amounts.

<div align='center'>43</div>

Table of Contents

Our charter, including the articles supplementary establishing the Series A Preferred Stock, contains restrictions upon ownership and transfer of such preferred stock which may impair the ability of holders to acquire such preferred stock and the shares of our Class A common stock into which shares thereof may be converted, at the Company’s option, pursuant to the redemption at the option of the holder under certain circumstances.

Our
charter, including the articles supplementary establishing the Series A Preferred Stock, contains restrictions on ownership and transfer
of the Series A Preferred Stock, which restrictions are intended to assist us in maintaining our qualification as a REIT for U.S.
federal income tax purposes. For example, to assist us in qualifying as a REIT, the articles supplementary establishing the Series A
Preferred Stock prohibits anyone from owning, or being deemed to own by virtue of the applicable constructive ownership provisions of
the Code, more than 9.8% in value or number of shares, whichever is more restrictive, of the outstanding Series A Preferred Stock.
You should consider these ownership limitations prior to a purchase of shares of our Series A Preferred Stock.

Our ability to pay dividends or redeem shares is limited by the requirements of Maryland law.

Our
ability to pay dividends on or redeem shares of the Series A Preferred Stock is limited by the laws of Maryland. Under applicable
Maryland law, a Maryland corporation generally may not make a distribution (including a dividend or redemption) if, after giving effect