Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 138

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 138
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 reported at the lower of their
carrying value or estimated fair value less costs to sell and are presented separately within operating real estate held for sale, net
on our consolidated balance sheets.

Series A Redeemable Preferred Stock

During the six months ended
June 30, 2025, we issued 1,201,235 shares of 6.0% Series A Redeemable Preferred Stock at $25.00 per share (the “Stated
Value”) under a continuous registered offering with net proceeds of approximately $26.0 million after (i) commissions, dealer
manager fees and sales discounts, and (ii) costs related to establishing the offering of Series A Redeemable Preferred Stock.
As of June 30, 2025, we had issued a total of 5,834,520 shares of Series A Redeemable Preferred Stock with total net proceeds
of approximately $127.1 million after commissions, dealer manager fees, sales discounts and offering costs. Additionally, as of June 30,
2025, we, at the request of holders, had redeemed a total of 10,960 shares of Series A Redeemable Preferred Stock through the issuance
of 18,653 shares of Class A common stock, and redeemed a total of 8,008 shares of Series A Redeemable Preferred Stock in cash.

Series A Redeemable Preferred Stock Redemption Safeguard Policy

On February 6, 2025,
we implemented a new Series A Redeemable Preferred Stock Redemption Safeguard Policy (the “Series A Safeguard Policy”)
with respect to our Series A Redeemable Preferred Stock. The Series A Safeguard Policy is applicable in the event of any redemption
of shares of Series A Redeemable Preferred Stock in shares of our Class A common stock rather than in cash (each, a “Series A
Preferred Redemption in Common Stock”). The Series A Safeguard Policy provides that if, within 10 business days of any such
Series A Preferred Redemption in Common Stock, any such shares of Class A common stock are sold at a loss (i.e., a lower price
than the Aggregate Redemption Value), the holder can apply to us for a cash payment to the holder in an amount equal to the difference
between (i) the Aggregate Redemption Value of the Class A common stock so issued, and (ii) the Aggregate Sale Price at
which such shares of Class A common stock were sold, subject to certain conditions and requirements as set forth in the Series A
S