Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 89

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 89
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 pay dividends on the Series B Redeemable Preferred Stock
will depend almost entirely on payments and distributions we receive on our interests in our Operating Partnership. If our Operating
Partnership fails to operate profitably and to generate sufficient cash from operations (and the operations of its subsidiaries), we
may not be able to pay dividends on the Series B Redeemable Preferred Stock. Furthermore, any new shares of preferred stock on parity
with any such series of preferred stock will substantially increase the cash required to continue to pay cash dividends at stated levels.
Any common stock or preferred stock that may be issued in the future to finance acquisitions, upon exercise of stock options or otherwise,
would have a similar effect.

Your interests in our Series B Redeemable Preferred Stock could be subordinated and/or diluted by the incurrence of additional debt, the issuance of additional shares of preferred stock, including additional shares of Series B Redeemable Preferred Stock, and by other transactions.

As
of September 30, 2025, our total indebtedness was approximately $426.0 million. We may incur significant additional debt in the
future. The Series B Redeemable Preferred Stock is subordinate to all of our existing and future debt and liabilities and those
of our subsidiaries. Our future debt may include restrictions on our ability to pay dividends to preferred stockholders in the event
of a default under the debt facilities or under other circumstances. In addition, our charter currently authorizes the issuance of up
to 250,000,000 shares of preferred stock in one or more classes or series, of which 30,000,000 have been classified as shares of Series A
Redeemable Preferred Stock and 14,000,000 have been classified as shares of Series B Redeemable Preferred Stock. As of September 30,
2025, we had issued and outstanding 6,087,829 shares of Series A Redeemable Preferred Stock. The issuance of additional preferred
stock on parity with or senior to the Series B Redeemable Preferred Stock or any other class or series of preferred stock would
dilute the interests of the holders of shares of preferred stock of the applicable class or series, and any issuance of preferred stock
senior to the Series B Redeemable Preferred Stock or any other class or series of preferred stock, or any issuance of additional
indebtedness, could affect our ability to pay dividends on, redeem or pay the liquidation preference on any or all of the foregoing classes
or series of preferred