Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 139

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 139
---
afeguard Policy. The Series A Safeguard Policy applies both retroactively, and on a go-forward basis, to holders of our Series A
Redeemable Preferred Stock.

Stockholders’ Equity

Our total stockholders’
equity decreased $3.8 million from $139.1 million as of December 31, 2024 to $135.3 million as of June 30, 2025. The decrease
in our total stockholders’ equity is primarily attributable to dividends declared of $5.3 million and preferred stock accretion
of $1.8 million, partially offset by a net adjustment of $1.2 million for noncontrolling interests, net income of $1.0 million, comprehensive
income of $0.7 million, and $0.3 million from Class A common stock issuances.

<div align='center'>63</div>

Industry Outlook

The residential rental industry
has historically been more resilient to economic cycles than other commercial real estate sectors and is currently benefiting from significant
industry tailwinds that began during the pandemic. We believe industry dynamics present a compelling investment opportunity for us, including:

| · | Renting currently represents a significant cost saving to homeownership, and the recent increases in both housing prices and mortgage rates have exacerbated the difference. This is expected to continue into the future and will force the millennial generation to rent for longer as they enter their household formation years. |

| · | Demand fundamentals are strong and strengthening further, particularly from rental-biased and debt-burdened millennials now reaching peak homeownership age. We believe that a continued upswing in propensity to rent, coupled with the limited and descending supply of housing options, signals significant opportunity in the residential rental industry. |

| · | Residential rental production has been below historical levels since the end of the Great Financial Crisis. This, coupled with lack of new housing supply and a significant decrease in apartment construction following 2024, is expected to create an ideal environment for the residential rental industry, providing landlords with significant pricing power due to a strong imbalance of supply and demand. |

Results of Operations

The following is a summary of our consolidated
real estate investments as of June 30, 2025:

| Operating Investment Name                     
 Scattered Single-Family Homes                 |     | Market / Location     |     | Number of 
 Units (1) |       |     | Average    
 Year Built |           |     | Ownership 
 Interest  |     |   |     | Average   
 Rent