Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 94

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 94
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 our investment
guidelines in determining the types and amounts of assets in which to invest on our behalf, including making investments that may result
in returns that are substantially below expectations or result in losses, which would materially and adversely affect our business and
results of operations, or may otherwise not be in the best interests of our stockholders.

The Management Agreement with our Manager was not negotiated on an arm’s-length basis and may not be as favorable to us as if it had been negotiated with an unaffiliated third party.

Our
executive officers, including one of our five directors, are executives of our Manager or its affiliates. Although the Bluerock Residential
Growth REIT, Inc. (“Bluerock Residential”) board of directors received an opinion from Robert A. Stanger & Company, Inc.
that the terms of the Management Agreement are fair, from a financial point of view, to us, and after consideration of this opinion and
other documents and presentations, the non-management directors authorized us to enter into the Management Agreement, the Management Agreement
was negotiated between related parties and its terms, including fees payable to our Manager, may not be as favorable to us as if it had
been negotiated with an unaffiliated third party. In addition, we may choose not to enforce, or to enforce less vigorously, our rights
under the Management Agreement because of our desire to maintain our ongoing relationship with Bluerock and its affiliates.

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We may have conflicts of interest with our Manager and other affiliates, which could result in investment decisions that are not in the best interests of our stockholders. There will be numerous conflicts of interest between our interests and the interests of our Manager, Bluerock and their respective affiliates, including conflicts arising out of allocation of personnel to our activities, allocation of investment opportunities between us and investment vehicles affiliated with Bluerock, purchase or sale of apartment properties, including from or to Bluerock or its affiliates and fee arrangements with our Manager that might induce our Manager to make investment decisions that are not in our best interests. Examples of these potential conflicts of interest include:

| ● | Competition                                                                 
 for the time and services of personnel that work for us and our affiliates; |

| ● | Compensation                                                                                                                                
 payable by us to our Manager and its affiliates for their various services, which may not be on market terms and is payable, in some cases, 
 whether or not our stockholders receive distributions;                                                                                      |

| ● | The