Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 68

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 68
---
 to or from the General
Partner, if any.

11. Market risk and other risk factors

The General Partner of the Fund seeks
investment opportunities in multi-family development projects and investments in securities that offer the possibility of attaining capital
appreciation obtained primarily through preferred and common equity investments. Certain events particular to the industry in which the
Fund invests, as well as general economic and political conditions, may have a significant negative impact on the underlying investees'
operations and profitability. In addition, the Fund is subject to changing regulatory and tax environments. Such events are beyond the
Fund’s control, and the likelihood that they may occur cannot be predicted. Furthermore, most of the Fund’s underlying investments
are made in private operating companies whose shares do not trade on established exchanges. While it is expected that these private operating
companies may pursue initial public offerings, trade sales, or other liquidation events, there are generally no public markets for these
investments at the current time. The Fund’s ability to liquidate its underlying investments in private operating companies and publicly
traded investments and realized value is subject to significant limitations and uncertainties.

In the normal course of business, the
Fund maintains its cash balances in financial institutions, which at times may exceed federally insured limits. The Fund is subject to
credit risk to the extent any financial institution with which it conducts business is unable to fulfill contractual obligations on its
behalf. Management monitors the financial condition of such financial institutions and does not anticipate any losses from these counterparties.

The value of the Fund's investments
will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities and investments owned by the fund
and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments,
can affect the value of the Fund's investments. Natural disasters, public health emergencies, terrorism, conflicts, and other unforeseeable
events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

12. Subsequent events

The General Partner has evaluated subsequent
events through June 27, 2025, the date these consolidated interim financial statements were available to be issued, and has determined
that no subsequent events warrant adjustment to or disclosure in these consolidated interim financial statements.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSU