Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 78

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 78
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 increases in inflation. Rising interest rates cause uncertainty in credit and capital
markets which could have material and adverse effects on the Company’s financial condition, results of operations and cash flows.
In addition, any tariffs imposed by the current administration or other countries may cause further inflationary pressures in the economy,
uncertainty and volatility of debt and equity markets, and a slowdown in the U.S. and global economies. The announced tariffs are likely
to increase construction costs and further reduce already constrained new supply starts, which could adversely impact the timing of actual
completion and/or stabilization of build-to-rent communities, including potential delays due to supply shortages and labor shortages.
The long-term impact of these economic developments will largely depend on any future action by the Federal Reserve, future laws that
may be enacted, the impact on job growth and the broader economy, and reactions by consumers, companies, governmental entities and capital
markets. The Company continues to closely monitor the impact of economic volatility on all aspects of its business.

Note 3 – Acquisition of Real Estate

Acquisition of Southern Pines Reserve

On
April 28, 2025, the Company, through a Delaware statutory trust (the “Southern Pines DST”), acquired a 272-unit residential
community located in Aberdeen, North Carolina known as Southern Pines Reserve, aka Hawthorne. The purchase price of $56.6 million was
funded with (i) a $30.7 million senior loan secured by Southern Pines Reserve, (ii) borrowings of $20.0 million on the KeyBank Credit
Facility, and (iii) cash of $8.9 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions.
Southern Pines Reserve is the second property acquired by the Company through a Delaware statutory trust to be part of a private placement
offering through which interests in the Southern Pines DST will be issued to third party accredited investors therein. Refer to Note 9
for further information on the Company’s DST Program.

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Table of Contents

Purchase Price Allocation The real estate acquisition above has been accounted for as an asset acquisition. The purchase price was allocated to the acquired assets based on their estimated fair values at the date of acquisition. The following table summarizes the assets acquired at the acquisition date for Southern Pines Reserve (amounts in thousands):

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 Purchase   
 Price      
 Allocation |      ​ |
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