Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 138

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 138
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, (iv) committed investments and capital requirements to fund development and renovations at existing properties,
(v) ongoing commitments to repay borrowings, including our revolving credit facilities and our maturing debt, and (vi) Class A
common stock repurchases under our stock repurchase plan.

Our ability to access capital
on favorable terms as well as to use cash from operations to continue to meet our short-term liquidity needs could be affected by various
risks and uncertainties, including the risks detailed in Part I, Item 1A titled “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on March 20, 2025, which is incorporated herein
by reference. While consolidated occupancy excluding units classified as held for sale and down/renovation units remains strong at 94.0%
as of December 31, 2024, in future periods we may experience reduced levels of tenant retention, and reduced foot traffic and lease
applications from prospective tenants.

In addition, in October 2024, we launched a program to sponsor and raise capital through private placement offerings of Delaware
statutory trusts (each, a “DST”) holding residential properties (collectively, the “DST Program”). We expect
that the DST Program will give us the opportunity to expand and diversify our capital raise strategies by offering what we believe to
be an attractive investment product for investors that may be seeking replacement properties to complete like-kind exchange transactions
and create future pipeline acquisition opportunities. In conjunction with the DST Program, our Operating Partnership has issued certain
non-interest bearing demand notes in relation to its role as the master tenant (the “Master Tenant”) under certain master
leases (the “Master Leases”) related to the DST Program (the “Demand Notes”), which could be called upon if the
net operating cash flow is insufficient to pay the rent required under the Master Leases (subject to limited deferral rights) or satisfy
its other obligations under the Master Leases. As compensation for the Operating Partnership’s obligations under the Master Leases,
we will share in the rent paid by the tenants of the underlying properties in accordance with the waterfall set forth in the applicable
Master Lease. As of December 31, 2024, we had one offering in our DST Program and had raised $4.5 million in offering proceeds of
the $66.0 million total offering, issued a demand note of $0.7 million, and had $103