Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 135

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 135
---
 system. As a result, the cost
of obtaining debt from credit and capital markets increased as many lenders increased interest rates, enacted tighter lending standards,
and reduced and, in some cases, ceased to provide funding to borrowers. Although our banking relationships are primarily with large national
banks, a significant disruption to the banking system could lead to market-wide liquidity problems which could adversely affect our access
to capital and our cost of capital. If we need to incur debt from a source other than our revolving credit facilities, we cannot be certain
the additional financing will be available to the extent required and on acceptable terms. If debt financing on acceptable terms is not
available, we may be unable to fully execute our growth strategy, otherwise take advantage of business opportunities, or respond to competitive
pressures, any of which could have a material adverse effect on our results of operations and financial condition.

Other weakened economic conditions,
including job losses, high unemployment levels, stock market volatility, and uncertainty about the future, could adversely affect rental
rates and occupancy levels. In addition, during the six months ended June 30, 2025, the current U.S. administration has introduced
tariffs on imports from a broad set of countries, including Canada, Mexico, European Union member states, Japan and China, in response
to which global trading partners have imposed or may impose their own tariffs. Such tariffs, and any additional 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 our build - to - rent communities, including potential delays due to supply shortages and labor shortages. Any of these factors could
depress economic activity and have a material adverse effect on our business, financial condition, cash flows, and our results of operations.

Other Significant Developments

Investment Activity Summary

Provided below is a summary
of our investment activity during the six months ended June 30, 2025.

Acquisition of Southern Pines Reserve

On April 28, 2025, we,
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