Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 151

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 151
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 |     |                    |   3,265 |   |     |      |  2,632 |   |     |                   |  10,855 |   |     |      |  9,021 |   |
| Add back: Interest                                        
 expense                                                   |     |                    |   4,616 |   |     |      |  2,910 |   |     |                   |  13,814 |   |     |      |  8,258 |   |
| Net operating                                             
 income                                                    |     | $                  |   7,881 |   |     | $    |  5,542 |   |     | $                 |  24,669 |   |     | $    | 17,279 |   |

<div align='center'>89</div>

Liquidity and Capital Resources

Liquidity is a measure of
our ability to meet potential cash requirements, both short- and long-term. Our primary short-term liquidity requirements historically
have related to (i) our operating expenses and other general business needs, (ii) investment in real estate, (iii) distributions
to stockholders, (iv) committed investments and capital requirements to fund development and renovations at existing properties,
and (v) ongoing commitments to repay borrowings, including our maturing debt and the KeyBank Credit Facility.

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. While consolidated
occupancy excluding units classified as held for sale and down/renovation units remains strong at 93.7% as of September 30, 2025,
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 (collectively, the “DST Program”) to sponsor and raise capital in private placement offerings of beneficial
interests in specific Delaware statutory trusts (each, a “DST”) holding residential properties (each, a “DST Property”).
We expect that the DST Program will give us the opportunity to expand and diversify