Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 8

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 8
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 plan for each property.

For more information, see “Our Business and
Properties—Our Company.”

Our Portfolio

Our portfolio consists primarily
of residential properties that are between 15 and 40 years old located in first-ring suburban markets (which are areas within close proximity
to downtown amenities, including restaurants and retail shopping) with quality school systems and direct access to large metropolitan
areas. We source potential investments in residential properties through a variety of channels, including our existing relationships and
those developed by our network, real estate brokers, auctions and marketed portfolio sales. Our build-to-rent communities are typically
developed by our partners with expertise in development utilizing capital which we provide in a variety of structures, including through
common equity, preferred equity and mezzanine loans. Our build-to-rent communities are typically located in target markets that we believe
will enable us to capture development premiums on completion. These residential properties are specifically designed to be rented and
are typically amenitized with larger floorplans ranging between two and four bedrooms and consist of both attached and detached homes.

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As of September 30,
2025, we held twenty-two real estate investments, consisting of seventeen consolidated investments and five preferred equity investments.
The twenty-two investments represent an aggregate of 5,282 residential units, comprised of 4,170 consolidated units, of which 358 units
are under development, and 1,112 units through preferred equity investments, which includes planned units and those under development.
As of September 30, 2025, our consolidated operating investments were approximately 91.8% occupied; excluding units classified as
held for sale and down/renovation units, our consolidated operating investments were approximately 93.7% occupied. For more information,
see “Our Business and Properties—Our Portfolio.”

Our Target Markets

We focus on Knowledge/Quality
markets with strong job growth, expanding populations and favorable quality of life characteristics. These Knowledge/Quality markets are
typically non-gateway regions, with access to good healthcare, highly-rated school systems, lower crime rates, robust infrastructure,
good affordability and a growing economic base. They are generally anchored by major universities, technology, healthcare, trade, next-generation
high value-add manufacturing or government industries as well as right to work laws, growing populations, and strong household formations.

Because employment growth
is highly correlated with rental demand, we generally select markets with job growth above the national average. In addition, because
income growth is highly correlated with ability