Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 142

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 142
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 facilities. We will
continue to monitor the debt markets, including Fannie Mae and Freddie Mac, and as market conditions permit, access borrowings that are
advantageous to us.

If we are unable to obtain
financing on favorable terms or at all, we would likely need to curtail our investment activities, including acquisitions and improvements
to and developments of real properties, which could limit our growth prospects. This, in turn, could reduce cash available for distribution
to our stockholders and may hinder our ability to raise capital by issuing more securities or borrowing more money. We also may be forced
to dispose of assets at inopportune times to maintain REIT qualification and Investment Company Act exemption.

We expect to maintain a
distribution on our Series A Preferred Stock in accordance with the terms which require monthly dividends. While our distributions
through December 31, 2024 have been paid from cash flow from operations and in accordance with our policy, distributions in the
future may be paid from cash flow from operations, proceeds from the offering of our Series A Preferred Stock, proceeds from the
DST Program, the sales of assets, and additional sources, such as from borrowings.

We have notes receivable in conjunction with properties that are in lease-up. To date, these investments have been structured as senior loans, and in the future, we may also provide mezzanine financing to these types of projects. The notes receivable provide a current stated return and require repayment based on a fixed maturity date. If the property does not repay the notes receivable upon maturity, our income, FFO, CFFO and cash flows could be reduced below the stated returns currently being recognized if the property does not produce sufficient cash flow to pay its operating expenses and debt service, or to refinance its debt obligations.

We also have preferred equity
interests in properties that are in various stages of development and in lease-up, and our preferred equity investments are structured
to provide a current and/or accrued preferred return during all phases. Each joint venture in which we own a preferred equity interest
is required to redeem our preferred equity interests, plus any accrued preferred return, based on a fixed maturity date, generally in
relation to the property’s construction loan or mortgage loan maturity. Upon redemption of the preferred equity interests, our
income, FFO, CFFO and cash flows could be reduced below the preferred returns currently being recognized. Alternatively, if the joint
ventures do not redeem our preferred membership interest when required, our income