Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 165

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 165
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 reaching their peak household-formation age, have
a propensity for renting for lifestyle or flexibility reasons, and/or who do not want or cannot afford the upfront and ongoing financial
commitments of home ownership.

We expect these Knowledge/Quality
markets to have healthy long-term demand fundamentals for residential rentals. In addition, we believe that our moderate initial rent
price points will deliver durable income streams with relatively low turnover, and with potential for upside growth over time.

We utilize a number of investment
strategies to drive growth in FFO and NAV to maximize returns to our investors and improve property performance, including performing
value-add renovations, focusing on income and appreciation, selectively investing in the development of residential properties to capture
development premiums upon completion, implementing institutional property management approaches and leveraging our technology-aided platform.
See “—Growth Strategies.”

We invest primarily through
control positions in joint ventures with a network of established private, regional owner-operators in proprietary, off-market transactions
across a broad market footprint, enabling us to execute our strategies across multiple markets and strategies. Where appropriate, we may
seek to increase our ownership of the venture to 100%, subsequent to the execution of the initial business plan for each property.

We were formed in 2021 as
a Maryland corporation and have elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended
December 31, 2022.

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 upon 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.

As
of June 30, 2025, we held twenty-one real estate investments, consisting of fifteen