Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 30

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 30
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 conditions, which may be negatively impacted by concerns about inflation, deflation, tariffs          
 and global trade tensions, government deficits, high unemployment rates, decreased consumer confidence and liquidity concerns, particularly 
 in markets in which we have a high concentration of properties;                                                                             |

| · | fluctuations                                                                                                                         
 and relative increases in interest rates, which could adversely affect our ability to obtain financing on favorable terms or at all; |

| · | the inability           
 of tenants to pay rent; |

| · | the existence                                                                                                                 
 and quality of the competition, such as the attractiveness of our properties as compared to our competitors’ properties based 
 on considerations such as convenience of location, rental rates and safety record;                                            |

| · | increased operating                                                                                   
 costs, including increased real property taxes, HOA fees, maintenance, insurance and utilities costs; |

| · | weather conditions                                                             
 that may increase or decrease energy costs and other weather-related expenses; |

| · | oversupply                                                                                                          
 of residential housing or a reduction in demand for real estate in the markets in which our properties are located; |

| · | costs and time                                                
 period required to convert acquisitions to rental properties; |

| · | a favorable                                                                                                                           
 interest rate environment that may result in a significant number of potential residents of our properties deciding to purchase homes 
 instead of renting;                                                                                                                   |

| · | rules, regulations                                                                                                                        
 and/or policy initiatives by government and private actors, including HOAs, to discourage or deter the purchase of residential properties 
 by entities owned or controlled by institutional investors;                                                                               |

| · | construction   
 of new supply; |

| · | changes in,                                                                                                                           
 or increased costs of compliance with, laws and/or governmental regulations, including those governing usage, zoning, the environment 
 and taxes; and                                                                                                                        |

| · | rent control                                                                                                                     
 or stabilization laws, or other laws regulating rental housing, which could prevent us from raising rents to offset increases in 
 operating costs.                                                                                                                 |

Moreover, other factors
may adversely affect our results of operations, including potential liability under environmental and other laws and other unforeseen
events, many of which are discussed elsewhere in the following risk factors. Any or all of these factors could materially adversely affect
our results of operations through decreased revenues or increased costs.

<div align='center'>17</div>

Many of our costs, such as operating expenses and general and administrative expenses, interest expense and real estate acquisition and construction costs, could be adversely impacted by periods of heightened inflation.

Inflation in