Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 144

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 144
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 contingent special daily dividend. The enhanced special dividend is aggregated with the regular monthly dividend so as to effect a dividend rate of the average one-month Term SOFR rate plus two percent, subject to a 6.5% minimum and an 8.5% maximum annual rate, calculated and paid monthly. Commencing in May 2024, the Series A Preferred enhanced special dividend was declared for each month for which the Board declared the regular monthly dividend of $0.125 per outstanding share of Series A Preferred Stock. Stockholders’ Equity Our total stockholders’ equity decreased $8.0 million from $147.4 million as of December 31, 2023 to $139.4 million as of December 31, 2024. The decrease in our total stockholders’ equity is primarily attributable to $2.2 million related to the acquisition of noncontrolling interests, preferred dividends declared of $4.0 million, and an adjustment of $2.3 million for noncontrolling interest ownership in the Operating Partnership, partially offset by net income of $0.4 million. Industry Outlook The residential rental industry has historically been more resilient to economic cycles than other commercial real estate sectors and is currently benefiting from significant industry tailwinds that began during the pandemic. We believe industry dynamics present a compelling investment opportunity for us, including:

| ● | Renting                                                                                                                                 
 currently represents a significant cost saving to homeownership, and the recent increases in both housing prices and mortgage rates has 
 exacerbated the difference. This is expected to continue into the future and will force the millennial generation to rent for longer as 
 they enter their household formation years.                                                                                             |

| ● | Demand                                                                                                                                           
 fundamentals are strong and strengthening further, particularly from rental-biased and debt-burdened millennials now reaching peak homeownership 
 age. We believe that a continued upswing in propensity to rent, coupled with the limited and descending supply of housing options, signals       
 significant opportunity in the residential rental industry.                                                                                      |

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Table of Contents

| ● | Residential                                                                                                                           
 rental production has been below historical levels since the end of the Great Financial Crisis. This, couple with lack of new housing 
 supply and a significant decrease in apartment construction following 2024 should create a goldilocks environment for the residential 
 rental industry providing landlords with significant pricing power due to a strong imbalance of supply and demand.                    |

Results of Operations Note 3 “Acquisition of Real Estate”; Note 4 “Sale of Real Estate Assets and Held