Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 144

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 144
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<div align='center'>71</div>

We may also meet our long-term
liquidity needs through borrowings from a number of sources, either at the corporate or project level. In December 2023, we entered
into an amended and restated credit agreement with Deutsche Bank Securities, Inc. and a syndicate of other lenders, which provides
for a revolving loan with a maximum commitment amount of $150 million (the “Amended DB Credit Facility”). In addition, in
October 2024, we entered into a credit agreement with KeyBank National Association and a syndicate of other lenders, which provides
for a revolving loan with a maximum commitment amount of $50 million (the “KeyBank Credit Facility”). We believe our revolving
credit facilities will serve as our primary debt source that will continue to enable us to deploy our capital more efficiently and provide
capital structure flexibility as we grow our asset base. In addition to restrictive covenants, our revolving credit facilities contain
material financial covenants. At December 31, 2024, we were in compliance with all covenants under our credit 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