Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 71

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 71
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, including, but not limited to,
goodwill. While we have taken steps to mitigate the potential impact of any future outbreaks of highly infectious diseases on our results
of operations, there can be no assurance that these efforts will be successful.

We may acquire co-ownership interests in property that are subject to certain co-ownership agreements which may have an adverse effect on our results of operations, relative to if the co-ownership agreements did not exist.

We may acquire co-ownership
interests, especially in connection with the Operating Partnership’s potential private placements, such as tenancy-in-common interests
in property, interests in Delaware statutory trusts that own property and/or similar interests, which are subject to certain co-ownership
agreements. The co-ownership agreements may limit our ability to encumber, lease, or dispose of our co-ownership interest. Such agreements
could affect our ability to turn our investments into cash and could affect cash available for distributions to you. The co-ownership
agreements could also impair our ability to take actions that would otherwise be in the best interest of our stockholders and, therefore,
may have an adverse effect on our results of operations, relative to if the co-ownership agreements did not exist.

The terms of the Master Leases entered into by subsidiaries of our Operating Partnership in connection with the DST Program may subject us to risk.

Pursuant to our DST Program,
we, through subsidiaries of our Operating Partnership, will hold long-term leasehold interests in properties held by Delaware statutory
trusts, the beneficial interests of which are sold to investors, pursuant to a Master Lease (each such property, a “DST Property”).
In connection with each Master Lease, our Operating Partnership has entered into a demand note with the subsidiary of our Operating Partnership
that acts as the Master Tenant for such DST Property. Under each Master Lease, we will be responsible for subleasing the relevant DST
Property to occupying tenants, which means that the Master Tenant under the Master Lease bears the risk that the underlying cash flow
from a DST Property may be less than the Master Lease payments. As a result, if a DST Property experiences negative performance, the
applicable Master Tenant could demand funding pursuant to the demand note if the net operating cash flow is insufficient to pay the rent
required under the Master Lease (subject to limited deferral rights) or to satisfy its other obligations under the Master Lease, which
could affect cash available for distributions to our stockholders and could have an adverse effect on our results of operations.