Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 63

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 63
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 may impose restrictions on us that affect our distribution and operating policies and our ability to incur additional debt. Loan
documents we enter into may contain covenants that limit our ability to further mortgage the property, discontinue insurance coverage
or impose other limitations. These or other limitations may limit our flexibility and prevent us from achieving our operating plans.

If mortgage debt is unavailable at reasonable rates, it may make it difficult for us to finance or refinance properties, which could reduce the number of properties we can acquire, our cash flows from operations and the amount of cash distributions we can make.

If we are unable to borrow
monies on terms and conditions that we find acceptable, we likely will have to reduce the number of properties we can purchase, and the
return on the properties we do purchase may be lower. If we place mortgage debt on properties, we run the risk of being unable to refinance
the properties when the debt becomes due or of being unable to refinance on favorable terms. If interest rates are higher when we refinance
the properties, our income could be reduced. As such, we may find it difficult, costly or impossible to refinance indebtedness that is
maturing. If any of these events occur, our interest cost would increase as a result, which would reduce our cash flow. This, in turn,
could reduce cash available for distribution to our stockholders and may hinder our ability to raise capital by issuing more stock or
borrowing more money. If we are unable to refinance maturing indebtedness with respect to a particular property and are unable to pay
the same, then the lender may foreclose on such property.

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Volatility in the commercial mortgage-backed securities market could impact the pricing of secured debt.

Volatility in the commercial
mortgage-backed securities market could result in the following adverse effects on our incurrence of secured debt, which could have a
materially negative impact on our financial condition, results of operations, cash flow and cash available for distribution:

| · | higher loan spreads; |

| · | tighter loan covenants; |

| · | reduced loan-to-value ratios and resulting borrower proceeds; and |

| · | higher amortization and reserve requirements. |

Some of our mortgage loans may have “due-on-sale” provisions, which may impact the manner in which we acquire, sell and/or finance our properties.

We may obtain financing with
“due-on-sale” and/or “due-on-encumbrance” clauses when