Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 21

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 21
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 · | If we acquire                                                                                                                          
 properties from entities owned or sponsored by affiliates of our Manager, the price may be higher than we would pay if the transaction 
 was the result of arm’s-length negotiations with a third party.                                                                        |

| · | Our Manager                                                                                                                       
 will have considerable discretion with respect to the terms and timing of our acquisition, disposition and leasing transactions.  
 The incentive fee payable by us to our Manager is determined based on AFFO, which may create an incentive for our Manager to make 
 investments that are risky or more speculative than would otherwise be in our best interests.                                     |

| · | Our Manager                                                                                                                           
 and its affiliates, including our officers, some of whom are also our directors, face conflicts of interest caused by their ownership 
 of our Manager and their roles with other programs, which could result in actions that are not in the long-term best interests of     
 our stockholders.                                                                                                                     |

| · | If the competing                                                                                                                            
 demands for the time of our Manager, its affiliates and our officers result in them spending insufficient time on our business, we          
 may miss investment opportunities or have less efficient operations, which could reduce our profitability and result in lower distributions 
 to you.                                                                                                                                     |

We do not have a policy that
expressly restricts any of our directors, officers, stockholders or affiliates, including our Manager and its officers and employees,
from having a pecuniary interest in an investment in or from conducting, for their own account, business activities of the type we conduct.
However, our code of business conduct and ethics contains a conflicts of interest policy that prohibits our directors, officers and personnel,
as well as employees and officers of our Manager and its affiliates who provide services to us, from engaging in any transaction that
involves an actual conflict of interest with us. Notwithstanding the prohibitions in our code of business conduct and ethics, after considering
the relevant facts and circumstances of any actual conflict of interest, the audit committee of our board of directors or another committee
of our board of directors comprised solely of independent directors may, on a case-by-case basis and in their sole discretion, waive
such conflict of interest.

Financing Policy

We intend to use prudent
amounts of leverage in connection with our operations. As of June 30, 2025, our total mortgage indebtedness was approximately $347.3
million. Once we reach sufficient scale, we generally expect our total indebtedness to be less than 75% of the fair market value of