Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 134

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 134
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 be unable to fully execute our growth strategy, otherwise take advantage of business opportunities, or respond to competitive
pressures, any of which could have a material adverse effect on our results of operations and financial condition.

Other weakened economic conditions,
including job losses, high unemployment levels, stock market volatility, and uncertainty about the future, could adversely affect rental
rates and occupancy levels. In addition, any tariffs imposed by the current administration or other countries may cause further inflationary
pressures in the economy, uncertainty and volatility of debt and equity markets, and a slowdown in the U.S. and global economies. The
announced tariffs are likely to increase construction costs and further reduce already constrained new supply starts, which could adversely
impact the timing of actual completion and/or stabilization of our build - to - rent communities, including potential delays due to supply
shortages and labor shortages. Any of these factors could depress economic activity and have a material adverse effect on our business,
financial condition, cash flows, and our results of operations.

Other Significant Developments

Investment Activity Summary

Provided below is a summary
of our investment activity during the three months ended March 31, 2025.

Sale of Consolidated Operating Units

We closed on the following
sales: seven units in the ILE portfolio, four units in the Indy-Springfield portfolio, ten units in the Peak JV 2 portfolio, and eighteen
units in the Peak JV 3 portfolio, pursuant to the terms and conditions of multiple separate purchase and sale agreements. The thirty-nine
units were sold for an aggregate of approximately $6.9 million, subject to certain closing costs, prorations and adjustments typical in
such real estate transactions. After deducting the paydown of existing mortgage indebtedness encumbering six units in the ILE portfolio
of $1.2 million, the sales of the thirty-nine units generated net proceeds of approximately $5.1 million and a gain on sales of approximately
$0.8 million.

Loan Investment Activity

Our loan investment in Wayford
at Pringle was paid off in full in the aggregate amount of $23.0 million, which included principal investment of $22.3 million and accrued
interest of $0.7 million.

Preferred Equity Investment Summary

Our preferred equity investment
activity was as follows: (i) we increased our original capital commitment for preferred equity interests in Wayford at Innovation
Park by $2.0 million, increasing our total investment to $15.4 million, and (