Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 140

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 140
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 and we would not be permitted to qualify as a REIT for four years following the
year in which we lost our qualification. Such an event could materially and adversely affect our net income and results of operations.
We intend to continue to organize and operate in such a manner as to remain qualified as a REIT.

Significant Developments

Investment Activity Summary

Provided below is
a summary of our investment activity during the year ended December 31, 2024.

Acquisition of Amira at Westly

On
October 31, 2024, we, through BR Amira DST, a Delaware statutory trust and a wholly owned subsidiary of our Operating Partnership (the
“Amira DST”), acquired a 408-unit residential community located in Tampa, Florida known as Amira at Westly. The purchase price
of $103.0 million was funded with (i) a $56.7 million senior loan secured by Amira at Westly, (ii) borrowings of $36.0 million on a revolving
credit facility, and (iii) cash of $14.5 million that we funded, inclusive of certain adjustments typical in such real estate transactions.
Amira at Westly is the first property that we acquired through a Delaware statutory trust to be part of a private placement offering through
which interests in the Amira DST will be issued to third party accredited investors therein (as further described below).

Following
the acquisition of Amira at Westly, the organizational structure with respect to the ownership of Amira at Westly is such that Amira at
Westly is owned by the Amira DST, and the Amira DST is wholly owned by BHM Amira Investment Co, LLC, a Delaware limited liability company
and a wholly owned subsidiary of the Operating Partnership (“BHM Amira Investment Co”). BHM Amira Investment Co initially
owns all Class 2 DST Interests in the Amira DST, which will be redeemed over time to permit the issuance of Class 1 DST Interests in the
Amira DST to third party accredited investors therein as part of a private placement offering. Amira at Westly is subject to a Master
Lease Agreement with BHM Amira Leaseco, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Operating Partnership
(“BHM Amira Leaseco”), pursuant to which we, through BHM Amira Leaseco, receive and are obligated to pay rent received from
Amira at Westly to the Amira DST