Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 208

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 208
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 ratio. In October 2024, the Company, along with ILE, fully paid off the outstanding balance
of the Amended ILE Sunflower Credit Facility.

KeyBank Credit Facility

On
October 25, 2024, the Company, through a subsidiary of its Operating Partnership, entered into a credit agreement with KeyBank National
Association (the “KeyBank Credit Facility”) related to the Company’s DST Program. The KeyBank Credit Facility provides
for a revolving loan with a maximum commitment amount of $50 million. The Company has provided a guarantee on any outstanding balance
and up to the full commitment and has pledged interests in certain assets as collateral. Borrowings under the KeyBank Credit Facility
bear interest per annum, at the Company’s option, at SOFR (Daily Simple or Term) plus 3.60% or the base rate plus 2.50% (base rate
determined by reference to the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.50%, and (iii) Adjusted Term
SOFR for a one-month interest period plus 1.00%), and borrowings can be prepaid without premium or penalty. The interest rate on outstanding
borrowings was 7.94% at December 31, 2024. The Company pays a fee on the unused portion of the KeyBank Credit Facility at an annual rate
of 0.30%. The KeyBank Credit Facility matures on October 25, 2026; however, borrowings under the KeyBank Credit Facility mature one-year
from the date of funding, subject to certain minimum paydowns, and timing of such paydowns, pursuant to the terms of the KeyBank Credit
Facility. The KeyBank Credit Facility contains certain financial and operating covenants, including maximum leverage ratio, minimum debt
service coverage ratio and minimum tangible net worth. At December 31, 2024, the KeyBank Credit Facility was drawn at $36 million, and
the Company was in compliance with all covenants under the KeyBank Credit Facility.

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Table of Contents

Note 10 – Mortgages Payable The following table summarizes certain information at December 31, 2024 and 2023 with respect to the Company’s senior mortgage indebtedness (amounts in thousands):

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 Outstanding Principal |       ​ | ​ |            ​ |      ​ |