Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 127

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 127
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expires October 6, 2025 and will be automatically renewed for a one-year term each year on October 6, unless previously terminated
in accordance with the terms of the Management Agreement. The Manager is responsible for managing our affairs on a day-to-day basis and
for identifying and making real estate investments on our behalf. Substantially all our business is conducted through our Operating Partnership,
of which we are the sole general partner.

As of December 31, 2024,
we held twenty-three real estate investments, consisting of fourteen consolidated investments and nine preferred equity and loan investments.
The twenty-three investments represent an aggregate of 5,087 residential units, comprised of 3,453 consolidated units, of which 170 units
are under development, and 1,634 units through preferred equity and loan investments, which includes planned units and those under development.
As of December 31, 2024, our consolidated operating investments were approximately 91.6% occupied; excluding units classified as
held for sale and down/renovation units, our consolidated operating investments were approximately 94.0% occupied.

We have elected to be treated,
and currently qualify, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, we generally
are not subject to corporate-level income taxes. To maintain our REIT status, we are required, among other requirements, to distribute
annually at least 90% of our “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”),
to our stockholders. If we fail to qualify as a REIT in any taxable year, we would be subject to federal income tax on our taxable income
at regular corporate tax rates 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