Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 38

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 38
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 our operating results than if we had more fully diversified
our investments. We believe that there are seasonal fluctuations in rental demand with demand higher in the spring and summer than in
the late fall and winter. Such seasonal fluctuations may impact our operating results. Any future outbreaks of infectious disease, which
may include COVID-19 or a future pandemic, could also result in demand for residential rental properties decreasing substantially and/or
occupancy decreasing materially. See “—Our business, results of operations, financial condition, and cash flows may be adversely
affected by pandemics and outbreaks of infectious disease, which may include COVID-19.”

In addition to general, regional,
national, and international economic conditions, our operating performance will be impacted by the economic conditions in our markets.
We base a substantial part of our business plan on our belief that property values and operating fundamentals for residential properties
in our markets will continue to improve over the near to intermediate term. However, these markets have experienced substantial economic
downturns in recent years and could experience similar or worse economic downturns in the future. Additionally, a significant outbreak
of infectious disease in the human population or pandemic may result in a widespread health crisis adversely affecting the economies
and financial markets of many countries, resulting in an economic downturn that could negatively affect our business, results of operations,
and financial condition. See “—Our business, results of operations, financial condition, and cash flows may be adversely
affected by pandemics and outbreaks of infectious disease, which may include COVID-19.” We can provide no assurance as to the extent
property values and operating fundamentals in these markets will improve, if at all. If the recent economic downturn in these markets
returns or if we fail to accurately predict the timing of economic improvement in these markets, the value of our properties could decline
and our ability to execute our business plan may be adversely affected to a greater extent than if we owned a real estate portfolio that
was more geographically diversified, which could adversely affect our financial condition, operating results, and ability to make distributions
to our stockholders and cause the value of our Series B Redeemable Preferred Stock or Class A common stock to decline.

We may not be able to effectively control the timing and costs relating to the renovation and maintenance of our properties, which may adversely affect our operating results and ability to make distributions to our stockholders.

Our properties may require
some level of renovation either immediately upon their acquisition or in the future following expiration of a lease or otherwise. We
may acquire properties