Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 15

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 15
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 may not be successful in identifying and consummating suitable investment opportunities. |

| · | The inability                                                                                                                          
 of our Manager to retain or obtain key personnel could delay or hinder implementation of our investment strategies, which could impair 
 our ability to make distributions and could reduce the value of your investment.                                                       |

| · | Because we                                                                                                                          
 will be dependent upon our Manager and its affiliates to conduct our operations, any adverse changes in the financial health of our 
 Manager or its affiliates or our relationship with them could hinder our operating performance and the return on your investment.   |

| · | Our board of                                                                                                                        
 directors will approve very broad investment guidelines for our Manager and will not approve each investment and financing decision 
 made by our Manager unless required by our investment guidelines.                                                                   |

| · | We may have                                                                                                                      
 conflicts of interest with our Manager and other affiliates, which could result in investment decisions that are not in the best 
 interests of our stockholders.                                                                                                   |

Risks Related to the Separation and Distribution

| · | Potential indemnification                                                                                                         
 obligations owed to Bluerock Residential pursuant to the Separation and Distribution Agreement may have a material adverse effect 
 on our business, financial condition and results of operations.                                                                   |

Risks Related to This Offering

| · | There is no                                                                                                                     
 public market for our Series B Redeemable Preferred Stock, and we currently have no plan to list the Series B Redeemable        
 Preferred Stock on a securities exchange. If holders are able to sell their shares of Series B Redeemable Preferred Stock, they 
 may have to be sold at a substantial discount.                                                                                  |

| · | Your interests                                                                                                                          
 in our Series B Redeemable Preferred Stock could be subordinated and/or diluted by the incurrence of additional debt, the issuance      
 of additional shares of preferred stock, including additional shares of Series B Redeemable Preferred Stock, and by other transactions. |

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| · | Holders of                                                                                                                          
 Series B Redeemable Preferred Stock should not expect us to redeem all or any such shares on the date they first become redeemable  
 or on any particular date after they become redeemable. Any decision to propose a redemption will depend upon, among other things,  
 our evaluation of our capital position and general market conditions at the time. We would likely choose to exercise our optional   
 redemption right only when prevailing interest rates have declined, which would adversely affect the ability of holders of shares   
 of