Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 79

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 79
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 investments that may result in returns that are substantially below expectations or result in losses, which would materially and
adversely affect our business and results of operations, or may otherwise not be in the best interests of our stockholders.

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The Management Agreement with our Manager was not negotiated on an arm’s-length basis and may not be as favorable to us as if it had been negotiated with an unaffiliated third party.

Our executive officers, including
one of our five directors, are executives of our Manager or its affiliates. Although the Bluerock Residential board of directors received
an opinion from Robert A. Stanger & Company, Inc. that the terms of the Management Agreement are fair, from a financial
point of view, to us, and after consideration of this opinion and other documents and presentations, the non-management directors authorized
us to enter into the Management Agreement, the Management Agreement was negotiated between related parties and its terms, including fees
payable to our Manager, may not be as favorable to us as if it had been negotiated with an unaffiliated third party. In addition, we may
choose not to enforce, or to enforce less vigorously, our rights under the Management Agreement because of our desire to maintain our
ongoing relationship with Bluerock and its affiliates.

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.

There will be numerous conflicts
of interest between our interests and the interests of our Manager, Bluerock and their respective affiliates, including conflicts arising
out of allocation of personnel to our activities, allocation of investment opportunities between us and investment vehicles affiliated
with Bluerock, purchase or sale of apartment properties, including from or to Bluerock or its affiliates and fee arrangements with our
Manager that might induce our Manager to make investment decisions that are not in our best interests. Examples of these potential conflicts
of interest include:

| · | Competition for the time and services of personnel that work for us and our affiliates; |

| · | Compensation payable by us to our Manager and its affiliates for their various services, which may not be on market terms and is payable, in some cases, whether or not our stockholders receive distributions; |

| · | The possibility that our Manager, its officers and their respective affiliates will face conflicts of interest relating to the purchase and leasing of properties and that such conflicts may not be resolved in our favor, thus potentially limiting our