Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 113

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 113
---
 occupancy levels. In addition, during the six months ended June 30, 2025, the current U.S. administration
has introduced tariffs on imports from a broad set of countries, including Canada, Mexico, European Union member states, Japan and China,
in response to which global trading partners have imposed or may impose their own tariffs. Such tariffs, and any additional tariffs imposed
by the current administration or other countries, may cause further inflationary pressures in the economy, uncertainty and volatility
of debt and equity markets, and a slowdown in the U.S. and global economies. The announced tariffs are likely to increase construction
costs and further reduce already constrained new supply starts, which could adversely impact the timing of actual completion and/or stabilization
of our build-to-rent communities, including potential delays due to supply shortages and labor shortages. Any of these factors could depress
economic activity and have a material adverse effect on our business, financial condition, cash flows, and our results of operations.

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Table of Contents

#### Other Significant Developments
Investment Activity Summary

Provided
below is a summary of our investment activity during the six months ended June 30, 2025.

Acquisition of Southern Pines Reserve

On
April 28, 2025, we, through a Delaware statutory trust (the “Southern Pines DST”), acquired a 272-unit residential community
located in Aberdeen, North Carolina known as Southern Pines Reserve, aka Hawthorne. The purchase price of $56.6 million was funded with
(i) a $30.7 million senior loan secured by Southern Pines Reserve, (ii) borrowings of $20.0 million on the KeyBank Credit Facility, and
(iii) cash of $8.9 million funded by us, inclusive of certain adjustments typical in such real estate transactions. Southern Pines Reserve
is the second property acquired by us through a Delaware statutory trust to be part of a private placement offering through which interests
in the Southern Pines DST will be issued to third party accredited investors therein.

Sales of Consolidated Operating Units

We
closed on the following sales: 17 units in the ILE portfolio, 12 units in the Indy-Springfield portfolio, 19 units in the Peak JV 2 portfolio,
and 37 units in the Peak JV 3 portfolio, pursuant to the terms and conditions of multiple separate purchase and sale agreements. The 85
units were all previously classified as held for sale and