Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 92

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 92
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 and related loans in connection with an event that constitutes a Change of Control, our business and financial results could be materially adversely affected.

In
causing our subsidiaries to obtain certain nonrecourse loans, we may provide standard carve-out guaranties. These guaranties are generally
only applicable if and when the borrower directly, or indirectly through agreement with an affiliate, joint venture partner or other
third party, voluntarily files a bankruptcy or similar liquidation or reorganization action or takes other actions that are fraudulent
or improper (commonly referred to as “bad boy” guaranties). We also may enter into recourse guaranties with respect to future
mortgages, or provide credit support to development projects through completion guaranties, which also could increase risk of repayment.
In some circumstances, pursuant to guarantees to which we are a party or that we may enter into in the future, our obligations pursuant
to such “bad boy” carve-out guaranties and other guaranties may be triggered by a Change of Control, because, among other
things, such an event may result indirectly in a change of control of the applicable borrower. Because a Change of Control while any
Series B Redeemable Preferred Stock is outstanding also triggers a right of redemption for cash by the holders thereof, the effect
of a Change of Control could negatively impact our liquidity and overall financial condition, and could negatively impact the ability
of holders of shares of our Series B Redeemable Preferred Stock to receive dividends or other amounts on their shares of Series B
Redeemable Preferred Stock.

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There is a risk of delay in our redemption of Series B Redeemable Preferred Stock and we may fail to redeem such securities as required by their terms.

Substantially
all of the investments we presently hold and the investments we expect to acquire in the future are, and will be, illiquid. The illiquidity
of our investments may make it difficult for us to obtain cash quickly if a need arises. If we are unable to obtain sufficient liquidity
prior to a redemption date, we may be forced to, among other things, engage in a partial redemption or to delay a required redemption.
If this were to occur, the market price of shares of the Series B Redeemable Preferred Stock might be adversely affected, and stockholders
entitled to a redemption payment may not receive payment.

The Series B Redeemable Preferred Stock will bear a risk of early redemption by us.

We
may voluntarily