Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 138

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 138
---
ases”) related to the DST Program (the “Demand Notes”), which could be called upon if the
net operating cash flow is insufficient to pay the rent required under the Master Leases (subject to limited deferral rights) or satisfy
its other obligations under the Master Leases. As compensation for the Operating Partnership’s obligations under the Master Leases,
we will share in the rent paid by the tenants of the underlying properties in accordance with the waterfall set forth in the applicable
Master Lease. As of December 31, 2024, we had one offering in our DST Program and had raised $4.5 million in offering proceeds of
the $66.0 million total offering, issued a demand note of $0.7 million, and had $103.4 million in total net real estate investments associated
with the DST Program.

In conjunction with sponsoring
of the DST Program, our Operating Partnership is granted an option to acquire DST Interests from the DST Program’s beneficial owners
at a later date for an aggregate value equal to such beneficial owner’s pro rata share of the appraised value of the properties,
as determined by an independent appraisal firm, less any indebtedness encumbering such beneficial owner’s DST Interest or the beneficial
owner’s pro rata share of any indebtedness encumbering the properties, which will be assumed or paid off by our Operating Partnership.

<div align='center'>68</div>

In general, we believe our
available cash balances, cash flows from operations, proceeds from the offering of our Series A Preferred Stock, proceeds from the
Amended DB Credit Facility and KeyBank Credit Facility (as hereinafter defined, and collectively, the “revolving credit facilities”),
proceeds from our DST Program, proceeds from future mortgage debt financings for acquisitions and/or development projects, and other
financing arrangements will be sufficient to fund our liquidity requirements with respect to our existing portfolio for the next 12 months.
In general, we expect that our results related to our existing portfolio will improve in future periods as a result of anticipated future
investments in and acquisitions of residential properties and build-to-rent communities.

We believe we will be able
to meet our primary liquidity requirements going forward through, among other sources:

| · | $115.2 million                                                                                                                  
 in cash available at December 31, 2024;                                                                                         |
| · | capacity of $79 million,                                                                                                        
 of which approximately $13 million was available at December 31, 2024,