Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 129

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 129
---
 to distribute
annually at least 90% of our “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”),
to our stockholders. If we fail to qualify as a REIT in any taxable year, we would be subject to federal income tax on our taxable income
at regular corporate tax rates and we would not be permitted to qualify as a REIT for four years following the year in which we lost
our qualification. Such an event could materially and adversely affect our net income and results of operations. We intend to continue
to organize and operate in such a manner as to remain qualified as a REIT.

Significant Developments

Investment Activity Summary

Provided below is a summary
of our investment activity during the year ended December 31, 2024.

Acquisition of Amira at Westly

On October 31, 2024,
we, through BR Amira DST, a Delaware statutory trust and a wholly owned subsidiary of our Operating Partnership (the “Amira DST”),
acquired a 408-unit residential community located in Tampa, Florida known as Amira at Westly. The purchase price of $103.0 million
was funded with (i) a $56.7 million senior loan secured by Amira at Westly, (ii) borrowings of $36.0 million on a
revolving credit facility, and (iii) cash of $14.5 million that we funded, inclusive of certain adjustments typical in such
real estate transactions. Amira at Westly is the first property that we acquired through a Delaware statutory trust to be part of a private
placement offering through which interests in the Amira DST will be issued to third party accredited investors therein (as further described
below).

<div align='center'>64</div>

Following the acquisition
of Amira at Westly, the organizational structure with respect to the ownership of Amira at Westly is such that Amira at Westly is owned
by the Amira DST, and the Amira DST is wholly owned by BHM Amira Investment Co, LLC, a Delaware limited liability company and a wholly
owned subsidiary of the Operating Partnership (“BHM Amira Investment Co”). BHM Amira Investment Co initially owns all Class 2
DST Interests in the Amira DST, which will be redeemed over time to permit the issuance of Class 1 DST Interests in the Amira DST
to third party accredited investors therein