Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 54

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 54
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not perform well, we may not be able to ameliorate the adverse effects of poor performance by terminating the partner and finding a replacement
partner to manage our projects in a timely manner. In such an instance, the returns to our stockholders could be adversely affected.

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Actions of our joint venture partners could subject us to liabilities in excess of those contemplated or prevent us from taking actions which are in the best interests of our stockholders, which could result in lower investment returns to our stockholders.

We have entered into, and
in the future intend to enter into, joint ventures, including with members of our operating partner network, to acquire or improve properties.
We may also purchase properties in partnerships, co-tenancies or other co-ownership arrangements. Such investments may involve risks
not otherwise present when acquiring real estate directly, including, for example:

| · | joint venturers                                                                                                                       
 may share certain approval rights over major decisions and reduce our flexibility to maximize project values or limit property costs; |

| · | that such co-venturer,                                                                                                                
 co-owner or partner may at any time have economic or business interests or goals which are or which become inconsistent with our      
 business interests or goals, including inconsistent goals relating to the timing of the sale of properties held in the joint ventures 
 and/or the timing of termination or liquidation of the joint ventures;                                                                |

| · | the possibility                                                                                                                           
 that our co-venturer, co-owner or partner in an investment might become insolvent or bankrupt and thus be unable to fulfill its financial 
 obligations to us in that investment;                                                                                                     |

| · | the possibility                                                                                                   
 that we may incur liabilities as a result of an action or omission taken by our co-venturer, co-owner or partner; |

| · | that such co-venturer,                                                                                                                      
 co-owner or partner may be in a position to take action contrary to our instructions or requests or contrary to our policies or objectives, 
 including our policy with respect to maintaining our qualification as a REIT;                                                               |

| · | disputes between                                                                                                                    
 us and our joint venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and    
 directors from focusing their time and effort on our business and result in subjecting the properties owned by the applicable joint 
 venture to additional risk; or                                                                                                      |

| · | under certain                                                                                                                        
 joint venture arrangements, neither venture partner may have the power to control the venture