Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 18

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 18
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uerock Residential pursuant to the Separation and Distribution Agreement may have a material adverse effect 
 on our business, financial condition and results of operations.                                                                   |

Risks Related to This Offering

| · | There is no                                                                                                                     
 public market for our Series B Redeemable Preferred Stock, and we currently have no plan to list the Series B Redeemable        
 Preferred Stock on a securities exchange. If holders are able to sell their shares of Series B Redeemable Preferred Stock, they 
 may have to be sold at a substantial discount.                                                                                  |

| · | Your interests                                                                                                                          
 in our Series B Redeemable Preferred Stock could be subordinated and/or diluted by the incurrence of additional debt, the issuance      
 of additional shares of preferred stock, including additional shares of Series B Redeemable Preferred Stock, and by other transactions. |

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| · | Holders of                                                                                                                          
 Series B Redeemable Preferred Stock should not expect us to redeem all or any such shares on the date they first become redeemable  
 or on any particular date after they become redeemable. Any decision to propose a redemption will depend upon, among other things,  
 our evaluation of our capital position and general market conditions at the time. We would likely choose to exercise our optional   
 redemption right only when prevailing interest rates have declined, which would adversely affect the ability of holders of shares   
 of the applicable series of preferred stock to reinvest proceeds from the redemption in a comparable investment with an equal or    
 greater yield to the yield on such series of preferred stock had their shares not been redeemed. If we are unable to effectively    
 manage the impact of these and other risks, our ability to meet our investment objectives would be substantially impaired. In turn, 
 the value of our Class A common stock and our ability to make distributions would be materially reduced.                            |

| · | Holders of                                                                    
 the Series B Redeemable Preferred Stock have extremely limited voting rights. |

Risks Related to Our Status as a REIT

| · | Failure to                                                                                                
 maintain our qualification as a REIT would materially and adversely affect us and the value of our stock. |

| · | In certain                                                                                                                       
 circumstances, we may be subject to certain U.S. federal, state and local taxes despite our qualification as a REIT, which would 
 reduce our cash available for distribution to you.                                                                               |

| · | If certain                                                                                                                         
 of our subsidiaries, including our Operating Partnership, fail to qualify as partnerships