Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 31

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 31
---
 interests in certain assets as collateral. Borrowings under the KeyBank Credit Facility bear interest per annum,
at the Company’s option, at SOFR (Daily Simple or Term) plus 3.60% or the base rate plus 2.50% (base rate determined by reference
to the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.50%, and (iii) Adjusted Term SOFR for a one-month
interest period plus 1.00%), and borrowings can be prepaid without premium or penalty. At September 30, 2025, the interest rate on outstanding
borrowings was 7.76%. The Company pays a fee on the unused portion of the KeyBank Credit Facility at an annual rate of 0.30%. The KeyBank
Credit Facility matures on October 25, 2026; however, borrowings under the KeyBank Credit Facility mature one-year from the date of funding,
subject to certain minimum paydowns, and timing of such paydowns, pursuant to the terms of the KeyBank Credit Facility. The KeyBank Credit
Facility contains certain financial and operating covenants, including maximum leverage ratio, minimum debt service coverage ratio and
minimum tangible net worth. At September 30, 2025, the KeyBank Credit Facility was drawn at $22.0 million, and the Company was in compliance
with all covenants under the KeyBank Credit Facility.

<div align='center'>23</div>

Table of Contents

Note 11 – Mortgages Payable The following table summarizes certain information at September 30, 2025 and December 31, 2024 with respect to the Company’s senior mortgage indebtedness (amounts in thousands):

| ​                             
 ​                             | ​ |                     ​ 
 Outstanding Principal |       ​ | ​ |            ​ |       ​ | ​ |                     ​ 
                    As 
 of September 30, 2025 | ​ | ​             | ​ | ​                  |
|:------------------------------|:--|----------------------:|--------:|:--|-------------:|--------:|:--|----------------------:|:--|:--------------|:--|:-------------------|
| ​                             | ​ |         September 30, |         | ​ | December 31, |         | ​ |                     ​ | ​ | Interest-only | ​ | ​                  |
| Property                      |   |                  2025 |         |   |         2024