Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 350

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 350
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IT
acquired the property, or longer if an extension is granted by the Secretary of the U.S. Treasury. However, this grace period terminates
and foreclosure property ceases to be foreclosure property on the first day:

| · | on which a lease is entered                                                                                                         
 into for the property that, by its terms, will give rise to income that does not qualify for purposes of the 75% gross income test, 
 or any amount is received or accrued, directly or indirectly, pursuant to a lease entered into on or after such day that will give  
 rise to income that does not qualify for purposes of the 75% gross income test;                                                     |

| · | on which any construction                                                                                                          
 takes place on the property, other than completion of a building or any other improvement, where more than 10% of the construction 
 was completed before default became imminent; or                                                                                   |

<div align='center'>212</div>

| · | which is more than 90 days                                                                                                            
 after the day on which the REIT acquired the property and the property is used in a trade or business which is conducted by the REIT, 
 other than through an independent contractor from whom the REIT itself does not derive or receive any income or through a TRS.        |

Hedging Transactions.
From time to time, we or our Operating Partnership may enter into hedging transactions with respect to one or more of our assets or liabilities.
Our hedging activities may include entering into interest rate swaps, caps, and floors, options to purchase such items, and futures and
forward contracts. Income and gain from “hedging transactions” will be excluded from gross income for purposes of both the
75% and 95% gross income tests provided we satisfy the identification requirements discussed below. A “hedging transaction”
means either (1) any transaction entered into in the normal course of our or our Operating Partnership’s trade or business
primarily to manage the risk of interest rate changes, price changes, or currency fluctuations with respect to borrowings made or to
be made, or ordinary obligations incurred or to be incurred, to acquire or carry real estate assets, (2) any transaction entered
into primarily to manage the risk of currency fluctuations with respect to any item of income or gain that would be qualifying income
under the 75% or 95% gross income test (or any property which generates such income or gain), and (3) any transaction entered into
to “offset” transactions described in clauses (1