Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 257

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 257
---
ively, the “Decreased Ownership Limits”),
in connection with an exemption granted by our board of directors, pursuant to Section 6.1.7 of our charter, to Par Sanda and Sand
Capital Associates, LLC, a Florida limited liability company (together, the “Sand Group”) from the 9.8% Ownership Limitation
and establishing an Excepted Holder Limit (as defined in our charter) for the Sand Group, subject to certain limitations and conditions
(collectively, the “Original Exemption”). The Decreased Ownership Limits and the Original Exemption were to terminate no
later than December 28, 2024 (the “Revocation Date”). On November 5, 2024, pursuant to our charter, our board of
directors adopted resolutions to modify and extend the Original Exemption (the “Modified Exemption”) such that the Revocation
Date will be no later than December 31, 2025 (the “Extended Revocation Date”); provided, however, that the Modified
Exemption is conditioned on the same terms as the Original Exemption, with the exception of the Extended Revocation Date.

<div align='center'>126</div>

To assist us in qualifying
and preserving our status as a REIT, among other purposes, our charter also contains limitations on the ownership and transfer of shares
of capital stock that would:

| · | result                                                                                                                             
 in our capital stock being beneficially owned by fewer than 100 persons, determined without reference to any rules of attribution; |

| · | result                                                                          
 in our company being “closely held” under the U.S. federal income tax laws; and |

| · | cause                                                                                                                                    
 our company to own, actually or constructively, 9.8% or more of the ownership interests in a tenant of our real property, under the U.S. 
 federal income tax laws or otherwise fail to qualify as a REIT.                                                                          |

Any attempted transfer of
our stock, which, if effective, would result in our stock being beneficially owned by fewer than 100 persons, will be null and void,
with the intended transferee acquiring no rights in such shares of stock. If any transfer of our stock occurs which, if effective, would
result in any person owning shares in violation of the other limitations described above (including the 9.8% Ownership Limitation), then
that number of shares the ownership of which otherwise would cause such person to violate such limitations, rounded up to