Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 117

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 117
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Partnership, nor any of our subsidiaries intend to register as an investment company under the Investment Company Act. We are organized
as a holding company that conducts its businesses primarily through the Operating Partnership, which in turn is a holding company conducting
its business through its subsidiaries. We expect that our Operating Partnership’s and subsidiaries’ investments in real estate
will represent the substantial majority of our total asset mix, which would not subject us to the Investment Company Act. In order to
maintain an exemption from regulation under the Investment Company Act, we intend to engage, through our Operating Partnership and our
wholly and majority owned subsidiaries, primarily in the business of buying real estate, and qualifying real estate investments must be
made within a year after cash is received by us. If we are unable to invest a significant portion of cash proceeds in properties within
one year of receipt, we may avoid being required to register as an investment company by temporarily investing any unused proceeds in
government securities with low returns, which would reduce the cash available for distribution to stockholders and possibly lower your
returns.

We expect that most of our
assets will continue to be held through wholly owned or majority owned subsidiaries of our Operating Partnership. We expect that most
of these subsidiaries will be outside the definition of an investment company under Section 3(a)(1) of the Investment Company
Act as they are generally expected to hold at least 60% of their assets in real property or in entities that they manage or co-manage
that own real property. Section 3(a)(1)(A) of the Investment Company Act defines an investment company as any issuer that is
or holds itself out as being engaged primarily in the business of investing, reinvesting or trading in securities. We believe that neither
we nor the Operating Partnership will be considered an investment company under Section 3(a)(1)(A) of the Investment Company
Act because neither we nor the Operating Partnership will engage primarily or hold itself out as being engaged primarily in the business
of investing, reinvesting or trading in securities. Rather, through the Operating Partnership’s wholly-owned or majority owned subsidiaries,
we and the Operating Partnership will be primarily engaged in the non-investment company businesses of these subsidiaries.

Section 3(a)(1)(C) of
the Investment Company Act defines an investment company as any issuer that is engaged or proposes to engage in the business of investing,
reinvesting, owning, holding or trading in securities and owns or proposes to acquire investment securities having a value exceeding