Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 260

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 260
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 provided, however, that the Modified
Exemption is conditioned on the same terms as the Original Exemption, with the exception of the Extended Revocation Date.

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; |

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| · | 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 the nearest
whole share, will automatically result in such shares being designated as shares-in-trust and transferred automatically to a trust effective
on the close of business on the business day before the purported transfer of such shares. We will designate the trustee, but it will
not be affiliated with our company. The beneficiary of the trust will be one or more charitable organizations that are named by our company.
If the transfer to the trust would not be effective for any reason to prevent a violation of the limitations on ownership and transfer,
then the transfer of that number of shares that otherwise would cause the violation will be null and void, with the intended transferee
acquiring no rights in such shares.

Shares-in-trust will remain
shares of issued and outstanding capital stock and will be entitled to the same rights and privileges as all other stock of the same
class or series, but the intended transferee will acquire no rights in those shares. The trustee will receive all dividends and other
distributions on the shares-in