Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 326

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 326
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s from real property”; |

| · | interests in mortgage loans secured by real property; |

| · | stock in other REITs and debt instruments issued by “publicly offered REITs”; and |

Second, of our investments
not included in the 75% asset class, the value of our interest in any one issuer’s securities may not exceed 5% of the value of
our total assets (the “5% asset test”).

Third, of our investments
not included in the 75% asset class, we may not own more than 10% of the voting power of any one issuer’s outstanding securities
or 10% of the value of any one issuer’s outstanding securities (respectively, the “10% vote test” and the “10%
value test”).

Fourth, no more than 20% of
the value of our total assets may consist of the securities of one or more TRSs.

Fifth, no more than 25% of
the value of our total assets may consist of the securities of TRSs and other non-TRS taxable subsidiaries and other assets that are not
qualifying assets for purposes of the 75% asset test (the “25% securities test”).

Sixth, no more than 25% of
the value of our total assets may be represented by debt instruments issued by “publicly offered REITs” to the extent not
secured by real property or interests in real property.

For purposes of the 5% asset
test, the 10% vote test, the 10% value test and the 25% securities test, the term “securities” does not include shares in
another REIT, debt of “publicly offered REITs”, equity or debt securities of a qualified REIT subsidiary or a TRS, mortgage
loans that constitute real estate assets, or equity interests in a partnership. The term “securities,” however, generally
includes debt securities issued by a partnership or another REIT (other than a “publicly offered REIT”), except that for purposes
of the 10% value test, the term “securities” does not include:

| · | “Straight debt” securities, which is defined as a written unconditional promise to pay on demand or on a specified date a sum certain in money if (1) the debt is not convertible, directly or indirectly, into equity, and (2) the interest rate and interest payment dates are not contingent on profits,