Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 312

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 312
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In the partnership agreement,
the limited partners of our Operating Partnership expressly acknowledge that we, as general partner, are acting for the benefit of our
Operating Partnership, the limited partners and our stockholders, collectively. Except as further described below, neither we nor our
board of directors are under any obligation to give priority to the separate interests of the limited partners in deciding whether to
cause our Operating Partnership to take or decline to take any actions. In particular, we are under no obligation to consider any tax
consequences to limited partners when making decisions for the benefit of our Operating Partnership. If there is a conflict between the
interests of our stockholders, on the one hand, and the interests of the limited partners, on the other, we endeavor in good faith to
resolve the conflict in a manner not adverse to either our stockholders or the limited partners; provided, however, that for so long
as we own a controlling interest in our Operating Partnership, we agree to resolve any conflict that cannot be resolved in a manner not
adverse to either our stockholders or the limited partners in favor of our stockholders. We are not liable under the partnership agreement
to our Operating Partnership or to any limited partner for monetary damages for losses sustained, liabilities incurred, or benefits not
derived by limited partners in connection with such decisions so long as we have acted in good faith.

Organization and Capital Contributions

We are considered an umbrella
partnership real estate investment trust (an “UPREIT”). An UPREIT is a structure that allows REITs the ability to acquire
real property from sellers on a tax-deferred basis (to the sellers), as sellers can generally defer taxable gain that otherwise would
be required to be recognized by them upon the disposition of their property when such property is exchanged for interests in an operating
partnership. Such sellers may also desire to achieve diversity in their investment and other benefits afforded to stockholders in a REIT.
We believe that our Operating Partnership has been, and will continue to be, treated as a partnership for U.S. federal income tax purposes.
As a result, our proportionate share of the assets and income of our Operating Partnership are be deemed to be our own assets and income
for purposes of satisfying the asset and gross income tests for qualification as a REIT.

We are obligated to contribute
the net proceeds of any future offering of shares as additional capital to our Operating Partnership and will be deemed to have made
additional capital contributions in the amount of the gross offering proceeds we