Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 59

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 59
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 our co-venturer, co-owner or partner; |

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| · | that such co-venturer, co-owner or partner may be in a position to take action contrary to our instructions or requests or contrary to our policies or objectives, including our policy with respect to maintaining our qualification as a REIT; |

| · | disputes between us and our joint venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and directors from focusing their time and effort on our business and result in subjecting the properties owned by the applicable joint venture to additional risk; or |

| · | under certain joint venture arrangements, neither venture partner may have the power to control the venture, and an impasse could be reached which might have a negative influence on the joint venture. |

These events might subject
us to costs or liabilities in excess of those contemplated and thus reduce your investment returns. If we have a right of first refusal
or buy/sell right to buy out a co-venturer, co-owner or partner, we may be unable to finance such a buy-out if it becomes exercisable
or we may be required to purchase such interest at a time when it might not otherwise be in our best interest to do so. If our ownership
interest is subject to a buy/sell right, we may not have sufficient cash, available borrowing capacity or other capital resources to allow
us to elect to purchase an interest of a co-venturer subject to the buy/sell right, in which case we may be forced to sell our interest
as the result of the exercise of such right when we would otherwise prefer to keep our interest. Finally, we may not be able to sell our
interest in a joint venture if or when we desire to exit the venture.

Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act; if we are subject to registration under the Investment Company Act, we will not be able to continue our business.

Neither we, nor our Operating
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.