Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 256

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 256
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 other than our first REIT taxable
year. Moreover, our outstanding shares of capital stock must be beneficially owned by 100 or more persons during at least 335 days of
a taxable year of 12 months or during a proportionate part of a shorter taxable year, other than our first REIT taxable year.

Because we expect our board
of directors to believe it is essential for our company to continue to qualify as a REIT and for other corporate purposes, our charter,
subject to the exceptions described below, provides that no person may own, or be deemed to own by virtue of the attribution provisions
of the U.S. federal income tax laws, more than 9.8% of:

| · | the                                                                             
 total value of the aggregate of the outstanding shares of our capital stock; or |

| · | the                                                                                                                   
 total value or number (whichever is more restrictive) of the aggregate of the outstanding shares of our common stock. |

Further, the articles supplementary
establishing each of the Series A Redeemable Preferred Stock and the Series B Redeemable Preferred Stock (respectively) provide
that generally, no person may own, or be deemed to own by virtue of the attribution provisions of the Code, more than 9.8% in value or
in number of shares, whichever is more restrictive, of the aggregate of the outstanding shares of Series A Redeemable Preferred
Stock or Series B Redeemable Preferred Stock (as applicable). We refer to these limitations regarding the ownership of our stock
collectively as the “9.8% Ownership Limitation.” Further, our charter provides for certain circumstances where our board
of directors may exempt (prospectively or retroactively) a person from the 9.8% Ownership Limitation and establish or increase an excepted
holder limit for such person. Subject to certain conditions, our board of directors may also increase the 9.8% Ownership Limitation
for one or more persons and decrease the 9.8% Ownership Limitation for all other persons.

On
June 28, 2023, pursuant to Section 6.1.8 of Article VI of our charter, our board of directors adopted resolutions decreasing
the 9.8% Ownership Limitation from 9.8% to 8.75% (in value or in number of shares, whichever is more restrictive) for all stockholders
of the company that are not Excepted Holders (as defined in our charter) (collect