Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 56

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 56
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 These no-action positions were
issued in accordance with factual situations that may be substantially different from the factual situations we may face, and a number
of these no-action positions were issued more than ten years ago. Pursuant to this guidance, and depending on the characteristics
of the specific investments, certain joint venture investments may not constitute qualifying real estate assets and therefore investments
in these types of assets may be limited. No assurance can be given that the SEC will concur with our classification of our assets. Future
revisions to the Investment Company Act or further guidance from the SEC may cause us to lose our exclusion from registration or force
us to re-evaluate our portfolio and our investment strategy. Such changes may prevent us from operating our business successfully.

In the event that we, or
our Operating Partnership, were to acquire assets that could make either entity fall within the definition of investment company under
Section 3(a)(1) of the Investment Company Act, we believe that we would still qualify for an exclusion from registration pursuant
to Section 3(c)(6). Section 3(c)(6) excludes from the definition of investment company any company primarily engaged,
directly or through majority owned subsidiaries, in one or more of certain specified businesses. These specified businesses include the
real estate business described in Section 3(c)(5)(C) of the Investment Company Act. It also excludes from the definition of
investment company any company primarily engaged, directly or through majority owned subsidiaries, in one or more of such specified businesses
from which at least 25% of such company’s gross income during its last fiscal year is derived, together with any additional
business or businesses other than investing, reinvesting, owning, holding, or trading in securities. Although the SEC staff has issued
little interpretive guidance with respect to Section 3(c)(6), we believe that we and our Operating Partnership may rely on Section 3(c)(6) if
55% of the assets of our Operating Partnership consist of, and at least 55% of the income of our Operating Partnership is derived from,
qualifying real estate assets owned by wholly owned or majority owned subsidiaries of our Operating Partnership.

In addition, we believe that
the nature of our assets and the sources of our income exclude us from the definition of an investment company pursuant to Rule 3a-1
under the Investment Company Act. Rule 3a-1 provides an exclusion from registration as an investment company if an issuer meets
both an asset and an income test