Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 294

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 294
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 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 receive. If we contribute additional capital to our Operating Partnership,
we will receive additional OP Units and our percentage interest will be increased on a proportionate basis based upon the amount of such
additional capital contributions and the value of our Operating Partnership at the time of such contributions. Conversely, the percentage
interests of the limited partners will be decreased on a proportionate basis in the event of additional capital contributions by us. The
partnership agreement provides that if our Operating Partnership requires additional funds at any time in excess of funds available to
our Operating Partnership from cash flow, borrowings by our Operating Partnership or capital contributions, we may borrow such funds from
a financial institution or other lenders and lend such funds to our Operating Partnership on the same terms and conditions as are applicable
to our borrowing of such funds.