Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 354

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 354
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 of the annual yield, or (2) neither 
 the aggregate issue price nor the aggregate face amount of the issuer’s debt obligations held by us exceeds $1 million and              
 no more than 12 months of unaccrued interest on the debt obligations can be required to be prepaid; and                                 |

<div align='center'>214</div>

| · | a contingency relating                                                                                                            
 to the time or amount of payment upon a default or prepayment of a debt obligation, as long as the contingency is consistent with 
 customary commercial practice.                                                                                                    |

| · | Any loan to an individual 
 or an estate;             |

| · | Any “Section 467                                                        
 rental agreement,” other than an agreement with a related party tenant; |

| · | Any obligation to pay “rents 
 from real property”;         |

| · | Certain securities issued 
 by governmental entities; |

| · | Any security issued by 
 a REIT;                |

| · | Any debt instrument issued                                                                                                              
 by an entity treated as a partnership for U.S. federal income tax purposes in which we are a partner to the extent of our proportionate 
 interest in the equity and debt securities of the partnership; and                                                                      |

| · | Any debt instrument issued                                                                                                          
 by an entity treated as a partnership for U.S. federal income tax purposes not described in the preceding bullet points if at least 
 75% of the partnership’s gross income, excluding income from prohibited transactions, is qualifying income for purposes of          
 the 75% gross income test described above in “— Gross Income Tests.”                                                                |

For purposes of the 10% value
test, our proportionate share of the assets of a partnership is our proportionate interest in any securities issued by the partnership,
without regard to the securities described in the last two bullet points above.

As described above, Revenue
Procedure 2003-65 provides a safe harbor pursuant to which certain mezzanine loans secured by a first priority security interest in ownership
interests in a partnership or limited liability company will be treated as qualifying assets for purposes of the 75% asset test (and
therefore, are not subject to the 5% asset test, the 10% vote test and the 10% value test). See “— Gross Income Tests.”
Although we anticipate that our mezzanine loans typically will not qualify for that safe harbor, we believe our mezzanine loans should
be treated as qualifying assets for the 75% asset test or should be excluded from