Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 325

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 325
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 Operating
Partnership, after payment of, or adequate provision for, debts and obligations of our Operating Partnership, including any partner loans,
any remaining assets of our Operating Partnership will be distributed to all partners with positive capital accounts in accordance with
their respective positive capital account balances. If any partner has a deficit balance in its capital account (after giving effect
to all contributions, distributions and allocations for all taxable years, including the year during which such liquidation occurs),
such partner shall have no obligation to make any contribution to the capital of our Operating Partnership with respect to such deficit,
and such deficit shall not be considered a debt owed to our Operating Partnership or to any other person for any purpose whatsoever.

Income, expenses, gains and
losses of our Operating Partnership will generally be allocated among the partners in a manner consistent with the distribution of cash
described in “—Distributions; Allocations of Profits and Losses” above. Upon the occurrence of certain specified events,
as described in “—LTIP Units” above, our Operating Partnership will revalue its assets and any net increase in valuation
will be allocated first to the LTIP Units to equalize the capital accounts of such holders with the capital accounts of OP Units. All
of the foregoing allocations are subject to compliance with the provisions of Sections 704(b) and 704(c) of the Code and the
Treasury Regulations thereunder. To the extent that Treasury Regulations promulgated pursuant to Section 704(c) of the Code
permit, we, as the general partner, will have the authority to elect the method to be used by our Operating Partnership for allocating
items with respect to contributed property acquired in connection with any future offering for which fair market value differs from the
adjusted tax basis at the time of contribution, and such election will be binding on all partners.

Term and Termination

Our Operating Partnership will continue indefinitely,
or until sooner dissolved upon:

| · | our bankruptcy,                                                                                     
 dissolution, removal or withdrawal (unless the limited partners elect to continue the partnership); |

| · | the passage                                                                                                    
 of 90 days after the sale or other disposition of all, or substantially all, of the assets of the partnership; |

| · | the redemption                                                                                                                      
 of all limited partnership interests (other than those held by us or our subsidiaries) unless we decide to continue the partnership 
 by the admission of one or more limited partners; or                                                                                |

| · | an election by us in our capacity 
 as the general partner.           |