Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 252

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 252
---
 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 investment assets owned by wholly-owned or majority owned subsidiaries of our operating partnership.

Finally, to maintain
compliance with the Investment Company Act exceptions, we, our operating company or our subsidiaries may be unable to sell assets we
would otherwise want to sell and may need to sell assets we would otherwise wish to retain. In addition, we, our operating
partnership or our subsidiaries may have to acquire additional income-or loss-generating assets that we might not otherwise have
acquired or may have to forego opportunities to acquire interests in companies that we would otherwise want to acquire and that may
be important to our investment strategy. If our subsidiaries fail to satisfy the requirements of Section 3(c)(5)(C) and
cannot rely on any other exemption or exclusion under the Investment Company Act, we could be characterized as an investment
company. Our Manager will continually review our investment activity to attempt to ensure that we will not be regulated as an
investment company. Among other things, our Manager will attempt to monitor the proportion of our portfolio that is placed in
investments in securities.

Conflict of Interest Policies

Our management will be subject
to various conflicts of interest arising out of our relationship with our Manager and its affiliates. See “Risk Factors—Risks
Related to our Management and Relationships with our Manager.” We are entirely dependent upon our Manager for our day-to-day management
and do not have any independent employees. Our executive officers and our directors serve as officers of Bluerock and its affiliates.
As a result, conflicts of interest may arise between our Manager and its affiliates, on the one hand, and us on the other.

<div align='center'>158</div>

We do not have a policy that
expressly restricts any of our directors, officers, stockholders or affiliates, including our Manager and its officers and employees,
from having a pecuniary interest in an investment in or from conducting, for their own account, business activities of the type we conduct.
However, our code of business conduct and ethics contains a conflicts of interest policy that prohibits our directors, officers and personnel,
as well as employees and officers of our Manager and its affiliates who provide services to us, from engaging in any transaction that
in