Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 55

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 55
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, and an impasse could be reached which 
 might have a negative influence on the joint venture.                                                                                |

These events might subject
us to costs or liabilities in excess of those contemplated and thus reduce your investment returns. If we have a right of first refusal
or buy/sell right to buy out a co-venturer, co-owner or partner, we may be unable to finance such a buy-out if it becomes exercisable
or we may be required to purchase such interest at a time when it might not otherwise be in our best interest to do so. If our ownership
interest is subject to a buy/sell right, we may not have sufficient cash, available borrowing capacity or other capital resources to
allow us to elect to purchase an interest of a co-venturer subject to the buy/sell right, in which case we may be forced to sell our
interest as the result of the exercise of such right when we would otherwise prefer to keep our interest. Finally, we may not be able
to sell our interest in a joint venture if or when we desire to exit the venture.

Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act; if we are subject to registration under the Investment Company Act, we will not be able to continue our business.

Neither we, nor our Operating
Partnership, nor any of our subsidiaries intend to register as an investment company under the Investment Company Act. We are organized
as a holding company that conducts its businesses primarily through the Operating Partnership, which in turn is a holding company conducting
its business through its subsidiaries. We expect that our Operating Partnership’s and subsidiaries’ investments in real estate
will represent the substantial majority of our total asset mix, which would not subject us to the Investment Company Act. In order to
maintain an exemption from regulation under the Investment Company Act, we intend to engage, through our Operating Partnership and our
wholly and majority owned subsidiaries, primarily in the business of buying real estate, and qualifying real estate investments must
be made within a year after cash is received by us. If we are unable to invest a significant portion of cash proceeds in properties within
one year of receipt, we may avoid being required to register as an investment company by temporarily investing any unused proceeds in
government securities with low returns, which would reduce the cash available for distribution to stockholders and possibly lower your
returns.

We expect that most of our
assets will continue to be held through wholly owned or majority owned