Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 239

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 239
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 are not relying on the exception from the definition of investment company
set forth in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act. Accordingly, under Section 3(a)(1) of
the Investment Company Act, in relevant part, a company is not deemed to be an “investment company” if: (i) it neither
is, nor holds itself out as being, engaged primarily, nor proposes to engage primarily, in the business of investing, reinvesting or trading
in securities; and (ii) it neither is engaged nor proposes to engage in the business of investing, reinvesting, owning, holding or
trading in securities and does not own or propose to acquire “investment securities” having a value exceeding 40% of the value
of its total assets on an unconsolidated basis. We believe that we, our operating partnership and most of the subsidiaries of our operating
partnership will not fall within either definition of investment company as we intend to invest primarily in real property through our
wholly or majority owned subsidiaries, the majority of which we expect will have at least 60% of their assets in real property or in entities
that they manage or co-manage that own real property. As these subsidiaries would be investing either solely or primarily in real property,
they would not be within the definition of “investment company” under Section 3(a)(1) of the Investment Company
Act. We are organized as a holding company that conducts its business primarily through the operating partnership, which in turn is a
holding company conducting its business through its subsidiaries, both we and our operating partnership intend to conduct our operations
so that they comply with the 40% Test. We will monitor our holdings to ensure continuing and ongoing compliance with this test. In addition,
we believe neither we nor our operating partnership will be considered an investment company under Section 3(a)(1)(A) of the
1940 Act because neither we nor our operating partnership will engage primarily or hold ourself out as being engaged primarily in the
business of investing, reinvesting or trading in securities. Rather, through the operating partnership’s wholly-owned or majority-owned
subsidiaries, we and the operating partnership will be engaged primarily in the non-investment company businesses of these subsidiaries.

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Even if the value of investment
securities held by our subsidiaries were to exceed 40%, we expect our subsidiaries to be able to rely on