Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 242

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 242
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 we would still qualify for an exclusion from registration pursuant to Section 3(c)(6).
Section 3(c)(6) excludes from the definition of investment company any company primarily engaged, directly or through majority
owned subsidiaries, in one or more of certain specified businesses. These specified businesses include the business described in Section 3(c)(5)(C) of
the Investment Company Act. It also excludes from the definition of investment company any company primarily engaged, directly or through
majority owned subsidiaries, in one or more of such specified businesses from which at least 25% of such company’s gross income
during its last fiscal year is derived, together with any additional business or businesses other than investing, reinvesting, owning,
holding, or trading in securities. Although the SEC staff has issued little interpretive guidance with respect 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