Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 323

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 323
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IP Units may not be converted into OP Units. Taking these differences into account, when we refer to “Partnership
Units,” we are referring to OP Units and vested and unvested LTIP Units collectively.

Amendments to the Partnership Agreement

Amendments to the partnership
agreement may be proposed by us, as general partner, or by limited partners holding 66 2/3% or more of all of the outstanding OP Units
and LTIP Units held by limited partners other than us.

Generally, the partnership
agreement will not be able to be amended, modified, or terminated without our approval and the written consent of limited partners holding
more than 66 2/3% of all of the outstanding Partnership Units held by limited partners other than us if such actions would adversely
affect the rights, privileges and protections afforded to the limited partners under the partnership agreement. As general partner, we
will have the power to unilaterally make certain amendments to the partnership agreement without obtaining the consent of the limited
partners, as may be necessary to:

| · | add to our obligations                                                                                                       
 as general partner or surrender any right or power granted to us as general partner for the benefit of the limited partners; |

<div align='center'>196</div>

| · | reflect the issuance of                                                                                                            
 additional Partnership Units or the admission, substitution, termination or withdrawal of partners in accordance with the terms of 
 the partnership agreement;                                                                                                         |

| · | set forth or amend the                                                                                                           
 designations, rights, powers, duties, and preferences of the holders of any additional Partnership Units issued by our Operating 
 Partnership;                                                                                                                     |

| · | reflect a change of an                                                                                                                     
 inconsequential nature that does not adversely affect the limited partners in any material respect, or cure any ambiguity, correct         
 or supplement any provisions of the partnership agreement not inconsistent with law or with other provisions of the partnership agreement, 
 or make other changes concerning matters under the partnership agreement that will not otherwise be inconsistent with the partnership      
 agreement or law;                                                                                                                          |

| · | reflect changes that are                                             
 reasonably necessary for us to maintain our qualification as a REIT; |

| · | modify the manner in which capital accounts are computed; |

| · | include provisions referenced                                                                                                        
 in future U.S. federal income tax guidance relating to compensatory partnership interests that we determine are reasonably necessary 
 in respect of such guidance; or                                                                                                      |

| · | satisfy any requirements, conditions or guidelines 
 of