Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 117

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 117
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and companies which it primarily controls. A company satisfies the income test of Rule 3a-1 if it has derived no more than 45% of
its net income after taxes for its last four fiscal quarters combined from securities other than interests in majority owned subsidiaries
and primarily controlled companies through which it engages primarily in a business other than investing in securities. We believe that
as long as we control more than 25% of the voting power, which control is greater than any other person’s, of our Operating Partnership
we may rely on Rule 3a-1.

To ensure that neither we,
nor our Operating Partnership nor subsidiaries are required to register as an investment company, each entity may be unable to sell assets
they would otherwise want to sell and may need to sell assets they would otherwise wish to retain. In addition, we, our Operating Partnership
or our subsidiaries may be required to acquire additional income or loss-generating assets that we might not otherwise acquire or forego
opportunities to acquire interests in companies that we would otherwise want to acquire. Although we, our Operating Partnership and our
subsidiaries intend to monitor our respective portfolios periodically and prior to each acquisition or disposition, any of these entities
may not be able to maintain an exclusion from registration as an investment company. If we, our Operating Partnership or our subsidiaries
are required to register as an investment company but fail to do so, the unregistered entity would be prohibited from engaging in our
business, and criminal and civil actions could be brought against such entity. In addition, the contracts of such entity would be unenforceable
unless a court required enforcement, and a court could appoint a receiver to take control of the entity and liquidate its business.

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If we or the Operating Partnership are required to register as an investment company under the Investment Company Act, the additional expenses and operational limitations associated with such registration may reduce your investment return or impair our ability to conduct our business as planned.

If we become an investment
company or are otherwise required to register as an investment company, we might be required to revise some of our current policies, or
substantially restructure our business, to comply with the Investment Company Act. This would likely require us to incur the expense and
delay of holding a stockholder meeting to vote on proposals for such changes. Further, if we were required to register as an investment
company, but failed to do so, we would be prohibited from engaging in our business,