Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 325

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 325
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 including certain receivables and money market funds and, in certain circumstances, foreign currencies; |

| · | government securities; |

| · | interests in real property, including leaseholds, options to acquire real property and leaseholds and personal property, to the extent such personal property is leased in connection with real property and rents attributable to such personal property are treated as “rents from real property”; |

| · | interests in mortgage loans secured by real property; |

| · | stock in other REITs and debt instruments issued by “publicly offered REITs”; and |

Second, of our investments
not included in the 75% asset class, the value of our interest in any one issuer’s securities may not exceed 5% of the value of
our total assets (the “5% asset test”).

Third, of our investments
not included in the 75% asset class, we may not own more than 10% of the voting power of any one issuer’s outstanding securities
or 10% of the value of any one issuer’s outstanding securities (respectively, the “10% vote test” and the “10%
value test”).

Fourth, no more than 20% of
the value of our total assets may consist of the securities of one or more TRSs.

Fifth, no more than 25% of
the value of our total assets may consist of the securities of TRSs and other non-TRS taxable subsidiaries and other assets that are not
qualifying assets for purposes of the 75% asset test (the “25% securities test”).

Sixth, no more than 25% of
the value of our total assets may be represented by debt instruments issued by “publicly offered REITs” to the extent not
secured by real property or interests in real property.

For purposes of the 5% asset
test, the 10% vote test, the 10% value test and the 25% securities test, the term “securities” does not include shares in
another REIT, debt of “publicly offered REITs”, equity or debt securities of a qualified REIT subsidiary or a TRS, mortgage
loans that constitute real estate assets, or equity interests in a partnership. The term “securities,” however, generally
includes debt securities issued by a partnership or another REIT (other than a “publicly offered REIT”), except that for purposes
of the 10% value test,