Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 324

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 324
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 federal or state law.                           |

Amendments that would, among
other things, convert a limited partner’s interest into a general partner’s interest, modify the limited liability of a limited
partner, adversely alter a partner’s right to receive any distributions or allocations of profits or losses or adversely alter
or modify the redemption rights, or alter the protections of the limited partners in connection with the transactions described in “—Restrictions
on Mergers, Sales, Transfers and Other Significant Transactions” must be approved by each limited partner that would be adversely
affected by such amendment.

In addition, we, as general
partner, will not be permitted to do any of the following except as expressly authorized in the partnership agreement:

| · | without 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, 
 take any action in contravention of an express prohibition or limitation contained in the partnership agreement;                  |

| · | enter into or conduct any                                                                                                    
 business other than in connection with our role as general partner of our Operating Partnership and our operation as a REIT; |

| · | acquire an interest in real or personal property other 
 than through our Operating Partnership; or             |

| · | except as described in                                                                                                   
 “—Restrictions on Mergers, Sales, Transfers and Other Significant Transactions,” withdraw from our Operating Partnership 
 or transfer any portion of our general partnership interest.                                                             |

Restrictions on Mergers, Sales, Transfers and Other Significant Transactions

We will not be able to voluntarily
withdraw from our Operating Partnership or transfer or assign our general partnership interest in our Operating Partnership or engage
in any merger, consolidation or other combination, or sale of all, or substantially all, of our assets in a transaction which results
in a change of control of the company (as general partner) unless:

| · | we receive the consent of limited partners holding                                                                     
 more than 50% of the Partnership Units held by the limited partners (other than those held by us or our subsidiaries); |

<div align='center'>197</div>

| · | as a result of such a transaction,                                                                                                  
 all limited partners (other than us or our subsidiaries) holding Partnership Units will receive for each Partnership Unit an amount 
 of cash, securities or other property equal in value to the amount of cash, securities or other property they would have received   
 if their Partnership Units had been converted