Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 188

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 188
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 by the staff of the SEC under the Investment Company Act), and no more than 20% may be comprised of
assets that are neither qualifying interests nor real estate-related assets. Qualifying Interests for this purpose include mortgage loans
and other assets such as certain “B” notes and tier one mezzanine loans, which the SEC staff in various no-action letters
has determined are the functional equivalent of mortgage loans for the purposes of the Investment Company Act. We intend to treat as
real estate-related assets any securities of companies primarily engaged in real estate businesses that are not within the scope of SEC
positions and/or interpretations regarding qualifying interests and that are not, themselves, indirect wholly-owned subsidiaries of the
Operating Partnership. Although we intend to monitor our portfolio periodically and prior to each investment acquisition or disposition,
there can be no assurance that we will be able to maintain this exemption from registration for each of our subsidiaries.

In addition, we, the Operating
Partnership and/or our subsidiaries may rely upon other exceptions and exemptions, including the exemptions provided by Section 3(c)(6) of
the Investment Company Act (which exempts, among other things, parent entities whose primary business is conducted through majority-owned
subsidiaries relying upon the exemption provided by Section 3(c)(5)(C), discussed above), from the definition of an investment company
and the registration requirements under the Investment Company Act.

Qualification for exemption
from registration under the Investment Company Act could limit our ability to make certain investments. For example, these restrictions
could limit the ability of a subsidiary seeking to rely on the exemption provided by Section 3(c)(5)(C) of the Investment Company
Act to invest in securities that the SEC has not deemed qualifying interests.

However, there can be no
assurance that the laws and regulations governing the Investment Company Act status of REITs (and/or their subsidiaries), including actions
by the SEC or the SEC staff providing more specific or different guidance regarding these exemptions, will not change in a manner that
adversely affects our operations. For example, on August 31, 2011, the SEC issued a concept release requesting comments regarding
a number of matters relating to the exemption provided by Section 3(c)(5)(C) of the Investment Company Act, including the nature
of assets that qualify for purposes of the exemption and whether mortgage REITs should be regulated in a manner similar to investment
companies. To the extent that the SEC or the SEC staff provides more specific guidance