Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 331

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 331
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 of OP Units.
If a sale or revaluation of assets occurs at a time when our Operating Partnership’s assets have appreciated sufficiently since
the last revaluation, the LTIP Units would achieve full parity with the OP Units upon such sale or revaluation. In the absence of sufficient
appreciation in the value of our Operating Partnership’s assets at the time of a sale or revaluation, full parity would not be
reached.

Consequently, an LTIP Unit
may never become convertible because the value of our Operating Partnership’s assets may not appreciate sufficiently between revaluations
to equalize capital accounts. Until and unless parity is reached, the value for a given number of vested LTIP Units will be less than
the value of an equal number of shares of our common stock.

Operations

Our partnership agreement
will require that our Operating Partnership be operated in a manner that will (1) enable us to satisfy the requirements for qualification
as a REIT for tax purposes and avoid any U.S. federal income or excise tax liability imposed by the Code (other than any U.S. federal
income tax liability associated with our retained capital gains), and (2) ensure that our Operating Partnership will not be classified
as a “publicly traded partnership” for purposes of Section 7704 of the Code, which classification could result in our
Operating Partnership being taxed as a corporation, rather than as a partnership, for U.S. federal income tax purposes.

<div align='center'>201</div>

Rights, Obligations and Powers of the General Partner

As our Operating Partnership’s
general partner, generally we will have complete and exclusive discretion to manage and control our Operating Partnership’s business
and to make all decisions affecting its assets. This authority generally will include, among other things, the authority to:

| · | acquire, purchase, own, operate, lease and dispose 
 of any real property and any other property;       |

| · | construct buildings and make other improvements on 
 owned or leased properties;                        |

| · | authorize, issue, sell, redeem or otherwise purchase         
 any OP Units or any securities of the Operating Partnership; |

| · | borrow or lend money; |

| · | make or revoke any tax election; |

| · | maintain insurance coverage in amounts and types as 
 we determine is necessary;                          |

| · | retain employees or other service providers; |

| · | form or acquire interests in joint ventures; and |

| · | merge, consolidate or combine our Operating Partnership