Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 353

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 353
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 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, the term “securities” does not include:

| · | “Straight debt”                                                                                                                         
 securities, which is defined as a written unconditional promise to pay on demand or on a specified date a sum certain in money if       
 (1) the debt is not convertible, directly or indirectly, into equity, and (2) the interest rate and interest payment dates              
 are not contingent on profits, the borrower’s discretion, or similar factors. “Straight debt” securities do not                         
 include any securities issued by a partnership or a corporation in which we or any controlled TRS (i.e., a TRS in which we own directly 
 or indirectly more than 50% of the voting power or value of the stock) hold non-“straight debt” securities that have                    
 an aggregate value of more than 1% of the issuer’s outstanding securities. However, “straight debt” securities                          
 include debt subject to the following contingencies:                                                                                    |

| · | a contingency relating                                                                                                                  
 to the time of payment of interest or principal, as long as either (1) there is no change to the effective yield of the debt            
 obligation, other than a change to the annual yield that does not exceed the greater of 0.25% or 5%