Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 300

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 300
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 Operating Partnership. In addition, we will be able to cause our Operating Partnership to issue to us additional limited
partnership interests in different series or classes, which may be senior to the existing Partnership Units, in connection with an offering
of our securities having substantially similar rights, in which the proceeds thereof are contributed to our Operating Partnership. Consideration
for additional limited partnership interests may be cash or other property or assets. No person, including any partner or assignee, will
have any preemptive, preferential or similar rights with respect to additional capital contributions to our Operating Partnership or the
issuance or sale of any partnership interests therein.

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Our Operating Partnership
may issue limited partnership interests that are OP Units, limited partnership interests that are preferred as to distributions and upon
liquidation to our OP Units, LTIP Units, and other types of units with such rights and obligations as may be established by us, as the
sole general partner of our Operating Partnership, from time to time.

Redemption Rights

Pursuant to the partnership
agreement, any holders of OP Units, other than us or our subsidiaries, will receive redemption rights, which will enable them to cause
our Operating Partnership to redeem their OP Units in exchange for cash or, at our option, shares of our common stock. The cash redemption
amount per share of common stock will be based on the market price of our common stock at the time of redemption, multiplied by the conversion
ratio set forth in our partnership agreement. Alternatively, we may elect to purchase the OP Units by issuing shares of our common stock
for OP Units, based on the conversion ratio set forth in our partnership agreement.

The conversion ratio will
initially be one to one (1:1), but will be adjusted based on certain events including: (i) any distribution in shares of our common
stock to holders of our outstanding common stock, (ii) any subdivision of our outstanding common stock, or (iii) any reverse
split of the outstanding shares of our common stock into a smaller number of shares. Notwithstanding the foregoing, a limited partner
will not be entitled to exercise its redemption rights if the delivery of shares of our common stock to the redeeming limited partner
would:

| · | result in any person owning, directly or indirectly, shares of our common stock in excess of the stock ownership limits in our charter; |

| · | result in our common stock being beneficially owned by fewer than 100 persons (d