Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 210

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 210
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in excess of the Stock Ownership Guidelines applicable to them (such excess, to the extent pledged, the “Pledged Shares”).
The Pledging Policy requires executive officers and directors to pre-certify and obtain pre-approval from the audit committee for any
such new pledging arrangement, and require re-certification to the audit committee of compliance with the Pledging Policy with respect
to existing pledging arrangements. In addition, the Pledging Policy requires all pledgors to annually certify to the audit committee
his or her ongoing compliance therewith.

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The Pledging Policy further
limits the number of permitted Pledged Shares by setting a maximum leverage rate of thirty percent (30%), such that the number of Pledged
Shares cannot exceed, on an annual basis, thirty percent (30%) of the time-weighted value of the lender’s entire collateral package,
inclusive of the Pledged Shares.

The audit committee monitors
compliance with the Pledging Policy by requiring certain certifications from each executive officer or director with a new or existing
loan secured in part by Pledged Shares. Prior to entering into any such new pledge, an executive officer or director must certify to
the audit committee that the pledge is limited to only such company securities held in excess of the applicable Stock Ownership Guidelines,
and that its sole purpose is not to serve as a hedging arrangement. With respect to previously existing pledge arrangements, promptly
following adoption of the Pledging Policy, each executive officer or director must certify to the audit committee that its existing pledge
arrangement is not for the sole purpose of serving as a hedging arrangement. In addition, within ten (10) days following each annual
meeting of the company’s stockholders, each pledgor must certify to the audit committee that its Pledged Shares comprised thirty
percent (30%) or less of the time-weighted value of the creditor’s collateral package, inclusive of the Pledged Shares.

The Pledging Policy’s
restrictions, structuring and certification obligations are intended to mitigate the risks from a forced sale due to a default under
the subject loan or as a result of a decline in the market price of our Class A common stock, should such market price be the valuation
parameter applicable to the lender’s collateral package. First, even if an event occurred that would enable a lender to exercise
forced sale rights, the fact that the Pledged Shares will be limited to thirty percent (30%) of the time-weighted collateral package