Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 189

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 189
---
 regarding any of the matters bearing upon such
exceptions, exemptions, or exclusions, or other exemptions from the definition of investment company under the Investment Company Act
upon which we may rely, we may be required to change the way we conduct our business or adjust our strategy or the activities of our
subsidiaries accordingly. Any additional guidance from the SEC staff could provide additional flexibility to us, or it could further
inhibit our ability to pursue the strategies we have chosen.

If we fail to qualify for
an exemption from registration as an investment company or an exclusion from the definition of an investment company, our ability to
use leverage and other business strategies would be substantially reduced, and our business will be materially and adversely affected
if we fail to qualify for an exemption or exclusion from regulation under the Investment Company Act. If we did become an investment
company, we might be required to revise some of our current policies to comply with the Investment Company Act. This would require us
to incur the expense and delay of holding a stockholder meeting to vote on proposals for such changes. Please see “Risk Factors—
Investment Company Risks—We are not registered as an investment company under the Investment Company Act, and therefore we will
not be subject to the requirements imposed on an investment company by the Investment Company Act which may limit or otherwise affect
our investment choices.” Please also see “Risk Factors—Investment Company Risks—If the Company or the Operating
Partnership is required to register as an investment company under the Investment Company Act, the additional expenses and operational
limitations associated with such registration may reduce your investment return or impair our ability to conduct our business as planned.”

<div align='center'>121</div>

Additional Private Placements By the Operating Partnership

The Operating Partnership
may also offer undivided beneficial or similar interests in certain residential properties, including traditional multifamily apartment
communities, placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates to accredited investors
in private placements exempt from registration under the Securities Act. Such interests may serve as replacement properties for investors
seeking to complete like-kind exchange transactions under Section 1031 of the Code. The interests underlying the real properties
subject to such private placements would be leased back by an indirect wholly-owned subsidiary of the Operating Partnership on a long
term basis, which lease agreements would be supported by a demand note from the Operating Partnership. Currently such leases are structured
with a ten year term, but may be longer in the