Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 240

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 240
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for more information about the risks related to operating on a leveraged basis.

Policies Relating to the Investment Company Act

We intend to conduct our
operations so that neither we, nor our operating partnership nor the subsidiaries of our operating partnership are required to register
as investment companies under the Investment Company Act.

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Section 3(a)(1)(A) of
the Investment Company Act defines an investment company as any issuer that is or holds itself out as being engaged primarily in the
business of investing, reinvesting or trading in securities. Section 3(a)(1)(C) of the Investment Company Act defines an investment
company as any issuer that is engaged or proposes to engage in the business of investing, reinvesting, owning, holding or trading in
securities and owns or proposes to acquire investment securities having a value exceeding 40% of the value of the issuer’s total
assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis, which we refer to as the “40% Test.”
Excluded from the term “investment securities,” among other things, are U.S. government securities and securities issued
by majority-owned subsidiaries that are not themselves investment companies and are not relying on the exception from the definition
of investment company set forth in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act. Accordingly,
under Section 3(a)(1) of the Investment Company Act, in relevant part, a company is not deemed to be an “investment company”
if: (i) it neither is, nor holds itself out as being, engaged primarily, nor proposes to engage primarily, in the business of investing,
reinvesting or trading in securities; and (ii) it neither is engaged nor proposes to engage in the business of investing, reinvesting,
owning, holding or trading in securities and does not own or propose to acquire “investment securities” having a value exceeding
40% of the value of its total assets on an unconsolidated basis. We believe that we, our operating partnership and most of the subsidiaries
of our operating partnership will not fall within either definition of investment company as we intend to invest primarily in real property
through our wholly or majority owned subsidiaries, the majority of which we expect will have at least 60% of their assets in real property
or in entities that they manage or co-manage that own real property. As these subsidiaries