Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 298

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 298
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 in the same form as previously paid by the interested stockholder for
its shares of common stock.

None of these provisions
of the MGCL will apply, however, to business combinations that are approved or exempted by the board of directors of the corporation
prior to the time that the interested stockholder becomes an interested stockholder. Pursuant to the business combination statute, our
board of directors has exempted any business combination involving us and any person, provided that such business combination is first
approved by our board of directors. Consequently, the five-year prohibition and the super majority vote requirements will not apply to
business combinations between us and any person that are first approved by our board of directors. As a result, any such person may be
able to enter into business combinations with us that may not be in the best interest of our stockholders, without compliance with the
super majority vote requirements and other provisions of the statute.

Should our board of directors
opt into the business combination statute or fail to first approve a business combination, it may discourage others from trying to acquire
control of us and increase the difficulty of consummating any offer.

<div align='center'>139</div>

Control Share Acquisitions

The MGCL provides that a
holder of control shares of a Maryland corporation acquired in a control share acquisition have no voting rights with respect to such
shares except to the extent approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled
to be cast on the matter. Shares of common stock owned by the acquirer, by officers or by employees who are directors of the corporation
are not entitled to vote on the matter. “Control shares” are voting shares of stock which, if aggregated with all other shares
of stock owned by the acquirer or with respect to which the acquirer has the right to vote or to direct the voting of, other than solely
by virtue of a revocable proxy, would entitle the acquirer to exercise voting power in electing directors within one of the following
ranges of voting powers:

| · | One-tenth or                  
 more but less than one-third; |

| · | One-third or                      
 more but less than a majority; or |

| · | A majority                   
 or more of all voting power. |

Control shares do not include
shares of stock the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval or shares
acquired directly from the corporation. Except as otherwise specified in the statute