Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 268

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 268
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 our board of directors, pursuant to Section 6.1.7 of our charter, to Par Sanda and Sand
Capital Associates, LLC, a Florida limited liability company (together, the “Sand Group”) from the 9.8% Ownership Limitation
and establishing an Excepted Holder Limit (as defined in our charter) for the Sand Group, subject to certain limitations and conditions
(collectively, the “Original Exemption”). The Decreased Ownership Limits and the Original Exemption were to terminate no
later than December 28, 2024 (the “Revocation Date”). On November 5, 2024, pursuant to our charter, our board of
directors adopted resolutions to modify and extend the Original Exemption (the “Modified Exemption”) such that the Revocation
Date will be no later than December 31, 2025 (the “Extended Revocation Date”); provided, however, that the Modified
Exemption is conditioned on the same terms as the Original Exemption, with the exception of the Extended Revocation Date.

To assist us in qualifying
and preserving our status as a REIT, among other purposes, our charter also contains limitations on the ownership and transfer of shares
of capital stock that would:

| · | result in our capital stock                                                                                   
 being beneficially owned by fewer than 100 persons, determined without reference to any rules of attribution; |

| · | result in our company being                                
 “closely held” under the U.S. federal income tax laws; and |

| · | cause our company to own,                                                                                                           
 actually or constructively, 9.8% or more of the ownership interests in a tenant of our real property, under the U.S. federal income 
 tax laws or otherwise fail to qualify as a REIT.                                                                                    |

Any attempted transfer of
our stock, which, if effective, would result in our stock being beneficially owned by fewer than 100 persons, will be null and void,
with the intended transferee acquiring no rights in such shares of stock. If any transfer of our stock occurs which, if effective, would
result in any person owning shares in violation of the other limitations described above (including the 9.8% Ownership Limitation), then
that number of shares the ownership of which otherwise would cause such person to violate such limitations, rounded up to the nearest
whole share, will automatically result in such shares being designated as shares-in-trust and transferred automatically to a trust effective