Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 240

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 240
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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.

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 would be investing either solely or primarily in real property,
they would not be within