Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 203

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 203
---
 our stockholders. Our board of directors believes that an absolute prohibition on pledging would run counter to these objectives, with
the unintended and undesirable consequence of leaving our executive officers and directors with no means of accessing legitimate liquidity
needs, other than by the sale of their company securities holdings.

<div align='center'>100</div>

The Pledging Policy entirely
prohibits the company’s executive officers and directors from pledging, or otherwise using as collateral to secure any loan or other
obligation, any company securities that such executive officer or director is required to hold pursuant to the company’s Stock Ownership
Guidelines.

The Pledging Policy prohibits
any pledging by executive officers or directors for the purpose of hedging the pledgor’s exposure to fluctuations in the company’s
stock price.

The Pledging Policy strictly
limits pledges by our executive officers and directors, subject to audit committee oversight, to only those company securities they hold
in excess of the Stock Ownership Guidelines applicable to them (such excess, to the extent pledged, the “Pledged Shares”).
The Pledging Policy requires executive officers and directors to pre-certify and obtain pre-approval from the audit committee for any
such new pledging arrangement, and require re-certification to the audit committee of compliance with the Pledging Policy with respect
to existing pledging arrangements. In addition, the Pledging Policy requires all pledgors to annually certify to the audit committee his
or her ongoing compliance therewith.

The Pledging Policy further
limits the number of permitted Pledged Shares by setting a maximum leverage rate of thirty percent (30%), such that the number of Pledged
Shares cannot exceed, on an annual basis, thirty percent (30%) of the time-weighted value of the lender’s entire collateral package,
inclusive of the Pledged Shares.

The audit committee monitors
compliance with the Pledging Policy by requiring certain certifications from each executive officer or director with a new or existing
loan secured in part by Pledged Shares. Prior to entering into any such new pledge, an executive officer or director must certify to the
audit committee that the pledge is limited to only such company securities held in excess of the applicable Stock Ownership Guidelines,
and that its sole purpose is not to serve as a hedging arrangement. With respect to previously existing pledge arrangements, promptly
following adoption of the Pledging Policy, each executive officer or director must certify to the audit committee that its existing pledge
arrangement is not for the