Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 182

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 182
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 substantially reduced, and our business will be materially and adversely affected if we
fail to qualify for an exemption or exclusion from regulation under the Investment Company Act. If we did become an investment company,
we might be required to revise some of our current policies to comply with the Investment Company Act. This would require us to incur
the expense and delay of holding a stockholder meeting to vote on proposals for such changes. Please see “Risk Factors— Investment
Company Risks—We are not registered as an investment company under the Investment Company Act, and therefore we will not be subject
to the requirements imposed on an investment company by the Investment Company Act which may limit or otherwise affect our investment
choices.” Please also see “Risk Factors—Investment Company Risks—If the Company or the Operating Partnership is
required to register as an investment company under the Investment Company Act, the additional expenses and operational limitations associated
with such registration may reduce your investment return or impair our ability to conduct our business as planned.”

Additional Private Placements By the Operating Partnership

The Operating Partnership
may also offer undivided beneficial or similar interests in certain residential properties, including traditional multifamily apartment
communities, placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates to accredited investors
in private placements exempt from registration under the Securities Act. Such interests may serve as replacement properties for investors
seeking to complete like-kind exchange transactions under Section 1031 of the Code. The interests underlying the real properties
subject to such private placements would be leased back by an indirect wholly-owned subsidiary of the Operating Partnership on a long
term basis, which lease agreements would be supported by a demand note from the Operating Partnership. Currently such leases are structured
with a ten year term, but may be longer in the future. Such real properties would be subject to a fair market value purchase option whereby
the Operating Partnership would have the right, but not the obligation, to acquire the interests from investors at a later time in exchange
for OP Units.

<div align='center'>97

MANAGEMENT</div>

Executive Officers

The individuals listed as
our executive officers below also serve as officers of our Manager. As executive officers of our Manager, they manage the day-to-day affairs
and carry out the directives of our board of directors in the review, selection and recommendation of investment opportunities and operating
acquired investments and monitoring the performance of those investments to ensure that they are consistent with our investment objectives.

The following table sets forth certain information
con