Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 342

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 342
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 the following contingencies: |

| · | a contingency relating to the time of payment of interest or principal, as long as either (1) there is no change to the effective yield of the debt obligation, other than a change to the annual yield that does not exceed the greater of 0.25% or 5% of the annual yield, or (2) neither the aggregate issue price nor the aggregate face amount of the issuer’s debt obligations held by us exceeds $1 million and no more than 12 months of unaccrued interest on the debt obligations can be required to be prepaid; and |

| · | a contingency relating to the time or amount of payment upon a default or prepayment of a debt obligation, as long as the contingency is consistent with customary commercial practice. |

| · | Any loan to an individual or an estate; |

| · | Any “Section 467 rental agreement,” other than an agreement with a related party tenant; |

| · | Any obligation to pay “rents from real property”; |

| · | Certain securities issued by governmental entities; |

| · | Any security issued by a REIT; |

| · | Any debt instrument issued by an entity treated as a partnership for U.S. federal income tax purposes in which we are a partner to the extent of our proportionate interest in the equity and debt securities of the partnership; and |

| · | Any debt instrument issued by an entity treated as a partnership for U.S. federal income tax purposes not described in the preceding bullet points if at least 75% of the partnership’s gross income, excluding income from prohibited transactions, is qualifying income for purposes of the 75% gross income test described above in “— Gross Income Tests.” |

For purposes of the 10% value
test, our proportionate share of the assets of a partnership is our proportionate interest in any securities issued by the partnership,
without regard to the securities described in the last two bullet points above.

As described above, Revenue
Procedure 2003-65 provides a safe harbor pursuant to which certain mezzanine loans secured by a first priority security interest in ownership
interests in a partnership or limited liability company will be treated as qualifying assets for purposes of the 75% asset test (and therefore,
are not subject to the 5% asset test, the 10% vote test and the 10% value test). See “— Gross Income Tests.” Although
we anticipate that our mezzanine loans typically will not qualify for that safe