Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 294

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 294
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 control of our
Operating Partnership, including the ability to cause our Operating Partnership to enter into certain major transactions, including acquisitions,
dispositions, and refinancings, select tenants for our properties, enter into leases for our properties, make distributions to partners,
and cause changes in our Operating Partnership’s business activities.

Limited partners other than
us own approximately 66% of our Operating Partnership. The limited partners of our Operating Partnership have no authority in their capacity
as limited partners to transact business for, or participate in the management activities or decisions of, our Operating Partnership except
as required by applicable law. Consequently, we, by virtue of our position as the sole general partner, control the assets and business
of our Operating Partnership.

In the partnership agreement,
the limited partners of our Operating Partnership expressly acknowledge that we, as general partner, are acting for the benefit of our
Operating Partnership, the limited partners and our stockholders, collectively. Except as further described below, neither we nor our
board of directors are under any obligation to give priority to the separate interests of the limited partners in deciding whether to
cause our Operating Partnership to take or decline to take any actions. In particular, we are under no obligation to consider any tax
consequences to limited partners when making decisions for the benefit of our Operating Partnership. If there is a conflict between the
interests of our stockholders, on the one hand, and the interests of the limited partners, on the other, we endeavor in good faith to
resolve the conflict in a manner not adverse to either our stockholders or the limited partners; provided, however, that for so long as
we own a controlling interest in our Operating Partnership, we agree to resolve any conflict that cannot be resolved in a manner not adverse
to either our stockholders or the limited partners in favor of our stockholders. We are not liable under the partnership agreement to
our Operating Partnership or to any limited partner for monetary damages for losses sustained, liabilities incurred, or benefits not derived
by limited partners in connection with such decisions so long as we have acted in good faith.

Organization and Capital Contributions

We are considered an umbrella
partnership real estate investment trust (an “UPREIT”). An UPREIT is a structure that allows REITs the ability to acquire
real property from sellers on a tax-deferred basis (to the sellers), as sellers can generally defer taxable gain that otherwise would
be required to be recognized by them upon the disposition of their property when such property is exchanged