Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 119

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 119
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investments, certain joint venture investments may not constitute qualifying real estate assets and therefore investments in these types
of assets may be limited. No assurance can be given that the SEC will concur with our classification of our assets. Future revisions to
the Investment Company Act or further guidance from the SEC may cause us to lose our exclusion from registration or force us to re-evaluate
our portfolio and our investment strategy. Such changes may prevent us from operating our business successfully.

In the event that we, or our
Operating Partnership, were to acquire assets that could make either entity fall within the definition of investment company under Section 3(a)(1) of
the Investment Company Act, we believe that we would still qualify for an exclusion from registration pursuant to Section 3(c)(6).
Section 3(c)(6) excludes from the definition of investment company any company primarily engaged, directly or through majority
owned subsidiaries, in one or more of certain specified businesses. These specified businesses include the real estate business described
in Section 3(c)(5)(C) of the Investment Company Act. It also excludes from the definition of investment company any company
primarily engaged, directly or through majority owned subsidiaries, in one or more of such specified businesses from which at least 25%
of such company’s gross income during its last fiscal year is derived, together with any additional business or businesses
other than investing, reinvesting, owning, holding, or trading in securities. Although the SEC staff has issued little interpretive guidance
with respect to Section 3(c)(6), we believe that we and our Operating Partnership may rely on Section 3(c)(6) if 55% of
the assets of our Operating Partnership consist of, and at least 55% of the income of our Operating Partnership is derived from, qualifying
real estate assets owned by wholly owned or majority owned subsidiaries of our Operating Partnership.

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In addition, we believe that
the nature of our assets and the sources of our income exclude us from the definition of an investment company pursuant to Rule 3a-1
under the Investment Company Act. Rule 3a-1 provides an exclusion from registration as an investment company if an issuer meets both
an asset and an income test and is not otherwise primarily engaged in an investment company business by, among other things, holding itself
out to the public as such or by taking controlling interests in companies with a view to realizing profits through subsequent sales of
these interests. Generally