Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 355

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 355
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 the definition of securities for purposes of the 10%
vote test and the 10% value test. We intend to make mezzanine loans only to the extent that such loans will not cause us to fail the
asset tests described above.

We will monitor the status
of our assets for purposes of the various asset tests and will manage our portfolio in order to comply at all times with such tests.
However, there is no assurance that we will not inadvertently fail to comply with such tests. If we fail to satisfy the asset tests at
the end of a calendar quarter, we will not lose our REIT qualification if:

| · | we satisfied the asset                                  
 tests at the end of the preceding calendar quarter; and |

| · | the discrepancy between                                                                                                          
 the value of our assets and the asset test requirements arose from changes in the market values of our assets and was not wholly 
 or partly caused by the acquisition of one or more non-qualifying assets.                                                        |

If we did not satisfy the
condition described in the second item, above, we still could avoid disqualification by eliminating any discrepancy within 30 days after
the close of the calendar quarter in which it arose.

If we violate the 5% asset
test, the 10% vote test or the 10% value test described above at the end of any quarter of each taxable year, we will not lose our REIT
qualification if (1) the failure is de minimis(up to the lesser of 1% of the value of our assets or $10 million)
and (2) we dispose of assets causing the failure or otherwise comply with the asset tests within six months after the last day of
the quarter in which we identify such failure. In the event of a failure of any of the asset tests (other than de minimisfailures
described in the preceding sentence), as long as the failure was due to reasonable cause and not to willful neglect, we will not lose
our REIT qualification if we (1) dispose of assets causing the failure or otherwise comply with the asset tests within six months
after the last day of the quarter in which we identify the failure, (2) file a description of each asset causing the failure with
the IRS and (3) pay a tax equal to the greater of $50,000 or 21% of the net income from the assets causing the failure during the
period in which we failed to satisfy the asset tests.

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