Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 319

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 319
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 a tenant (other than a TRS) of ours, our Operating Partnership’s 
 or a subsidiary partnership’s real property, within the meaning of Section 856(d)(2)(B) of the Code;                                        |

| · | cause us to fail to qualify as a 
 REIT under the Code; or          |

| · | cause the acquisition                                                                                                
 of our common stock by such redeeming limited partner to be “integrated” with any other distribution of common stock 
 for purposes of complying with the registration provisions of the Securities Act.                                    |

We may, in our sole and absolute discretion, waive
certain of these restrictions.

Subject to the foregoing,
limited partners of our Operating Partnership holding OP Units will be able to exercise their redemption rights (x) at any time,
with respect to OP Units held by such limited partners at the time of the Separation and Distribution, and (y) after one year following
the date of issuance of their OP Units, with respect to OP Units acquired by limited partners after the Separation and Distribution.
However, a limited partner will not be permitted to deliver more than two notices of redemption during each calendar year (subject to
the terms of any agreement between us, as general partner, and a limited partner) and will not be permitted to exercise its redemption
right for less than 1,000 OP Units (unless such limited partner holds less than 1,000 OP Units, in which case, it must exercise its redemption
right for all of its OP Units). In the event a limited partner of our Operating Partnership exercises its redemption rights, and we elect
to redeem the OP Units by the issuance of shares of our common stock, we expect to issue unregistered shares, or shares that will be
registered after completion of our first underwritten public offering, if any, in connection with any such redemption transaction.

Exculpation and Indemnification of the General Partner

The partnership agreement
provides for the indemnification of us as the general partner, and of our officers, directors and employees and any other persons we
may designate from and against any and all claims that relate to the operations of our Operating Partnership as set forth in the partnership
agreement in which any such indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established
that:

| · | the act or                                                                                                                       
 omission of the indemnitee was material to the matter giving rise to the proceeding and either was committed in bad