Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 300

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 300
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 partnership agreement. Alternatively, we may elect to purchase the OP Units by issuing shares of our common stock
for OP Units, based on the conversion ratio set forth in our partnership agreement.

The conversion ratio will
initially be one to one (1:1), but will be adjusted based on certain events including: (i) any distribution in shares of our common
stock to holders of our outstanding common stock, (ii) any subdivision of our outstanding common stock, or (iii) any reverse
split of the outstanding shares of our common stock into a smaller number of shares. Notwithstanding the foregoing, a limited partner
will not be entitled to exercise its redemption rights if the delivery of shares of our common stock to the redeeming limited partner
would:

| · | result in any person owning, directly or indirectly, shares of our common stock in excess of the stock ownership limits in our charter; |

| · | result in our common stock being beneficially owned by fewer than 100 persons (determined without reference to any rules of attribution); |

| · | result in our being “closely held” within the meaning of Section 856(h) of the Code; |

| · | cause us to own, actually or constructively, 10% or more of the ownership interests in 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