Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 262

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 262
---
 the trustee. The trust will distribute to the beneficiary any amounts received by the trust in
excess of the amounts to be paid to the Prohibited Owner. If, prior to our discovery that shares of our stock have been transferred to
the trust, the shares are sold by the proposed transferee, then the shares will be deemed to have been sold on behalf of the trust and,
to the extent that the Prohibited Owner received an amount for the shares that exceeds the amount the Prohibited Owner was entitled to
receive, the excess shall be paid to the trustee upon demand.

In addition, the shares-in-trust
will be deemed to have been offered for sale to us, or our designee, at a price per share equal to the lesser of:

| · | the price per                                                                                                                     
 share in the transaction that created such shares-in-trust or, in the case of a gift or devise, the market price per share on the 
 date of such gift or devise; or                                                                                                   |

| · | the market                                                                
 price per share on the date that we, or our designee, accepts such offer. |

We may reduce the amount
payable to the Prohibited Owner by the amount of dividends and other distributions that have been paid to the Prohibited Owner and are
owed by the Prohibited Owner to the trustee. We may pay the amount of such reduction to the trustee for the benefit of the beneficiary.

“Market price”
on any date means the closing price for our stock on such date. The “closing price” refers to the last sale price for such
shares, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way,
for such shares, in either case as reported in the principal consolidated transaction reporting system as reported by the primary securities
exchange or market on which our stock is then listed or quoted for trading. If our stock is not so listed or admitted to trading, the
“closing price” will mean the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in
the principal automated quotation system that may then be in use or, if such shares are not quoted by any such system, the average of
the closing bid and asked prices as furnished by a professional market maker making a market in such shares selected by the board of
directors or, in the event that no trading price is available for such shares, the fair market value of shares