Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 248

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 248
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 Issuers

Although we have no current
intention of doing so, subject to the percentage of ownership limitations, asset tests and gross income tests necessary for REIT qualification,
we may invest, without stockholder approval, in securities of other REITs, other entities engaged in real estate activities or other
issuers, including for the purpose of exercising control over such entities. We may invest in the debt or equity securities of such entities,
including for the purpose of exercising control over such entities. We have no current plans to invest in entities that are not engaged
in real estate activities. While we may attempt to diversify our investments, in terms of property locations, size and market, we do
not have any limit on the amount or percentage of our assets that may be invested in one entity, property or geographic area. In any
event, we do not intend that any such investments in securities will require us to register as an investment company under the Investment
Company Act, and we intend to divest of securities before any registration would be required.

Investments in Other Securities

Other than as described above,
we do not intend to invest in any additional securities such as bonds, preferred stocks or common stock.

Investments in and Originating Real Estate-Related Investments

We generally do not intend
to invest in or originate first or second mortgages, subordinated, bridge and other real estate-related loans, debt securities related
to or secured by real estate assets, or common and preferred equity securities, including equity securities of other REITs or real estate
companies. Excluded from this category are joint venture investments in which we exercise some control and generally, with respect to
development projects, preferred equity and subordinated loans with equity participation. Although we do not intend to make such investments,
our charter does not limit the amount of gross offering proceeds that we may apply to loan investments. Our charter also does not place
any limit or restriction on the percentage of our assets that may be invested in any type of loan or in any single loan, or the types
of properties subject to mortgages or other loans in which we could invest.

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Financing Policy

We intend to use prudent
amounts of leverage in connection with our operations. As of September 30, 2025, our total indebtedness was approximately $426.0
million. Once we reach sufficient scale, we generally expect our total indebtedness to be less than 75% of the fair market value of our
real