Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 28

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 28
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, which may include the funding of capital improvements at properties. See “Estimated               
 Use of Proceeds.”                                                                                                                         |
| NYSE American Symbol for Class A common stock |     | Our Class A common                                                                                                                        
 stock is listed on the NYSE American under the trading symbols “BHM.” There is no established public trading                              
 market for the offered shares of Series B Redeemable Preferred Stock and we do not expect a market to develop. We do not intend           
 to apply for a listing of the Series B Redeemable Preferred Stock on any national securities exchange.                                    |

Covered Security. The
term “covered security” applies to securities exempt from state registration because of their oversight by federal authorities
and national-level regulatory bodies pursuant to Section 18 of the Securities Act of 1933, as amended, or the Securities Act. Generally,
securities listed on national exchanges are the most common type of covered security exempt from state registration. A non-traded security
also can be a covered security if it has a seniority greater than or equal to other securities from the same issuer that are listed on
a national exchange, such as the NYSE American. Our Series B Redeemable Preferred Stock is a covered security because it is senior
to our common stock and therefore is exempt from state registration.

There are several advantages
to both issuers and investors of a security being deemed a covered security. These include:

| · | More                                                                                                                                       
 Investors — Covered securities can be purchased by a broader range of investors than can non-covered securities.                           
 Non-covered securities are subject to suitability requirements that vary from state to state. These so-called “Blue Sky”                   
 regulations often prohibit the sale of securities to certain investors and may prohibit the sale of securities altogether until a specific 
 volume of sales have been achieved in other states.                                                                                        |

| · | Issuance                                                                                                                              
 Costs — Covered securities may have lower issuance costs since they avoid the expense of dealing with the various                     
 regulations of each of the 50 states and Washington, D.C. This could save time and money and allows issuers of covered securities the 
 flexibility to enter the real estate markets at a time of their choosing. All of our investors would benefit from any lower issuance  
 costs that may be achieved.                                                                                                           |

There are several disadvantages
to investors of a security being deemed a covered security. These include:

| · | Lack                                                                                                                 
 of Suitability Standards — Since there are