Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 178

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 178
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 to Section 3(c)(5)(C) of the Investment Company Act, which is available for entities “primarily engaged in
the business of purchasing or otherwise acquiring mortgages and other liens on and interests in real estate.” This exemption, as
interpreted by the staff of the SEC, generally requires that at least 55% of a subsidiary’s portfolio must be comprised of “qualifying
interests” and an additional 25% of the subsidiary’s portfolio be comprised of real estate-related interests, although this
percentage may be reduced to the extent that more than 55% of the subsidiary’s assets are comprised of qualifying interests (as
such terms have been interpreted by the staff of the SEC under the Investment Company Act), and no more than 20% may be comprised of assets
that are neither qualifying interests nor real estate-related assets. Qualifying Interests for this purpose include mortgage loans and
other assets such as certain “B” notes and tier one mezzanine loans, which the SEC staff in various no-action letters has
determined are the functional equivalent of mortgage loans for the purposes of the Investment Company Act. We intend to treat as real
estate-related assets any securities of companies primarily engaged in real estate businesses that are not within the scope of SEC positions
and/or interpretations regarding qualifying interests and that are not, themselves, indirect wholly-owned subsidiaries of the Operating
Partnership. Although we intend to monitor our portfolio periodically and prior to each investment acquisition or disposition, there can
be no assurance that we will be able to maintain this exemption from registration for each of our subsidiaries.

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In addition, we, the Operating
Partnership and/or our subsidiaries may rely upon other exceptions and exemptions, including the exemptions provided by Section 3(c)(6) of
the Investment Company Act (which exempts, among other things, parent entities whose primary business is conducted through majority-owned
subsidiaries relying upon the exemption provided by Section 3(c)(5)(C), discussed above), from the definition of an investment company
and the registration requirements under the Investment Company Act.

Qualification for exemption
from registration under the Investment Company Act could limit our ability to make certain investments. For example, these restrictions
could limit the ability of a subsidiary seeking to rely on the exemption provided by Section 3(c)(5)(C) of the Investment Company
Act to invest in securities that the SEC has not deemed qualifying interests.

However, there can be no assurance