Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 251

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 251
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 wholly-owned or majority-owned
subsidiaries, we and the operating partnership will be engaged primarily in the non-investment company businesses of these subsidiaries.

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Even if the value of investment
securities held by our subsidiaries were to exceed 40%, we expect our subsidiaries to be able to rely on the exclusion from the definition
of “investment company” provided by Section 3(c)(5)(C) of the Investment Company Act. Section 3(c)(5)(C),
as interpreted by the staff of the SEC, requires our subsidiaries to invest at least 55% of its portfolio in “mortgage and other
liens on and interests in real estate,” which we refer to as “qualifying real estate assets” and maintain at least
80% of its assets in qualifying real estate assets or other real estate-related assets. The remaining 20% of the portfolio can consist
of miscellaneous assets.

For purposes of the exclusions
provided by Sections 3(c)(5)(C), we will classify the investments made by our subsidiaries based on no-action letters issued by
the SEC staff and other SEC interpretive guidance.

Consistent with guidance
issued by the SEC, we will treat our subsidiaries’ joint venture investments as qualifying assets that come within the 55% basket
only if we have the right to approve major decisions affecting the joint venture; otherwise, they will be classified as real-estate related
assets.

In the event that we, or
our operating partnership, were to acquire assets that could make either entity fall within the definition of investment company under
Section 3(a)(1) of the Investment Company Act, we believe that we would still qualify for an exclusion from registration pursuant
to Section 3(c)(6). Section 3(c)(6) excludes from the definition of investment company any company primarily engaged,
directly or through majority owned subsidiaries, in one or more of certain specified businesses. These specified businesses include the
business described in Section 3(c)(5)(C) of the Investment Company Act. It also excludes from the definition of investment
company any company primarily engaged, directly or through majority owned subsidiaries, in one or more of such specified businesses from
which at least 25% of such company’s gross income during its last fiscal year is derived, together with any additional business
or businesses other than investing, reinvesting, owning, holding, or trading in securities. Although the SEC staff has issued little
interpretive guidance with respect