Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 254

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 254
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 taxable year, other than our first REIT taxable year.

Because we expect our board
of directors to believe it is essential for our company to qualify and continue to qualify as a REIT and for other corporate purposes,
our charter, subject to the exceptions described below, provides that no person may own, or be deemed to own by virtue of the attribution
provisions of the U.S. federal income tax laws, more than 9.8% of:

| · | the total value of                                               
 the aggregate of the outstanding shares of our capital stock; or |

| · | the                                                                                                                   
 total value or number (whichever is more restrictive) of the aggregate of the outstanding shares of our common stock. |

Further, our charter provides
that no person may own more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding shares of Series A
Redeemable Preferred Stock. We refer to these limitations regarding the ownership of our stock collectively as the “9.8% Ownership
Limitation.” Further, our charter provides for certain circumstances where our board of directors may exempt (prospectively or retroactively)
a person from the 9.8% Ownership Limitation and establish or increase an excepted holder limit for such person. Subject to certain conditions,
our board of directors may also increase the 9.8% Ownership Limitation for one or more persons and decrease the 9.8% Ownership Limitation
for all other persons.

On
June 28, 2023, pursuant to Section 6.1.8 of Article VI of our charter, our board of directors adopted resolutions decreasing
the 9.8% Ownership Limitation from 9.8% to 8.75% (in value or in number of shares, whichever is more restrictive) for all stockholders
of the company that are not Excepted Holders (as defined in our charter) (collectively, the “Decreased Ownership Limits”),
in connection with an exemption granted by our board of directors, pursuant to Section 6.1.7 of our charter, to Par Sanda and Sand
Capital Associates, LLC, a Florida limited liability company (together, the “Sand Group”) from the 9.8% Ownership Limitation
and establishing an Excepted Holder Limit (as defined in our charter) for the Sand Group, subject to certain limitations and conditions
(collectively, the “Original Exemption”). The Decreased Ownership