Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 315

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 315
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 partner
will not be entitled to exercise its redemption rights if the delivery of shares of our common stock to the redeeming limited partner
would:

| · | result in any person owning, directly or indirectly, shares of our common stock in excess of the stock ownership limits in our charter; |

| · | result in our common stock being beneficially owned by fewer than 100 persons (determined without reference to any rules of attribution); |

| · | result in our being “closely held” within the meaning of Section 856(h) of the Code; |

| · | cause us to own, actually or constructively, 10% or more of the ownership interests in a tenant (other than a TRS) of ours, our Operating Partnership’s or a subsidiary partnership’s real property, within the meaning of Section 856(d)(2)(B) of the Code; |

| · | cause us to fail to qualify as a REIT under the Code; or |

| · | cause the acquisition of our common stock by such redeeming limited partner to be “integrated” with any other distribution of common stock for purposes of complying with the registration provisions of the Securities Act. |

We may, in our sole and absolute discretion, waive
certain of these restrictions.

Subject to the foregoing,
limited partners of our Operating Partnership holding OP Units will be able to exercise their redemption rights (x) at any time,
with respect to OP Units held by such limited partners at the time of the Separation and Distribution, and (y) after one year following
the date of issuance of their OP Units, with respect to OP Units acquired by limited partners after the Separation and Distribution. However,
a limited partner will not be permitted to deliver more than two notices of redemption during each calendar year (subject to the terms
of any agreement between us, as general partner, and a limited partner) and will not be permitted to exercise its redemption right for
less than 1,000 OP Units (unless such limited partner holds less than 1,000 OP Units, in which case, it must exercise its redemption right
for all of its OP Units). In the event a limited partner of our Operating Partnership exercises its redemption rights, and we elect to
redeem the OP Units by the issuance of shares of our common stock, we expect to issue unregistered shares, or shares that will be registered
after completion of our first underwritten public offering, if any, in connection with any such redemption transaction.

Excul