Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 116

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 116
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 us from the definition of an investment company pursuant to Rule 3a-1
under the Investment Company Act. Rule 3a-1 provides an exclusion from registration as an investment company if an issuer meets both
an asset and an income test and is not otherwise primarily engaged in an investment company business by, among other things, holding itself
out to the public as such or by taking controlling interests in companies with a view to realizing profits through subsequent sales of
these interests. Generally, an issuer satisfies the asset test of Rule 3a-1 if it has no more than 45% of the value of its total
assets (exclusive of U.S. government securities and cash items) in the form of securities other than interests in majority owned subsidiaries
and companies which it primarily controls. A company satisfies the income test of Rule 3a-1 if it has derived no more than 45% of
its net income after taxes for its last four fiscal quarters combined from securities other than interests in majority owned subsidiaries
and primarily controlled companies through which it engages primarily in a business other than investing in securities. We believe that
as long as we control more than 25% of the voting power, which control is greater than any other person’s, of our Operating Partnership
we may rely on Rule 3a-1.

To ensure that neither we,
nor our Operating Partnership nor subsidiaries are required to register as an investment company, each entity may be unable to sell assets
they would otherwise want to sell and may need to sell assets they would otherwise wish to retain. In addition, we, our Operating Partnership
or our subsidiaries may be required to acquire additional income or loss-generating assets that we might not otherwise acquire or forego
opportunities to acquire interests in companies that we would otherwise want to acquire. Although we, our Operating Partnership and our
subsidiaries intend to monitor our respective portfolios periodically and prior to each acquisition or disposition, any of these entities
may not be able to maintain an exclusion from registration as an investment company. If we, our Operating Partnership or our subsidiaries
are required to register as an investment company but fail to do so, the unregistered entity would be prohibited from engaging in our
business, and criminal and civil actions could be brought against such entity. In addition, the contracts of such entity would be unenforceable
unless a court required enforcement, and a court could appoint a receiver to take control of the entity and liquidate its business.

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