Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 180

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 180
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ity-owned subsidiaries. The company and the Operating Partnership do not and will not hold themselves out as investment companies.
Both the company and the Operating Partnership intend to conduct their operations so that they comply with the limits imposed by the 40%
test. We expect the focus of our business will involve investments in real estate, buildings, and other assets that can be referred to
as “sticks and bricks” and therefore we will not be an investment company under Section 3(a)(1)(A) of the Investment
Company Act. The securities issued to our Operating Partnership by any wholly owned or majority-owned subsidiaries that we may form in
the future that are excepted from the definition of “investment company” based on Section 3(c)(1) or Section 3(c)(7) of
the Investment Company Act, together with any other investment securities the Operating Partnership may itself own, will not have a value
in excess of 40% of the value of the Operating Partnership’s total assets on an unconsolidated basis. We will monitor our holdings
to ensure continuing and ongoing compliance with this test. In addition, we believe neither the company nor the Operating Partnership
nor any direct or indirect majority-owned or wholly-owned subsidiary will be considered an investment company under Section 3(a)(1)(A) of
the Investment Company Act because it will not engage primarily or hold itself out as being engaged primarily in the business of investing,
reinvesting or trading in securities. Rather, through the Operating Partnership’s wholly-owned or majority-owned subsidiaries, the
company and the Operating Partnership will be primarily engaged in the non-investment company businesses of these subsidiaries.

The determination of whether
an entity is a majority-owned subsidiary of its immediate parent company is made by us. The Investment Company Act defines a majority-owned
subsidiary of a person as a company 50% or more of the outstanding voting securities of which are owned by such person. The Investment
Company Act further defines voting securities as any security presently entitling the owner or holder thereof to vote for the election
of directors of a company. We treat companies in which we own at least 50% of the outstanding voting securities as majority-owned subsidiaries
for purposes of the 40% test. We have not requested the SEC to approve our treatment of any company as a majority-owned subsidiary and
the SEC has not done so. If the SEC were to disagree with our treatment of one or more companies as majority-owned subsidiaries, we might
need to adjust our strategy and our