51 WEST 52ND STREET
NEW YORK, N.Y. 10019-6150
TELEPHONE: (212) 403-1000
FACSIMILE: (212) 403-2000
___________
MARTIN LIPTON HERBERT M. WACHTELL THEODORE N. MIRVIS EDWARD D. HERLIHY DANIEL A. NEFF ANDREW R. BROWNSTEIN STEVEN A. ROSENBLUM JOHN F. SAVARESE SCOTT K. CHARLES JODI J. SCHWARTZ ADAM O. EMMERICH RALPH M. LEVENE RICHARD G. MASON DAVID M. SILK ROBIN PANOVKA DAVID A. KATZ ILENE KNABLE GOTTS JEFFREY M. WINTNER TREVOR S. NORWITZ BEN M. GERMANA ANDREW J. NUSSBAUM RACHELLE SILVERBERG STEVEN A. COHEN | DEBORAH L. PAUL DAVID C. KARP RICHARD K. KIM JOSHUA R. CAMMAKER MARK GORDON JEANNEMARIE O’BRIEN WAYNE M. CARLIN STEPHEN R. DiPRIMA NICHOLAS G. DEMMO IGOR KIRMAN JONATHAN M. MOSES T. EIKO STANGE WILLIAM SAVITT ERIC M. ROSOF GREGORY E. OSTLING DAVID B. ANDERS ANDREA K. WAHLQUIST ADAM J. SHAPIRO NELSON O. FITTS JOSHUA M. HOLMES DAVID E. SHAPIRO DAMIAN G. DIDDEN IAN BOCZKO |
GEORGE A. KATZ (1965–1989) JAMES H. FOGELSON (1967–1991) LEONARD M. ROSEN (1965–2014) ___________
OF COUNSEL | MATTHEW M. GUEST DAVID E. KAHAN DAVID K. LAM BENJAMIN M. ROTH JOSHUA A. FELTMAN ELAINE P. GOLIN | JENNA E. LEVINE RYAN A. McLEOD ANITHA REDDY JOHN L. ROBINSON JOHN R. SOBOLEWSKI STEVEN WINTER | |
MICHAEL H. BYOWITZ KENNETH B. FORREST SELWYN B. GOLDBERG PETER C. HEIN JB KELLY MEYER G. KOPLOW JOSEPH D. LARSON LAWRENCE S. MAKOW DOUGLAS K. MAYER PHILIP MINDLIN DAVID S. NEILL HAROLD S. NOVIKOFF LAWRENCE B. PEDOWITZ | ERIC S. ROBINSON ERIC M. ROTH PAUL K. ROWE DAVID A. SCHWARTZ MICHAEL J. SEGAL ROSEMARY SPAZIANI ELLIOTT V. STEIN WARREN R. STERN LEO E. STRINE, JR.* PAUL VIZCARRONDO, JR. PATRICIA A. VLAHAKIS AMY R. WOLF MARC WOLINSKY | EMIL A. KLEINHAUS KARESSA L. CAIN RONALD C. CHEN GORDON S. MOODIE BRADLEY R. WILSON GRAHAM W. MELI GREGORY E. PESSIN CARRIE M. REILLY MARK F. VEBLEN SARAH K. EDDY VICTOR GOLDFELD BRANDON C. PRICE KEVIN S. SCHWARTZ MICHAEL S. BENN SABASTIAN V. NILES ALISON ZIESKE PREISS TIJANA J. DVORNIC | EMILY D. JOHNSON JACOB A. KLING RAAJ S. NARAYAN VIKTOR SAPEZHNIKOV MICHAEL J. SCHOBEL ELINA TETELBAUM ERICA E. BONNETT LAUREN M. KOFKE ZACHARY S. PODOLSKY RACHEL B. REISBERG MARK A. STAGLIANO CYNTHIA FERNANDEZ LUMERMANN CHRISTINA C. MA NOAH B. YAVITZ |
* ADMITTED IN DELAWARE ___________
COUNSEL
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DAVID M. ADLERSTEIN SUMITA AHUJA AMANDA K. ALLEXON LOUIS J. BARASH FRANCO CASTELLI ANDREW J.H. CHEUNG PAMELA EHRENKRANZ KATHRYN GETTLES-ATWA ADAM M. GOGOLAK | NANCY B. GREENBAUM MARK A. KOENIG CARMEN X.W. LU J. AUSTIN LYONS ALICIA C. McCARTHY NEIL M. SNYDER S. CHRISTOPHER SZCZERBAN JEFFREY A. WATIKER | ||
Direct Dial: (212) 403-1005
Direct Fax: (212) 403-2005
E-Mail: VGoldfeld@wlrk.com
August 1, 2022
Via EDGAR
Austin Wood
Pam Long
Division of Corporation Finance
Office of Real Estate & Construction
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549
| Re: | Bluerock Homes Trust, Inc. Amendment No. 1 to Form 10-12B Filed April 22, 2022 File No. 001-41322 |
Dear Mr. Wood and Ms. Long:
Further to recent discussions with the Staff of the Division of Corporation Finance and the Office of the Chief Accountant (the “Staff”), we are writing to provide supplemental information on behalf of our client, Bluerock Homes Trust, Inc. (the “Company”), regarding the Company’s registration statement on Form 10 (the “Registration Statement”) filed with the Securities and Exchange Commission on April 22, 2022.
As discussed with the Staff, the Company has confirmed that upon completion of the spin-off, pursuant to a separation and distribution agreement, the Company will be the owner of the legal entities that held certain assets as of December 31, 2020 (the “Previously Disposed Assets”) prior to their disposition in 2021. As such, the Company’s proposed presentation of its predecessor financial statements to include these entities is necessary to reflect the legal structure of the Company following the spin-off. Further, the Company respectfully submits that in the post-event financial statements, after completion of the spin-off, GAAP would require the inclusion of these entities in the Company’s financial statements for all periods presented.
As a result of the inclusion of the Previously Disposed Assets in the Company’s predecessor, the Company’s predecessor balance sheet as of December 31, 2020 reflects total assets of approximately $491.8 million and none of the Company’s properties (including the Relevant Properties (as defined in the SEC’s letter to the Company dated April 8, 2022) exceeds the significance threshold for real estate acquisitions set forth in Rule 3-14 of Regulation S-X.
These calculations with respect to the Relevant Properties are set forth in the table below.
| Property | Acquisition Date | Investment (In millions) | % of December 31, 2020 Total Assets | |||||||
| Yauger Park Villas | April 14, 2021 | $ | 24.5 | 5.0 | % | |||||
| Wayford at Concord | June 4, 2021 | 44.4 | 9.0 | % | ||||||
| Springfield | August 18, 2021 | 49.0 | 10.0 | % | ||||||
| ILE | October 4, 2021 | 57.1 | 11.6 | % | ||||||
| Texas Portfolio 183 | December 22, 2021 | 28.3 | 5.8 | % | ||||||
| DFW 189 | December 29, 2021 | 27.7 | 5.6 | % | ||||||
In addition, in order to provide investors with additional information regarding the Company, the Company will include in its Registration Statement the audited combined financial statements of the Predecessor as of and for the six-month period ended June 30, 2022. The Company will also expand Management’s Discussion & Analysis in the Registration Statement to include the impact of these acquisitions on the Company’s results of operations for the six months ended June 30, 2022.
* * * * * *
If you have any questions concerning the above, please do not hesitate to contact the undersigned at (212) 403-1005 or VGoldfeld@wlrk.com, or my colleague Elizabeth A. Ingriselli, at (212) 403-1130 or EAIngriselli@wlrk.com.
| Sincerely yours, | |
| /s/ Victor Goldfeld | |
| Victor Goldfeld |
| cc: | Michael Konig, Bluerock Residential Growth REIT, Inc. |
Jason Emala, Bluerock Asset Management, LLC
Elizabeth A. Ingriselli, Wachtell, Lipton, Rosen & Katz