Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 313

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 313
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-keeping requirements intended to monitor our compliance with rules relating to the composition of a REIT’s stockholders, as described below in “— Recordkeeping Requirements.” |

| · | The earnings of any lower-tier entities that are subchapter C corporations, including our TRSs will be subject to U.S. federal corporate income tax. |

In addition, notwithstanding
our qualification as a REIT, we may also have to pay certain state and local income taxes because not all states and localities treat
REITs in the same manner that they are treated for U.S. federal income tax purposes. Moreover, as further described below, our TRSs will
be subject to U.S. federal, state and local corporate income tax on their taxable income.

Requirements for Qualification as a REIT

A REIT is a corporation, trust,
or association that meets each of the following requirements:

| 1. | It is managed by one or more trustees or directors. |

| 2. | Its beneficial ownership is evidenced by transferable shares, or by transferable certificates of beneficial interest. |

| 3. | It would be taxable as a domestic corporation, but for the REIT provisions of the U.S. federal income tax laws. |

| 4. | It is neither a financial institution nor an insurance company subject to special provisions of the U.S. federal income tax laws. |

| 5. | At least 100 persons are beneficial owners of its shares or ownership certificates. |

| 6. | Not more than 50% in value of its outstanding shares or ownership certificates is owned, directly or indirectly, by five or fewer individuals, which the Code defines to include certain entities, during the last half of any taxable year. |

| 7. | It elects to be a REIT, or has made such election for a previous taxable year, and satisfies all relevant filing and other administrative requirements established by the IRS that must be met to elect and maintain REIT status. |

| 8. | It meets certain other qualification tests, described below, regarding the nature of its income and assets and the distribution of its income. |

| 9. | It uses a calendar year for U.S. federal income tax purposes and complies with the recordkeeping requirements of the U.S. federal income tax laws. |

| 10. | It has not been a party to a spin-off transaction that is tax-deferred under section 355 of the Code during the applicable period. |

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