Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 22

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 22
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 Code, other tax considerations,
and other factors deemed relevant by our board of directors. As a result, our distribution rate and payment frequency may vary from time
to time. We reserve the right to adjust the periods during which distributions accrue and are paid. See “Description of Capital
Stock–Distributions.”

Generally, our policy is to
pay distributions from cash flow from operations. However, from time to time, we may not generate sufficient cash flow from operations
or funds from operations to fully fund distributions. Therefore, some or all of our cash distributions may be paid from other sources,
such as cash flows from financing activities, which may include borrowings and net proceeds from shares sold in this offering or our common
stock offering, proceeds from the issuance of additional shares pursuant to any future common stock distribution reinvestment plan, cash
resulting from a waiver or deferral of fees or expense reimbursements otherwise payable to the Manager or its affiliates, cash resulting
from the Manager or its affiliates paying certain of our expenses, proceeds from the sales of assets, and from our cash balances. There
is no limit on distributions that may be made from these sources; however, our Manager and its affiliates are under no obligation to defer
or waive fees in order to support our distributions.

REIT Status

As long as we maintain our
qualification as a REIT, we generally will not be subject to U.S. federal income or excise tax on income that we currently distribute
to our stockholders. Under the Code, a REIT is subject to numerous organizational and operational requirements, including a requirement
that it annually distribute at least 90% of its REIT taxable income (determined without regard to the deduction for dividends paid and
excluding net capital gain) to its stockholders. If we fail to qualify or maintain our qualification as a REIT in any year, our income
will be subject to U.S. federal income tax at regular corporate rates, regardless of our distributions to stockholders, and we may be
precluded from qualifying for treatment as a REIT for the four-year period immediately following the taxable year in which such failure
occurs. In addition, under applicable Treasury Regulations, if Bluerock Residential failed to qualify as a REIT during certain periods
prior to the Distribution, unless Bluerock Residential’s failure were subject to relief under U.S. federal income tax laws, we would
be prevented from electing to qualify as a REIT prior to the fifth calendar year following the year in which