Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 332

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 332
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 facility is operated. A TRS is not considered to operate or manage a “qualified healthcare property” or
“qualified lodging facility” solely because the TRS directly or indirectly possesses a license, permit, or similar instrument
enabling it to do so.

Rent that we receive from
a TRS will qualify as “rents from real property” as long as (1) at least 90% of the leased space in the property is leased
to persons other than TRSs and related-party tenants, and (2) the amount paid by the TRS to rent space at the property is substantially
comparable to rents paid by other tenants of the property for comparable space, as described in further detail below under “—
Gross Income Tests — Rents from Real Property.” If we lease space to a TRS in the future, we will seek to comply with these
requirements.

Gross Income Tests.
We must satisfy two gross income tests annually to maintain our qualification as a REIT. First, at least 75% of our gross income for each
taxable year must consist of defined types of income that we derive, directly or indirectly, from investments relating to real property
or mortgages on real property or qualified temporary investment income. Qualifying income for purposes of the 75% gross income test generally
includes:

| · | rents from real property; |

| · | interest on debt secured by mortgages on real property, or on interests in real property; |

| · | dividends or other distributions on, and gain from the sale of, shares in other REITs; |

| · | gain from the sale of a real estate asset (excluding gain from the sale of a debt instrument issued by a “publicly offered REIT” (i.e., a REIT required to file periodic and annual reports with the SEC under the Exchange Act) to the extent not secured by real property or an interest in real property) not held for sale to customers; |

| · | income and gain derived from foreclosure property; |

| · | amounts (other than amounts the determination of which depends in whole or in part on the income or profits of any person) received or accrued as consideration for entering into agreements to make loans secured by mortgages on real property or interests in real property or to purchase or lease real property (including interests in real property and interests in mortgages on real property); and |

Second, in general, at least
95% of our gross income for each taxable year must consist of income that is qualifying