Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 345

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 345
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 95% gross income tests. Finally, certain
foreign currency gains will be excluded from gross income for purposes of one or both of the gross income tests. See “— Foreign
Currency Gain.” The following paragraphs discuss the specific application of the gross income tests to us.

Rents from Real Property.
Rent that we receive, including as a result of our ownership of preferred or common equity interests in a partnership that owns rental
properties, from our real property will qualify as “rents from real property,” which is qualifying income for purposes of
the 75% and 95% gross income tests, only if the following conditions are met:

| · | First, the rent must not                                                                                                                 
 be based, in whole or in part, on the income or profits of any person, but may be based on a fixed percentage or percentages of receipts 
 or sales.                                                                                                                                |

| · | Second, neither we nor                                                                                                           
 a direct or indirect owner of 10% or more of our stock may own, actually or constructively, 10% or more of a tenant from whom we 
 receive rent, other than a TRS.                                                                                                  |

| · | Third, if the rent attributable                                                                                                    
 to personal property leased in connection with a lease of real property is 15% or less of the total rent received under the lease, 
 then the rent attributable to personal property will qualify as rents from real property. The allocation of rent between real and  
 personal property is based on the relative fair market values of the real and personal property. However, if the 15% threshold is  
 exceeded, the rent attributable to personal property will not qualify as rents from real property.                                 |

| · | Fourth, we generally must                                                                                                            
 not operate or manage our real property or furnish or render services to our tenants, other than through an “independent contractor” 
 who is adequately compensated and from whom we do not derive revenue. However, we need not provide services through an “independent  
 contractor,” but instead may provide services directly to our tenants, if the services are “usually or customarily rendered”         
 in connection with the rental of space for occupancy only and are not considered to be provided for the tenants’ convenience.        
 In addition, we may provide a minimal amount of “noncustomary” services to the tenants of a property, other than through             
 an independent contractor, as long as our income from the services (valued at not less than 150% of our direct cost of performing    
 such services