Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 322

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 322
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 limited partnership interests (other than those held by us or our subsidiaries) unless we decide to continue the partnership by the admission of one or more limited partners; or |

| · | an election by us in our capacity as the general partner. |

Tax Matters

Our partnership agreement
provides that we, as the sole general partner of our Operating Partnership, will be the “partnership representative” of our
Operating Partnership and, as such, will have authority to handle tax audits and to make tax elections under the Code on behalf of our
Operating Partnership.

<div align='center'>153

MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</div>

This section summarizes the
material U.S. federal income tax considerations that you, as a holder of our Series B Redeemable Preferred Stock, may consider relevant
in connection with the purchase, ownership and disposition of our Series B Redeemable Preferred Stock. Paul Hastings L.L.P. has acted
as our special tax counsel, has reviewed this summary, and is of the opinion that the discussion contained herein is accurate in all material
respects. Because this section is a summary, it does not address all aspects of taxation that may be relevant to particular stockholders
in light of their personal investment or tax circumstances, or to certain types of stockholders that are subject to special treatment
under the U.S. federal income tax laws, such as:

| · | persons acting as nominees or otherwise not as beneficial owners; |

| · | dealers, brokers, or traders in securities or currencies; |

| · | insurance companies; |

| · | tax-exempt entities and organizations (except to the limited extent discussed in “—Taxation of Holders of Our Series B Redeemable Preferred Stock—Taxation of Tax-Exempt Stockholders” below); |

| · | financial institutions or broker-dealers; |

| · | non-U.S. individuals and foreign corporations (except to the limited extent discussed in “—Taxation of Holders of Our Series B Redeemable Preferred Stock—Taxation of Non-U.S. Stockholders” below); |

| · | former citizens or former long-term residents of the United States; |

| · | persons who mark-to-market our Series B Redeemable Preferred Stock; |

| · | subchapter S corporations; |

| · | U.S. stockholders (as defined below) whose functional currency is not the U.S. dollar; |

| · | regulated investment companies and REITs;