Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 354

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 354
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 whose income is subject to U.S. federal income taxation regardless of its source; or |

| · | any trust if (1) a court is able to exercise primary supervision over the administration of such trust and one or more United States persons (as defined in Section 7701(a)(30) of the Code) have the authority to control all substantial decisions of the trust or (2) it has a valid election in place to be treated as a U.S. person. |

If a partnership, entity or
arrangement treated as a partnership for U.S. federal income tax purposes holds our Series B Redeemable Preferred Stock, the U.S.
federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of
the partnership. If you are a partner in a partnership holding our Series B Redeemable Preferred Stock, you should consult your tax
advisor regarding the consequences of the ownership and disposition of our Series B Redeemable Preferred Stock by the partnership.

For any taxable year for which
we qualify for taxation as a REIT, amounts distributed to, and gains realized by, taxable U.S. stockholders with respect to our Series B
Redeemable Preferred Stock generally will be taxed as described below.

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Distributions on Our Series B Redeemable Preferred Stock. As long as we maintain our qualification as a REIT, a taxable U.S. stockholder must
generally take into account, as ordinary income, distributions made out of our current or accumulated earnings and profits that we do
not designate as capital gain dividends or retained long-term capital gain. For purposes of determining whether a distribution is made
out of our current or accumulated earnings and profits, our earnings and profits will be allocated first to our preferred stock dividends,
if any, and then to our common stock dividends. Individuals, trusts and estates generally may deduct 20% of the “qualified REIT
dividends” (i.e., REIT dividends other than capital gain dividends and portions of REIT dividends designated as “qualified
dividend income,” which in each case are already eligible for capital gain tax rates) they receive. The deduction for qualified
REIT dividends is not subject to the wage and property basis limits that apply to other types of “qualified business income.”
However, to qualify for this deduction, the U.S. stockholder receiving such dividends must hold the dividend-paying REIT stock for at
least 46 days (taking into