Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 366

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 366
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 any other actual or deemed distributions from
us that such U.S. stockholder treats as long-term capital gain. All or a portion of any loss that a U.S. stockholder realizes upon a
taxable disposition of shares of our Series B Redeemable Preferred Stock may be disallowed if the U.S. stockholder purchases substantially
identical stock within 30 days before or after the disposition.

Redemptions.
As described in “Description of Capital Stock—Series B Redeemable Preferred Stock— Optional Redemption by
the Company” and “— Optional Redemption Following Death or Qualifying Disability of a Holder,” we have
the option to pay the redemption price, in whole or in part, in cash or shares of our Class A common stock.

If we elect to pay the entire
redemption price in our Class A common stock, U.S. stockholders will not recognize gain or loss, except to the extent they receive
cash in lieu of fractional shares. A U.S. stockholder’s tax basis in our Class A common stock received will be equal to its
adjusted tax basis in the Series B Redeemable Preferred Stock being redeemed less any portion allocable to cash received in lieu
of a fractional share. Cash received in lieu of a fractional share generally will be treated as a payment in a taxable exchange for such
fractional share, and gain or loss will be recognized on the receipt of cash in an amount equal to the difference between the amount
of cash received and the adjusted tax basis allocable to the fractional share deemed exchanged. This gain or loss will be long-term capital
gain or loss if the U.S. stockholder has held our Series B Redeemable Preferred Stock for more than one year at the time of conversion.

If we elect to pay the redemption
price partly in our Class A common stock and partly in cash, U.S. stockholders will recognize no loss on the redemption. If a U.S.
stockholder realizes gain on the redemption, the stockholder will be required to recognize that gain in an amount equal to the lesser
of (1) the gain realized and (2) the amount of cash received, excluding cash attributable to a fractional share. Cash received
in lieu of fractional shares will be treated as described in the paragraph above. U.S. stockholders will realize gain to the extent the
sum of the cash and the fair market value of our Class A common stock received exceeds their adjusted tax basis in the Series B
Redeemable Preferred Stock. A U