Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 314

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 314
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 income, deduction, and credit of a “qualified REIT subsidiary”
are treated as assets, liabilities, and items of income, deduction, and credit of the REIT. A “qualified REIT subsidiary”
is a corporation, other than a TRS, all of the stock of which is owned by the REIT. Thus, in applying the requirements described herein,
any “qualified REIT subsidiary” that we own will be ignored, and all assets, liabilities, and items of income, deduction,
and credit of such subsidiary will be treated as our assets, liabilities, and items of income, deduction, and credit.

Other Disregarded Entities and Partnerships. An unincorporated domestic entity, such as a partnership or limited liability company
that has a single owner for U.S. federal income tax purposes, generally is not treated as an entity separate from its owner for U.S. federal
income tax purposes. An unincorporated domestic entity with two or more owners for U.S. federal income tax purposes is generally treated
as a partnership for U.S. federal income tax purposes. In the case of a REIT that is a partner in a partnership that has other partners,
the REIT is treated as owning its proportionate share of the assets of the partnership and as earning its allocable share of the gross
income of the partnership for purposes of the applicable REIT qualification tests. Our proportionate share for purposes of the 10% value
test (see “— Asset Tests”) is based on our proportionate interest in the equity interests and certain debt securities
issued by the partnership. For all of the other asset and income tests, our proportionate share is based on our proportionate interest
in the capital interests in the partnership. Our proportionate share of the assets, liabilities, and items of income of any partnership,
joint venture, or limited liability company that is treated as a partnership for U.S. federal income tax purposes in which we acquire
an equity interest, directly or indirectly, will be treated as our assets and gross income for purposes of applying the various REIT qualification
requirements.

We have control of our Operating
Partnership and intend to control any subsidiary partnerships and limited liability companies, and we intend to operate them in a manner
consistent with the requirements for our qualification as a REIT. We may from time to time be a limited partner or non-managing member
in some of our partnerships and limited liability companies. If a partnership or limited liability company in which we own an interest