Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 324

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 324
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 We have not received any rulings from the IRS concerning our qualification
as a REIT. Accordingly, even if there is no change in the applicable law, no assurance can be provided that the statements made in the
following discussion, which do not bind the IRS or the courts, will not be challenged by the IRS or will be sustained by a court if so
challenged.

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WE URGE YOU TO CONSULT YOUR TAX ADVISOR REGARDING THE SPECIFIC TAX CONSEQUENCES TO YOU OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR SERIES B REDEEMABLE PREFERRED STOCK AND OF OUR ELECTION TO BE TAXED AS A REIT. WE URGE YOU TO CONSULT WITH YOUR TAX ADVISOR REGARDING THE U.S. FEDERAL, STATE, LOCAL, FOREIGN, AND OTHER TAX CONSEQUENCES OF SUCH PURCHASE, OWNERSHIP, DISPOSITION AND ELECTION, AND REGARDING POTENTIAL CHANGES IN APPLICABLE TAX LAWS.

Taxation of Our Company

REIT Qualification

We were organized on December 16,
2021 as a Maryland corporation. We have elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable
year ended December 31, 2022. We believe that, commencing with such taxable year, we have been organized and have operated in a manner
so as to qualify for taxation as a REIT under the U.S. federal income tax laws and we intend to continue to operate in such a manner,
but no assurance can be given that we will be operate in such a manner so as to qualify or remain qualified as a REIT. This section discusses
the laws governing the U.S. federal income tax treatment of a REIT and its stockholders. These laws are highly technical and complex.

In connection with this offering,
we have received an opinion from Paul Hastings L.L.P. to the effect that, we qualified to be taxed as a REIT pursuant to Sections 856
through 860 of the Code for our taxable years ended December 31, 2022 through December 31, 2024, and our organization and current
and proposed method of operation will enable us to qualify as a REIT under the Code for our taxable years ending December 31, 2025,
and thereafter. Paul Hastings L.L.P.’s opinion is based upon customary assumptions, representations and undertakings made by us
and Bluer