Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 97

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 97
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 the value of our common stock.

In October 2023, we filed
our U.S. federal income tax return for the taxable year ending December 31, 2022 and elected to be treated, and currently qualify,
as a real estate investment trust (“REIT”) for federal income tax purposes. We believe that, commencing with such taxable
year, we have been organized and have operated in a manner as to qualify for taxation as a REIT for U.S. federal income tax purposes,
and intend to continue to so operate. We have not requested and do not plan to request a ruling from the Internal Revenue Service (the
“IRS”) that we qualify as a REIT, and the statements in this prospectus are not binding on the IRS or any court. Therefore,
we cannot guarantee that we will remain qualified as a REIT in the future.

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In connection with this offering,
we have received an opinion from Vinson & Elkins 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 short taxable year ended December 31, 2022, 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, 2023, and thereafter. Vinson &
Elkins L.L.P.’s opinion is based upon customary assumptions, representations and undertakings made by us and Bluerock Residential
(in the case of Bluerock Residential, as of the date of the Distribution) as to factual matters, and is conditioned upon certain representations
made by us as to factual matters, including representations regarding the nature of our and Bluerock Residential’s assets and the
conduct of our and Bluerock Residential’s business. Vinson & Elkins L.L.P’s opinion is not binding upon the IRS or
any court, and speaks as of the date issued. In addition, Vinson & Elkins L.L.P.’s opinion is based on U.S. federal income
tax law governing qualification as a REIT, which is subject to change either prospectively or retroactively.

Our qualification and taxation
as a REIT will depend upon our ability to meet on a continuing basis, through actual results, certain qualification tests set forth in
the U.S. federal tax laws. Those qualification tests involve the percentage of income that we earn from specified sources, the percentage
of