Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 352

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 352
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 if:

| · | our failure to meet those                                        
 tests is due to reasonable cause and not to willful neglect; and |

| · | following such failure                                                                                                           
 for any taxable year, we file a schedule of the sources of our income in accordance with regulations prescribed by the Secretary 
 of the U.S. Treasury.                                                                                                            |

We cannot predict, however,
whether in all circumstances we would qualify for the relief provisions. In addition, as discussed above in “— Taxation of
Our Company,” even if the relief provisions apply, we would incur a 100% tax on the gross income attributable to the greater of
the amount by which we fail the 75% gross income test or the 95% gross income test multiplied, in either case, by a fraction intended
to reflect our profitability.

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Asset Tests

To maintain our qualification
as a REIT, we also must satisfy the following asset tests at the end of each quarter of each taxable year. First, at least 75% of the
value of our total assets must consist of:

| · | cash or cash items, including                                                                 
 certain receivables and money market funds and, in certain circumstances, foreign currencies; |

| · | government securities; |

| · | interests in real property,                                                                                                       
 including leaseholds, options to acquire real property and leaseholds and personal property, to the extent such personal property 
 is leased in connection with real property and rents attributable to such personal property are treated as “rents from real       
 property”;                                                                                                                        |

| · | interests in mortgage loans 
 secured by real property;   |

| · | stock in other REITs and                                 
 debt instruments issued by “publicly offered REITs”; and |

Second, of our investments
not included in the 75% asset class, the value of our interest in any one issuer’s securities may not exceed 5% of the value of
our total assets (the “5% asset test”).

Third, of our investments
not included in the 75% asset class, we may not own more than 10% of the voting power of any one issuer’s outstanding securities
or 10% of the value of any one issuer’s outstanding securities (respectively, the “10% vote test” and the “10%
value test”).

Fourth, no more than 20%
(25% for 2026 and future tax years) of the value of our total assets