Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 319

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 319
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% gross income test, during a taxable year exceeds 5% of our gross income during the
year, we would lose our REIT qualification. If, however, the rent from a particular property does not qualify as “rents from real
property” because either (1) the rent is considered based on the income or profits of the related tenant, (2) the tenant
either is a related party tenant or fails to qualify for the exceptions to the related party tenant rule for qualifying TRSs, or
(3) we furnish noncustomary services to the tenants of the property, or manage or operate the property, other than through a qualifying
independent contractor or a TRS, none of the rent from that property would qualify as “rents from real property.”

We intend to lease, through
our Operating Partnership and its subsidiaries, substantially all our properties to tenants that are individuals. Our leases will typically
have a term of at least one year and require the tenant to pay fixed rent. We do not anticipate leasing significant amounts of personal
property pursuant to our leases. Moreover, we do not intend to perform any services other than customary ones for our tenants, unless
such services are provided through independent contractors or a TRS. Accordingly, we believe that our leases will generally produce rent
that qualifies as “rents from real property” for purposes of the 75% and 95% gross income tests.

In addition to the rent, the
tenants may be required to pay certain additional charges. To the extent that such additional charges represent reimbursements of amounts
that we are obligated to pay to third parties, such charges generally will qualify as “rents from real property.” To the extent
that such additional charges represent penalties for nonpayment or late payment of such amounts, such charges should qualify as “rents
from real property.” However, to the extent that late charges do not qualify as “rents from real property,” they instead
will be treated as interest that qualifies for the 95% gross income test.

Interest.
The term “interest” generally does not include any amount received or accrued, directly or indirectly, if the determination
of such amount depends, in whole or in part, on the income or profits of any person. However, interest generally includes the following:

| · | an amount that is based on a fixed percentage or percentages of receipts or sales; and |

| · | an amount that is based on the income or profits of a debtor, as long as the debtor