Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 295

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 295
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 REIT qualification
under the Code. As a result, our distribution rate and payment frequency may vary from time to time. However, to qualify as a REIT for
U.S. federal income tax purposes, we must make distributions equal to at least 90% of our REIT taxable income (determined without regard
to the dividends paid deduction and excluding net capital gain) each year. Especially during the early stages of our operations, some
or all of our cash distributions are expected to be paid from sources other than cash flows from operating activities, such as cash flows
from financing activities, which may include borrowings, net proceeds from shares sold in this offering or our common stock offering,
proceeds from the issuance of additional shares pursuant to any future distribution reinvestment plan for our common stock, cash resulting
from a waiver or deferral of fees or expense reimbursements otherwise payable to the Manager or its affiliates, cash resulting from the
Manager or its affiliates paying certain of our expenses, proceeds from the sales of assets, and from our cash balances. There is no
limit on distributions that may be paid from any of these sources, however, our Manager and its affiliates are under no obligation to
defer or waive fees in order to support our distributions. Our charter does not prohibit our use of such sources to fund distributions.

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We will pay U.S. federal
income tax on our taxable income, including net capital gain, that we do not distribute to stockholders. Furthermore, if we fail to distribute
with respect to each year, at least the sum of 85% of our REIT ordinary income for such year, 95% of our REIT capital gain income for
such year, and any undistributed taxable income from prior periods, we will incur a 4% nondeductible excise tax on the excess of such
required distribution over the amounts we actually distribute. See “Material U.S. Federal Income Tax Considerations—Distribution
Requirements.” Distributions will be authorized at the discretion of our board of directors, and will depend on, among other things,
current and projected cash requirements, tax considerations and other factors deemed relevant by our board. Our board’s discretion
will be directed, in substantial part, by its obligation to cause us to comply with the REIT requirements. Because we may receive income
from interest or rents at various times during our fiscal year, and because our board may take various factors into consideration in
setting distributions, distributions may not