Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 311

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 311
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 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 depends upon our ability to meet, on a continuing basis, through actual annual and quarterly operating results, certain qualification
tests set forth in the U.S. federal income tax laws. Those qualification tests involve the percentage of income that we earn from specified
sources, the percentage of our assets that fall within specified categories, the diversity of ownership of our stock and the percentage
of our earnings that we distribute. Vinson & Elkins L.L.P. will not review our compliance with those tests on a continuing basis.
Accordingly, no assurance can be given that our actual results of operations for any particular taxable year will satisfy such requirements.
While we intend to operate so that we will maintain our qualification as a REIT, given the highly complex nature of the rules governing
REITs, the ongoing importance of factual determinations and the possibility of future changes in our circumstances, no assurance can be
given by tax counsel or by us that we will qualify as a REIT for any particular year. Vinson & Elkins L.L.P.’s opinion
will not foreclose the possibility that we may have to use one or more of the REIT savings provisions described below, which could require
us to pay an excise or penalty tax (which could be material) in order for us to maintain our REIT qualification. For a discussion of the
tax consequences of our failure to qualify as a REIT, see “— Failure to Qualify.”

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Taxation of REITs in General

If we maintain our qualification
as a REIT, we generally will not be subject to U.S. federal income tax on the taxable income that we distribute to our stockholders. The
benefit of that tax treatment is that it avoids the “double taxation,” or taxation at both the corporate and stockholder levels,
that generally results from owning stock in a corporation to its stockholders. However, even if we maintain our qualification as a REIT,
we will be subject to U.S. federal tax in the following circumstances:

| · | We will pay U.S. federal income tax on any taxable income, including net capital gain, that we do not