Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 361

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 361
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 cause and not to willful neglect and we pay a penalty of $50,000 for each such failure. In addition,
there are relief provisions for a failure of the gross income tests and asset tests, as described in “— Gross Income Tests”
and “— Asset Tests.”

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If we fail to qualify as
a REIT in any taxable year, and no relief provision applies, we would be subject to U.S. federal income tax, and any applicable alternative
minimum tax on our taxable income at regular U.S. federal corporate income tax rates, plus potential penalties and/or interest. In calculating
our taxable income in a year in which we fail to qualify as a REIT, we would not be able to deduct amounts paid out to stockholders.
In such a case, we would not be required to distribute any amounts to stockholders in that year. In such event, to the extent of our
current and accumulated earnings and profits, distributions to stockholders generally would be taxable as ordinary dividend income. Subject
to certain limitations of the U.S. federal income tax laws, corporate stockholders may be eligible for the dividends received deduction
and non-corporate U.S. stockholders may be eligible for the reduced U.S. federal income tax rate of up to 20% on such dividends. Unless
we qualified for relief under specific statutory provisions, we also would be disqualified from taxation as a REIT for the four taxable
years following the year during which we ceased to qualify as a REIT. We cannot predict whether in all circumstances we would qualify
for such statutory relief.

Taxation of Holders of Our Series B Redeemable Preferred Stock

Taxation of Taxable U.S. Stockholders

This section is a summary
of the rules governing the U.S. federal income taxation of U.S. stockholders and is for general information only. We urge you to consult your tax advisors to determine the impact of U.S. federal, state and local income tax laws on the purchase, ownership and disposition of our Series B Redeemable Preferred Stock.

As used herein, the term
“U.S. stockholder” means a beneficial owner of our Series B Redeemable Preferred Stock that for U.S. federal income
tax purposes is:

| · | a citizen or resident of 
 the United States;       |

| · | a corporation (including                                                                                                         
 an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under