Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 114

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 114
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 affecting REITs could have a negative effect on us or our investors.

There can be no assurance
that any future changes to the U.S. federal income tax laws or regulatory changes will not be proposed or enacted that could impact our
business and financial results. The REIT rules are constantly under review by persons involved in the legislative process and by
the IRS and the U.S. Treasury Department, which may result in revisions to regulations and interpretations in addition to statutory changes.
If enacted, certain of such changes could have an adverse impact on our business and financial results. Stockholders are urged to consult
their tax advisors regarding the effect of potential future changes to the U.S. federal income tax laws on an investment in our stock.

Distributions to tax-exempt investors may be classified as unrelated business taxable income and, in certain circumstances, tax-exempt investors would be required to pay tax on the unrelated business taxable income and to file income tax returns.

Neither ordinary nor capital
gain distributions with respect to our stock nor gain from the sale of stock should generally constitute unrelated business taxable income
to a tax-exempt investor. However, there are certain exceptions to this rule. In particular:

| · | under certain                                                                                                                      
 circumstances, part of the income and gain recognized by certain qualified employee pension trusts with respect to our stock may   
 be treated as unrelated business taxable income if our stock is predominately held by qualified employee pension trusts, such that 
 we are a “pension-held” REIT (which we do not expect to be the case);                                                              |

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| · | part of the                                                                                                                      
 income and gain recognized by a tax-exempt investor with respect to our stock would constitute unrelated business taxable income 
 if such investor incurs debt in order to acquire the stock; and                                                                  |

| · | part or all                                                                                                                                  
 of the income or gain recognized with respect to our stock held by social clubs, voluntary employee benefit associations, supplemental       
 unemployment benefit trusts and qualified group legal services plans which are exempt from federal income taxation under Sections 501(c)(7), 
 (9), (17) or (20) of the Code may be treated as unrelated business taxable income.                                                           |

We encourage you to consult
your tax advisor to determine the tax consequences applicable to you if you are a tax-exempt investor.

RISKS RELATED TO OWNERSHIP OF OUR COMMON STOCK

You may be restricted from acquiring or transferring certain amounts of our Class A common stock.

The stock ownership restrictions