Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 24

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 24
---
. federal income or excise tax on income that we currently distribute
to our stockholders. Under the Code, a REIT is subject to numerous organizational and operational requirements, including a requirement
that it annually distribute at least 90% of its REIT taxable income (determined without regard to the deduction for dividends paid and
excluding net capital gain) to its stockholders. If we fail to qualify or maintain our qualification as a REIT in any year, our income
will be subject to U.S. federal income tax at regular corporate rates, regardless of our distributions to stockholders, and we may be
precluded from qualifying for treatment as a REIT for the four-year period immediately following the taxable year in which such failure
occurs. In addition, under applicable Treasury Regulations, if Bluerock Residential failed to qualify as a REIT during certain periods
prior to the Distribution, unless Bluerock Residential’s failure were subject to relief under U.S. federal income tax laws, we would
be prevented from electing to qualify as a REIT prior to the fifth calendar year following the year in which Bluerock Residential failed
to so qualify. Even if we qualify for treatment as a REIT, we may still be subject to state and local taxes on our income and property
and to U.S. federal income and excise taxes on our undistributed income. Moreover, any taxable REIT subsidiaries (“TRSs”)
of ours generally will be subject to U.S. federal income taxation and to various other taxes.

Restriction on Ownership and Transfer

Our charter contains restrictions
on ownership of our stock that generally prevent any one person or entity from owning more than 9.8% in value of the outstanding shares
of our capital stock or more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding shares of our
common stock, and also prevent any one person from owning more than 9.8% in value or in number of shares, whichever is more restrictive,
of outstanding shares of Series A Redeemable Preferred Stock, unless otherwise excepted by our board of directors. In addition, the
articles supplementary establishing the Series A Redeemable Preferred Stock prohibits anyone from owning, or being deemed to own
by virtue of the applicable constructive ownership provisions of the Code, more than 9.8% in value or number of shares, whichever is more
restrictive, of the outstanding Series A Redeemable Preferred Stock. Our charter also