Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 346

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 346
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) does not exceed 1% of our income from the related property. Furthermore, we may own up to 100% of the stock of a TRS  
 which may provide customary and noncustomary services to our tenants without tainting our rental income from the related properties. |

If a portion of the rent
that we receive from a property does not qualify as “rents from real property” because the rent attributable to personal
property exceeds 15% of the total rent for a taxable year, the portion of the rent that is attributable to personal property will not
be qualifying income for purposes of either the 75% or 95% gross income test. Thus, if such rent attributable to personal property, plus
any other income that is nonqualifying income for purposes of the 95% gross income test, during a taxable year exceeds 5% of our gross
income during the year, we would lose our REIT qualification. If, however, the rent from a particular property does not qualify as “rents
from real property” because either (1) the rent is considered based on the income or profits of the related tenant, (2) the
tenant either is a related party tenant or fails to qualify for the exceptions to the related party tenant rule for qualifying TRSs,
or (3) we furnish noncustomary services to the tenants of the property, or manage or operate the property, other than through a
qualifying independent contractor or a TRS, none of the rent from that property would qualify as “rents from real property.”

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We intend to lease, through
our Operating Partnership and its subsidiaries, substantially all our properties to tenants that are individuals. Our leases will typically
have a term of at least one year and require the tenant to pay fixed rent. We do not anticipate leasing significant amounts of personal
property pursuant to our leases. Moreover, we do not intend to perform any services other than customary ones for our tenants, unless
such services are provided through independent contractors or a TRS. Accordingly, we believe that our leases will generally produce rent
that qualifies as “rents from real property” for purposes of the 75% and 95% gross income tests.

In addition to the rent,
the tenants may be required to pay certain additional charges. To the extent that such additional charges represent reimbursements of
amounts that we are obligated to pay to third parties, such charges generally will qualify as “rents from real