Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 380

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 380
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constitute a USRPI, the redemption will be treated as a taxable exchange of our Series B Redeemable Preferred Stock for our Class A
common stock, as described above.

If we elect to pay the
entire redemption price in cash, such redemption of our Series B Redeemable Preferred Stock by a non-U.S. stockholder whose
income derived from the investment in shares of our Series B Redeemable Preferred Stock is not effectively connected with the
conduct of a trade or business in the U.S. will be treated under Section 302 of the Code as a distribution that is taxable as
dividend income (to the extent of our current or accumulated earnings and profits), unless the redemption satisfies certain tests
set forth in Section 302(b) of the Code enabling the redemption to be treated as sale of our Series B Redeemable
Preferred Stock (in which case the redemption will be treated in the same manner as a sale described above in
“Dispositions”). The redemption will satisfy such tests if it (i) is “substantially disproportionate”
with respect to the holder’s interest in our stock, (ii) results in a “complete termination” of the
holder’s interest in all our classes of stock, or (iii) is “not essentially equivalent to a dividend” with
respect to the holder, all within the meaning of Section 302(b) of the Code. In determining whether any of these tests
have been met, stock considered to be owned by the holder by reason of certain constructive ownership rules set forth in the
Code, as well as stock actually owned, generally must be taken into account. Because the determination as to whether any of the
three alternative tests of Section 302(b) of the Code described above will be satisfied with respect to any particular
holder of our Series B Redeemable Preferred Stock depends upon the facts and circumstances at the time that the determination
must be made, prospective investors are advised to consult their tax advisors to determine such tax treatment. If a redemption of
our Series B Redeemable Preferred Stock for cash does not meet any of the three tests described above, the redemption proceeds
will be treated as a distribution, as described above under “—Distributions.”

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Non-U.S. stockholders should
consult with their tax advisors regarding the taxation of any particular redemption of our Series B Redeemable Preferred Stock.

Information Reporting Requirements and Withholding

We will report to our stockholders
and