Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 101

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 101
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 believe that, commencing with such taxable
year, we have been organized and have operated in a manner as to qualify for taxation as a REIT for U.S. federal income tax purposes,
and intend to continue to so operate. We have not requested and do not plan to request a ruling from the Internal Revenue Service (the
“IRS”) that we qualify as a REIT, and the statements in this prospectus are not binding on the IRS or any court. Therefore,
we cannot guarantee that we will remain qualified as a REIT in the future.

In connection with this offering,
we have received an opinion from Paul Hastings L.L.P. to the effect that, we qualified to be taxed as a REIT pursuant to Sections 856
through 860 of the Code for our taxable years ended December 31, 2022 through December 31, 2024, and our organization and current
and proposed method of operation will enable us to qualify as a REIT under the Code for our taxable years ending December 31, 2025,
and thereafter. Paul Hastings L.L.P.’s opinion is based upon customary assumptions, representations and undertakings made by us
and Bluerock Residential (in the case of Bluerock Residential, as of the date of the Distribution) as to factual matters, and is conditioned
upon certain representations made by us as to factual matters, including representations regarding the nature of our and Bluerock Residential’s
assets and the conduct of our and Bluerock Residential’s business. Paul Hastings L.L.P.’s opinion is not binding upon the
IRS or any court, and speaks as of the date issued. In addition, Paul Hastings L.L.P.’s opinion is based on U.S. federal income
tax law governing qualification as a REIT, which is subject to change either prospectively or retroactively.

Our qualification and taxation
as a REIT will depend upon our ability to meet on a continuing basis, through actual results, certain qualification tests set forth in
the U.S. federal tax laws. Those qualification tests involve the percentage of income that we earn from specified sources, the percentage
of our assets that falls within specified categories, the diversity of our capital stock ownership and the percentage of our earnings
that we distribute. Paul Hastings L.L.P. will not review our compliance with those tests on a continuing basis. Accordingly, no assurance
can be given that our actual results of operations for any particular taxable year will satisfy such requirements. Paul Hastings L.L.P