Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 328

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 328
---
% of the value of our assets or $10 million)
and (2) we dispose of assets causing the failure or otherwise comply with the asset tests within six months after the last day of
the quarter in which we identify such failure. In the event of a failure of any of the asset tests (other than de minimisfailures
described in the preceding sentence), as long as the failure was due to reasonable cause and not to willful neglect, we will not lose
our REIT qualification if we (1) dispose of assets causing the failure or otherwise comply with the asset tests within six months
after the last day of the quarter in which we identify the failure, (2) file a description of each asset causing the failure with
the IRS and (3) pay a tax equal to the greater of $50,000 or 21% of the net income from the assets causing the failure during the
period in which we failed to satisfy the asset tests.

Currently, we believe that
our assets satisfy the foregoing asset test requirements. However, we will not obtain independent appraisals to support our conclusions
as to the value of our assets. Moreover, the values of some assets may not be susceptible to a precise determination. As a result, there
can be no assurance that the IRS will not contend that our ownership of assets violates one or more of the asset tests applicable to REITs.

<div align='center'>160</div>

Distribution Requirements

Each taxable year, in order
to maintain our qualification as a REIT, we must distribute dividends, other than capital gain dividends and deemed distributions of retained
capital gain, to our stockholders in an aggregate amount at least equal to:

| · | the sum of: |

| · | 90% of our “REIT taxable income,” computed without regard to the dividends paid deduction and our net capital gain or loss, and |

| · | 90% of our after-tax net income, if any, from foreclosure property; minus |

| · | the excess of the sum of certain items of non-cash income over 5% of our REIT taxable income computed without regard to the dividends paid deduction and our net capital gain. |

We must pay such distributions
in the taxable year to which they relate, or in the following taxable year if either we (1) declare the distribution before we timely
file our U.S. federal income tax return for the year, pay the distribution on or before the first regular dividend payment date after
such