Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 341

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 341
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 5 and 6 above. These restrictions, however, may not ensure that we will, in all cases, be able to satisfy such stock
ownership requirements. If we fail to satisfy these stock ownership requirements, we may fail to remain qualified as a REIT.

Effect of Subsidiary Entities

Qualified REIT Subsidiaries.
A corporation that is a “qualified REIT subsidiary” is not treated as a corporation separate from its parent REIT. All assets,
liabilities, and items of income, deduction, and credit of a “qualified REIT subsidiary” are treated as assets, liabilities,
and items of income, deduction, and credit of the REIT. A “qualified REIT subsidiary” is a corporation, other than a TRS,
all of the stock of which is owned by the REIT. Thus, in applying the requirements described herein, any “qualified REIT subsidiary”
that we own will be ignored, and all assets, liabilities, and items of income, deduction, and credit of such subsidiary will be treated
as our assets, liabilities, and items of income, deduction, and credit.

Other Disregarded Entities and Partnerships. An unincorporated domestic entity, such as a partnership or limited liability company that has a single owner
for U.S. federal income tax purposes, generally is not treated as an entity separate from its owner for U.S. federal income tax purposes.
An unincorporated domestic entity with two or more owners for U.S. federal income tax purposes is generally treated as a partnership
for U.S. federal income tax purposes. In the case of a REIT that is a partner in a partnership that has other partners, the REIT is treated
as owning its proportionate share of the assets of the partnership and as earning its allocable share of the gross income of the partnership
for purposes of the applicable REIT qualification tests. Our proportionate share for purposes of the 10% value test (see “—
Asset Tests”) is based on our proportionate interest in the equity interests and certain debt securities issued by the partnership.
For all of the other asset and income tests, our proportionate share is based on our proportionate interest in the capital interests
in the partnership. Our proportionate share of the assets, liabilities, and items of income of any partnership, joint venture, or limited
liability company that is treated as a partnership for U.S. federal income tax purposes in which we acquire an equity interest, directly
or indirectly,