Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 333

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 333
---
 satisfied requirement 6 for that taxable year. For purposes
of determining stock ownership under requirement 6, an “individual” generally includes a supplemental unemployment compensation
benefits plan, a private foundation, or a portion of a trust permanently set aside or used exclusively for charitable purposes. An “individual,”
however, generally does not include a trust that is a qualified employee pension or profit sharing trust under the U.S. federal income
tax laws, and beneficiaries of such a trust will be treated as holding our stock in proportion to their actuarial interests in the trust
for purposes of requirement 6.

Our charter provides restrictions
regarding the transfer and ownership of shares of our outstanding capital stock. See “Description of Capital Stock — Restrictions
on Ownership and Transfer.” We believe that we have issued sufficient stock with sufficient diversity of ownership to allow us to
satisfy requirements 5 and 6 above. The restrictions in our charter are intended (among other things) to assist us in continuing to satisfy
requirements 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