Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 345

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 345
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 30% branch profits tax on such a distribution. Unless the exception
described in the next paragraph applies, we must withhold 21% of any distribution that we could designate as a capital gain dividend.
A non-U.S. stockholder may receive a credit against its tax liability for the amount we withhold.

However, if our Series A
Redeemable Preferred Stock is regularly traded on an established securities market in the United States, capital gain distributions that
are attributable to our sale of on such class of our capital stock that are attributable to our sale of a USRPI will be treated as ordinary
dividends rather than as gain from the sale of a USRPI, as long as the non-U.S. stockholder did not own more than 10% of the applicable
class of our capital stock at any time during the one-year period preceding the distribution or the non-U.S. stockholder was treated as
a “qualified shareholder” and “qualified foreign pension fund.” In such a case, non-U.S. stockholders generally
will be subject to withholding tax on such capital gain distributions in the same manner as they are subject to withholding tax on ordinary
dividends. Our Series A Redeemable Preferred Stock will not be regularly traded on an established securities market in the United
States following this offering. If our Series A Redeemable Preferred Stock is not regularly traded on an established securities market
in the United States or the non-U.S. stockholder owned more than 10% of our Series A Redeemable Preferred Stock at any time during
the one-year period preceding the distribution, capital gain distributions that are attributable to our sale of USRPIs will be subject
to tax under FIRPTA, as described above. In that case, we must withhold 21% of any distribution that we could designate as a capital gain
dividend. A non-U.S. stockholder may receive a credit against its tax liability for the amount we withhold.

Moreover, if a non-U.S. stockholder
disposes of our Series A Redeemable Preferred Stock during the 30-day period preceding a dividend payment, and such non-U.S. stockholder
(or a person related to such non-U.S. stockholder) acquires or enters into a contract or option to acquire our Series A Redeemable
Preferred Stock within 61 days of the first day of the 30-day period described above, and any portion of such dividend payment would,
but for the disposition, be