Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 344

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 344
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 satisfy two gross income tests annually to maintain our qualification as a REIT. First, at least 75% of our gross income for
each taxable year must consist of defined types of income that we derive, directly or indirectly, from investments relating to real property
or mortgages on real property or qualified temporary investment income. Qualifying income for purposes of the 75% gross income test generally
includes:

| · | rents from real property; |

| · | interest on debt secured                                         
 by mortgages on real property, or on interests in real property; |

| · | dividends or other distributions                      
 on, and gain from the sale of, shares in other REITs; |

| · | gain from the sale of a                                                                                                            
 real estate asset (excluding gain from the sale of a debt instrument issued by a “publicly offered REIT” (i.e., a REIT             
 required to file periodic and annual reports with the SEC under the Exchange Act) to the extent not secured by real property or an 
 interest in real property) not held for sale to customers;                                                                         |

| · | income and gain derived    
 from foreclosure property; |

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| · | amounts (other than amounts                                                                                                         
 the determination of which depends in whole or in part on the income or profits of any person) received or accrued as consideration 
 for entering into agreements to make loans secured by mortgages on real property or interests in real property or to purchase or    
 lease real property (including interests in real property and interests in mortgages on real property); and                         |

Second, in general, at least
95% of our gross income for each taxable year must consist of income that is qualifying income for purposes of the 75% gross income test,
other types of interest and dividends, gain from the sale or disposition of shares or securities, or any combination of these. Cancellation
of indebtedness income (“COD income”) and gross income from our sale of property that we hold primarily for sale to customers
in the ordinary course of business are excluded from both the numerator and the denominator in both gross income tests, but are subject
to a special tax at a rate of 100%. In addition, income and gain from certain “hedging transactions” that we enter into to
hedge indebtedness incurred, or to be incurred, to acquire or carry real estate assets, and that are clearly and timely identified as
such will be excluded from both the numerator and the denominator for purposes of the 75% and