Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 356

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 356
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. The discussion does not cover state or local tax laws or any U.S. federal tax laws
other than income tax laws.

Classification as Partnerships. We will include in our income our distributive share of each Partnership’s income and deduct our
distributive share of each Partnership’s losses only if such Partnership is classified for U.S. federal income tax purposes as a
partnership (or an entity that is disregarded for U.S. federal income tax purposes if the entity is treated as having only one owner or
member for U.S. federal income tax purposes) rather than as a corporation or an association taxable as a corporation. An unincorporated
entity with at least two owners or members will be classified as a partnership, rather than as a corporation, for U.S. federal income
tax purposes if it:

| · | is treated as a partnership under the Treasury Regulations relating to entity classification, or the check-the-box regulations; and |

| · | is not a “publicly traded partnership.” |

Under the check-the-box regulations,
an unincorporated entity with at least two owners or members may elect to be classified either as an association taxable as a corporation
or as a partnership. If such an entity does not make an election, it will generally be treated as a partnership (or an entity that is
disregarded for U.S. federal income tax purposes if the entity is treated as having only one owner or member for U.S. federal income tax
purposes) for U.S. federal income tax purposes. Our Operating Partnership intends to be classified as a partnership for U.S. federal income
tax purposes following the admission of additional partners and will not elect to be treated as an association taxable as a corporation
under the check-the-box regulations.

A publicly traded partnership
is a partnership whose interests are traded on an established securities market or are readily tradable on a secondary market or the substantial
equivalent thereof. A publicly traded partnership will not, however, be treated as a corporation for any taxable year if, for each taxable
year beginning after December 31, 1987 in which it was classified as a publicly traded partnership, 90% or more of the partnership’s
gross income for such year consists of certain passive-type income, including real property rents, gains from the sale or other disposition
of real property, interest and dividends, or the 90% passive income exception. Treasury Regulations provide limited safe harbors from
the definition of a publicly traded partnership. Pursuant to