Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 100

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 100
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 subject to U.S. federal income tax, and applicable state and local taxes, as regular corporations
in the jurisdictions in which they operate. We may not be able to make sufficient distributions to avoid excise taxes applicable
to REITs. We may also decide to retain income we earn from the sale or other disposition of our properties and pay income tax directly
on such income. In that event, our stockholders would be treated as if they had earned that income and paid the tax on it directly, would
be eligible to receive a credit or refund of the taxes deemed paid on the income deemed earned, and would increase the adjusted basis
of their shares by the excess of such deemed income over the amount of taxes deemed paid. However, stockholders that are tax-exempt, such
as charities or qualified pension plans, would have no benefit from their deemed payment of such tax liability. We may also be subject
to state and local taxes on our income or property, either directly or at the level of the subsidiaries through which we indirectly own
our assets. Any U.S. federal or state taxes we pay will reduce our cash available for distribution to you.

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If Bluerock Residential failed to qualify as a REIT during certain periods prior to the Distribution, we would be prevented from electing to qualify as a REIT.

We believe that from the time
of our formation until the date of the Distribution, we were treated as a “qualified REIT subsidiary” of Bluerock Residential.
Under applicable Treasury Regulations, if Bluerock Residential failed to qualify as a REIT during certain periods prior to the Distribution,
unless Bluerock Residential’s failure were subject to relief under U.S. federal income tax laws, we would be prevented from electing
to qualify as a REIT prior to the fifth calendar year following the year in which Bluerock Residential failed to so qualify.

If certain of our subsidiaries, including our Operating Partnership, fail to qualify as partnerships or disregarded entities for U.S. federal income tax purposes, we would cease to qualify as a REIT and suffer other material adverse consequences.

We intend that our Operating
Partnership will be treated as a partnership for U.S. federal income tax purposes, and that our other subsidiaries (other than any TRSs)
will each be treated as a partnership or disregarded entity for U.S. federal income tax purposes and, therefore, will not be subject to
U.S. federal income tax on its income.