Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 310

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 310
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 offering,
we have received an opinion from Vinson & Elkins L.L.P. to the effect that, we qualified to be taxed as a REIT pursuant to Sections
856 through 860 of the Code for our short taxable year ended December 31, 2022, and our organization and current and proposed method
of operation will enable us to qualify as a REIT under the Code for our taxable years ending December 31, 2023, and thereafter. Vinson &
Elkins L.L.P.’s opinion is based upon customary assumptions, representations and undertakings made by us and Bluerock Residential
(in the case of Bluerock Residential, as of the date of the Distribution) as to factual matters, and is conditioned upon certain representations
made by us as to factual matters, including representations regarding the nature of our and Bluerock Residential’s assets and the
conduct of our and Bluerock Residential’s business. Vinson & Elkins L.L.P’s opinion is not binding upon the IRS or
any court, and speaks as of the date issued. In addition, Vinson & Elkins L.L.P.’s opinion is based on U.S. federal income
tax law governing qualification as a REIT, which is subject to change either prospectively or retroactively.

Our qualification and taxation
as a REIT depends upon our ability to meet, on a continuing basis, through actual annual and quarterly operating results, certain qualification
tests set forth in the U.S. federal income tax laws. Those qualification tests involve the percentage of income that we earn from specified
sources, the percentage of our assets that fall within specified categories, the diversity of ownership of our stock and the percentage
of our earnings that we distribute. Vinson & Elkins L.L.P. will not review our compliance with those tests on a continuing basis.
Accordingly, no assurance can be given that our actual results of operations for any particular taxable year will satisfy such requirements.
While we intend to operate so that we will maintain our qualification as a REIT, given the highly complex nature of the rules governing
REITs, the ongoing importance of factual determinations and the possibility of future changes in our circumstances, no assurance can be
given by tax counsel or by us that we will qualify as a REIT for any particular year. Vinson & Elkins L.L.P.’s opinion
will not foreclose the possibility that we may have to use one or more of the REIT savings provisions described below, which could require