Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 362

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 362
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 the laws of the United 
 States, any of its states or the District of Columbia;                                                                           |

| · | an estate whose income                                                  
 is subject to U.S. federal income taxation regardless of its source; or |

| · | any trust if (1) a                                                                                                                    
 court is able to exercise primary supervision over the administration of such trust and one or more United States persons (as defined 
 in Section 7701(a)(30) of the Code) have the authority to control all substantial decisions of the trust or (2) it has                
 a valid election in place to be treated as a U.S. person.                                                                             |

If a partnership, entity
or arrangement treated as a partnership for U.S. federal income tax purposes holds our Series B Redeemable Preferred Stock, the
U.S. federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities
of the partnership. If you are a partner in a partnership holding our Series B Redeemable Preferred Stock, you should consult your
tax advisor regarding the consequences of the ownership and disposition of our Series B Redeemable Preferred Stock by the partnership.

For any taxable year for
which we qualify for taxation as a REIT, amounts distributed to, and gains realized by, taxable U.S. stockholders with respect to our
Series B Redeemable Preferred Stock generally will be taxed as described below.

Distributions on Our Series B Redeemable Preferred Stock. As long as we maintain our qualification as a REIT, a taxable U.S. stockholder must
generally take into account, as ordinary income, distributions made out of our current or accumulated earnings and profits that we do
not designate as capital gain dividends or retained long-term capital gain. For purposes of determining whether a distribution is made
out of our current or accumulated earnings and profits, our earnings and profits will be allocated first to our preferred stock dividends,
if any, and then to our common stock dividends. Individuals, trusts and estates generally may deduct 20% of the “qualified REIT
dividends” (i.e., REIT dividends other than capital gain dividends and portions of REIT dividends designated as “qualified
dividend income,” which in each case are already eligible for capital gain tax rates) they receive. The deduction for qualified
REIT dividends is not subject to the wage and property basis limits that apply to other types of “qualified business income.”
However, to qualify for this deduction, the U.S. stock