Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 124

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 124
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 capital gain distributions with respect to our stock nor gain from the sale of stock should generally constitute unrelated business taxable income to a tax-exempt investor. However, there are certain exceptions to this rule. In particular:

| ● | under                                                                                                                                    
 certain circumstances, part of the income and gain recognized by certain qualified employee pension trusts with respect to our stock may 
 be treated as unrelated business taxable income if our stock is predominately held by qualified employee pension trusts, such that we    
 are a “pension-held” REIT (which we do not expect to be the case);                                                                       |

| ● | part                                                                                                                                    
 of the income and gain recognized by a tax-exempt investor with respect to our stock would constitute unrelated business taxable income 
 if such investor incurs debt in order to acquire the stock; and                                                                         |

| ● | part                                                                                                                                          
 or all of the income or gain recognized with respect to our stock held by social clubs, voluntary employee benefit associations, supplemental 
 unemployment benefit trusts and qualified group legal services plans which are exempt from federal income taxation under Sections 501(c)(7),  
 (9), (17) or (20) of the Code may be treated as unrelated business taxable income.                                                            |

We encourage you to consult your tax advisor to determine the tax consequences applicable to you if you are a tax-exempt investor.

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Table of Contents

Risks Related to Ownership of Our Common Stock

You may be restricted from acquiring or transferring certain amounts of our common stock.

The
stock ownership restrictions of the Code for REITs and the 9.8% stock ownership limits in our charter may inhibit market activity in our
capital stock and restrict our business combination opportunities.

In
order to maintain our qualification as a REIT, five or fewer individuals, as defined in the Code to include specified private foundations,
employee benefit plans and trusts, and charitable trusts, may not own, beneficially or constructively, more than 50% in value of our issued
and outstanding stock at any time during the last half of a taxable year. Attribution rules in the Code determine if any individual or
entity beneficially or constructively owns our capital stock under this requirement. Additionally, at least 100 persons must beneficially
own our capital stock during at least 335 days of a taxable year. To help ensure that we meet these tests, among other purposes, our charter
restricts the acquisition and ownership of shares of our capital stock.

Our
charter, with certain exceptions, authorizes our Board to take such actions as