Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 311

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 311
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us to pay an excise or penalty tax (which could be material) in order for us to maintain our REIT qualification. For a discussion of the
tax consequences of our failure to qualify as a REIT, see “— Failure to Qualify.”

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Taxation of REITs in General

If we maintain our qualification
as a REIT, we generally will not be subject to U.S. federal income tax on the taxable income that we distribute to our stockholders. The
benefit of that tax treatment is that it avoids the “double taxation,” or taxation at both the corporate and stockholder levels,
that generally results from owning stock in a corporation to its stockholders. However, even if we maintain our qualification as a REIT,
we will be subject to U.S. federal tax in the following circumstances:

| · | We will pay U.S. federal income tax on any taxable income, including net capital gain, that we do not distribute to stockholders during, or within a specified time period after, the calendar year in which the income is earned. |

| · | We will pay income tax at the highest U.S. federal corporate income tax rate on: |

| · | net income from the sale or other disposition of property acquired through foreclosure (“foreclosure property”) that we hold primarily for sale to customers in the ordinary course of business, and |

| · | other non-qualifying income from foreclosure property. |

| · | We will pay a 100% tax on our net income from sales or other dispositions of property, other than foreclosure property, that we hold primarily for sale to customers in the ordinary course of business. |

| · | If we fail to satisfy one or both of the 75% gross income test or the 95% gross income test, as described below under “— Gross Income Tests,” and nonetheless continue to qualify as a REIT because we meet other requirements, we will pay a 100% tax on the gross income attributable to the greater of the amount by which we fail the 75% gross income test or the 95% gross income test, in either case, multiplied by a fraction intended to reflect our profitability. |

| · | If we fail to distribute during a calendar year at least the sum of (1) 85% of our REIT ordinary income for the year, (2) 95% of our REIT capital gain net income for the year, and (3) any undistributed