Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 347

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 347
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 with the United States and has
a class of limited partnership units representing greater than 50% of the value of all of the partnership’s units and is regularly
traded on the NYSE or NASDAQ markets, (2) is a “qualified collective investment vehicle” (as defined below) and (3) maintains
records of the identity of each person who, at any time during the foreign person’s taxable year, is the direct owner of 5% or more
the class of interests or units (as applicable) described in (1), above.

A “qualified collective
investment vehicle” is a foreign person that (1) would be eligible for a reduced rate of withholding under the comprehensive
income tax treaty described above, even if such entity owns more than 10% of the stock of the REIT, (2) is publicly traded, is treated
as a partnership under the Code, is a withholding foreign partnership and would be treated as “United States real property holding
corporation,” or a USRPHC, under FIRPTA if it were a domestic corporation or (3) is designated as such by the Secretary of
the U.S. Treasury and is either (a) “fiscally transparent” within the meaning of Section 894 of the Code or (b) required
to include dividends in its gross income, but is entitled to a deduction for distributions to its investors.

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Qualified Foreign Pension Funds. Any distribution to a “qualified foreign pension fund” or an entity all of the
interests of which are held by one or more “qualified foreign pension funds” who holds our capital stock directly or indirectly
(through one or more partnerships) generally will not be subject to U.S. federal income tax as income effectively connected with the conduct
of a U.S. trade or business and thus will not be subject to FIRPTA withholding as described above. REIT distributions received by a “qualified
foreign pension fund” that are exempt from FIRPTA withholding may still be subject to regular U.S. federal withholding tax.

A “qualified foreign
pension fund” is any trust, corporation or other organization or arrangement (1) which is created or organized under the laws
of a country other than the United States or a political subdivision thereof, (2) which is established to provide retirement or pension
benefits to participants or beneficiaries that are current or former employees (or persons designated by such employees) of one or more
employers