Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 375

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 375
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 as a partnership under the Treasury Regulations relating to entity classification, or the check-the-box regulations; and |

| · | is not a “publicly traded partnership.” |

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Under the check-the-box regulations,
an unincorporated entity with at least two owners or members may elect to be classified either as an association taxable as a corporation
or as a partnership. If such an entity does not make an election, it will generally be treated as a partnership (or an entity that is
disregarded for U.S. federal income tax purposes if the entity is treated as having only one owner or member for U.S. federal income tax
purposes) for U.S. federal income tax purposes. Our Operating Partnership intends to be classified as a partnership for U.S. federal income
tax purposes following the admission of additional partners and will not elect to be treated as an association taxable as a corporation
under the check-the-box regulations.

A publicly traded partnership
is a partnership whose interests are traded on an established securities market or are readily tradable on a secondary market or the substantial
equivalent thereof. A publicly traded partnership will not, however, be treated as a corporation for any taxable year if, for each taxable
year beginning after December 31, 1987 in which it was classified as a publicly traded partnership, 90% or more of the partnership’s
gross income for such year consists of certain passive-type income, including real property rents, gains from the sale or other disposition
of real property, interest and dividends, or the 90% passive income exception. Treasury Regulations provide limited safe harbors from
the definition of a publicly traded partnership. Pursuant to one of those safe harbors, or the private placement exclusion, interests
in a partnership will not be treated as readily tradable on a secondary market or the substantial equivalent thereof if (1) all interests
in the partnership were issued in a transaction or transactions that were not required to be registered under the Securities Act and (2) the
partnership does not have more than 100 partners at any time during the partnership’s taxable year. In determining the number of
partners in a partnership, a person owning an interest in a partnership, grantor trust or S corporation that owns an interest in the partnership
is treated as a partner in such partnership only if (1) substantially all of the value of the owner’s interest in the entity
is attributable to the entity’s direct or indirect interest in the partnership and