Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 100

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 100
---
. Paul Hastings L.L.P.’s opinion is based upon customary assumptions, representations and undertakings made by us
and Bluerock Residential (in the case of Bluerock Residential, as of the date of the Distribution) as to factual matters, and is conditioned
upon certain representations made by us as to factual matters, including representations regarding the nature of our and Bluerock Residential’s
assets and the conduct of our and Bluerock Residential’s business. Paul Hastings L.L.P.’s opinion is not binding upon the
IRS or any court, and speaks as of the date issued. In addition, Paul Hastings L.L.P.’s opinion is based on U.S. federal income
tax law governing qualification as a REIT, which is subject to change either prospectively or retroactively.

Our qualification and taxation
as a REIT will depend upon our ability to meet on a continuing basis, through actual results, certain qualification tests set forth in
the U.S. federal tax laws. Those qualification tests involve the percentage of income that we earn from specified sources, the percentage
of our assets that falls within specified categories, the diversity of our capital stock ownership and the percentage of our earnings
that we distribute. Paul Hastings L.L.P. will not review our compliance with those tests on a continuing basis. Accordingly, no assurance
can be given that our actual results of operations for any particular taxable year will satisfy such requirements. Paul Hastings L.L.P.’s
opinion will not foreclose the possibility that a partnership or limited liability company in which we own an interest could take an action
which could cause us to fail a REIT qualification test, and that we would not become aware of such action in time to dispose or our interest
in the partnership or limited liability company or take other corrective action on a timely basis. In that case, we may have to use one
or more of the REIT savings provisions described below, which could require us to pay an excise or penalty tax (which could be material)
in order for us to maintain our REIT qualification.

If we fail to maintain our
REIT qualification in any taxable year, we will face significant tax consequences that would substantially reduce our cash available for
distribution to our stockholders for each of the years involved because:

| · | we would not be allowed a deduction for dividends paid to stockholders in computing our taxable income and would be subject to regular U.S. federal corporate income tax; |

| · | we could be subject to increased state