Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 330

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 330
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holders. 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.                                                                          |

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| · | 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 taxable income required to be distributed from earlier periods, we will pay a 4% nondeductible excise tax on the excess of the required distribution over the amount we actually distributed. |

| · | We may elect to retain and pay income tax on our net long-term capital gain. In that case, a stockholder would be taxed on its proportionate share of our undistributed long-term capital gain (to the extent that we made a timely designation of such gain to the stockholder) and would receive a credit or refund for its proportionate share of the tax we paid. |

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