Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 337

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 337
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 to qualify for taxation as a REIT under the U.S. federal income tax laws and we intend to continue to operate in such a
manner, but no assurance can be given that we will be operate in such a manner so as to qualify or remain qualified as a REIT. This section
discusses the laws governing the U.S. federal income tax treatment of a REIT and its stockholders. These laws are highly technical and
complex.

In connection with this offering,
we have received an opinion from Paul Hastings L.L.P. to the effect that, we qualified to be taxed as a REIT pursuant to Sections 856
through 860 of the Code for our taxable years ended December 31, 2022 through December 31, 2024, and our organization and current
and proposed method of operation will enable us to qualify as a REIT under the Code for our taxable years ending December 31, 2025,
and thereafter. 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 depends upon our ability to meet, on a continuing basis, through actual annual and quarterly operating results, certain qualification
tests set forth in the U.S. federal income tax laws. Those qualification tests involve the percentage of income that we earn from specified
sources, the percentage of our assets that fall within specified categories, the diversity of ownership of our stock 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. While
we intend to operate so that we will maintain our qualification as a REIT, given the highly complex nature