Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 23

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 23
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 Bluerock Residential failed
to so qualify. Even if we qualify for treatment as a REIT, we may still be subject to state and local taxes on our income and property
and to U.S. federal income and excise taxes on our undistributed income. Moreover, any taxable REIT subsidiaries (“TRSs”)
of ours generally will be subject to U.S. federal income taxation and to various other taxes.

Restriction on Ownership and Transfer

Our charter contains restrictions
on ownership of our stock that generally prevent any one person or entity from owning more than 9.8% in value of the outstanding shares
of our capital stock or more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding shares of our
common stock, and also prevent any one person from owning more than 9.8% in value or in number of shares, whichever is more restrictive,
of outstanding shares of Series A Redeemable Preferred Stock, unless otherwise excepted by our board of directors. In addition, the
articles supplementary establishing the Series A Redeemable Preferred Stock prohibits anyone from owning, or being deemed to own
by virtue of the applicable constructive ownership provisions of the Code, more than 9.8% in value or number of shares, whichever is more
restrictive, of the outstanding Series A Redeemable Preferred Stock. Our charter also contains other restrictions designed to help
us maintain our qualification as a REIT. See “Description of Capital Stock — Restrictions on Ownership and Transfer.”

Class A Common Stock Underlying Series A Redeemable Preferred Stock

This prospectus also covers
the shares of our Class A common stock that may be issuable upon redemption of shares of the Series A Redeemable Preferred Stock
sold pursuant to this prospectus or any supplement hereto.

The Offering

The following is a brief
summary of certain terms of this offering and the rights and preferences of our Series A Redeemable Preferred Stock and is not intended
to be complete. It does not contain all of the information that may be important to you. We encourage you to read carefully this entire
prospectus, our charter, including the articles supplementary setting forth the terms of the Series A Redeemable Preferred Stock,
and our bylaws, as well as the relevant provisions of Maryland law, for a more complete understanding of our Series A Redeemable
Preferred Stock. Copies of our charter and bylaws are available from us and have been filed with the SEC, and