Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 344

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 344
---
 owned by five or fewer individuals that allows the beneficiaries of the pension trust to be treated as holding our stock in proportion to their actuarial interests in the pension trust; and |

| · | either: |

| o | one pension trust owns more than 25% of the value of our capital stock; or |

| o | a group of pension trusts individually holding more than 10% of the value of our capital stock collectively owns more than 50% of the value of our capital stock. |

Taxation of Non-U.S. Stockholders

This section is a summary
of the rules governing the U.S. federal income taxation of non-U.S. stockholders. As used herein, the term “non-U.S. stockholder”
means a beneficial owner of our Series A Redeemable Preferred Stock that is not a U.S. stockholder, a partnership (or entity treated
as a partnership for U.S. federal income tax purposes) or a tax-exempt stockholder. The rules governing U.S. federal income taxation
of non-U.S. stockholders are complex, and this summary is for general information only. We urge non-U.S. stockholders to consult their tax advisors to determine the impact of U.S. federal, state and local income tax laws on the purchase, ownership and disposition of our Series A Redeemable Preferred Stock, including any reporting requirements.

Distributions.
A non-U.S. stockholder that receives a distribution that is not attributable to gain from our sale or exchange of a “United States
real property interest,” or USRPI, as defined below, and that we do not designate as a capital gain dividend or retained capital
gain, will recognize ordinary income to the extent that we pay such distribution out of our current or accumulated earnings and profits.
A withholding tax equal to 30% of the gross amount of the distribution ordinarily will apply to such distribution unless an applicable
tax treaty reduces or eliminates the tax.

However, if a distribution
is treated as effectively connected with the non-U.S. stockholder’s conduct of a U.S. trade or business, the non-U.S. stockholder
generally will be subject to U.S. federal income tax on the distribution at graduated rates, in the same manner as U.S. stockholders are
taxed with respect to such distribution, and a non-U.S. stockholder that is a corporation also may be subject to a 30% branch profits
tax with respect to that distribution. The branch profits tax may be reduced