Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 370

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 370
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% of our stock only if:

| · | the percentage of our dividends                              
 that the tax-exempt trust must treat as UBTI is at least 5%; |

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| · | we qualify as a REIT by                                                                                                            
 reason of the modification of the rule requiring that no more than 50% of our stock be 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 B 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 B 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,