Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 383

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 383
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 disregarded
for U.S. federal income tax purposes if the entity is treated as having only one owner or member for U.S. federal income tax purposes)
rather than as a corporation or an association taxable as a corporation. An unincorporated entity with at least two owners or members
will be classified as a partnership, rather than as a corporation, for U.S. federal income tax purposes if it:

| · | is treated as a partnership                                                                             
 under the Treasury Regulations relating to entity classification, or the check-the-box regulations; and |

| · | is not a “publicly   
 traded partnership.” |

Under the check-the-box regulations,
an unincorporated entity with at least two owners or members may elect to be classified either as an association taxable as a corporation
or as a partnership. If such an entity does not make an election, it will generally be treated as a partnership (or an entity that is
disregarded for U.S. federal income tax purposes if the entity is treated as having only one owner or member for U.S. federal income
tax purposes) for U.S. federal income tax purposes. Our Operating Partnership intends to be classified as a partnership for U.S. federal
income tax purposes following the admission of additional partners and will not elect to be treated as an association taxable as a corporation
under the check-the-box regulations.

A publicly traded partnership
is a partnership whose interests are traded on an established securities market or are readily tradable on a secondary market or the
substantial equivalent thereof. A publicly traded partnership will not, however, be treated as a corporation for any taxable year if,
for each taxable year beginning after December 31, 1987 in which it was classified as a publicly traded partnership, 90% or more
of the partnership’s gross income for such year consists of certain passive-type income, including real property rents, gains from
the sale or other disposition of real property, interest and dividends, or the 90% passive income exception. Treasury Regulations provide
limited safe harbors from the definition of a publicly traded partnership. Pursuant to one of those safe harbors, or the private placement
exclusion, interests in a partnership will not be treated as readily tradable on a secondary market or the substantial equivalent thereof
if (1) all interests in the partnership were issued in a transaction or transactions that were not required to be registered under
the Securities Act and (2) the partnership does not have more than 100 partners at any time during the