Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 309

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 309
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 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 Vinson & Elkins 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 short taxable year ended December 31, 2022, 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, 2023, and thereafter. Vinson &
Elkins 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. Vinson & Elkins L.L.P’s opinion is not binding upon the IRS or
any court, and speaks as of the date issued. In addition, Vinson & Elkins 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. Vinson & Elkins 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 of the rules governing
REITs, the ongoing importance of factual determin