Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 362

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 362
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or indirectly (through one or more partnerships) will not be subject to U.S. federal income tax as income effectively connected with a
U.S. trade or business and thus will not be subject to FIRPTA withholding as described above. However, while a “qualified shareholder”
will not be subject to FIRPTA withholding on our distributions, non-United States persons who hold interests in the “qualified shareholder”
(other than interests solely as a creditor) and hold more than 10% of our capital stock, either through the “qualified shareholder”
or otherwise, will still be subject to FIRPTA withholding. REIT distributions received by a “qualified shareholder” that are
exempt from FIRPTA withholding may still be subject to regular U.S. federal withholding tax.

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A “qualified shareholder”
is a foreign person that (1) is either eligible for the benefits of a comprehensive income tax treaty that includes an exchange of
information program and whose principal class of interests is listed and regularly traded on one or more recognized stock exchanges (as
defined in such comprehensive income tax treaty), or is a foreign partnership that is created or organized under foreign law as a limited
partnership in a jurisdiction that has an agreement for the exchange of information with respect to taxes with the United States and has
a class of limited partnership units representing greater than 50% of the value of all of the partnership’s units and is regularly
traded on the NYSE or NASDAQ markets, (2) is a “qualified collective investment vehicle” (as defined below) and (3) maintains
records of the identity of each person who, at any time during the foreign person’s taxable year, is the direct owner of 5% or more
the class of interests or units (as applicable) described in (1), above.

A “qualified collective
investment vehicle” is a foreign person that (1) would be eligible for a reduced rate of withholding under the comprehensive
income tax treaty described above, even if such entity owns more than 10% of the stock of the REIT, (2) is publicly traded, is treated
as a partnership under the Code, is a withholding foreign partnership and would be treated as “United States real property holding
corporation,” or a USRPHC, under FIRPTA if it were a domestic corporation or (3) is designated as such by the Secretary of
the U.S. Treasury and is either (a) “fisc