Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 326

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 326
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Tax Matters

Our partnership agreement
provides that we, as the sole general partner of our Operating Partnership, will be the “partnership representative” of our
Operating Partnership and, as such, will have authority to handle tax audits and to make tax elections under the Code on behalf of our
Operating Partnership.

<div align='center'>152

MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</div>

This section summarizes the
material U.S. federal income tax considerations that you, as a holder of our Series B Redeemable Preferred Stock, may consider relevant
in connection with the purchase, ownership and disposition of our Series B Redeemable Preferred Stock. Paul Hastings L.L.P. has
acted as our special tax counsel, has reviewed this summary, and is of the opinion that the discussion contained herein is accurate in
all material respects. Because this section is a summary, it does not address all aspects of taxation that may be relevant to particular
stockholders in light of their personal investment or tax circumstances, or to certain types of stockholders that are subject to special
treatment under the U.S. federal income tax laws, such as:

| · | persons acting                                     
 as nominees or otherwise not as beneficial owners; |

| · | dealers, brokers,                       
 or traders in securities or currencies; |

| · | insurance companies; |

| · | tax-exempt                                                                                                             
 entities and organizations (except to the limited extent discussed in “—Taxation of Holders of Our Series B Redeemable 
 Preferred Stock—Taxation of Tax-Exempt Stockholders” below);                                                           |

| · | financial institutions 
 or broker-dealers;     |

| · | non-U.S. individuals                                                                                                 
 and foreign corporations (except to the limited extent discussed in “—Taxation of Holders of Our Series B Redeemable 
 Preferred Stock—Taxation of Non-U.S. Stockholders” below);                                                           |

| · | former citizens                                     
 or former long-term residents of the United States; |

| · | persons who                                             
 mark-to-market our Series B Redeemable Preferred Stock; |

| · | subchapter      
 S corporations; |

| · | U.S. stockholders                                                    
 (as defined below) whose functional currency is not the U.S. dollar; |

| · | regulated investment 
 companies and REITs; |

| · | trusts and 
 estates;   |

| · | holders who                                                                                                                  
 receive our Series B Redeemable