Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 98

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 98
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 or any court. Therefore,
we cannot guarantee that we will remain qualified as a REIT in the future.

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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 will depend upon our ability to meet on a continuing basis, through actual results, certain qualification tests set forth in
the U.S. federal tax laws. Those qualification tests involve the percentage of income that we earn from specified sources, the percentage
of our assets that falls within specified categories, the diversity of our capital stock ownership 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. Vinson &
Elkins L.L.P.’s opinion will not foreclose the possibility that a partnership or limited liability company in which we own an interest
could take an action which could cause us to fail a REIT qualification test, and that we would not become aware of such action in time
to dispose or our interest in the partnership or limited liability company or take other corrective action on a timely basis. In