Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 327

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 327
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 Preferred Stock through the exercise of employee stock options or otherwise as compensation; |

| · | persons holding                                                                                              
 our Series B Redeemable Preferred Stock as part of a “straddle,” “appreciated financial position,” “hedge,”  
 “conversion transaction,” “synthetic security” or other integrated investment or risk reduction transaction; |

| · | persons subject                                        
 to the alternative minimum tax provisions of the Code; |

| · | pass-through                                                                              
 entities (such as entities treated as partnerships for U.S. federal income tax purposes); |

| · | persons subject                                                                                                                         
 to special tax accounting rules as a result of their use of applicable financial statements (within the meaning of Section 451(b)(3) of 
 the Code); and                                                                                                                          |

| · | persons holding                                                                               
 our Series B Redeemable Preferred Stock through a partnership or similar pass-through entity. |

This summary assumes that stockholders hold our
Series B Redeemable Preferred Stock as a capital asset for U.S. federal income tax purposes, which generally means property held
for investment.

If a partnership, including
any entity that is treated as a partnership for U.S. federal income tax purposes, holds our Series B Redeemable Preferred Stock,
the U.S. federal income tax treatment of the partner in the partnership will generally depend on the status of the partner and the activities
of the partnership. If you are a partner in a partnership that will hold our Series B Redeemable Preferred Stock, you should consult
your tax advisor regarding the U.S. federal income tax consequences of acquiring, holding and disposing of our Series B Redeemable
Preferred Stock by the partnership.

The statements in this section
are not intended to be, and should not be construed as, tax advice. The statements in this section are based on the Code, final, temporary
and proposed Treasury Regulations, the legislative history of the Code, current administrative interpretations and practices of the IRS,
and court decisions. The reference to IRS interpretations and practices includes the IRS practices and policies endorsed in private letter
rulings, which are not binding on the IRS except with respect to the taxpayer that receives the ruling. In each case, these sources are
relied upon as they exist on the date of this discussion. Future legislation, Treasury Regulations, administrative interpretations and
court decisions could change the current law or adversely affect existing interpretations of current law on which the information in
this section is based. Any such change could apply retroactively. We have not received any rulings from