Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 343

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 343
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 taxation under special provisions of the U.S. federal income tax laws are subject to different UBTI
rules, which generally will require them to characterize distributions that they receive from us as UBTI. Finally, in certain circumstances,
a qualified employee pension or profit sharing trust that owns more than 10% of our stock must treat a percentage of the dividends that
it receives from us as UBTI. Such percentage is equal to the gross income we derive from an unrelated trade or business, determined as
if we were a pension trust, divided by our total gross income for the year in which we pay the dividends. That rule applies to a
pension trust holding more than 10% of our stock only if:

| · | the percentage of our dividends that the tax-exempt trust must treat as UBTI is at least 5%; |

| · | we qualify as a REIT by reason of the modification of the rule requiring that no more than 50% of our stock be owned by five or fewer individuals that allows the beneficiaries of the pension trust to be treated as holding our stock in proportion to their actuarial interests in the pension trust; and |

| · | either: |

| o | one pension trust owns more than 25% of the value of our capital stock; or |

| o | a group of pension trusts individually holding more than 10% of the value of our capital stock collectively owns more than 50% of the value of our capital stock. |

Taxation of Non-U.S. Stockholders

This section is a summary
of the rules governing the U.S. federal income taxation of non-U.S. stockholders. As used herein, the term “non-U.S. stockholder”
means a beneficial owner of our Series A Redeemable Preferred Stock that is not a U.S. stockholder, a partnership (or entity treated
as a partnership for U.S. federal income tax purposes) or a tax-exempt stockholder. The rules governing U.S. federal income taxation
of non-U.S. stockholders are complex, and this summary is for general information only. We urge non-U.S. stockholders to consult their tax advisors to determine the impact of U.S. federal, state and local income tax laws on the purchase, ownership and disposition of our Series A Redeemable Preferred Stock, including any reporting requirements.

Distributions.
A non-U.S. stockholder that receives a distribution that is not attributable to gain from our sale or exchange of a “