Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 372

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 372
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will withhold tax on the entire amount of any distribution at the same rate as we would withhold on a dividend. However, by filing a
U.S. tax return, a non-U.S. stockholder may claim a refund of amounts that we withhold if we later determine that a distribution in fact
exceeded our current and accumulated earnings and profits.

For any year in which we
qualify as a REIT, a non-U.S. stockholder may incur tax on distributions that are attributable to gain from our sale or exchange of a
USRPI under FIRPTA. A USRPI includes certain interests in real property, and shares in corporations at least 50% of whose assets consist
of interests in real property. Under FIRPTA, subject to the exceptions discussed below for (1) distributions on a class of stock
that is regularly traded on an established securities market to a less-than-10% holder of such stock and (2) distributions to “qualified
shareholders” and “qualified foreign pension funds,” a non-U.S. stockholder is taxed on distributions attributable
to gain from sales of USRPIs as if such gain were effectively connected with a U.S. business of the non-U.S. stockholder. A non-U.S.
stockholder thus would be taxed on such a distribution at the normal U.S. federal capital gains rates applicable to U.S. stockholders,
subject to applicable alternative minimum tax and a special alternative minimum tax in the case of a nonresident alien individual. A
corporate non-U.S. stockholder not entitled to treaty relief or exemption also may be subject to the 30% branch profits tax on such a
distribution. Unless the exception described in the next paragraph applies, we must withhold 21% of any distribution that we could designate
as a capital gain dividend. A non-U.S. stockholder may receive a credit against its tax liability for the amount we withhold.

However, if our Series B
Redeemable Preferred Stock is regularly traded on an established securities market in the United States, capital gain distributions that
are attributable to our sale of on such class of our capital stock that are attributable to our sale of a USRPI will be treated as ordinary
dividends rather than as gain from the sale of a USRPI, as long as the non-U.S. stockholder did not own more than 10% of the applicable
class of our capital stock at any time during the one-year period preceding the distribution or the non-U