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

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 25
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 at regular corporate rates, regardless of our distributions to stockholders, and we may be precluded from qualifying
for treatment as a REIT for the four-year period immediately following the taxable year in which such failure occurs. In addition, under
applicable Treasury Regulations, if Bluerock Residential failed to qualify as a REIT during certain periods prior to the Distribution,
unless Bluerock Residential’s failure were subject to relief under U.S. federal income tax laws, we would be prevented from electing
to qualify as a REIT prior to the fifth calendar year following the year in which Bluerock Residential failed to so qualify. Even if we
qualify for treatment as a REIT, we may still be subject to state and local taxes on our income and property and to U.S. federal income
and excise taxes on our undistributed income. Moreover, any taxable REIT subsidiaries (“TRSs”) of ours generally will be subject
to U.S. federal income taxation and to various other taxes.

Restriction on Ownership and Transfer

Our charter contains
restrictions on ownership of our stock that generally prevent any one person or entity from owning more than 9.8% in value of the
outstanding shares of our capital stock or more than 9.8% in value or in number of shares, whichever is more restrictive, of the
outstanding shares of our common stock, and also prevent any one person from owning more than 9.8% in value or in number of shares,
whichever is more restrictive, of outstanding shares of Series B Redeemable Preferred Stock, unless otherwise excepted by our
board of directors. In addition, the articles supplementary establishing the Series B Redeemable Preferred Stock prohibits
anyone from owning, or being deemed to own by virtue of the applicable constructive ownership provisions of the Code, more than 9.8%
in value or number of shares, whichever is more restrictive, of the outstanding Series B Redeemable Preferred Stock. Our
charter also contains other restrictions designed to help us maintain our qualification as a REIT. See “Description of Capital
Stock — Restrictions on Ownership and Transfer.”

Class A Common Stock Underlying Series B Redeemable Preferred Stock

This prospectus also covers
the shares of our Class A common stock that may be issuable upon redemption of shares of the Series B Redeemable Preferred Stock
sold pursuant to this prospectus or any supplement hereto.

The Offering

The following is a brief summary
of certain terms of