Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 97

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 97
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 no control over changes in our policies and operations.

Our
board of directors determines our major policies, including with regard to investment objectives, financing, growth, debt capitalization,
REIT qualification and distributions. Our board of directors may amend or revise these and other policies without a vote of the stockholders.

Holders
of shares of Series A Redeemable Preferred Stock generally have no voting rights under our charter, except with respect to any amendment
of our charter that would alter only the contract rights, as expressly set forth therein, of either (a) the Series A Redeemable
Preferred Stock alone, or (b) of any preferred stock (i) ranking on parity with the Series A Redeemable Preferred Stock
with respect to dividend rights and rights upon our liquidation, dissolution or winding up, and (ii) upon which like voting rights
have been conferred. Other than in these limited circumstances, holders of Series A Redeemable Preferred Stock have no voting rights.

RISKS RELATED TO OUR STATUS AS A REIT

Failure to maintain our qualification as a REIT would materially and adversely affect us and the value of our common stock.

In October 2023, we filed
our U.S. federal income tax return for the taxable year ending December 31, 2022 and elected to be treated, and currently qualify,
as a real estate investment trust (“REIT”) for federal income tax purposes. We believe that, commencing with such taxable
year, we have been organized and have operated in a manner as to qualify for taxation as a REIT for U.S. federal income tax purposes,
and intend to continue to so operate. We have not requested and do not plan to request a ruling from the Internal Revenue Service (the
“IRS”) that we qualify as a REIT, and the statements in this prospectus are not binding on the IRS 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. Vin