Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 328

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 328
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 local corporate income tax on their taxable income.

Requirements for Qualification as a REIT

A REIT is a corporation, trust,
or association that meets each of the following requirements:

| 1. | It is managed by one or more trustees or directors. |

| 2. | Its beneficial ownership is evidenced by transferable shares, or by transferable certificates of beneficial interest. |

| 3. | It would be taxable as a domestic corporation, but for the REIT provisions of the U.S. federal income tax laws. |

| 4. | It is neither a financial institution nor an insurance company subject to special provisions of the U.S. federal income tax laws. |

| 5. | At least 100 persons are beneficial owners of its shares or ownership certificates. |

| 6. | Not more than 50% in value of its outstanding shares or ownership certificates is owned, directly or indirectly, by five or fewer individuals, which the Code defines to include certain entities, during the last half of any taxable year. |

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| 7. | It elects to be a REIT, or has made such election for a previous taxable year, and satisfies all relevant filing and other administrative requirements established by the IRS that must be met to elect and maintain REIT status. |

| 8. | It meets certain other qualification tests, described below, regarding the nature of its income and assets and the distribution of its income. |

| 9. | It uses a calendar year for U.S. federal income tax purposes and complies with the recordkeeping requirements of the U.S. federal income tax laws. |

| 10. | It has not been a party to a spin-off transaction that is tax-deferred under section 355 of the Code during the applicable period. |

We must meet requirements
1 through 4, 8 and 9 during our entire taxable year and must meet requirement 5 during at least 335 days of a taxable year of 12 months,
or during a proportionate part of a taxable year of less than 12 months. Requirements 5 and 6 will apply to us beginning with our 2023
taxable year. If we comply with all the requirements for ascertaining the ownership of our outstanding shares in a taxable year and have
no reason to know that we violated requirement 6, we will be deemed to have satisfied requirement 6 for that taxable year. For purposes
of determining stock ownership