Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 307

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 307
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 Operating Partnership for allocating
items with respect to contributed property acquired in connection with any future offering for which fair market value differs from the
adjusted tax basis at the time of contribution, and such election will be binding on all partners.

Term and Termination

Our Operating Partnership will continue indefinitely,
or until sooner dissolved upon:

| · | our bankruptcy, dissolution, removal or withdrawal (unless the limited partners elect to continue the partnership); |

| · | the passage of 90 days after the sale or other disposition of all, or substantially all, of the assets of the partnership; |

| · | the redemption of all limited partnership interests (other than those held by us or our subsidiaries) unless we decide to continue the partnership by the admission of one or more limited partners; or |

| · | an election by us in our capacity as the general partner. |

Tax Matters

Our partnership agreement
provides that we, as the sole general partner of our Operating Partnership, will be the “partnership representative” of our
Operating Partnership and, as such, will have authority to handle tax audits and to make tax elections under the Code on behalf of our
Operating Partnership.

<div align='center'>152

MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</div>

This section summarizes the
material U.S. federal income tax considerations that you, as a holder of our Series A Redeemable Preferred Stock, may consider relevant
in connection with the purchase, ownership and disposition of our Series A Redeemable Preferred Stock. Vinson & Elkins L.L.P.
has acted as our special tax counsel, has reviewed this summary, and is of the opinion that the discussion contained herein is accurate
in all material respects. Because this section is a summary, it does not address all aspects of taxation that may be relevant to particular
stockholders in light of their personal investment or tax circumstances, or to certain types of stockholders that are subject to special
treatment under the U.S. federal income tax laws, such as:

| · | persons acting as nominees or otherwise not as beneficial owners; |

| · | dealers, brokers, or traders in securities or currencies; |

| · | insurance companies; |

| · | tax-exempt entities and organizations (except to the limited extent discussed in “—Taxation of Holders of Our Series A Redeemable Preferred Stock—Taxation of Tax-Exempt Stockholders” below); |

| · | financial institutions or broker-dealers; |

| ·