Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 330

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 330
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 the asset tests applicable to REITs.

<div align='center'>162</div>

Distribution Requirements

Each taxable year, in order
to maintain our qualification as a REIT, we must distribute dividends, other than capital gain dividends and deemed distributions of retained
capital gain, to our stockholders in an aggregate amount at least equal to:

| · | the sum of: |

| · | 90% of our “REIT taxable income,” computed without regard to the dividends paid deduction and our net capital gain or loss, and |

| · | 90% of our after-tax net income, if any, from foreclosure property; minus |

| · | the excess of the sum of certain items of non-cash income over 5% of our REIT taxable income computed without regard to the dividends paid deduction and our net capital gain. |

We must pay such distributions
in the taxable year to which they relate, or in the following taxable year if either we (1) declare the distribution before we timely
file our U.S. federal income tax return for the year, pay the distribution on or before the first regular dividend payment date after
such declaration and elect in our tax return to have a specified dollar amount of such distribution treated as if paid during the prior
year or (2) declare the distribution in October, November or December of the taxable year, payable to stockholders of record
on a specified day in any such month, and we actually pay the dividend before the end of January of the following year. The distributions
under clause (1) are taxable to the stockholders in the year in which paid, and the distributions in clause (2) are treated
as paid on December 31st of the prior taxable year to the extent of our earnings and profits. In both instances, these distributions
relate to our prior taxable year for purposes of the 90% distribution requirement.

Further, to the extent we
are not a “publicly offered REIT,” in order for our distributions to be counted as satisfying the annual distribution requirement
for REITs and to provide us with the REIT-level tax deduction, such distributions must not be “preferential dividends.” A
dividend is not a preferential dividend if that distribution is (1) pro rata among all outstanding shares within a particular class
and (2) in accordance with the preferences among different classes of shares as set forth in our organizational documents. However,
the preferential dividend rule does not apply to “publicly offered REIT