Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 106

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 106
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 tax on the unrelated business taxable income and to file income tax returns.

Neither ordinary nor capital
gain distributions with respect to our stock nor gain from the sale of stock should generally constitute unrelated business taxable income
to a tax-exempt investor. However, there are certain exceptions to this rule. In particular:

| · | under certain circumstances, part of the income and gain recognized by certain qualified employee pension trusts with respect to our stock may be treated as unrelated business taxable income if our stock is predominately held by qualified employee pension trusts, such that we are a “pension-held” REIT (which we do not expect to be the case); |

| · | part of the income and gain recognized by a tax-exempt investor with respect to our stock would constitute unrelated business taxable income if such investor incurs debt in order to acquire the stock; and |

| · | part or all of the income or gain recognized with respect to our stock held by social clubs, voluntary employee benefit associations, supplemental unemployment benefit trusts and qualified group legal services plans which are exempt from federal income taxation under Sections 501(c)(7), (9), (17) or (20) of the Code may be treated as unrelated business taxable income. |

We encourage you to consult
your tax advisor to determine the tax consequences applicable to you if you are a tax-exempt investor.

RISKS RELATED TO OWNERSHIP OF OUR COMMON STOCK

You may be restricted from acquiring or transferring certain amounts of our Class A common stock.

The stock ownership restrictions
of the Code for REITs and the 9.8% stock ownership limits in our charter may inhibit market activity in our capital stock and restrict
our business combination opportunities.

In order to maintain our qualification
as a REIT, five or fewer individuals, as defined in the Code to include specified private foundations, employee benefit plans and trusts,
and charitable trusts, may not own, beneficially or constructively, more than 50% in value of our issued and outstanding stock at any
time during the last half of a taxable year. Attribution rules in the Code determine if any individual or entity beneficially or
constructively owns our capital stock under this requirement. Additionally, at least 100 persons must beneficially own our capital stock
during at least 335 days of a taxable year. To help ensure that we meet these tests, among other purposes, our charter restricts the acquisition
and ownership of shares of our capital stock.

Our charter, with certain
exceptions, authorizes our board of