Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 340

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 340
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, during the last half of any taxable year.                                                     |

| 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.                                                                             |

<div align='center'>207</div>

| 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 under requirement 6, an “individual” generally includes a supplemental unemployment compensation
benefits plan, a private foundation, or a portion of a trust permanently set aside or used exclusively for charitable purposes. An “individual,”
however, generally does not include a trust that is a qualified employee pension or profit sharing trust under the U.S. federal income
tax laws, and beneficiaries of such a trust will be treated as holding our stock in proportion to their actuarial interests in the trust
for purposes of requirement 6.

Our charter provides restrictions
regarding the transfer and ownership of shares of our outstanding capital stock. See “Description of Capital Stock — Restrictions
on Ownership and Transfer.” We believe that we have issued sufficient stock with sufficient diversity of ownership to allow us
to satisfy requirements 5 and 6 above. The restrictions in our charter are intended (among other things) to assist us in continuing to
satisfy requirements