Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 376

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 376
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. withholding tax at a 30% rate will be imposed on dividends paid to certain non-U.S. stockholders if certain disclosure
requirements related to U.S. accounts or ownership are not satisfied. If payment of withholding taxes is required, non-U.S. stockholders
that are otherwise eligible for an exemption from, or reduction of, U.S. withholding taxes with respect to such dividends will be required
to seek a refund from the IRS to obtain the benefit of such exemption or reduction. We will not pay any additional amounts in respect
of any amounts withheld.

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Dispositions.
Subject to the discussion below regarding dispositions by “qualified shareholders” and “qualified foreign pension funds,”
non-U.S. stockholders could incur tax under FIRPTA with respect to gain realized upon a disposition of our Series B Redeemable Preferred
Stock if we are a United States real property holding corporation, or USRPHC, during a specified testing period. If at least 50% of a
REIT’s assets are USRPIs, then the REIT will be a USRPHC. We anticipate that we will be a USRPHC based on our investment strategy.
However, even if we are a USRPHC, a non-U.S. stockholder generally would not incur tax under FIRPTA on gain from the sale of our Series B
Redeemable Preferred Stock if we are a “domestically controlled qualified investment entity.”

A “domestically
controlled qualified investment entity” includes a REIT in which, at all times during a specified testing period, less than
50% in value of its shares are held directly or indirectly by non-U.S. stockholders. We cannot assure that this test has been or
will be met. Further, final Treasury regulations that are effective as of April 25, 2024 (the “Final Regulations”)
modify prior tax guidance relating to the manner in which we determine whether we are a domestically controlled qualified investment
entity. The Final Regulations provide a look-through rule for our shareholders that are non-publicly traded partnerships,
non-public REITs, non-public regulated investment companies, or non-public domestic C corporations owned more
than 50% directly or indirectly by foreign persons (“foreign-controlled domestic corporations”) and treat
“qualified foreign pension funds” as foreign persons. The look-through rule in the Final Regulations applicable to
foreign-controlled domestic corporations will not apply to a REIT for a period of