Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 390

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 390
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disqualified person may constitute or result in a direct or indirect prohibited transaction under Section 406 of ERISA and/or Section 4975
of the Code, unless the investment is acquired and is held in accordance with an applicable statutory, class or individual prohibited
transaction exemption. In this regard, the Department of Labor (the “DOL”) has issued prohibited transaction class exemptions,
or “PTCEs,” that may apply to the acquisition and holding of our Series B Redeemable Preferred Stock. These class exemptions
include, without limitation, PTCE 84-14 relating to transactions determined by independent qualified professional asset managers,
PTCE 90-1 relating to insurance company pooled separate accounts, PTCE 91-38 relating to bank collective investment funds,
PTCE 95-60 relating to life insurance company general accounts and PTCE 96-23 relating to transactions determined by in-house
asset managers. In addition, Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code provide an exemption from the
prohibited transaction provisions of ERISA and the Code for certain transactions, provided that neither the issuer of the securities
nor any of its affiliates (directly or indirectly) have or exercise any discretionary authority or control, or render any investment
advice, with respect to the assets of any ERISA Plan involved in the transaction, and provided further that the ERISA Plan pays no more
than adequate consideration in connection with the transaction. There can be no assurance that all of the conditions of any such exemptions
will be satisfied.

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Plan Asset Issues

The DOL Plan Asset Regulations,
promulgated under ERISA by the DOL, generally provide that when an ERISA Plan acquires an equity interest in an entity that is neither
a “publicly-offered security” nor a security issued by an investment company registered under the Investment Company Act,
the ERISA Plan’s assets include both the equity interest and an undivided interest in each of the underlying assets of the entity
unless it is established that either: (1) less than 25% of the total value of each class of equity interest in the entity is held
by “benefit plan investors” as defined in Section 3(42) of ERISA (the “insignificant participation test”),
or (2) the entity is an “operating company,” as defined in the DOL Plan Asset Regulations.

For purposes of the DOL