Company: BHM
Filing Date: 2025-08-29
Form Type: 40-APP/A
Source: 0001137439-25-001055
Chunk: 9

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-29
Form: 40-APP/A
Chunk 9
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 17d-1(b) provides, in relevant part, that in passing upon applications under
    the rule, the Commission will consider whether the participation of a registered investment company in a joint enterprise, joint arrangement or profit-sharing plan on the basis proposed is consistent with the provisions, policies and purposes of the
    1940 Act and the extent to which such participation is on a basis different from or less advantageous than that of other participants.

| B. | Need for Relief |

Each Regulated Fund may be deemed to be an affiliated person of each other Regulated Fund within the meaning of Section 2(a)(3) if it is deemed to be under common control because an Adviser is or will be either the investment adviser or sub-adviser to each Regulated Fund. Section 17(d) and Section 57(b) apply to any investment adviser to a closed-end fund or a business development company, respectively, including a sub-adviser. Thus, an Adviser and any Affiliated Entities that it advises could be deemed to be persons related to Regulated Funds in a manner described by Sections 17(d) and 57(b). BFA, CFA, Homes Manager and Industrial Manager are each majority-owned by BAM, are under common control, and are thus affiliated persons of each other.

Accordingly, with respect to BFA, CFA, Homes Manager, Industrial Manager and any other Advisers that are deemed to be
    affiliated persons of each other, Affiliated Entities advised by any of them could be deemed to be persons related to Regulated Funds (or a company controlled by a Regulated Fund) in a manner described by Sections 17(d) and 57(b). In addition, any
    entities or accounts controlled by or under common control with BFA, CFA, Homes Manager, Industrial Manager, and/or any other Advisers that are deemed to be affiliated persons of each other that may, from time to time, hold various financial assets in
    a principal capacity, could be deemed to be persons related to Regulated Funds (or a company controlled by a Regulated Fund) in a manner described by Sections 17(d) and 57(b). Finally, with respect to any Wholly-Owned Investment Sub, Joint Venture, or
    BDC Downstream Fund of a Regulated Fund, such entity would be a company

11 Rule 17d-1(c) defines a “[j]oint enterprise or other joint arrangement or
    profit-sharing plan” to include,