Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 388

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 388
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 and the U.S. Treasury Department, which may result in statutory
changes as well as revisions to regulations and interpretations. Additionally, several of the tax considerations described herein are
currently under review and are subject to change. Prospective securityholders are urged to consult with their tax advisors regarding
the effect of potential changes to the U.S. federal tax laws on an investment in our securities.

State and Local Taxes

We and/or you may be subject
to taxation by various states and localities, including those in which we or a stockholder transacts business, owns property or resides.
The state and local tax treatment may differ from the federal income tax treatment described above. Consequently, you should consult
your tax advisors regarding the effect of state and local tax laws upon an investment in our Series B Redeemable Preferred Stock.

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ERISA CONSIDERATIONS</div>

The following is a summary
of certain considerations associated with the acquisition and holding of our Series B Redeemable Preferred Stock by an employee
benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, or ERISA) that
is subject to Title I of ERISA, a plan described in, and subject to, Section 4975 of the Code, including an individual retirement
account, or IRA, or a Keogh plan, a plan subject to provisions under applicable federal, state, local, non-U.S. or other laws or regulations
that are similar to the provisions of Title I of ERISA or Section 4975 of the Code, which we refer to as “Similar Laws,”
and any entity whose underlying assets include “plan assets” by reason of any such employee benefit or retirement plan’s
investment in such entity (each of which we refer to as a “Plan”).

General Fiduciary Matters

ERISA and the Code
impose certain duties on persons who are fiduciaries of a Plan subject to Title I of ERISA or Section 4975 of the Code (an
“ERISA Plan”) and prohibit certain transactions involving the assets of an ERISA Plan with its fiduciaries or other
interested parties. In general, under ERISA and the Code, any person who exercises any discretionary authority or control over the
administration of such an ERISA Plan or the management or disposition of the assets of such an ERISA Plan, or who renders investment
advice for a fee or other compensation (direct