Company: BHM
Filing Date: 2025-08-29
Form Type: 40-APP/A
Source: 0001137439-25-001055
Chunk: 2

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-29
Form: 40-APP/A
Chunk 2
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 but is controlled
    by, and for financial reporting purposes consolidated with, BHM, which also serves as its general partner.

3 BIGR Operating Partnership is, for financial reporting purposes, consolidated with BIGR,
    which also serves as its general partner.

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subsidiary of BAM and the manager and real estate investment adviser of BIGR and
    the BIGR Operating Partnership . 4

The relief requested in this application for the Order (the “

#### Application
”) would allow a Regulated Fund 5 and one or more Affiliated Entities 6 to engage in Co-Investment Transactions 7 subject
    to

4 For the avoidance of doubt, BHM, the BHM Operating Partnership, BIGR, the BIGR
    Operating Partnership, BFA, CFA, Homes Manager and Industrial Manager are Affiliated Entities. All existing entities that currently intend to rely upon the requested Order have been named as Applicants. Any other existing or future entity that
    subsequently relies on the Order will comply with the terms and conditions of the Application.

5 “

#### Regulated Fund
” means the Existing Regulated
    Funds and any Future Regulated Funds. “

#### Future Regulated Fund
” means an entity (a) that is a closed-end management investment company registered under the 1940 Act, or a closed-end management investment company
    that has elected to be regulated as a business development company under the 1940 Act, (b) whose (1) primary investment adviser or (2) sub-adviser is an Adviser (as defined below) and (c) that intends to engage in Co-Investment Transactions. If an
    Adviser serves as sub-adviser to a Regulated Fund whose primary adviser is not also an Adviser, such primary adviser shall be deemed to be an Adviser with respect to conditions 3 and 4 only.

The term Regulated Fund also includes (a) any Wholly-Owned Investment Sub (as defined below) of a Regulated Fund, (b)
    any Joint Venture (as defined below) of a Regulated Fund, and (c) any BDC Downstream Fund (as defined below) of a Regulated Fund that is a business development company. “

#### Wholly-Owned Investment Sub
” means an
    entity: (a) that is a “

#### wholly-owned subsidiary
” (as defined in Section 2(a)(43) of the 194