Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 392

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 392
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 short-term investments pending long-term commitment or distribution to investors) are invested in real estate which is managed
or developed and with respect to which the entity has the right to substantially participate directly in the management or development
activities, and (2) such entity is engaged directly in real estate management or development activities in the ordinary course of
its business. It is unclear whether we qualify as a REOC for purposes of the DOL Plan Asset Regulations and at this time we do not intend
to rely on that exception.

Plan Asset Consequences

If our assets were deemed
to be “plan assets” under ERISA, this would result, among other things, in (i) the application of the prudence and other
fiduciary responsibility standards of ERISA to investments made by us, and (ii) the possibility that certain transactions in which
we might seek to engage could constitute “prohibited transactions” under ERISA and the Code.

Representation

Accordingly, by acceptance
of the shares of our Series B Redeemable Preferred Stock each purchaser or subsequent transferee of such shares of Series B
Redeemable Preferred Stock will be deemed to have represented and warranted either that (i) no portion of such purchaser’s
or transferee’s assets used to acquire such shares constitutes assets of any benefit plan investor or (ii) the purchase of
our Series B Redeemable Preferred Stock by such purchaser or transferee will not constitute a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or similar violation under any applicable Similar Laws. Each purchaser
or subsequent transferee of our shares of Series B Redeemable Preferred Stock also will be deemed to have represented or warranted
that the shares will not be transferred to any benefit plan investor or Controlling Person until each outstanding share of Series B
Redeemable Preferred Stock and class of our capital stock qualifies as a “publicly-offered security” or we qualify for another
exception to the DOL Plan Asset Regulations (other than the exception for satisfying the insignificant participation test).

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The foregoing discussion
is general in nature, is not intended to be all-inclusive, and is based on laws in effect on the date of this prospectus. Such discussion
should not be construed as legal advice. Due to the complexity of these rules and the penalties that may be imposed upon persons
involved in non-exempt prohibited transactions, it is particularly important that fiduciaries, or