Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 382

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 382
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 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.

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 Plan
Asset Regulations, a “publicly-offered security” is a security that is (a) “freely transferable,” (b) part
of a class of securities that is “widely held,” and (c) (x) sold to the Plan as part of an offering of securities
to the public pursuant to an effective registration statement under the Securities Act of 1933 and the class of securities to which such
security is a part is registered under the Securities Exchange Act of 1934 within 120 days after the end of