Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 380

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 380
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 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 or indirect) to such an ERISA Plan, is generally considered to be a fiduciary of the ERISA Plan.

Plans that are governmental
plans (as defined in Section 3(32) of ERISA), certain church plans (as defined in Section 3(33) of ERISA or Section 4975(g)(3) of
the Code) and non-U.S. plans (as described in Section 4(b)(4) of ERISA) are not subject