Company: BHM
Filing Date: 2025-08-29
Form Type: 40-APP/A
Source: 0001137439-25-001055
Chunk: 5

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-29
Form: 40-APP/A
Chunk 5
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TI+ has a five-member board of trustees (the “

#### TI+ Board
”), of which three members are not “interested” persons of TI+ within the meaning of Section 2(a)(19) of the 1940 Act. 10

| B. | HI |

HI is a Delaware statutory trust formed on August 19, 2021.  HI is registered under the 1940 Act as
    a closed-end management investment company that operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act. HI commenced operations on June 21, 2022. HI intends to qualify annually as a regulated investment company under Sub-Chapter M of
    the Code.

8 “

#### Adviser
” means BFA, CFA, Homes Manager, Industrial Manager and any other investment adviser controlling, controlled by, or under common control with BFA, CFA, Homes Manager and/or Industrial Manager . The term “Adviser”
    also includes any internally-managed Regulated Fund.

9 See, e.g. , Massachusetts Mutual Life
    Insurance Co. (pub. avail. June 7, 2000), Massachusetts Mutual Life Insurance Co. (pub. avail. July 28, 2000) and SMC Capital, Inc. (pub. avail. Sept. 5, 1995).

10 The Board of each Future Regulated Fund will consist of a majority of members who
    are not “interested persons” of such Future Regulated Fund within the meaning of Section 2(a)(19) of the 1940 Act.

<div align='center'>4</div>

HI’s primary investment objective is to generate high current income, while secondarily seeking attractive, long-term risk-adjusted returns, with low correlation to the broader markets.

HI has a six-member board of trustees (the “

#### HI Board’’
and, together with the TI+ Board, and any Future Regulated Fund’s board of directors, the “

#### Board
”), of which four members are not “interested” persons of HI within the meaning of Section 2(a)(19) of the 1940 Act.

| C. | BHM and BHM Operating Partnership |

BHM is a Maryland corporation formed on December 16, 2021. BHM is a real estate investment trust formed to assemble a portfolio of institutional residential properties including single-family rental homes, build-to-rent communities, and other residential communities, located in