Company: BHM
Filing Date: 2025-08-29
Form Type: 40-APP/A
Source: 0001137439-25-001055
Chunk: 7

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-29
Form: 40-APP/A
Chunk 7
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 Operating are considered an investment company under Section 3(a)(1)(A) of the Investment Company
    Act because neither of them engages primarily or holds itself out as being engaged primarily in the business of investing, reinvesting or trading in securities. In the event that any of BIGR or the BIGR Operating Partnership were to be deemed an
    investment company under Section 3(a)

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of the 1940 Act, BIGR or the BIGR Operating Partnership would be excepted from the definition of an investment company
    under the 1940 Act pursuant to Section 3(c)(5) or Section 3(c)(6) thereof.

BIGR and the BIGR Operating Partnership are externally managed and advised by Industrial Manager and, accordingly, may be
    considered to be controlled by Industrial Manager.

| E. | BFA and CFA |

BFA is a Delaware limited liability company formed on May 11, 2012.  BFA is registered with the SEC as an investment
    adviser under the Investment Advisers Act of 1940 (the “

#### Advisers Act
”). BFA is an indirect, majority-owned subsidiary of BAM and serves as investment adviser to TI+.

CFA is a Delaware limited liability company formed on November 29, 2017. CFA is registered with the SEC as an investment
    adviser under the Advisers Act. CFA is an indirect, majority-owned subsidiary of BAM and serves as investment adviser to HI.

| F. | Homes Manager and Industrial Manager |

Homes Manager is a Delaware limited liability company formed on January 4, 2022.  Homes Manager is an indirect,
    majority-owned subsidiary of BAM and serves as an investment manager to BHM (including the BHM Operating Partnership).  As investment manager, Homes Manager provides for the day-to-day management of the operations of BHM (including the BHM Operating
    Partnership) and provides BHM (including the BHM Operating Partnership) with a management team and the appropriate support personnel to provide such management services.

Industrial Manager is a Delaware limited liability company formed on June 11, 2021.  Industrial Manager is an indirect,
    majority-owned subsidiary of BAM and serves as an investment manager to BIGR (including the BIGR Operating Partnership).  As investment manager, Industrial Manager provides for the day-to-day management of the operations of BIGR (including the BIGR
    Operating Partnership) and provides BIGR (including