Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 389

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 389
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 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 to the requirements of ERISA or Section 4975
of the Code but may be subject to similar prohibitions under Similar Laws.

In considering the acquisition,
holding and, to the extent relevant, disposition of our Series B Redeemable Preferred Stock by an ERISA Plan, a fiduciary should
determine whether the investment is in accordance with the documents and instruments governing the Plan, whether the investment is consistent
with the Plan’s needs for liquidity to satisfy minimum and other distribution requirements and whether the investment is in accordance
with the applicable provisions of ERISA, the Code or any Similar Law relating to a fiduciary’s duties to the Plan including, without
limitation, the prudence, diversification, delegation of control and prohibited transaction provisions of ERISA, the Code and any other
applicable Similar Laws.

Prohibited Transaction Issues

Section 406 of ERISA
and Section 4975 of the Code (which also applies to IRAs that are subject to ERISA) prohibit ERISA Plans from engaging in specified
transactions involving plan assets with persons or entities who are “parties in interest,” within the meaning of ERISA, or
“disqualified persons,” within the meaning of Section 4975 of the Code, unless an exemption is available. A party in
interest or disqualified person who engages in a non-exempt prohibited transaction may be subject to excise taxes and other penalties
and liabilities under ERISA and the Code, and may cause the disqualification of an IRA and the immediate taxation of the IRA’s
assets. In addition, the fiduciary of an ERISA Plan that engages in such a non-exempt prohibited transaction may be subject to penalties
and liabilities under ERISA and the Code.

Whether or not our underlying
assets are deemed to include “plan assets,” as described below, the acquisition and/or holding of shares of our Series B
Redeemable Preferred Stock by an ERISA Plan with respect to which we or the initial purchaser is considered a party in interest or a