Company: BHM
Filing Date: 2025-08-29
Form Type: 40-APP/A
Source: 0001137439-25-001055
Chunk: 14

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-29
Form: 40-APP/A
Chunk 14
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 procedures approved pursuant to (b) above that a Regulated Fund’s chief compliance officer considers to be material.                                                   |

8.

Recordkeeping. All information presented to the Board pursuant to the order will be kept for the life of the Regulated Fund and at least two years thereafter, and will be subject to examination by the Commission and its Staff. Each Regulated Fund will maintain the records required by Section 57(f)(3) as if it were a business development company and each of the Co-Investment Transactions were approved

19 “

#### Tradable Security
” means a security which trades: (i) on a national securities exchange (or designated offshore securities market as defined in Rule 902(b) under the Securities Act of 1933, as amended) and (ii) with sufficient volume and liquidity (findings which are to be made in good faith and documented by the Advisers to any Regulated Funds) to allow each Regulated Fund to dispose of its entire remaining position within 30 days at approximately the price at which the Regulated Fund has valued the investment.

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by the Required Majority under Section 57(f). 20

9.

In the event that the Commission adopts a rule under the 1940 Act allowing co-investments of the type described in this Application, any relief granted by the Order will expire on the effective date of that rule.

| IV. | STATEMENT IN SUPPORT OF RELIEF REQUESTED |

Applicants submit that allowing the Co-Investment Transactions described by this
    Application is justified on the basis of (i) the potential benefits to the Regulated Funds and their respective shareholders and (ii) the protections found in the terms and conditions set forth in this Application.

| A. | Potential Benefits to the Regulated Funds and their Shareholders |

Section 57(a)(4) and Rule 17d-l (as applicable) limit the ability of the Regulated Funds to participate in attractive co-investment opportunities under certain circumstances. If the relief is granted, the Regulated Funds should: (i) be able to participate in a larger number and greater variety of investments, thereby diversifying their portfolios and providing related risk-limiting benefits; (ii) be able to participate in larger financing opportunities, including those involving issuers with better credit quality, which otherwise might not be available to investors of a Regulated Fund’s size; (iii) have greater bargaining power (notably with regard to creditor protection terms and other similar investor rights), more