Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 122

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 122
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 ERISA or Section 4975 of the Code. |

Failure to satisfy the fiduciary
standards of conduct and other applicable requirements of ERISA and the Code may result in the imposition of civil and criminal penalties,
and can subject the fiduciary to claims for damages or for equitable remedies. In addition, if an investment in our shares constitutes
a prohibited transaction under ERISA or the Code, the fiduciary or IRA owner who authorized or directed the investment may be subject
to the imposition of excise taxes with respect to the amount invested. In the case of a prohibited transaction involving an IRA owner,
the IRA may be disqualified and all of the assets of the IRA may be deemed distributed and subjected to tax. Benefit Plan Investors should
consult with counsel before making an investment in shares of our Series B Redeemable Preferred Stock.

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Plans that are not subject
to ERISA or the prohibited transactions of the Code, such as government plans or church plans, may be subject to similar requirements
under state law. The fiduciaries of such plans should satisfy themselves that the investment satisfies applicable law.

If our assets are deemed to be ERISA plan assets, the Manager and we may be exposed to liabilities under Title I of ERISA and the Internal Revenue Code.

In some circumstances where
an ERISA plan holds an interest in an entity, the assets of the entire entity are deemed to be ERISA plan assets unless an exception applies.
This is known as the “look-through rule.” Under those circumstances, the obligations and other responsibilities of plan sponsors,
plan fiduciaries and plan administrators, and of parties in interest and disqualified persons, under Title I of ERISA and Section 4975
of the Code, as applicable, may be applicable, and there may be liability under these and other provisions of ERISA and the Code. We believe
that our assets should not be treated as plan assets because the shares should qualify as “publicly-offered securities” that
are exempt from the look-through rules under applicable Treasury Regulations. We note, however, that because certain limitations
are imposed upon the transferability of shares so that we may maintain our qualification as a REIT, and perhaps for other reasons, it
is possible that this exemption may not apply. If that is the case, and if the Manager or we are exposed to liability under ERISA or the
Code, our performance and results of operations could be adversely affected. Prior to making an investment in us, you