Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 230

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 230
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 requires our Manager to manage our business affairs
in conformity with our investment guidelines and other policies that are approved and monitored by our board of directors. Our Manager’s
role as Manager will be under the supervision and direction of our board of directors. For more information regarding the Management Agreement,
please refer to the discussion under “Our Manager and Related Agreements—Management Agreement.”

For the year ended December 31,
2024, the company recorded a base management fee of $9.1 million, of which $3.6 million was or shall be paid in C-LTIP Units with the
remainder paid in cash. For the year ended December 31, 2023, the company recorded a base management fee of $7.9 million, of which
all was paid in C-LTIP Units. There have been no incentive fee expenses incurred during the years ended December 31, 2024 and 2023.

For the years ended December 31,
2024 and 2023, the company recorded operating expense reimbursements of $4.4 million and $2.8 million, respectively. Commencing with the
operating expense reimbursement for the first quarter 2024, the company paid, and expects to continue to pay, the operating expense reimbursement
to the Manager entirely in cash; prior to the first quarter 2024, the company paid the operating expense reimbursement to the Manager
entirely through the issuance of C-LTIP Units. The operating expense reimbursement for the year ended December 31, 2024 included
reimbursements to the Manager in the aggregate amount of $2.9 million for accounting and legal services. Prior to the fourth quarter 2023,
the Manager elected to not seek reimbursements for accounting and legal services during the company’s first year of operations.
In addition, for the years ended December 31, 2024 and 2023, the company recorded direct expense reimbursements of $0.4 million and
$0.3 million, respectively, which were paid to the Manager in cash. Both the operating and direct expense reimbursements were recorded
as part of general and administrative expenses in the company’s consolidated statements of operations and comprehensive income.

The table below presents the
related party amounts payable to the Manager at December 31, 2024 and 2023 pursuant to the terms of the Management Agreement (amounts
in thousands). The Company records these payables in due to affiliates in its consolidated balance sheets.

|                                             | Amounts payable