Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 223

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 223
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 other organization which is our successor, in which case such successor organization will be bound under the Management
Agreement and by the terms of such assignment in the same manner as we are bound under the Management Agreement.

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Base Management Fee

We will pay our Manager a
base management fee (the “Base Management Fee”) in an amount equal to 1.50% of our new stockholders’ equity, per year.

For purposes of calculating
the Base Management Fee, our new stockholders’ equity means: (1) the sum of (i) the net asset value of the Operating Partnership
(“Net Asset Value”) plus (ii) the net proceeds from the issuance of (or equity value assigned to) equity and equity equivalent
securities in any subsequent offering (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance)
plus (iii) retained earnings at the end of the most recently completed calendar quarter (without taking into account any non-cash
equity compensation expense incurred in current or prior periods), less (2) any amount that the company has paid to repurchase our
common stock issued in any subsequent offering. New stockholders’ equity also excludes (a) any unrealized gains and losses
and other non-cash items (including depreciation and amortization) that have impacted stockholders’ equity as reported in our financial
statements prepared in accordance with GAAP, and (b) one-time events pursuant to changes in GAAP, and certain non-cash items not
otherwise described above, in each case after discussions between our Manager and our independent directors and approval by a majority
of our independent directors. We determined Net Asset Value, for purposes of the foregoing, based on the midpoint of the range of net
asset values utilized by Duff & Phelps in its analysis underlying the opinion it delivered to the Bluerock Residential board
of directors in connection with the execution of the Merger Agreement. Each quarterly installment of the Base Management Fee will be payable
in cash, except as may otherwise be specified by written agreement of the company and the Manager with respect to payment of all or any
portion thereof in C-LTIP Units, calculated pursuant to the formula above.

Incentive Fee

We will pay our Manager an
incentive fee (the “Incentive Fee”) with respect to each calendar quarter (or part thereof that the Management Agreement is
in effect) in arrears.

The Incent