Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 238

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 238
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 common
stock issued in its unlisted offering into 1/3 share each of Class B-1 common stock, Class B-2 common stock and Class B-3
common stock. Bluerock Residential further effectuated two reverse stock splits: the first, a 2.264881 to 1 reverse stock split
of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock; and the second,
a 1.0045878 to 1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3
common stock. The Class B common stock was not listed as part of the listing of the Class A common stock; however, the
Class B common stock converted, automatically, to Class A common stock on a schedule of 360 days following the Class A common
stock listing for the Class B-1 common stock, 540 days following the Class A common stock listing for the Class B-2
common stock, and 720 days following the Class A common stock listing for the Class B-3 common stock. This resulted
in the completion of a liquidity event for all purchasers of common stock in Bluerock Residential’s original common stock offering
approximately 2.5 years following completion of the offering stage thereof.

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CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</div>

Management Agreement

We, the Operating Partnership
and our Manager are parties to the Management Agreement. The Management Agreement 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 three and nine
months ended September 30, 2025, the company recorded base management fees of $2.6 million and $7.8 million, respectively, of which
$0.2 million and $0.6 million, respectively, were, or shall be, paid in C-LTIP Units with the remainder paid in cash. For the three and
nine months ended September 30, 2024, the company recorded base management fees of $2.4 million and $6.6 million, respectively,
of which