Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 21

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 21
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. |   |                                                                                                   |
| Assume the following:                                                                                                                                                                                  |   |                                                                                                   |
|                                                                                                                                                                                                        | · | AFFO for the 12-month period equals $41,000,000;                                                  |
|                                                                                                                                                                                                        | · | weighted average price per share of equity securities is $10.00;                                  |
|                                                                                                                                                                                                        | · | the weighted average number of shares of common stock outstanding on a fully diluted basis during 
 the 12-month period is 50,000,000; and                                                            |
|                                                                                                                                                                                                        | · | Incentive Fees paid during                                                                        
 the first three calendar quarters of such 12-month period are $0.                                 |
| Under these assumptions, the quarterly Incentive Fee payable to our Manager would be $200,000, as calculated below:                                                                                    |   |                                                                                                   |

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| 1. | AFFO                                                                                                                                   | $ | 41,000,000 |
| 2. | Weighted                                                                                                                               
 average price per share of equity securities of $10.00 multiplied by the weighted average number of shares of common stock outstanding 
 on a fully diluted basis of 50,000,000 multiplied by 8%                                                                                | $ | 40,000,000 |
| 3. | Excess                                                                                                                                 
 of AFFO over amount calculated in 2 above                                                                                              | $ |  1,000,000 |
| 4. | 20%                                                                                                                                    
 of the amount calculated in 3 above                                                                                                    | $ |    200,000 |
| 5. | Incentive                                                                                                                              
 Fee equals the amount calculated in 4 above less the Incentive Fees paid during the first three calendar quarters of such previous     
 12-month period                                                                                                                        | $ |          — |
| 6. | Quarterly                                                                                                                              
 incentive fee payable to our Manager                                                                                                   | $ |    200,000 |

Organizational Structure

The following chart shows
our current organizational structure.

<div align='center'>10</div>

Distribution Policy

We have elected to be taxed
as a REIT for U.S. federal income tax purposes, commencing with our taxable year ended December 31, 2022. In order to maintain our
qualification as a REIT, among other requirements, we are generally required to distribute 90% of our annual REIT taxable income (determined
without regard to the dividends paid deduction and excluding net capital gain) to our stockholders. We