Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 236

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 236
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 the costs of maintaining                                                                           
 compliance with all federal, state and local rules and regulations or any other regulatory agency; |

| · | all taxes and license fees; |

| · | all insurance costs incurred                                                                                                         
 in connection with the operation of our business except for the costs attributable to the insurance that our Manager elects to carry 
 for itself and its personnel costs and expenses incurred in contracting with third parties;                                          |

| · | all other costs and expenses                                                                                                                
 relating to our business and investment operations, including, without limitation, the costs and expenses of acquiring, owning, protecting, 
 maintaining, developing and disposing of investments, including appraisal, reporting, audit and legal fees;                                 |

| · | expenses relating to any                                                                                                     
 office(s) or office facilities, including, but not limited to, disaster backup recovery sites and facilities, maintained for 
 us or our investments separate from the office or offices of our Manager;                                                    |

| · | expenses connected with                                                                                                                  
 the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made by the board of directors 
 to or on account of holders of our securities or of our subsidiaries, including, without limitation, in connection with any future       
 distribution reinvestment plan;                                                                                                          |

| · | any judgment or settlement                                                                                                         
 of pending or threatened proceedings (whether civil, criminal or otherwise) against us or any subsidiary, or against any trustee,  
 director, partner, member or officer of us or of any subsidiary in his capacity as such for which we or any subsidiary is required 
 to indemnify such trustee, director, partner, member or officer pursuant to the applicable governing document or other instrument  
 or agreement, or by any court or governmental agency; and                                                                          |

| · | all other expenses actually                                                                                                         
 incurred by our Manager (except as described below) which are reasonably necessary for the performance by our Manager of its duties 
 and functions under the Management Agreement.                                                                                       |

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In addition, we may be required
to pay our pro rata portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead
expenses of our Manager and its affiliates required for our operations, provided that such expenses are in amounts no greater than those
that would be payable to third-party professionals or consultants engaged to perform such services pursuant to agreements negotiated
on an arm’s-length basis, and excepting only those expenses that are specifically the responsibility of our Manager.