Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 40

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 40
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IP 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 one half (50%) was paid in C-LTIP Units and the remainder paid in cash. There have been no incentive fee expenses incurred during 2025 or the year ended December 31, 2024. For the three and nine months ended September 30, 2025 and 2024, the Company recorded operating expense reimbursements of $1.0 million and $1.0 million, and $3.0 million and $3.3 million, respectively. Commencing with operating expense reimbursements for the first quarter 2024, the Company paid the operating expense reimbursement to the Manager entirely in cash. In addition, for the three and nine months ended September 30, 2025 and 2024, the Company recorded direct expense reimbursements of $0.1 million and $0.1 million, and $0.4 million and $0.3 million, respectively, which were, or shall be, paid to the Manager in cash. Both the operating and direct expense reimbursements were recorded as part of general and administrative expenses on the Company’s consolidated statements of operations and comprehensive income. The table below presents the related party amounts payable to the Manager at September 30, 2025 and December 31, 2024 pursuant to the terms of the Management Agreement (amounts in thousands). The Company records these payables in due to affiliates on its consolidated balance sheets.

| ​                                                     
 Amounts                                               
 payable to the Manager under the Management Agreement | ​ 
 ​ | ​    
 2025 |             ​ 
 September 30, | ​ | ​    
 2024 |            ​ 
 December 31, |
|:------------------------------------------------------|:--|:-----|--------------:|:--|:-----|-------------:|
| Base management fee                                   | ​ | $    |         2,642 | ​ | $    |        2,490 |
| Operating and direct expense reimbursements           | ​ |      |         1,204 | ​ |      |        1,224 |
| Offering expense reimbursements                       | ​ | ​    |             — | ​ | ​    |          148 |
| Total amounts payable to the Manager                  | ​ | $    |         3,846 | ​ | $    |