Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 23

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 23
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 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 Agreement and Plan of Merger      
 dated December 20, 2021 (the “Merger Agreement”) in connection with the Merger. 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 long-term incentive plan units of the Operating Partnership (“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 Incentive Fee will be an amount, not                                                                                               
 less than zero, equal to the difference between (1) the product of (i) 20% and (ii) the difference between (a) the                     
 company’s adjusted funds from operations (“AFFO”) for the previous 12-month period and (b) the product of                              
 (A) the product of (x) the weighted average of the price per share of equity