Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 24

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 24
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 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 intend to make regular cash distributions
to our stockholders out of our cash available for distribution, typically on a monthly or quarterly basis. We expect that our board of
directors will determine the amount of distributions to be distributed to our stockholders on a quarterly basis. The board’s determination
will be based on a number of factors, including funds available from operations, current and projected capital expenditure requirements,
the annual distribution requirements necessary to maintain our qualification as a REIT under the Code, other tax considerations, and
other factors deemed relevant by our board of directors. As a result, our distribution rate and payment frequency may vary from time
to time. We reserve the right to adjust the periods during which distributions accrue and are paid. See “Description of Capital
Stock–Distributions.”

Generally, our policy is
to pay distributions from cash flow from operations. However, from time to time, we may not generate sufficient cash flow from operations
or funds from operations to fully fund distributions. Therefore, some or all of our cash distributions may be paid from other sources,