Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 19

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 19
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 at this stage of our life cycle.

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Upon the determination by
at least two-thirds of our independent directors that, upon an internalization of our management, AFFO (as defined below) per share would
be greater than AFFO per share immediately prior to such internalization, we may internalize, with consideration upon such internalization
being paid by us to our Manager (the “Internalization Consideration”) as described herein. No assurance can be given that
the internalization of our Manager will be achieved.

Pursuant to the Management
Agreement, we will pay our Manager and its affiliates fees and reimburse certain expenses for services rendered to us. The most significant
items of compensation and reimbursement are outlined in “—Compensation to Our Manager,” below. For a more complete explanation
of the fees and expenses, see “Our Manager and Related Agreements.”

Conflicts of Interest

Our officers and directors,
and the owners and officers of our Manager and its affiliates are involved in, and will continue to be involved in, the ownership and
advising of other real estate entities and programs, including those sponsored by Bluerock or in which Bluerock is a manager or participant.
These pre-existing interests, and similar additional interests as may arise in the future, may give rise to conflicts of interest with
respect to our business, our investments and our investment opportunities. In particular, but without limitation:

| · | Our Manager, its officers and their respective affiliates will face conflicts of interest relating to the purchase and leasing of real estate investments, and such conflicts may not be resolved in our favor. This could limit our investment opportunities, impair our ability to make distributions and reduce the value of your investment in us. |

| · | If we acquire properties from entities owned or sponsored by affiliates of our Manager, the price may be higher than we would pay if the transaction was the result of arm’s-length negotiations with a third party. |

| · | Our Manager will have considerable discretion with respect to the terms and timing of our acquisition, disposition and leasing transactions. The incentive fee payable by us to our Manager is determined based on AFFO, which may create an incentive for our Manager to make investments that are risky or more speculative than would otherwise be in our best interests. |

| · | Our Manager and its affiliates, including our officers, some of whom are also our directors, face conflicts of interest caused by their ownership of our Manager and their roles with other programs, which could