Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 241

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 241
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 investment which is recognized on a one-quarter lag and is recorded in income from investments in unconsolidated
real estate funds on its consolidated statement of operations and comprehensive income. At September 30, 2025, the company had $0.1
million of related party amounts payable to the Marble Fund pertaining to carried interest. The company records these payables in due
to affiliates on its consolidated balance sheets. The company held no investments in unconsolidated real estate funds at December 31,
2024.

Leasehold Cost-Sharing Agreement with Bluerock Real Estate Holdings, LLC

In connection with a new
lease on the company’s New York (Manhattan) headquarters, effective May 2024, the company and an unaffiliated third-party
landlord entered into a lease for separate corporate space (the “NY Premises Lease”) located at 919 Third Avenue, New York,
New York (the “NY Premises”). The NY Premises Lease commenced in November 2024 when the landlord made the NY Premises
available to the company to begin its own alterations and improvements. With respect to the NY Premises, the company and Bluerock Real
Estate Holdings, LLC (“BREH”), which is an affiliate of the Manager, entered into a leasehold cost-sharing agreement (the
“Leasehold Cost-Sharing Agreement”) to provide for the allocation and sharing between BREH and the company of the costs thereunder,
including costs associated with tenant improvements. BREH and certain of its respective subsidiaries and/or affiliates will share occupancy
of the NY Premises. Under the Leasehold Cost-Sharing Agreement, if there is a change in control of either BREH or the company, the
allocation of costs under the Leasehold Cost-Sharing Agreement shall be modified to thereafter allocate such costs based on the average
of the cost-sharing percentages between BREH and the company over the four most recently-completed calendar quarters immediately
preceding the change in control date (or shall be the average cost-sharing percentages over such shorter period, if the change in
control occurs earlier than the completion of four calendar quarters). Under the NY Premises Lease, the company, through its Operating
Partnership, issued a payment of approximately $450,000 as a security deposit. Payment by BREH of any amounts payable under the Leasehold
Cost-Sharing Agreement to the company will be made in cash.

The table below presents
the related party amounts receivable from BREH at September 30