Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 270

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 270
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),
and to the beneficiary as follows. The Prohibited Owner generally will receive from the trust the lesser of:

| · | the price paid by the Prohibited                                                                                                  
 Owner paid for the shares of capital stock that were designated as shares-in-trust or, if the Prohibited Owner did not give value 
 for the shares in connection with the event causing the shares to be held in trust, the market price per share on the date of the 
 event causing the shares to be held in trust; or                                                                                  |

| · | the price per share received                                                                                                  
 by the trustee from the sale or other disposition of such shares-in-trust, net of any commissions and other expenses of sale. |

The trustee may reduce the
amount payable to the Prohibited Owner by the amount of dividends and other distributions that have been paid to the Prohibited Owner
and are owed by the Prohibited Owner to the trustee. The trust will distribute to the beneficiary any amounts received by the trust in
excess of the amounts to be paid to the Prohibited Owner. If, prior to our discovery that shares of our stock have been transferred to
the trust, the shares are sold by the proposed transferee, then the shares will be deemed to have been sold on behalf of the trust and,
to the extent that the Prohibited Owner received an amount for the shares that exceeds the amount the Prohibited Owner was entitled to
receive, the excess shall be paid to the trustee upon demand.

In addition, the shares-in-trust
will be deemed to have been offered for sale to us, or our designee, at a price per share equal to the lesser of:

| · | the price per share in                                                                                                           
 the transaction that created such shares-in-trust or, in the case of a gift or devise, the market price per share on the date of 
 such gift or devise; or                                                                                                          |

| · | the market price per share                                
 on the date that we, or our designee, accepts such offer. |

We may reduce the amount
payable to the Prohibited Owner by the amount of dividends and other distributions that have been paid to the Prohibited Owner and are
owed by the Prohibited Owner to the trustee. We may pay the amount of such reduction to the trustee for the benefit of the beneficiary.

“Market price”
on any date means the closing price for our stock on such date. The “closing price” refers to the last sale price for such
shares, regular way, or, in