Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 234

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 234
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 equals $41,000,000; |

| · | weighted average price per share of equity securities 
 is $10.00;                                            |

| · | the weighted average number                                                                                  
 of shares of common stock outstanding on a fully diluted basis during the 12-month period is 50,000,000; and |

| · | Incentive Fees paid during the first three calendar 
 quarters of such 12-month period are $0.            |

Under these assumptions,
the quarterly Incentive Fee payable to our Manager would be $200,000, as calculated below:

| 1. |     | AFFO                                                                                                                                                                                                    |     | $ | 41,000,000 |
| 2. |     | Weighted average price per share of equity 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 |

Pursuant to the calculation
formula, if AFFO increases and the weighted average share price and weighted average number of shares of common stock outstanding on
a fully diluted basis remain constant, the Incentive Fee will increase.

Reimbursement of Expenses

We will be required to reimburse
our Manager for the following expenses:

| · | acquisition expenses incurred                                    
 in connection with the selection and acquisition of investments; |

| · | general and administrative expenses of us, our Operating 
 Partnership, and our subsidiaries;                       |

| · | expenses incurred in connection                                                                                                         
 with the issuance of our securities, any financing transaction and other costs incident to the acquisition, development, redevelopment, 
 construction, repositioning, leasing, disposition and financing of investments;                                                         |

| · | costs of legal, tax, accounting,                                                                                                       
 consulting,