Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 240

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 240
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 and the year ended December 31, 2024, the company incurred one-time acquisition fees of $3.6 million
and $2.1 million, respectively.

Asset Management Fees

The company engaged a
related party as the DST asset manager to provide certain management services and oversee the performance of the property manager. The
company has agreed to pay an asset management fee equal to a stated percentage per annum of the purchase price of each property in the
DST Program. During the three and nine months ended September 30, 2025, the company incurred asset management fees related to the
DST Program of $0.08 million and $0.2 million, respectively, which are recorded within property management and asset management fees
on the company’s consolidated statements of operations and comprehensive income. As the company held no DST Properties at September 30,
2024, it did not record any asset management fees related to the DST Program during the corresponding periods ended September 30,
2024.

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The table below presents
amounts payable to related parties at September 30, 2025 and December 31, 2024 (amounts in thousands) related to the company’s
DST Program. The company records these payables in due to affiliates on its consolidated balance sheets.

|                                  | Amounts payable to related parties – 
 DST Program                          |   | September 30,   2025 |     |   | December 31,   2024 |
|:---------------------------------|:-------------------------------------|:--|---------------------:|:----|:--|--------------------:|
| One-time acquisition fees        |                                      | $ |                3,628 |     | $ |               2,060 |
| Asset management fees            |                                      |   |                  237 |     |   |                  35 |
| Other                            |                                      |   |                    — |     |   |                  23 |
| Total amounts payable to related 
 parties – DST Program            |                                      | $ |                3,865 |     | $ |               2,118 |

Unconsolidated Real Estate Fund

The company’s investment
in the Marble Fund, which is an unconsolidated real estate fund, is accounted for under the equity method as the company considers its
degree of influence to be more than minor. As such, the company’s investment in the Marble Fund is considered a related party investment.
The company earns a return on its