Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 226

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 226
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 our business except for the costs attributable to the insurance that our Manager 
 elects to carry for itself and its personnel costs and expenses incurred in contracting with third parties;                         |

| · | all other costs                                                                                                                      
 and expenses relating to our business and investment operations, including, without limitation, the costs and expenses of acquiring, 
 owning, protecting, maintaining, developing and disposing of investments, including appraisal, reporting, audit and legal fees;      |

| · | expenses relating                                                                                                               
 to any office(s) or office facilities, including, but not limited to, disaster backup recovery sites and facilities, maintained 
 for us or our investments separate from the office or offices of our Manager;                                                   |

| · | expenses connected                                                                                                                   
 with the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made by the board     
 of directors to or on account of holders of our securities or of our subsidiaries, including, without limitation, in connection with 
 any future distribution reinvestment plan;                                                                                           |

| · | any judgment                                                                                                                        
 or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against us or any subsidiary, or against  
 any trustee, director, partner, member or officer of us or of any subsidiary in his capacity as such for which we or any subsidiary 
 is required to indemnify such trustee, director, partner, member or officer pursuant to the applicable governing document or other  
 instrument or agreement, or by any court or governmental agency; and                                                                |

| · | all other expenses                                                                                                                
 actually incurred by our Manager (except as described below) which are reasonably necessary for the performance by our Manager of 
 its duties and functions under the Management Agreement.                                                                          |

<div align='center'>115</div>

In addition, we may be required
to pay our pro rata portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead
expenses of our Manager and its affiliates required for our operations, provided that such expenses are in amounts no greater than those
that would be payable to third-party professionals or consultants engaged to perform such services pursuant to agreements negotiated on
an arm’s-length basis, and excepting only those expenses that are specifically the responsibility of our Manager.

Except with respect to the
costs of legal, tax, accounting, consulting, auditing and other similar services rendered for us, which costs will be our expense, our
Manager will be responsible for the expenses related to any and all personnel of our Manager