Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 228

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 228
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 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.                                                                   |

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 and its affiliates who provide services
to us pursuant to the Management Agreement, including, without limitation, salaries, bonus and other wages, payroll taxes and the cost
of employee benefit plans of such personnel, and costs of insurance with respect to such personnel; provided, however, that our
Manager will not be responsible for any such expenses payable subsequent to the Distribution Date to the extent (and only to such extent)
that such expenses were incurred or otherwise attributable to a time period preceding the Distribution Date. For the avoidance of doubt,
any incentive plan of Bluerock Homes or the Operating Partnership in which any person referred to above participates will not be an expense
of our Manager.

Grants of Equity Compensation to Our Manager

We have implemented the BHM
Incentive Plans (as defined below), pursuant to which our compensation committee is authorized to approve grants of equity-based awards
to our officers, directors and affiliates (including officers and employees of our Manager and its affiliates).

Liquidity of Prior Programs

Our sponsor previously sponsored
one REIT, Bluerock Residential, which disclosed in its prospectus the time at which it was anticipated that Bluerock Residential would
provide a liquidity event to its stockholders. Bluerock Residential’s prospectus for its original offering of common stock
indicated that Bluerock Residential intended to enter into a transaction providing liquidity for