Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 232

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 232
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 addition, for the three and six months ended June 30,
2025 and 2024, the company recorded direct expense reimbursements of $0.2 million and $0.07 million, and $0.3 million and
$0.2 million, respectively, which were, or shall be, paid to the Manager in cash. Both the operating and direct expense reimbursements
were recorded as part of general and administrative expenses in the company’s consolidated statements of operations and comprehensive
income.

The table below presents the
related party amounts payable to the Manager at June 30, 2025 and December 31, 2024 pursuant to the terms of the Management
Agreement (amounts in thousands). The company records these payables in due to affiliates in its consolidated balance sheets.

|                                             | Amounts payable to the Manager under the Management Agreement |   | June 30, 
     2025 |     |   | December 31, 
         2024 |
|:--------------------------------------------|:--------------------------------------------------------------|:--|---------:|:----|:--|-------------:|
| Base management fee                         |                                                               | $ |    2,606 |     | $ |        2,490 |
| Operating and direct expense reimbursements |                                                               |   |    1,165 |     |   |        1,224 |
| Offering expense reimbursements             |                                                               |   |      238 |     |   |          148 |
| Total amounts payable to the Manager        |                                                               | $ |    4,009 |     | $ |        3,862 |

Leasehold Cost-Sharing Agreement with Bluerock Real Estate Holdings, LLC

In connection with a new lease
on the company’s New York (Manhattan) headquarters, effective May 2024, the company and an unaffiliated third-party landlord
entered into a lease for separate corporate space (the “NY Premises Lease”) located at 919 Third Avenue, New York, New York
(the “NY Premises”). The NY Premises Lease commenced in November 2024 when the landlord made the NY Premises available
to the company to begin its own alterations and improvements. With respect to the NY Premises, the company and Bluerock Real Estate Holdings,
LLC (“BREH”), which is an affiliate of the Manager, entered into a leasehold cost-sharing agreement (the “Leasehold
Cost-Sharing Agreement”) to provide for the allocation and sharing