Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 242

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 242
---
, 2025 and December 31, 2024 pursuant to the terms of the Leasehold
Cost-Sharing Agreement (amounts in thousands). The company records these receivables in due from affiliates on its consolidated balance
sheets.

|                                             | Amounts receivable from BREH under the 
 Leasehold Cost-Sharing Agreement       |   | September 30,   2025 |     |   | December 31,   2024 |
|:--------------------------------------------|:---------------------------------------|:--|---------------------:|:----|:--|--------------------:|
| Capital improvement cost reimbursements     |                                        | $ |                  672 |     | $ |                 925 |
| Operating and direct expense reimbursements |                                        |   |                  227 |     |   |                 124 |
| Total amounts receivable from BREH          |                                        | $ |                  899 |     | $ |               1,049 |

<div align='center'>152</div>

At September 30,
2025 and December 31, 2024, the company had $0.04 million and zero in other receivables due from related parties.

Harmony at Clear Creek Development

On September 30,
2025, the company, through a joint venture with an unaffiliated third party (the “Harmony JV”), in which the company holds
an 85% interest, acquired land located in Shawnee, Kansas for a purchase price of $2.3 million for the development of an approximately
188-unit residential community to be known as Harmony at Clear Creek. In connection with the Harmony at Clear Creek acquisition, the
Harmony JV entered into a joint venture agreement with BTR Preferred Investments, LLC (“BTR Preferred”), an entity that includes
an affiliate of the Manager, in which BTR Preferred committed to fund up to $16.8 million of preferred equity interests in the Harmony
at Clear Creek development. At September 30, 2025, BTR Preferred has not funded any of the committed amount.

Selling Commissions and Dealer Manager Fees

In conjunction with the
offering of the company’s Series A Redeemable Preferred Stock, the company engaged a related party as dealer manager, and
pays up to 10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager re-allows
the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers and incurs costs in excess