Company: BHM
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001104659-25-046667
Chunk: 23

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 23
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31, 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 | ​ 
 ​ | ​    
 2025 |     ​ 
 March 
   31, | ​ | ​    
 2024 |            ​ 
 December 31, |
|:------------------------------------------------------|:--|:-----|------:|:--|:-----|-------------:|
| Base management fee                                   | ​ | $    | 2,540 | ​ | $    |        2,490 |
| Operating and direct expense reimbursements           | ​ |      | 1,088 | ​ |      |        1,224 |
| Offering expense reimbursements                       | ​ | ​    |   135 | ​ | ​    |          148 |
| Total amounts payable to the Manager                  | ​ | $    | 3,763 | ​ | $    |        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 between BREH and the Company of the costs thereunder, including costs associated with tenant improvements. BREH and certain of its respective subsidiaries and/or affiliates will share occupancy of the NY Premises. Under the Leasehold Cost-Sharing Agreement, if there is a change in control of either BREH or the Company, the allocation of costs under the Leasehold Cost-Sharing Agreement shall be modified to thereafter allocate such costs based on the average of the cost-sharing percentages between BREH and the Company over the four most recently-completed calendar quarters immediately preceding