Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 21

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 21
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 our board of directors changes our
policies regarding our use of leverage, we expect that it will consider many factors, including the lending standards of lenders in connection
with the financing of residential properties, the leverage ratios of publicly traded REITs with similar investment strategies, the cost
of leverage as compared to expected operating net revenues, and general market conditions.

By operating on a leveraged
basis, we expect to have more funds available for real estate investments and other purposes than if we operated without leverage, which
we believe will allow us to acquire more investments than would otherwise be possible, resulting in a larger and more diversified portfolio.
See “Risk Factors—Risks Related to Our Business, Properties and Industry—High levels of debt or increases in interest
rates could increase the amount of any future loan payments, which could reduce the cash available for distribution to stockholders”
for more information about the risks related to operating on a leveraged basis.

<div align='center'>13</div>

Compensation to Our Manager

Set forth below is a summary
of the fees and compensation we expect to pay our Manager under the Management Agreement for managing our business and assets. For additional
information with respect to the compensation of our Manager, see “Our Manager and Related Agreements.”

| Type                |     | Description                                                                                                                               |
| Base Management Fee |     | We will pay our Manager a base management fee                                                                                             
 (the “Base Management Fee”) in an amount equal to 1.50% of our new stockholders’ equity, per year.                                        
 For purposes of calculating the Base Management                                                                                           
 Fee, our new stockholders’ equity means: (1) the sum of (i) the net asset value of the Operating Partnership (“Net                        
 Asset Value”) plus (ii) the net proceeds from the issuance of (or equity value assigned to) equity and equity equivalent securities       
 in any subsequent offering (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance) plus   
 (iii) retained earnings at the end of the most recently completed calendar quarter (without taking into account any non-cash equity       
 compensation expense incurred in current or prior periods), less (2) any amount that the company has paid to repurchase our common        
 stock issued in any subsequent offering. New stockholders’ equity also excludes (a) any unrealized gains and losses and other             
 non-cash items (including depreciation and amortization) that have impacted stockholders’ equity as reported in our financial statements  
 prepared