Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 227

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 227
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 · | the weighted average number of shares of common stock outstanding on a fully diluted basis during the 12-month period is 50,000,000; and |

| · | Incentive Fees paid during the first three calendar quarters of such 12-month period are $0. |

Under these assumptions, the
quarterly Incentive Fee payable to our Manager would be $200,000, as calculated below:

| 1. | AFFO                                                                                                                                                                                                    |     | $ | 41,000,000 |
| 2. | Weighted average price per share of equity securities of $10.00 multiplied by the weighted average number of shares of common stock outstanding on a fully diluted basis of 50,000,000 multiplied by 8% |     | $ | 40,000,000 |
| 3. | Excess of AFFO over amount calculated in 2 above                                                                                                                                                        |     | $ |  1,000,000 |
| 4. | 20% of the amount calculated in 3 above                                                                                                                                                                 |     | $ |    200,000 |
| 5. | Incentive Fee equals the amount calculated in 4 above less the Incentive Fees paid during the first three calendar quarters of such previous 12-month period                                            |     | $ |          — |
| 6. | Quarterly incentive fee payable to our Manager                                                                                                                                                          |     | $ |    200,000 |

Pursuant to the calculation
formula, if AFFO increases and the weighted average share price and weighted average number of shares of common stock outstanding on a
fully diluted basis remain constant, the Incentive Fee will increase.

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Reimbursement of Expenses

We will be required to reimburse
our Manager for the following expenses:

| · | acquisition expenses incurred in connection with the selection and acquisition of investments; |

| · | general and administrative expenses of us, our Operating Partnership, and our subsidiaries; |

| · | expenses incurred in connection with the issuance of our securities, any financing transaction and other costs incident to the acquisition, development, redevelopment, construction, repositioning, leasing, disposition and financing of investments; |

| · | costs of legal, tax, accounting, consulting, auditing and other similar services rendered for us by providers retained by our Manager or, if provided by our Manager’s personnel, in amounts which are no greater than those that would be payable to outside professionals or consultants engaged to perform such services