Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 225

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 225
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 |     | $ | 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.

<div align='center'>116</div>

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 pursuant to agreements negotiated on an arm’s-length basis;                                          |

| · | the compensation                                                                                                  
 and expenses of our directors and the cost of liability insurance to indemnify us and our directors and officers; |

| · | costs associated                                                                                                                    
 with the establishment and maintenance of any of our credit facilities, other financing arrangements, or other indebtedness