Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 22

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 22
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 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 in accordance with GAAP, and (b) one-time events pursuant to changes in GAAP, and certain non-cash items not otherwise described 
 above, in each case after discussions between our Manager and our independent directors and approval by a majority of our independent     
 directors. We determined Net Asset Value, for purposes of the foregoing, based on the midpoint of the range of net asset values utilized  
 by Duff & Phelps in its analysis underlying the opinion it delivered to the Bluerock Residential board of directors in connection         
 with the execution of the Agreement and Plan of Merger dated December 20, 2021 (the “Merger Agreement”) in connection                     
 with the Merger. Each quarterly installment of the Base Management Fee will be payable in cash, except as may otherwise be specified by   
 written agreement of the company and the Manager with respect to payment of all or any portion thereof in long-term incentive plan units  
 of the Operating Partnership (“LTIP Units”), calculated pursuant to the formula above.                                                    |

| Incentive Fee |     | We will pay our Manager an incentive fee (the                                                                                                  
 “Incentive Fee”) with respect to each calendar quarter (or part thereof that the Management Agreement is in effect) in arrears.                
 The Incentive Fee will be an amount, not less                                                                                                  
 than zero, equal to the difference between (1) the product of (i) 20% and (ii) the difference between (a) the company’s                        
 adjusted funds from operations (“AFFO”) for the previous 12-month period and (b) the product of (A) the product                                
 of (x) the weighted average of the price per share of equity securities as derived from the Net Asset Value and the issue price of             
 equity securities issued in future offerings and transactions, multiplied by (y) the weighted average number of all shares