Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 396

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 396
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 and expenses actually incurred in a proceeding unless the following
can be established:

| · | the act or                                                                                                                            
 omission of the director or officer was material to the cause of action adjudicated in the proceeding, and was committed in bad faith 
 or was the result of active and deliberate dishonesty;                                                                                |

| · | the director                                                                                 
 or officer actually received an improper personal benefit in money, property or services; or |

| · | with respect                                                                                                                 
 to any criminal proceeding, the director or officer had reasonable cause to believe his or her act or omission was unlawful. |

The MGCL prohibits a corporation from indemnifying
a director or officer who has been adjudged liable in a suit by the corporation or on its behalf or in which the director or officer was
adjudged liable on the basis that a personal benefit was improperly received. A court may order indemnification if it determines that
the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed
standard of conduct or was adjudged liable on the basis that personal benefit was improperly received; however, indemnification for an
adverse judgment in a suit by the corporation or on its behalf, or for a judgment of liability on the basis that personal benefit was
improperly received, is limited to expenses.

<div align='center'>II-6</div>

The MGCL permits a Maryland corporation to advance
reasonable expenses to a director or officer upon receipt of a written affirmation by the director or officer of his or her good faith
belief that he or she has met the standard of conduct necessary for indemnification and a written undertaking by him or her or on his
or her behalf to repay the amount paid or reimbursed if it is ultimately determined that the standard of conduct was not met.

Our charter requires us to indemnify and, without
requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance
of final disposition of a proceeding to our directors and our officers (including any director or officer who is or was serving at the
request of our company as a director, officer, partner, member, manager or trustee of another corporation, real estate investment trust,
partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise) and to any external manager acting
as an agent of the company. In addition, our charter permits us, with the approval of our board of directors, to provide such indemnification
and advance