Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 223

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 223
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 the 12-month period immediately preceding such termination, calculated as of the end of the most
recently completed fiscal quarter before the date of non-renewal/termination.

Internalization

Upon the determination by
at least two-thirds of our independent directors that, upon an internalization of our management, AFFO (as defined below) per share would
be greater than AFFO per share immediately prior to such internalization, we may internalize, with consideration upon such internalization
being paid by us to our Manager (the “Internalization Consideration”) equal to 2.75 times the sum of the Base Management
Fee and Incentive Fee, in each case, earned by our Manager during the 12-month period immediately preceding such internalization, calculated
as of the end of the most recently completed fiscal quarter before the date of the internalization. For the avoidance of doubt, the internalization
may be structured as a contribution of our Manager or our Manager’s assets to our Operating Partnership in exchange for OP Units
and/or cash, provided that at least 50% of the value of the Internalization Consideration will be satisfied in OP Units, or other tax-efficient
transaction as agreed by our Manager and us.

Assignment

Our Manager may not assign
the Management Agreement, except to an affiliate, without the consent of a majority of our independent directors.

We may not assign our rights
or responsibilities under the Management Agreement without the prior written consent of our Manager, except in the case of assignment
to another REIT or other organization which is our successor, in which case such successor organization will be bound under the Management
Agreement and by the terms of such assignment in the same manner as we are bound under the Management Agreement.

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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