Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 225

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 225
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 paid to our Manager
with respect to the first three calendar quarters of such previous 12-month period; provided, however, that no Incentive Fee is payable
with respect to any calendar quarter unless AFFO is greater than zero for the four most recently completed calendar quarters. One half
of each quarterly installment of the Incentive Fee will be payable in C-LTIP Units, calculated pursuant to the formula above. The
remainder of the Incentive Fee will be payable in cash or in C-LTIP Units, at the election of our board of directors, in each case calculated
pursuant to the formula above.

The following example illustrates
how we would calculate our quarterly Incentive Fee in accordance with the Management Agreement. Our actual results may differ materially
from the following example.

Assume the following:

| · | AFFO for the 12-month period equals 
 $41,000,000;                        |

| · | weighted average price per share 
 of equity securities is $10.00;  |

| · | 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