Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 226

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 226
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 |     | $ |    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 of ours 
 (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of our securities offerings;       |

| · | expenses connected                                                                                                                        
 with communications to holders of our securities or of our subsidiaries and other bookkeeping and clerical work necessary in maintaining  
 relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies    
 or agencies, including, without limitation, all costs of preparing and filing required reports with the SEC, the costs payable by         
 us to any transfer agent and registrar in connection with the listing and/or trading of our stock on any exchange, the fees payable       
 by us to any such exchange in connection with its listing, costs of preparing, printing and mailing our annual report to our stockholders 
 or our Operating Partnership’s partners, as applicable, and proxy materials with respect to any meeting of our stockholders               
 or our Operating Partnership’s partners, as applicable;                                                                                   |

| · | costs associated                                                                                                                   
 with