Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 20

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 20
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 more investments than would otherwise be possible, resulting in a larger and more diversified portfolio.
See “Risk Factors—Risks Related to Our Business, Properties and Industry—High levels of debt or increases in interest
rates could increase the amount of any future loan payments, which could reduce the cash available for distribution to stockholders”
for more information about the risks related to operating on a leveraged basis.

<div align='center'>8</div>

Compensation to Our Manager

Set forth below is a summary
of the fees and compensation we expect to pay our Manager under the Management Agreement for managing our business and assets. For additional
information with respect to the compensation of our Manager, see “Our Manager and Related Agreements.”

| Type                |     | Description                                                                                                                           |
| 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 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