Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 230

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 230
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, 2024 included
reimbursements to the Manager in the aggregate amount of $2.9 million for accounting and legal services. Prior to the fourth quarter 2023,
the Manager elected to not seek reimbursements for accounting and legal services during the company’s first year of operations.
In addition, for the years ended December 31, 2024 and 2023, the company recorded direct expense reimbursements of $0.4 million and
$0.3 million, respectively, which were paid to the Manager in cash. Both the operating and direct expense reimbursements were recorded
as part of general and administrative expenses in the company’s consolidated statements of operations and comprehensive income.

The table below presents the
related party amounts payable to the Manager at December 31, 2024 and 2023 pursuant to the terms of the Management Agreement (amounts
in thousands). The Company records these payables in due to affiliates in its consolidated balance sheets.

|                                             | Amounts payable to the Manager under the Management Agreement |   |  2024 |     |   |  2023 |
|:--------------------------------------------|:--------------------------------------------------------------|:--|------:|:----|:--|------:|
| Base management fee                         |                                                               | $ | 2,490 |     | $ | 2,048 |
| Operating and direct expense reimbursements |                                                               |   | 1,224 |     |   | 1,365 |
| Offering expense reimbursements             |                                                               |   |   148 |     |   |    96 |
| Total amounts payable to the Manager        |                                                               | $ | 3,862 |     | $ | 3,509 |

Leasehold Cost-Sharing Agreement with Bluerock Real Estate Holdings, LLC

In connection with a new lease
on the company’s New York (Manhattan) headquarters, effective May 31, 2024, the company and an unaffiliated third-party landlord
entered into a lease for separate corporate space (the “NY Premises Lease”) located at 919 Third Avenue, New York, New York
(the “NY Premises”). The NY Premises Lease commenced in November 2024 when the landlord made the NY Premises available
to the company to begin its own alterations and improvements. With respect to the NY Premises, the company and Bluerock Real Estate Holdings,
LLC (“BREH”), which is an affiliate of the Manager, entered into a leasehold