Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 231

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 231
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        |                                                               | $ |     3,763 |     | $ |        3,862 |

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 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 cost-sharing agreement (the
“Leasehold Cost-Sharing Agreement”) to provide for the allocation and sharing between BREH and the company of the costs thereunder,
including costs associated with tenant improvements. BREH and certain of its respective subsidiaries and/or affiliates will share occupancy
of the NY Premises. Under the Leasehold Cost-Sharing Agreement, if there is a change in control of either BREH or the company, the
allocation of costs under the Leasehold Cost-Sharing Agreement shall be modified to thereafter allocate such costs based on the average
of the cost-sharing percentages between BREH and the company over the four most recently-completed calendar quarters immediately
preceding the change in control date (or shall be the average cost-sharing percentages over such shorter period, if the change in
control occurs earlier than the completion of four calendar quarters). Under the NY Premises Lease, the company, through its Operating
Partnership, issued a payment of approximately $450,000 as a security deposit. Payment by BREH of any amounts payable under the Leasehold
Cost-Sharing Agreement to the company will be made in cash.

The table below presents
the related party amounts receivable from BREH at March 31, 2025 and December 31, 2024 pursuant to the terms of the Leasehold
Cost-Sharing Agreement (amounts in thousands). The Company records these receivables in due from affiliates in its consolidated balance
sheets.

|                                             | Amounts receivable from BREH under the Leasehold Cost-Sharing Agreement |   | March 31, 
      2025 |     |