Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 430

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 430
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 active and deliberate dishonesty;                                                                                  |

| · | the director or officer                                                           
 actually received an improper personal benefit in money, property or services; or |

| · | with respect to any criminal                                                                                 
 proceeding, the director or officer had reasonable cause to believe his or her act or omission was unlawful. |

<div align='center'>II-10</div>

The MGCL prohibits a corporation
from indemnifying a director or officer who has been adjudged liable in a suit by the corporation or on its behalf or in which the director
or officer was adjudged liable on the basis that a personal benefit was improperly received. A court may order indemnification if it
determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did
not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received; however,
indemnification for an adverse judgment in a suit by the corporation or on its behalf, or for a judgment of liability on the basis that
personal benefit was improperly received, is limited to expenses.

The MGCL permits a Maryland
corporation to advance reasonable expenses to a director or officer upon receipt of a written affirmation by the director or officer
of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification and a written undertaking
by him or her or on his or her behalf to repay the amount paid or reimbursed if it is ultimately determined that the standard of conduct
was not met.

Our charter requires us to
indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable
expenses in advance of final disposition of a proceeding to our directors and our officers (including any director or officer who is
or was serving at the request of our company as a director, officer, partner, member, manager or trustee of another corporation, real
estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise) and
to any external manager acting as an agent of the company. In addition, our charter permits us, with the approval of our board of directors,
to provide such indemnification and advance of expenses to any individual who served a predecessor of us in any of the capacities described
above and to any employee or agent of us or a predecessor of us.

We have entered into indemnification
agreements with each of our directors and our executive officers. The indemn