Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 230

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 230
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 our Manager to manage our business affairs
in conformity with our investment guidelines and other policies that are approved and monitored by our board of directors. Our Manager’s
role as Manager will be under the supervision and direction of our board of directors. For more information regarding the Management
Agreement, please refer to the discussion under “Our Manager and Related Agreements—Management Agreement.”

For the three months ended
March 31, 2025, the company recorded a base management fee of $2.5 million, of which $0.2 million was paid in C-LTIP Units with
the remainder paid in cash. For the three months ended March 31, 2024, the company recorded a base management fee of $2.1 million,
of which one half (50%) was paid in C-LTIP Units and the remainder paid in cash. There have been no incentive fee expenses incurred during
2025 or the year ended December 31, 2024.

For the three months ended
March 31, 2025 and 2024, the company recorded (i) operating expense reimbursements of $1.0 million and $1.2 million, respectively,
and (ii) direct expense reimbursements of $0.1 million and $0.1 million, respectively. Both the operating and direct expense reimbursements
were paid in cash to the Manager and 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 March 31, 2025 and December 31, 2024 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 |   | March 31, 
      2025 |     |   | December 31, 
         2024 |
|:--------------------------------------------|:--------------------------------------------------------------|:--|----------:|:----|:--|-------------:|
| Base management fee                         |                                                               | $ |     2,540 |     | $ |        2,490 |
| Operating and direct expense reimbursements |                                                               |   |     1,088 |     |   |        1,224 |
| Offering expense reimbursements             |                                                               |   |       135 |     |   |          148 |
| Total amounts payable to the Manager