Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 23

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 23
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 Incentive Fee in accordance with the Management Agreement. Our actual results may differ materially from the following example. |
| Assume the following:                                                                                                                                                                                  |
| ·     AFFO for the 12-month period equals $41,000,000;                                                                                                                                                 |
| ·      weighted average price per share of equity securities is $10.00;                                                                                                                                |
| ·     the weighted average number of shares of common stock outstanding on a fully diluted basis during the 12-month period is 50,000,000; and                                                         |
| ·     Incentive Fees paid during the first three calendar quarters of such 12-month period are $0.                                                                                                     |

| Under these assumptions, the quarterly Incentive Fee payable to our Manager would be $200,000, as calculated below: |

| 1. | AFFO                                                                                                                                                                                                    |     | $ | 41,000,000 |
| 2. | Weighted average price per share of equity securities of $10.00 multiplied by the weighted average number of shares of common stock outstanding on a fully diluted basis of 50,000,000 multiplied by 8% |     | $ | 40,000,000 |
| 3. | Excess of AFFO over amount calculated in 2 above                                                                                                                                                        |     | $ |  1,000,000 |
| 4. | 20% of the amount calculated in 3 above                                                                                                                                                                 |     | $ |    200,000 |
| 5. | Incentive Fee equals the amount calculated in 4 above less the Incentive Fees paid during the first three calendar quarters of such previous 12-month period                                            |     | $ |          — |
| 6. | Quarterly incentive fee payable to our Manager                                                                                                                                                          |     | $ |    200,000 |

Organizational Structure

The following chart shows
our current organizational structure.

<div align='center'>12</div>

Distribution Policy

We have elected to be taxed
as a REIT for U.S. federal income tax purposes, commencing with our taxable year ended December 31, 2022. In order to maintain our
qualification as a REIT, among other requirements, we are generally required to distribute 90% of our annual REIT taxable income (determined
without regard