Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 19

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 19
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We believe the Management
Agreement provides significant benefits to our stockholders. Our company is not burdened by the high expenses associated with employing
our own management team and infrastructure, and instead will rely on our Manager to provide these services in exchange for management
fees, which we believe are lower than we would otherwise have to incur for these services if we were internally managed. In addition,
our Management Agreement provides us access to a team of executive, management, investment, capital markets and administrative personnel
that we believe, given our size and stage of development, is likely to be more capable and diverse than we would otherwise be able to
attract at this stage of our life cycle.

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Upon the determination by
at least two-thirds of our independent directors that, upon an internalization of our management, AFFO (as defined below) per share would
be greater than AFFO per share immediately prior to such internalization, we may internalize, with consideration upon such internalization
being paid by us to our Manager (the “Internalization Consideration”) as described herein. No assurance can be given that
the internalization of our Manager will be achieved.

Pursuant to the Management
Agreement, we will pay our Manager and its affiliates fees and reimburse certain expenses for services rendered to us. The most significant
items of compensation and reimbursement are outlined in “—Compensation to Our Manager,” below. For a more complete explanation
of the fees and expenses, see “Our Manager and Related Agreements.”

Conflicts of Interest

Our officers and directors,
and the owners and officers of our Manager and its affiliates are involved in, and will continue to be involved in, the ownership and
advising of other real estate entities and programs, including those sponsored by Bluerock or in which Bluerock is a manager or participant.
These pre-existing interests, and similar additional interests as may arise in the future, may give rise to conflicts of interest with
respect to our business, our investments and our investment opportunities. In particular, but without limitation:

| · | Our Manager, its officers and their respective affiliates will face conflicts of interest relating to the purchase and leasing of real estate investments, and such conflicts may not be resolved in our favor. This could limit our investment opportunities, impair our ability to make distributions and reduce the value of your investment in us. |

| · | If we acquire properties from entities owned or sponsored by affiliates of our Manager, the price may be