Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 234

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 234
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 December 31, 2024, the company incurred one-time acquisition fees of $1.4 million
and $2.1 million, respectively.

Asset Management Fees

The company engaged a related
party as the DST asset manager to provide certain management services and oversee the performance of the property manager. The company
has agreed to pay an asset management fee equal to a stated percentage per annum of the purchase price of each property in the DST Program.
During the three and six months ended June 30, 2025, the company incurred asset management fees related to the DST Program of $0.07 million
and $0.1 million, respectively, which are recorded within property management and asset management fees on the company’s consolidated
statements of operations and comprehensive income. As the company held no DST properties at June 30, 2024, it did not
record any asset management fees related to the DST Program during the corresponding periods ended June 30, 2024.

The table below presents amounts
payable to related parties at June 30, 2025 and December 31, 2024 (amounts in thousands) related to the company’s DST
Program. The company records these payables in due to affiliates in its consolidated balance sheets.

|                                                        | Amounts payable to related parties – DST Program |   | June 30, 
     2025 |     |   | December 31, 
         2024 |
|:-------------------------------------------------------|:-------------------------------------------------|:--|---------:|:----|:--|-------------:|
| One-time acquisition fees                              |                                                  | $ |    3,475 |     | $ |        2,060 |
| Asset management fees                                  |                                                  |   |      158 |     |   |           35 |
| Other                                                  |                                                  |   |        — |     |   |           23 |
| Total amounts payable to related parties – DST Program |                                                  | $ |    3,633 |     | $ |        2,118 |

Selling Commissions and Dealer Manager Fees

In conjunction with the offering
of the company’s Series A Redeemable Preferred Stock, the company engaged a related party as dealer manager, and pays up to
10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager re-allows the
substantial majority of the selling commissions and dealer manager fees to participating broker-dealers and incurs costs in excess of
the