Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 229

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 229
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1 common stock, Class B-2 common stock and Class B-3 common stock.
The Class B common stock was not listed as part of the listing of the Class A common stock; however, the Class B common
stock converted, automatically, to Class A common stock on a schedule of 360 days following the Class A common stock listing
for the Class B-1 common stock, 540 days following the Class A common stock listing for the Class B-2 common stock,
and 720 days following the Class A common stock listing for the Class B-3 common stock. This resulted in the completion
of a liquidity event for all purchasers of common stock in Bluerock Residential’s original common stock offering approximately 2.5
years following completion of the offering stage thereof.

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CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</div>

Management Agreement

We, the Operating Partnership
and our Manager are parties to the Management Agreement. The Management Agreement requires 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 year ended December 31,
2024, the company recorded a base management fee of $9.1 million, of which $3.6 million was or shall be paid in C-LTIP Units with the
remainder paid in cash. For the year ended December 31, 2023, the company recorded a base management fee of $7.9 million, of which
all was paid in C-LTIP Units. There have been no incentive fee expenses incurred during the years ended December 31, 2024 and 2023.

For the years ended December 31,
2024 and 2023, the company recorded operating expense reimbursements of $4.4 million and $2.8 million, respectively. Commencing with the
operating expense reimbursement for the first quarter 2024, the company paid, and expects to continue to pay, the operating expense reimbursement
to the Manager entirely in cash; prior to the first quarter 2024, the company paid the operating expense reimbursement to the Manager
entirely through the issuance of C-LTIP Units. The operating expense reimbursement for the year ended December 31