Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 231

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 231
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 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 three and six months
ended June 30, 2025, the company recorded base management fees of $2.6 million and $5.1 million, respectively, of which
$0.2 million and $0.4 million, respectively, were, or shall be, paid in C-LTIP Units with the remainder paid in cash. For the
three and six months ended June 30, 2024, the company recorded base management fees of $2.2 million and $4.2 million, respectively,
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 and six months
ended June 30, 2025 and 2024, the company recorded operating expense reimbursements of $1.0 million and $1.1 million, and
$2.0 million and $2.3 million, respectively. Commencing with operating expense reimbursements for the first quarter 2024, the
company paid the operating expense reimbursement to the Manager entirely in cash. In