Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 135

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 135
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4 million in the same prior year period. Property management fees are based on a stated percentage of property revenues and asset
management fees are based on a stated percentage of capital contributions or assets under management, where applicable.

General and administrative expenses amounted to $10.6 million for the year ended December 31, 2024 as compared to $8.0 million
for the same prior year period. Of the $10.6 million total expense for the year ended December 31, 2024, $6.2 million related to
direct costs incurred by us, while the remaining $4.4 million related to the operating expense reimbursement to our Manager, which included
rent, utilities, accounting and legal services, and IT expenses. The expense reimbursement to our Manager included an increase of $2.1
million related to accounting and legal services compared to the same prior year period. Prior to the fourth quarter 2023, the Manager
elected to not seek reimbursement for legal and accounting services during our first year of operations. Commencing with the operating
expense reimbursement for the first quarter 2024, we paid the operating expense reimbursement to the Manager entirely in cash; prior
to the first quarter 2024, we paid the full operating expense reimbursement to the Manager through the issuance of C-LTIP Units.

Management fees to related partyamounted to $9.1 million for the year ended December 31, 2024 as compared to $7.9 million for the
same prior year period. The increase was due to an increase in equity primarily from our continuous registered offering of Series A
Preferred Stock, which began in the third quarter of 2023. For the first three quarters of 2024, we paid the base management fee to the
Manager as one half (50%) in C-LTIP Units and the remainder in cash, and for the fourth quarter of 2024, we paid $0.2 million of the
base management fee in C-LTIP Units with the remainder in cash. Prior to the first quarter of 2024, we paid the full base management
fee to the Manager through the issuance of C-LTIP Units

Acquisition and other transaction costsamounted to $0.3 million for the year ended December 31, 2024 as compared to $1.8 million
for the same prior year period. Acquisition costs can vary greatly, and the costs incurred in any given period may be significantly different
in future periods. The