Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 310

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 310
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 the result of active and deliberate dishonesty;                                                                      |

| · | the director                                                                                 
 or officer actually received an improper personal benefit in money, property or services; or |

| · | in the case                                                                                                                
 of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. |

The MGCL prohibits us from
indemnifying a director or officer who has been adjudged liable in a suit by us or on our behalf or in which the director or officer
was adjudged liable on the basis that a personal benefit was improperly received. A court may order indemnification if it determines
that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the
prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received; however, indemnification
for an adverse judgment in a suit by us or on our behalf, or for a judgment of liability on the basis that personal benefit was improperly
received, is limited to expenses.

The MGCL permits a Maryland
corporation to advance reasonable expenses to a director or officer upon receipt of a written affirmation by the director or officer
of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification and a written undertaking
by him or her or on his or her behalf to repay the amount paid or reimbursed if it is ultimately determined that the standard of conduct
was not met.

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Our charter requires us to
indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable
expenses in advance of final disposition of a proceeding to our directors and our officers (including any director or officer who is
or was serving at the request of our company as a director, officer, partner, member, manager or trustee of another corporation, real
estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise) and
to any external manager acting as an agent of the company. In addition, our charter permits us, with the approval of our board of directors,
to provide such indemnification and advancement of expenses to any individual who served a predecessor of us in any of the capacities
described above and to any employee or agent of us or a predecessor of us.

However, the SEC takes the
position that indemnification against liabilities arising under the Securities Act is against public policy