Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 239

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 239
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 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 nine
months ended September 30, 2025 and 2024, the company recorded operating expense reimbursements of $1.0 million and $1.0 million,
and $3.0 million and $3.3 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 addition, for the three and nine months ended September 30,
2025 and 2024, the company recorded direct expense reimbursements of $0.1 million and $0.1 million, and $0.4 million and $0.3 million,
respectively, which were, or shall be, paid to the Manager in cash. Both the operating

and direct expense reimbursements were recorded
as part of general and administrative expenses on the company’s consolidated statements of operations and comprehensive income.

The table below presents
the related party amounts payable to the Manager at September 30, 2025 and December 31, 2024 pursuant to the terms of the Management
Agreement (amounts in thousands). The company records these payables in due to affiliates on its consolidated balance sheets.

|                                             | Amounts payable to the Manager under 
 the Management Agreement             |   | September 30,   2025 |     |   | December 31,   2024 |
|:--------------------------------------------|:-------------------------------------|:--|---------------------:|:----|:--|--------------------:|
| Base management fee                         |                                      | $ |                2,642 |     | $ |               2,490 |
| Operating and direct expense reimbursements |                                      |   |                1,204 |     |   |               1,224 |
| Offering expense reimbursements             |                                      |   |                    — |     |   |                 148 |
| Total amounts payable to the Manager        |                                      | $ |                3,846 |     | $ |               3,862 |

DST Program

Acquisition Fees

The company, through consolidated
subsidiaries associated with its DST Program, incurs a one-time acquisition fee for each DST private placement offering. During the nine
months ended September 30, 2025