Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 226

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 226
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 to our Manager                                                                                                                                                          |     | $ |    200,000 |

Pursuant to the calculation
formula, if AFFO increases and the weighted average share price and weighted average number of shares of common stock outstanding on
a fully diluted basis remain constant, the Incentive Fee will increase.

<div align='center'>112</div>

Reimbursement of Expenses

We will be required to reimburse
our Manager for the following expenses:

| · | acquisition                                                                        
 expenses incurred in connection with the selection and acquisition of investments; |

| · | general                                                                             
 and administrative expenses of us, our Operating Partnership, and our subsidiaries; |

| · | expenses                                                                                                                                        
 incurred in connection with the issuance of our securities, any financing transaction and other costs incident to the acquisition, development, 
 redevelopment, construction, repositioning, leasing, disposition and financing of investments;                                                  |

| · | costs                                                                                                                                  
 of legal, tax, accounting, consulting, auditing and other similar services rendered for us by providers retained by our Manager or, if 
 provided by our Manager’s personnel, in amounts which are no greater than those that would be payable to outside professionals         
 or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis;                            |

| · | the                                                                                                                            
 compensation and expenses of our directors and the cost of liability insurance to indemnify us and our directors and officers; |

| · | costs                                                                                                                                  
 associated with the establishment and maintenance of any of our credit facilities, other financing arrangements, or other indebtedness 
 of ours (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of our securities offerings;  |

| · | expenses                                                                                                                                    
 connected with communications to holders of our securities or of our subsidiaries and other bookkeeping and clerical work necessary in      
 maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental 
 bodies or agencies, including, without limitation, all costs of preparing and filing required reports with the SEC, the costs payable       
 by us to any transfer agent and registrar in connection with the listing and/or trading of our stock on any exchange, the fees payable      
 by us to any such exchange in connection with its listing, costs of preparing, printing and mailing our annual report to our stockholders   
 or our Operating Partnership’s partners, as applicable, and proxy materials with respect to any meeting of our stockholders or              
 our Operating Partnership’s partners, as applicable;                                                                                        |

| · | costs                                                                                                                                 
 associated with