Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 35

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 35
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 aggregate Fund Net Asset Value attributable to the partnership units held by the respective limited partners
on the record date for such distribution.

The proceeds attributable to the Fund’s
investments (which shall include all proceeds attributable to the disposition of such investments, net of expenses, as well as any dividends
or interest income earned on such investments) are distributed to the partners in amounts proportionate to the aggregate partnership net
asset value attributable to the partnership units held. The amount shall be distributed as follows:

| (a) | first, if the total return for the                                                                                                   
 applicable period exceeds the sum of (1) the amount that results in a six percent (6.0%) annualized internal rate of return on the   
 partnership net asset value of the partnership units excluding any partnership units held by the General Partner, “Hurdle Amount”    
 and (2) the loss carryforward amount (if any) (any such excess, “Excess Profits”), one hundred percent (100%) of such                
 annual Excess Profits until the total amount allocated to the General Partner equals fifteen percent (15%) of the sum of (x) the     
 Hurdle Amount for that period and (y) any amount allocated to the General Partner (which is commonly referred to as the “catch-up”); 
 and                                                                                                                                  |

| (b) | second, to the extent there are                                                   
 remaining excess profits, fifteen percent (15%) of such remaining excess profits. |

Carried Interest Allocation

The capital accounts reflect the carried
interest to the General Partner as if the Fund had realized all assets and settled all liabilities at the fair value reported in the consolidated
financial statements, and allocated all gains and losses and distributed the net assets to the partners at the reporting date consistent
with the provisions of the Fund’s governing documents. During the year ended December 31, 2024, the amount of the carried interest
that was allocated to the General Partner is shown on the Consolidated Statement of Changes in Partners’ capital, if any.

The General Partner, in its sole discretion,
may waive or reduce the applicable carried interest with respect to any limited partners in proportion to their respective capital account
balances.

Redemptions

Each limited partner shall have the
right to request that the Fund redeem any partnership units held by such limited partner that have been outstanding for at least twelve
(12) months (the “Lock-Out Period”) by providing the General Partner with a written request in a form acceptable to the General
Partner at least