Document:

Exhibit 10.1

 

BLUEROCK
Homes Trust, INC.

MANAGING
BROKER DEALER AGREEMENT

 

As of November 1, 2022
(the “Effective Date”), this MANAGING BROKER DEALER AGREEMENT (the “Agreement”) is made by and between Bluerock
Homes Trust, Inc., a Maryland corporation (the “Issuer”), and Bluerock Capital Markets, LLC, a Massachusetts limited
liability company (the “Managing Broker Dealer”), in connection with the offering and sale by the Issuer of its (A) 6.0%
Series A Redeemable Preferred Stock (the “Series A Preferred Stock”) for a maximum offering of up to $250,000,000
(the “Offering”). In connection with the Offering, the Issuer has prepared a Confidential Private Placement Memorandum, dated
November 1, 2022, which may be supplemented or amended from time to time (as so supplemented or amended, the “Memorandum”).

 

1.            Appointment
of the Managing Broker Dealer.

 

1.1            On
the basis of the representations, warranties, and covenants herein contained, but subject to the terms and conditions herein set forth,
the Managing Broker Dealer is hereby appointed and agrees to sell the Securities on a “best efforts” basis and to solicit
purchasers for the Securities at the price to be paid and otherwise upon the terms and conditions set forth in the Memorandum. The Managing
Broker Dealer shall solicit purchasers for the Securities through a private, limited offering exempt from registration pursuant to: (i) Rule 506(b) of
Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and (ii) applicable state
blue sky exemptions.

 

1.2            The
Managing Broker Dealer is authorized to enlist other members of the Financial Industry Regulatory Authority, Inc. (“FINRA”)
acceptable to the Issuer (each, a “Selling Group Member,” and collectively, the “Selling Group Members”) to
solicit qualified investors (each, an “Investor,” and collectively, the “Investors”) for the Securities. The Issuer
may also enter into agreements for the sale of the Interests to certain Investors with non-FINRA registered investment advisers (“Registered
Investment Advisers”), and the Managing Broker Dealer shall assist in the administration of such arrangements.

 

1.3            The
Securities in the Offering will be offered during a period commencing on November 1, 2022 and continuing until the Offering is terminated
by the Issuer (in such case, the “Offering Termination Date,” with such interval defining the “Offering Period”
for the Offering). There is no minimum amount of gross proceeds that the Issuer must raise in the Offering to begin accepting subscriptions
and issuing Securities.

 

1.4            Subject
to the performance by the Issuer of all the obligations to be performed hereunder and to the completeness and accuracy of all the Issuer’s
representations and warranties contained herein, the Managing Broker Dealer hereby accepts such agency and agrees on the terms and conditions
herein set forth to use its best efforts during the Offering Period to find qualified Investors for the Securities in the Offering.

 

2.            Representations
and Warranties of the Issuer. The Issuer hereby represents and warrants to the Managing Broker Dealer and each of the Selling Group
Members that:

 

2.1            The
Issuer is duly organized and validly exists as a corporation in good standing under the laws of the State of Maryland, has all requisite
power and authority to enter into this Agreement, and has all requisite power and authority to conduct its business as described in the
Memorandum.

 

2.2            No
consent, approval, authorization, or other order of any governmental authority is required in connection with the execution or delivery
by the Issuer of this Agreement or the issuance and sale by the Issuer of the Securities, except such as may be required under the Securities
Act or applicable state securities laws.

 

    

     

    

 

2.3            No
defaults exist in the due performance or observance of any material obligation, term, covenant, or condition of any agreement or instrument
to which the Issuer is a party or by which it is bound.

 

2.4            This
Agreement, when executed by the Issuer, will have been duly authorized and will be a valid and binding agreement of the Issuer, enforceable
in accordance with its terms.

 

2.5            At
the time of the issuance of the Securities, the Securities will have been duly authorized and validly issued, and upon payment therefor,
will be fully paid and non-assessable and will conform to the description thereof contained in the Memorandum.

 

2.6            Subject
to the performance of the Issuer’s obligations hereunder, the holders of the Securities will have the rights described in the Memorandum
and associated transaction documents.

 

2.7            Subject
to Section 3.2, the Memorandum does not include, nor will it include through and on the Offering Termination Date, any untrue statement
of a material fact, nor does it or will it omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading.

 

2.8            As
of the Effective Date and at the time of any sale of the Securities (collectively, the “Applicable Date”), none of the Issuer,
its executive officers, directors, general partners, managing members or officers participating in the Offering or persons who own 20%
or more of the Issuer:

 

2.8.1            Has
been convicted, within ten (10) years of any Applicable Date, of any felony or misdemeanor that was:

 

(a)            In
connection with the purchase or sale of any security;

 

(b)            Involving
or making of any false filing with the Securities and Exchange Commission (the “SEC”); or

 

(c)            Arising
out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, or paid solicitor
of purchasers of securities.

 

2.8.2            Is
subject to any order, judgment, or decree of any court of competent jurisdiction, entered within five (5) years before any Applicable
Date, that, as of such Applicable Date, restrains or enjoins such person from engaging or continuing in any conduct or practice:

 

(a)            In
connection with the purchase or sale of any security;

 

(b)            Involving
the making of any false filing with the SEC; or

 

(c)            Arising
out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor
of purchasers of securities.

 

    

     

    

 

2.8.3            Is
subject to a final order of a state securities commission (or an agency or officer of a state performing like functions), a state authority
that supervises or examines banks, savings associations or credit unions, a state insurance commission (or an agency or officer of a state
performing like functions), an appropriate federal banking agency, the U.S. Commodity Futures Trading Commission or the National Credit
Union Administration that:

 

(a)            As
of any Applicable Date, bars the person from:

 

(i)            Association
with an entity regulated by such commission, authority, agency or officer;

 

(ii)            Engaging
in the business of securities, insurance or banking; or

 

(iii)            Engaging
in savings association or credit union activities; or

 

(b)            Constitutes
a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct entered within
ten (10) years before any Applicable Date.

 

2.8.4            Is
subject to an order of the SEC pursuant to Sections 15(b) or 15B(c) of the Securities Exchange Act of 1934 (the “Exchange
Act”) or Section 203(e) or (f) of the Investment Advisers Act of 1940 (the “Investment Advisers Act”)
that, as of any Applicable Date:

 

(a)            Suspends
or revokes such person’s registration as a broker, dealer, municipal securities dealer or investment adviser;

 

(b)            Places
limitations on the activities, functions or operations of such person; or

 

(c)            Bars
such person from being associated with any entity or from participating in the offering of any penny stock.

 

2.8.5            Is
subject to any order of the SEC entered within five (5) years before any Applicable Date, that, as of such Applicable Date, orders
the person to cease and desist from committing or causing a violation or future violation of:

 

(a)            Any
scienter-based anti-fraud provisions of the federal securities laws including, without limitation, Section 17(a)(1) of the Securities
Act, Section 10(b) of the Exchange Act and 17 CFR 240.10b-5, Section 15(c)(1) of the Exchange Act, and Section 206(1) of
the Investment Advisers Act, or any other rule or regulation thereunder; or

 

(b)            Section 5
of the Securities Act.

 

2.8.6            Is
suspended or expelled from membership in, or suspended or barred from association with, a member of a registered national securities exchange
or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just
and equitable principles of trade.

 

2.8.7            Has
filed (as a registrant or issuer), or was or was named as an underwriter in, any registration statement or Regulation A offering statement
filed with the SEC that, within five (5) years of the Applicable Date, was the subject of a refusal order, stop order, or order suspending
the Regulation A exemption or, is, as of any Applicable Date, the subject of an investigation or proceeding to determine whether a stop
order or suspension order should be issued.

 

2.8.8            Is
subject to a United States Postal Service false representation order entered within five (5) years before any Applicable Date, or
is, as of any Applicable Date, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the
United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations.

 

    

     

    

 

2.8.9            The
Issuer agrees to immediately notify the Managing Broker Dealer if there is a violation or potential violation of the representations set
forth in this Section 2.8 during the Offering Period.

 

2.9            The
representations and warranties made in this Section 2 are made as of the date hereof and shall be continuing representations and
warranties throughout the Offering Period. In the event that any of these representations or warranties becomes untrue, the Issuer will
immediately notify the Managing Broker Dealer in writing of the fact which makes the representation or warranty untrue.

 

3.            Duties
and Obligations of the Issuer.

 

3.1            The
Issuer will comply with all requirements imposed upon it by the rules and regulations of the SEC, and by all applicable state securities
laws and regulations, to permit the continuance of offers and sales of the Securities, in accordance with the provisions of this Agreement
and in the Memorandum, and will amend or supplement the Memorandum in order to make the Memorandum comply with the requirements of federal
and applicable state securities laws and regulations.

 

3.2            If,
at any time, any event occurs as a result of which the Memorandum would include an untrue statement of a material fact or, in view of
the circumstances under which it was made, omit to state any material fact necessary to make the statements therein not misleading, the
Issuer will notify the Managing Broker Dealer thereof, effect the preparation of an amendment or supplement to the Memorandum which will
correct such statement or omission, and deliver to the Managing Broker Dealer such numbers of copies of such amendment or supplement to
the Memorandum as the Managing Broker Dealer may reasonably request.

 

3.3            The
Issuer shall not make any written or oral representations or statements to Investors that contradict or are inconsistent with the statements
made in the Memorandum, as amended or supplemented.

 

3.4            Subject
to the Managing Broker Dealer’s actions and the actions of others in connection with the Offering, the Issuer will comply with all
requirements imposed upon it by Rule 506(b) of Regulation D, the regulations thereunder, and applicable state securities laws.
The Issuer will file in a timely manner a Form D relating to the Offering with the SEC under Regulation D of the Securities Act and
with the applicable state securities regulatory authorities. Upon request, the Issuer will furnish to the Managing Broker Dealer a copy
of such papers filed by the Issuer in connection with any such exemption.

 

3.5            The
Issuer will apply the net proceeds from the Offering received by it in the manner set forth in the Memorandum.

 

3.6            The
Issuer will deliver to the Managing Broker Dealer such numbers of copies of the Memorandum and any amendment(s) or supplement(s) thereto,
with all appendices thereto, and such numbers of copies of printed sales literature or other materials as the Managing Broker Dealer may
reasonably request in connection with the Offering or for the purposes contemplated by federal and applicable state securities laws.

 

3.7            The
Issuer will furnish the holders of the Securities with all reports described in the Memorandum and applicable Issuer governing documents
and will deliver to the Managing Broker Dealer, and make available, upon request, to each Selling Group Member and Registered Investment
Adviser, one copy of each such report at the time that such reports are furnished to the holders of the Securities, and any other such
other information concerning the Issuer, as may reasonably be requested.

 

    

     

    

 

3.8            Any
officer, director, employee, or affiliate of the Issuer who buys any Securities in connection with the Offering shall do so for investment
purposes only and not with the intention of resale or distribution.

 

4.            Representations
and Warranties of the Managing Broker Dealer. The Managing Broker Dealer represents and warrants to the Issuer and the Selling Group
Members that:

 

4.1            The
Managing Broker Dealer is duly organized and validly exists as a limited liability company in good standing under the laws of the State
of Massachusetts and has all requisite power and authority to enter into this Agreement.

 

4.2            This
Agreement, when executed by the Managing Broker Dealer, will have been duly authorized and will be a valid and binding agreement of the
Managing Broker Dealer, enforceable in accordance with its terms.

 

4.3            The
consummation of the transactions contemplated herein and those contemplated by the Memorandum will not result in a breach or violation
of any order, rule, or regulation directed to the Managing Broker Dealer by any court, any federal or state regulatory body, FINRA, or
any administrative agency having jurisdiction over the Managing Broker Dealer or its affiliates.

 

4.4            The
Managing Broker Dealer is, and during the term of this Agreement will be, duly registered as a broker dealer pursuant to the provisions
of the Exchange Act, a member in good standing with FINRA, and duly registered as a broker dealer in any state where offers are made by
the Managing Broker Dealer. The Managing Broker Dealer will comply with all applicable laws, regulations, and requirements of the Securities
Act, the Exchange Act, applicable state securities law, the published rules and regulations thereunder, and FINRA rules. The Managing
Broker Dealer has all required licenses and permits.

 

4.5            The
Managing Broker Dealer has reasonable grounds to believe, based on information made available to it by the Issuer, that all material facts
are adequately and accurately disclosed in the Memorandum and provide an adequate basis for evaluating an investment in the Securities.

 

4.6            No
agreement will be made by the Managing Broker Dealer with any person permitting the resale, repurchase or distribution of the Securities
purchased by such person.

 

4.7            This
Agreement, or any supplement or amendment hereto, may be filed by the Issuer with the SEC or FINRA, if such filing should be required,
and may be filed with and may be subject to the approval of applicable federal and applicable state securities regulatory agencies, if
required.

 

4.8            The
Managing Broker Dealer has established and implemented anti-money laundering compliance programs, in accordance with FINRA Rule 3310
and Section 352 of the Money Laundering Abatement Act and Section 326 of the Patriot Act of 2001.

 

4.9            As
of any Applicable Date, none of the Managing Broker Dealer, its executive officers, directors, general partners, managing members, or
officers participating in the Offering or any of its employees receiving a commission with respect to the Offering:

 

4.9.1            Has
been convicted, within ten (10) years of any Applicable Date of any felony or misdemeanor that was:

 

(a)            In
connection with the purchase or sale of any security;

 

    

     

    

 

(b)            Involving
or making of any false filing with the SEC; or

 

(c)            Arising
out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, or paid solicitor
of purchasers of securities.

 

4.9.2            Is
subject to any order, judgment, or decree of any court of competent jurisdiction, entered within five (5) years before any Applicable
Date, that, as of such Applicable Date, restrains or enjoins such person from engaging or continuing in any conduct or practice:

 

(a)            In
connection with the purchase or sale of any security;

 

(b)            Involving
the making of any false filing with the SEC; or

 

(c)            Arising
out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor
of purchasers of securities.

 

4.9.3            Is
subject to a final order of a state securities commission (or an agency or officer of a state performing like functions), a state authority
that supervises or examines banks, savings associations or credit unions, a state insurance commission (or an agency or officer of a state
performing like functions), an appropriate federal banking agency, the U.S. Commodity Futures Trading Commission or the National Credit
Union Administration that:

 

(a)            As
of any Applicable Date, bars the person from:

 

(i)            Association
with an entity regulated by such commission, authority, agency, or officer;

 

(ii)            Engaging
in the business of securities, insurance or banking; or

 

(iii)            Engaging
in savings association or credit union activities; or

 

(b)            Constitutes
a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative or deceptive conduct entered within
ten (10) years before any Applicable Date.

 

4.9.4            Is
subject to an order of the SEC pursuant to sections 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of
the Investment Advisers Act, as of any Applicable Date:

 

(a)            Suspends
or revokes such person’s registration as a broker, dealer, municipal securities dealer or investment adviser;

 

(b)            Places
limitations on the activities, functions or operations of such person; or

 

(c)            Bars
such person from being associated with any entity or from participating in the offering of any penny stock.

 

    

     

    

 

4.9.5            Is
subject to any order of the SEC entered within five (5) years before any Applicable Date, that, as of such Applicable Date, orders
the person to cease and desist from committing or causing a violation or future violation of:

 

(a)            Any
scienter-based anti-fraud provisions of the federal securities laws including, without limitation, Section 17(a)(1) of the Securities
Act, Section 10(b) of the Exchange Act and 17 CFR 240.10b-5, Section 15(c)(1) of the Exchange Act, and Section 206(1) of
the Investment Advisers Act, or any other rule or regulation thereunder; or

 

(b)            Section 5
of the Securities Act.

 

4.9.6            Is
suspended or expelled from membership in, or suspended or barred from association with, a member of a registered national securities exchange
or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just
and equitable principles of trade.

 

4.9.7            Has
filed (as a registrant or issuer), or was or was named as an underwriter in, any registration statement or Regulation A offering statement
filed with the SEC that, within five (5) years of any Applicable Date, was the subject of a refusal order, stop order, or order suspending
the Regulation A exemption or, is, as of any Applicable Date, the subject of an investigation or proceeding to determine whether a stop
order or suspension order should be issued.

 

4.9.8            Is
subject to a United States Postal Service false representation order entered within five (5) years before any Applicable Date, or
is, as of any Applicable Date, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the
United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations.

 

4.9.9            The
Managing Broker Dealer agrees to immediately notify the Issuer if there is a violation or potential violation of the representations set
forth in this Section 4.9 during the Offering Period.

 

4.9.10            The
representations and warranties made in this Section 4 are and shall be continuing representations and warranties throughout the Offering
Period. In the event that any of these representations or warranties becomes untrue, the Managing Broker Dealer will immediately notify
the Issuer in writing of the fact which makes the representation or warranty untrue.

 

5.            Duties
and Obligations of the Managing Broker Dealer.

 

5.1            All
actions, direct or indirect, by the Managing Broker Dealer, its respective agents, members, employees, and affiliates, shall conform to
(i) requirements applicable to broker dealers under federal and applicable state securities laws, rules, and regulations, and (ii) applicable
requirements and rules of FINRA.

 

5.2            The
Managing Broker Dealer will serve in a “best efforts” capacity in the offering, sale, and distribution of the Securities.
The Managing Broker Dealer may offer the Securities as an agent, but all sales shall be made by the Issuer, acting through the Managing
Broker Dealer as an agent, and not by the Managing Broker Dealer as a principal. The Managing Broker Dealer shall have no authority to
appoint any person or other entity as an agent or sub-agent of the Managing Broker Dealer or the Issuer, except to appoint Selling Group
Members acceptable to the Issuer in its sole discretion.

 

    

     

    

 

5.3            All
engagements of the Selling Group Members will be evidenced by a Soliciting Dealer Agreement substantially in the form attached hereto
as Exhibit A. All engagements with the Registered Investment Advisers will be evidenced by an RIA Introduction Agreement substantially
in the form attached hereto as Exhibit B. When Selling Group Members and/or Registered Investment Advisers are engaged in the Offering,
the Managing Broker Dealer will use commercially reasonable efforts to cause such Selling Group Members and/or Registered Investment Advisers
to comply with all respective obligations pursuant to both this Agreement as well as the respective Soliciting Dealer Agreement or RIA
Introduction Agreement.

 

5.4            The
Managing Broker Dealer, its employees, officers, or other agents shall make no representations to any prospective Investor other than
those contained in the Memorandum and will not allow any other written materials to be used to describe the potential investment to prospective
Investors other than the Memorandum or supplemental sales literature furnished to the Managing Broker Dealer by the Issuer.

 

5.5            The
Managing Broker Dealer will immediately bring to the attention of the Issuer any circumstance or fact which causes the Managing Broker
Dealer to believe the Memorandum, or any other literature distributed pursuant to the Offering, or any information supplied by prospective
Investors in their subscription materials, may be inaccurate or misleading.

 

5.6            The
Managing Broker Dealer shall complete all steps necessary to permit the Managing Broker Dealer to offer the Securities pursuant to exemptions
available under applicable federal law and applicable state laws. The Managing Broker Dealer shall conduct all of its solicitation and
sales efforts in conformity with Rule 506(b) (including the limitation on general solicitation) and Regulation D under the Securities
Act and exemptions available under applicable state law and shall promptly notify the Issuer of subscriptions for the Securities it receives
so that the Issuer may make any required Form D filings.

 

5.7            The
Managing Broker Dealer will comply in all respects with the subscription procedures and plan of distribution set forth in the Memorandum,
and obtain from each prospective Investor fully complete and duly executed Subscription Agreements.

 

5.8            The
Managing Broker Dealer will not engage in any activities hereunder in any state other than those for which the Managing Broker Dealer
is a broker or dealer duly registered in such state, or exempt therefrom, and permission has been granted by the Issuer to conduct offer
and sale activity in such state.

 

5.9            It
is understood that no sale shall be regarded as effective unless and until accepted by the Issuer. The Issuer reserves the right in its
sole discretion to accept or reject any subscription for Securities in whole or in part for a period of 30 days after receipt of the subscription
for Securities. Any subscription for Securities not accepted within 30 days of receipt shall be deemed rejected.

 

5.10            The
Managing Broker Dealer shall not knowingly execute any transaction in which an Investor invests in the Securities in a discretionary account
without prior written approval of the transaction by the Investor.

 

5.11            In
the event the Managing Broker Dealer receives any customer funds for the Securities, the Managing Broker Dealer will transmit such customer
funds, not later than noon of the next business day following receipt of such funds for the Securities, to the escrow or bank account
for the Offering as set forth in the Memorandum.

 

    

     

    

 

5.12            In
the event the Issuer has paid the Managing Broker Dealer compensation as set forth in Section 6 hereof, the Managing Broker Dealer
shall be obligated to pay Selling Group Members from such funds or direct the payment of such funds, if applicable.

 

5.13            The
Managing Broker Dealer will furnish to the Issuer upon request a complete list of all persons who have been offered the Securities (including
the corresponding number of the Memorandum delivered to such persons) and such persons’ places of residence, as provided by the
Selling Group Members.

 

5.14            The
Managing Broker Dealer will terminate any Offering upon request of the Issuer at any time and will resume such Offering upon subsequent
request of the Issuer.

 

6.            Compensation.

 

6.1            As
compensation for services rendered by the Managing Broker Dealer under this Agreement, the Managing Broker Dealer will be entitled to
receive from the Issuer the following compensation, a portion or all of which may be re-allowed to Selling Group Members or other associated
persons eligible to receive such compensation:

 

6.1.1            A
selling commission (the “Selling Commission”) of up to 7.0% of the purchase price of the Securities sold by the Managing Broker
Dealer (the “Total Sales”), which it will re-allow to the Selling Group Members; provided, however, that this amount will
be reduced to the extent a lower commission rate is negotiated with a Selling Group Member and the commission rate will be the lower agreed
upon rate;

 

6.1.2            A
placement fee (the “Placement Fee”) equal to 2.5% of the Total Sales, a portion of which may be reallocated to Selling Group
Members at the discretion of the Managing Broker Dealer.

 

6.2            Notwithstanding
the foregoing provisions of this Section 6, the Issuer reserves the right, in its sole discretion, to refuse to accept any or all
Subscription Agreements tendered by the Managing Broker Dealer at any time during an Offering, and/or to terminate such Offering, in either
case, in its sole discretion. Selling Commissions and fees earned prior to such termination remain payable to the applicable parties.

 

7.            Offering.
The Securities shall be offered at the price and upon the terms and conditions set forth in the Memorandum and the exhibits and appendices
thereto and any amendments or supplements thereto.

 

7.1            No
selling commissions, allowances, expense reimbursements or other compensation will be payable with respect to any Subscription Agreements
that are rejected by the Issuer, or if the Issuer terminates an Offering for any reason whatsoever. No selling commissions, allowances,
expense reimbursements or other compensation will be payable to the Managing Broker Dealer with respect to any sale of the Securities
by the Managing Broker Dealer unless and until such time as the Issuer has received the total proceeds of any such sale.

 

7.2            Except
as provided in Section 14, all other expenses incurred by the Managing Broker Dealer in the performance of the Managing Broker Dealer’s
obligations hereunder, including, but not limited to, expenses related to an Offering and any attorneys’ fees, shall be at the Managing
Broker Dealer’s sole cost and expense, and the foregoing shall apply notwithstanding the fact that the Offering is not consummated
for any reason.

 

    

     

    

 

8.            Indemnification
by the Issuer.

 

8.1            Subject
to the conditions set forth below, the Issuer, with respect to the Offering, agrees to indemnify and hold harmless the Managing Broker
Dealer, the Selling Group Members, Registered Investment Advisers, and their respective owners, managers, members, partners, directors,
and officers (the “Selling Parties”), against any and all loss, liability, claim, damage and expense (“Loss”)
arising out of or based upon (A) any untrue statement or alleged untrue statement of a material fact contained in the Memorandum
(as amended and supplemented from time to time) or in any application or other document filed in any jurisdiction in order to qualify
the Securities under, or exempt the Offering from, the registration or qualification requirements of the securities laws thereof (each
a “Securities Filing”) or (B) the omission or alleged omission from the Memorandum (as amended and supplemented from
time to time) or a Securities Filing of a material fact required to be stated therein or necessary to make the statement therein not misleading;

 

8.2            If
any action is brought against any of the Selling Parties in respect of which indemnity may be sought hereunder, such Selling Party shall
promptly notify the party or parties against whom indemnification is to be sought in writing of the institution of such action, and the
Issuer shall assume the defense of such action; provided, however, that the failure to notify the Issuer shall not affect the provisions
in this Section 8 except to the extent such failure to notify the Issuer has a material and adverse effect on the defense of such
claims. The affected Selling Parties shall have the right to employ counsel in any such case. The reasonable fees and expenses
of such counsel shall be at the Issuer’s expense and authorized in writing by the Issuer.

 

8.3            The
Issuer agrees to promptly notify the Managing Broker Dealer of the commencement of any litigation or proceedings against the Issuer or
any of its respective officers, directors, members, managers, partners, employees, attorneys, accountants or agents in connection with
an Offering or in connection with the Memorandum.

 

8.4            The
indemnity provided to the Managing Broker Dealer pursuant to this Section 8 shall not apply to the extent that any Loss arises out
of or is based upon (i) any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and
in conformity with written information furnished to the Issuer by the Managing Broker Dealer specifically for use in the preparation of
the Memorandum (or any amendment or supplement thereto) or a Securities Filing, (ii) the failure to qualify the offer and sale of
Securities for an exemption from registration under the Securities Act and applicable state securities laws, rules or regulations
caused by an action or omission of the Managing Broker Dealer, or (iii) the breach by the Managing Broker Dealer of its representations,
warranties or obligations hereunder.

 

8.5            The
indemnity provided to the Selling Group Member and Registered Investment Advisers pursuant to this Section 8 shall not apply to the
extent that any Loss arises out of or is based upon (i) any untrue statement or alleged untrue statement or omission or alleged omission
made in reliance upon and in conformity with written information furnished to the Issuer by the Selling Group Member or Registered Investment
Adviser specifically for use in the preparation of the Memorandum (or any amendment or supplement thereto) or a Securities Filing, (ii) the
failure to qualify the offer and sale of Securities for an exemption from registration under the Securities Act and applicable state securities
laws, rules or regulations caused by an action or omission of the Selling Group Member or Registered Investment Adviser, (iii) the
offer or sale by the Selling Group Member or Registered Investment Adviser to a person who fails to meet the standards regarding suitability
under any applicable federal, state, or FINRA laws, rules, and regulations, (iv) the breach by the Selling Group Member of its representations,
warranties, or obligations under its Soliciting Dealer Agreement with the Managing Broker Dealer relating to the Offering, or (v) the
breach by the Registered Investment Adviser of its representations, warranties, or obligations under its RIA Introduction Agreement.

 

    

     

    

 

9.            Indemnification
by the Managing Broker Dealer.

 

9.1            Subject
to the conditions set forth below, the Managing Broker Dealer agrees to indemnify and hold harmless the Issuer, its affiliates and their
respective stockholders, partners, directors, officers, and each controlling person (“Issuer Parties”), against any and all
Loss arising out of or based upon:

 

9.1.1            The
Managing Broker Dealer’s failure to comply with any of the applicable provisions of the Securities Act, the regulations thereunder,
applicable requirements and rules of FINRA, or any applicable federal or state securities laws and regulations, other than any failure
to comply which directly results from acts of the Issuer;

 

9.1.2            The
breach by the Managing Broker Dealer of any term, condition, representation, warranty, or covenant in this Agreement;

 

9.1.3            Any
untrue statement or alleged untrue statement of a material fact contained in the Memorandum (as from time to time it is amended and supplemented)
or a Securities Filing, but only to the extent, that the untrue statement or alleged untrue statement of material fact was made in reliance
on and in conformity with written information furnished to the Issuer by the Managing Broker Dealer specifically for the purpose of inclusion
in such document; or

 

9.1.4            The
omission or alleged omission from the Memorandum (as from time to time it is amended and supplemented) or a Securities Filing of a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading, but only to the extent, that the omission or alleged omission of material fact was the result of written information furnished
to the Issuer by the Managing Broker Dealer specifically for the purpose of inclusion in such document.

 

9.2            Subject
to the conditions set forth below, the Managing Broker Dealer agrees to indemnify and hold harmless each Selling Group Member, its affiliates
and their respective stockholders, partners, directors, officers, and each controlling person (“SGM Parties”), against any
and all Loss arising out of or based upon:

 

9.2.1            The
Managing Broker Dealer’s failure to comply with any of the applicable provisions of the Securities Act, the regulations thereunder,
applicable requirements and rules of FINRA, or any applicable federal or state securities laws and regulations, other than any failure
to comply which directly results from acts of a Selling Group Member.

 

9.2.2            The
breach by the Managing Broker Dealer of any term, condition, representation, warranty or covenant contained in the Soliciting Dealer Agreement
between the Managing Broker Dealer and such Selling Group Member.

 

9.3            If
any action is brought against any of the Issuer Parties in respect of which indemnity may be sought hereunder, the Issuer shall promptly
notify the Managing Broker Dealer in writing of the institution of such action, and the Managing Broker Dealer shall assume the defense
of such action; provided, however, that the failure to notify the Managing Broker Dealer shall not affect the provisions in this Section 9
except to the extent such failure to notify the Managing Broker Dealer has a material and adverse effect on the defense of such claims.
The Issuer Parties shall have the right to employ counsel in any such case. The reasonable fees and expenses of such counsel shall be
at the Managing Broker Dealer’s expense, provided that the Managing Broker Dealer will not be obligated to pay for legal fees and
expenses for more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions.

 

    

     

    

 

9.4            The
Managing Broker Dealer agrees to promptly notify the Issuer of the commencement of any litigation or proceedings against the Managing
Broker Dealer in connection with an Offering or in connection with the Memorandum.

 

10.            Indemnification
by the Selling Group Members.

 

10.1            Subject
to the conditions set forth below, each Selling Group Member agrees to indemnify and hold harmless the Issuer and the Managing Broker
Dealer and their respective stockholders, partners, directors, officers, and each controlling person (the “CMBD Parties”),
against any and all Loss arising out of or based upon:

 

10.1.1            Such
Selling Group Member’s failure to comply with any of the applicable provisions of the Securities Act, the regulations thereunder,
applicable requirements and rules of FINRA, or any applicable federal or state securities laws and regulations, other than any failure
to comply which directly results from acts of the Managing Broker Dealer;

 

10.1.2            Any
untrue statement or alleged untrue statement of a material fact contained in the Memorandum (as from time to time it is amended and supplemented)
or a Securities Filing, but only to the extent, that the untrue statement or alleged untrue statement of material fact was made in reliance
on and in conformity with written information furnished to the Issuer by such Selling Group Member specifically for the purpose of inclusion
in such document; or

 

10.1.3            The
omission or alleged omission from the Memorandum (as from time to time it is amended and supplemented) or a Securities Filing of a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading, but only to the extent, that the omission or alleged omission of material fact was the result of written information furnished
to the Issuer by such Selling Group Member specifically for the purpose of inclusion in such document.

 

10.1.4            The
breach by such Selling Group Member of any term, condition, representation, warranty, or covenant contained in the Soliciting Dealer
Agreement between the Managing Broker Dealer and such Selling Group Member; or

 

10.1.5            The
failure by such Selling Group Member to take reasonable steps to verify that each Investor in an Offering complies with the suitability
requirements set forth in the section captioned “Who May Invest” in the Memorandum.

 

10.2            Notwithstanding
the foregoing, the CMBD Parties will not be indemnified or held harmless against indirect, special, incidental, exemplary, punitive, or
consequential damages, whether foreseeable or otherwise, resulting from, or otherwise arising out of, such a breach. The Selling Group
Member will not provide indemnification for any liability or loss suffered by the CMBD Parties, nor will it provide that the CMBD Parties
be held harmless for any liability suffered by the CMBD Parties unless all of the following conditions are met: (i) the liability
or loss suffered is related to the Selling Group Member’s actions undertaken pursuant to its Soliciting Dealer Agreement with the
Managing Broker Dealer, and (ii) such liability or loss was not the result of negligence or misconduct on the part of the party seeking
indemnification or the CMBD Parties. In no case will the Selling Group Member be liable under this Section 10 with respect to any
Action made against the CMBD Parties unless the Selling Group Member has been notified in writing (in the manner provided in Section 10.3
below) of the nature of the Action within a reasonable time after the assertion thereof; provided, that the Selling Group Member will
be relieved of its duty to indemnify and hold harmless under this Section 10 if a failure to timely notify the Selling Group Member
materially impairs its ability to defend against the Action; but the failure to so notify the Selling Group Member will not relieve the
Selling Group Member from any liability that it would have incurred otherwise than on account of this Section 10.

 

    

     

    

 

10.3            If
any action is brought against any of the CMBD Parties in respect of which indemnity may be sought hereunder, the Issuer or the Managing
Broker Dealer shall promptly notify the applicable Selling Group Member in writing of the institution of such action, and the Selling
Group Member shall assume the defense of such action; provided, however, that the failure to notify the Selling Group Member shall not
affect the provisions in this Section 10 except to the extent such failure to notify the Selling Group Member has a material and
adverse effect on the defense of such claims. The affected CMBD Parties shall have the right to employ counsel in any such case. The reasonable
fees and expenses of such counsel shall be at such Selling Group Member’s expense and authorized in writing by such Selling Group
Member, provided that such Selling Group Member will not be obligated to pay for legal fees and expenses for more than one law firm in
connection with the defense of similar claims arising out of the same alleged acts or omissions.

 

10.4            The
Selling Group Member agrees to promptly notify the Issuer and the Managing Broker Dealer of the commencement of any litigation or proceedings
against the Selling Group Member or any of the Selling Group Member’s managers, members, officers, directors, partners, employees,
affiliates, attorneys, accountants, or agents in connection with the Offering.

 

10.5            The
indemnity provided to the Managing Broker Dealer pursuant to this Section 10 shall not apply to the extent that any Loss arises out
of or is based upon any untrue statement or alleged untrue statement of material fact made by the Managing Broker Dealer or any agent
of the Managing Broker Dealer, or any omission or alleged omission of a material fact required to be disclosed by the Managing Broker
Dealer or any agent of the Managing Broker Dealer.

 

10.6            The
indemnity provided to the Issuer pursuant to this Section 10 shall not apply to the extent that any Loss arises out of or is based
upon any untrue statement or alleged untrue statement of material fact made by the Issuer or any agent of the Issuer (other than the Managing
Broker Dealer), or any omission or alleged omission of a material fact required to be disclosed by the Issuer or any agent of the Issuer
(other than the Managing Broker Dealer).

 

10.7            The
indemnification provisions provided in this Section 10 are further limited to the extent that no such indemnification will be permitted
under this Agreement for or arising out of an alleged violation of federal or state securities laws unless one or more of the following
conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations
by the party against whom indemnification is sought; (ii) such claims against the party against whom indemnification is sought have
been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court
of competent jurisdiction approves a settlement of the claims against the party against whom indemnification is sought.

 

11.            Contribution.
In order to provide for just and equitable contribution in circumstances in which the indemnification provided pursuant to Sections 8,
9, and 10 is for any reason held to be unavailable from the Issuer, the Managing Broker Dealer, or the Selling Group Members, or Registered
Investment Advisers, as the case may be, the parties shall contribute to the aggregate Loss, liabilities, claims, damages and expenses
(including any amount paid in settlement of any action, suit, or proceeding or any claims asserted) in such amounts as a court of competent
jurisdiction may determine (or in the case of settlement, in such amounts as may be agreed upon by the parties) in such proportion to
reflect the relative fault of the each party in connection with the events described in Sections 8, 9, and 10 as the case may be,
which resulted in such Loss, liabilities, claims damages or expenses, as well as any other equitable considerations. The relative fault
of the parties shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the Issuer, the Managing Broker Dealer,
the Selling Group Members, and Registered Investment Advisers and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such omission or statement. The Selling Parties, the Issuer Parties, and any person who controls
the Managing Broker Dealer shall also have rights to contribution pursuant to this Section.

 

    

     

    

 

12.            Privacy
Act.

 

12.1            To
protect Customer Information (as defined below) and to comply as may be necessary with the requirements of the Gramm-Leach-Bliley Act,
the relevant state and federal regulations pursuant thereto and state privacy laws, the parties wish to include the confidentiality and
non-disclosure obligations set forth herein.

 

12.2            “Customer
Information” means any information contained on a customer’s application or other form and all nonpublic personal information
about a customer that a party receives from the other party. Customer Information shall include, but not be limited to, name, address,
telephone number, social security number, health information, and personal financial information (which may include consumer account number).

 

12.3            The
parties understand and acknowledge that they may be financial institutions subject to applicable federal and state customer and consumer
privacy laws and regulations, including Title V of the Gramm-Leach-Bliley Act (15 U.S.C. 6801, et seq.) and regulations promulgated thereunder
(collectively, the “Privacy Laws”), and any Customer Information that one party receives from the other party is received
with limitations on its use and disclosure. The parties agree that they are prohibited from using the Customer Information received from
the other party other than (i) as required by law, regulation or rule, or (ii) to carry out the purposes for which one party
discloses Customer Information to the other party pursuant to the Agreement, as permitted under the use in the ordinary course of business
exception to the Privacy Laws.

 

12.4            The
parties shall establish and maintain safeguards against the unauthorized access, destruction, loss, or alteration of Customer Information
in their control which are no less rigorous than those maintained by a party for its own information of a similar nature. In the event
of any improper disclosure of any Customer Information, the party responsible for the disclosure will immediately notify the other party.

 

13.            Representations
and Agreements to Survive Sale and Payment. Except as the context otherwise requires, all representations, warranties, and agreements
contained in this Agreement shall be deemed to be representations, warranties, and agreements at and as of the Offering Termination Date,
and such representations, warranties, and agreements by the Managing Broker Dealer or the Issuer, including the indemnity and contribution
agreements contained in Sections 8, 9, and 10 shall remain operative and in full force and effect regardless of any investigation made
by the Managing Broker Dealer, the Issuer, and/or any controlling person, and shall survive the sale of, and payment for, the Securities.

 

14.            Costs
of the Offering. Except for the compensation payable to the Managing Broker Dealer described in Section 6 and the allowances
and reimbursements described in Section 7, which are the sole obligations of the Issuer or its affiliates, the Managing Broker Dealer
will pay all of its own costs and expenses, including, but not limited to, all expenses necessary for the Managing Broker Dealer to remain
in compliance with any applicable federal, state or FINRA laws, rules or regulations in order to participate in an Offering as a
broker-dealer, and the fees and costs of the Managing Broker Dealer’s counsel. The Issuer agrees to pay all expenses incident to
the performance of its obligations hereunder, including all expenses incident to marketing the Offering and submitting filings with federal
and state regulatory authorities and to the exemption of the Securities under federal and state securities laws, including fees and disbursements
of the Issuer’s counsel, and all costs of reproduction and distribution of the Memorandum and any amendment or supplement thereto.
The Issuer agrees to pay all costs and expenses incident to the Offering, whether or not the transactions contemplated hereunder are consummated
or this Agreement is terminated. Furthermore, the Issuer shall reimburse the Managing Broker Dealer for such expenses incurred in connection
with the Offering by the Managing Broker Dealer as mutually agreed to by the Issuer and the Managing-Broker Dealer.

 

    

     

    

 

15.            Confirmation.
The Issuer agrees to confirm all orders for purchase of Securities that are accepted by the Issuer and provide such confirmation to the
Managing Broker Dealer and the Selling Group Members.

 

16.            Termination.
This Agreement is terminable by any party for any reason whatsoever or for no reason at any time upon written notice to the other parties.
Such termination shall not affect the obligations set forth in Sections 6, 8, 9, 10, 11, and 12

 

17.            Governing
Law. This Agreement shall be governed by, subject to and construed in accordance with, the laws of the State of New York without regard
to conflict of law provisions and any dispute between the parties concerning this Agreement shall come within the jurisdiction of the
courts of New York.

 

18.            Venue.
Any action relating to or arising out of this Agreement shall be brought only in a court of competent jurisdiction located in New York
County, NY.

 

19.            Severability.
If any portion of this Agreement shall be held invalid or inoperative, then so far as is reasonable and possible (a) the remainder
of this Agreement shall be considered valid and operative and (b) effect shall be given to the intent manifested by the portion held
invalid or inoperative.

 

20.            Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, and together which shall
constitute one and the same instrument.

 

21.            Modification
or Amendment. This Agreement may not be modified or amended except by written agreement executed by the both the Issuer and the Managing
Broker Dealer.

 

    

     

    

 

22.            Notices.
All communications hereunder, except as herein otherwise specifically provided, shall be in writing and, if sent to the Managing Broker
Dealer, shall be mailed or delivered to:

 

Bluerock Capital
Markets, LLC

4100 Newport Place,
Suite 650

Newport Beach, CA 92660

 

or if sent to the Issuer shall be mailed
or delivered to:

 

Bluerock Homes Trust, Inc.

1345 Avenue of
the Americas, 32nd Floor

New York, NY 10105

 

The notice shall be deemed to be received on the
date of its actual receipt by the party entitled thereto.

 

23.            Parties.
This Agreement shall be binding upon and inure solely to the benefit of the parties hereto, the parties referred to in Sections 8,
9, and 10 and their respective successors, legal representatives, heirs and assigns, and no other person shall have or be construed to
have any legal or equitable right, remedy or claim under, in respect of, or by virtue of, this Agreement or any provision herein contained.

 

24.            Delay.
Neither the failure nor any delay on the part of any party to this Agreement to exercise any right, remedy, power, or privilege under
this Agreement shall operate as a waiver thereof, nor shall a waiver of any right, remedy, power, or privilege with respect to any occurrence
be construed as a waiver of such right, remedy, power, or privilege with respect to any subsequent occurrence.

 

25.            Recovery
of Costs. If any legal action or other proceeding is brought for the enforcement of this Agreement, or because of an alleged dispute,
breach, default, or misrepresentation in connection with any of the provisions of this Agreement, the successful or prevailing party shall
be entitled to recover reasonable attorneys’ fees and other costs incurred in that action or proceeding (and any additional proceeding
for the enforcement of a judgment) in addition to any other relief to which it or they may be entitled.

 

26.            Entire
Agreement. This Agreement contains the entire understanding between the parties hereto and supersedes any prior understandings or
written or oral agreements between them respecting the subject matter hereof.

 

27.            Due
Diligence. The Issuer will authorize a collection of information regarding the Offering (the “Due Diligence Information”),
which collection the Issuer may amend and supplement from time to time, to be delivered by the Managing Broker Dealer to the Selling Group
Members (or their agents performing due diligence) in connection with their due diligence review of the Offering. In the event a Selling
Group Member (or its agent performing due diligence) requests access to additional information or otherwise wishes to conduct additional
due diligence regarding the Offering, the Issuer and the Managing Broker Dealer will reasonably cooperate with such Selling Group Member
to accommodate such request. All Due Diligence Information received by the Managing Broker Dealer and/or the Selling Group Members in
connection with their due diligence review of the Offering are confidential and shall be maintained as confidential and not disclosed
by the Managing Broker Dealer or the Selling Group Members except to the extent such information is disclosed in the Memorandum.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    

     

    

 

IN WITNESS WHEREOF, this Agreement
has been executed as of the Effective Date.

 

	 	ISSUER:
	 	 
	 	Bluerock Homes Trust, Inc.,
	 	a Maryland corporation
	 	 
	 	 
	 	By:	 /s/ Jordan Ruddy
	 	Name: Jordan Ruddy
	 	Title: President
	 	 
	 	 
	 	MANAGING BROKER DEALER:
	 	 
	 	Bluerock Capital Markets, LLC,
	 	a Massachusetts limited liability company
	 	 
	 	 
	 	By:	 /s/ Paul Dunn
	 	Name: Paul Dunn
	 	Title: Executive Vice President

 

    

     

    

 

EXHIBIT A

 

SOLICITING DEALER AGREEMENT

 

    

     

    

 

EXHIBIT B

 

RIA INTRODUCTION AGREEMENTExhibit 10.2

 

 FOURTEENTH AMENDMENT TO THE

SECOND AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP OF

BLUEROCK RESIDENTIAL HOLDINGS, L.P.

 

DESIGNATION OF NEW 6.0% SERIES A

REDEEMABLE PREFERRED UNITS

 

DECEMBER 1, 2022

 

Pursuant to Section 4.02
and Article XI of the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., as amended,
(the “Partnership Agreement”), the General Partner hereby amends the Partnership Agreement as follows in connection
with the offer and sale of up to 10,000,000 shares of a new 6.0% Series A Redeemable Preferred Stock (the “Series A
Preferred Stock”) of the General Partner and the issuance to the General Partner of new Series A Preferred Units (as defined
below) in exchange for the contribution by the General Partner of the net proceeds from the issuance and sale of the Series A Preferred
Stock as set forth in this Fourteenth Amendment to the Partnership Agreement (this “Amendment”):

 

1.            Defined
Terms.

 

(a)            Capitalized
terms used herein and not otherwise defined shall have the meanings given to such terms in the Partnership Agreement.

 

(b)            The
following defined terms are hereby added to Article I of the Partnership Agreement:

 

“Articles
Supplementary” means the Articles Supplementary of the General Partner filed with the State Department of Assessments and Taxation
of the State of Maryland on December 1, 2022, designating the terms, rights and preferences of the Series A Preferred Stock.

 

“Junior
Units” shall have the meaning provided in Section 16.03.

 

“Original
Issue Date” shall have the meaning provided in 16.04(a).

 

“Parity
Preferred Units” shall have the meaning provided in Section 16.03.

 

“Series A
Cash Distribution” shall have the meaning provided in Section 16.04(a).

 

“Series A
Preferred Distribution Payment Date” shall have the meaning provided in Section 16.04(a).

 

“Series A
Preferred Distribution Period” shall have the meaning provided in Section 16.04(a).

 

“Series A
Preferred Distribution Record Date” shall have the meaning provided in Section 16.04(a).

 

“Series A
Preferred Return” shall have the meaning provided in Section 16.04(a).

 

    

     

    

 

“Series A
Preferred Stock ” shall mean shares of 6.0% Series A Redeemable Preferred Stock of the General Partner.

 

“Series A
Preferred Units” shall have the meaning provided in Section 16.01.

 

“Stated
Value” shall mean $25.00, subject to appropriate adjustment in relation to any recapitalizations, distributions, unit splits,
unit combinations, reclassifications or other similar events which affect the Series A Preferred Units.

 

2.            Minimum
Gain Chargeback. Section 5.01(c) of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.01(c) is
inserted in its place:

 

(c)            Minimum
Gain Chargeback. Notwithstanding any provision to the contrary, (i) any expense of the Partnership that is a “nonrecourse
deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the Partners’
proportionate share of the “excess nonrecourse liabilities” of the Partnership as set forth in Section 5.01(l), (ii) any
expense of the Partnership that is a “partner nonrecourse deduction” within the meaning of Regulations Section 1.704-2(i)(2) shall
be allocated to the Partner that bears the “economic risk of loss” of such deduction in accordance with Regulations Section 1.704-2(i)(1),
(iii) if there is a net decrease in Partnership Minimum Gain within the meaning of Regulations Section 1.704-2(f)(1) for
any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2),(3), (4) and (5),
items of gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(f) and the ordering
rules contained in Regulations Section 1.704-2(j), and (iv) if there is a net decrease in Partner Nonrecourse Debt Minimum
Gain within the meaning of Regulations Section 1.704-2(i)(4) for any Partnership taxable year, then, subject to the exceptions
set forth in Regulations Section 1.704-2(g), items of gain and income shall be allocated among the Partners in accordance with Regulations
Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j).

 

3.            Allocation
of Profits and Losses. Article V of the Partnership Agreement is hereby amended to include the following as Sections 5.01(k) and
5.01(l) of the Partnership Agreement.

 

(k)            Preferred
Units. After giving effect to the allocations set forth in Sections 5.01(c), (d), and (e) hereof, but before giving effect to
the allocations set forth in Sections 5.01(a) and (b), Net Operating Income shall be allocated to the General Partner until the aggregate
amount of Net Operating Income allocated to the General Partner under this Section 5.01(k) for the current and all prior years
equals the aggregate amount of the Series A Preferred Cash Distribution paid to the General Partner for the current and all prior
years; provided, however, that the General Partner may, in its discretion, allocate Net Operating Income based on accrued Series A
Preferred Cash Distribution with respect to the January Series A Preferred Cash Distribution Payment Date if the General Partner
sets the Distribution Record Date for such Series A Preferred Cash Distribution Payment Date on or prior to December 31 of the
previous year. For purposes of this Section 5.01(k), “Net Operating Income” means the excess, if any, of the Partnership’s
gross income over its expenses (but not taking into account depreciation, amortization, or any other noncash expenses of the Partnership),
calculated in accordance with the principles of Section 5.01(g). The General Partner shall amend this agreement from time to time
to reflect the allocation of profit and loss in connection with priority distributions on any other Preferred Units of limited partnership
issued by the Partnership.

 

    2

     

    

 

(l)            Excess
Nonrecourse Liabilities. The Partners’ proportionate shares of the “excess nonrecourse liabilities” of the Partnership,
within the meaning of Treasury Regulation 1.752-3(a)(3), shall be in accordance with a Partner’s Percentage Interest or any other
method selected by the General Partner and permissible under the Regulations, including, but not limited to, the alternative method set
forth in Regulations Section 1.752-3(a)(3).

 

4.            Series A
Preferred Units. The Partnership Agreement is hereby amended to include the following as Article XVI of the Partnership Agreement:

 

Article XVI

Series A Preferred Units

 

16.01            Designation
and Number. A new series of Preferred Units (as defined below), designated as the Series A Preferred Units (the “Series A
Preferred Units”), is hereby established. The number of authorized Series A Preferred Units shall be 10,000,000.

 

16.02            Maturity.
The Series A Preferred Units have no stated maturity and will not be subject to any sinking fund or mandatory redemption.

 

16.03            Rank.
The Series A Preferred Units will, with respect to distribution rights and rights upon liquidation, dissolution or winding up of
the Partnership, rank (a) senior to all classes or series of Common Units of the Partnership and any class or series of Preferred
Units expressly designated as ranking junior to the Series A Preferred Units as to distribution rights and rights upon liquidation,
dissolution or winding up of the Partnership (together with the Common Units, the “Junior Units”); (b) on a parity
with any class or series of Preferred Units issued by the Partnership expressly designated as ranking on a parity with the Series A
Preferred Units as to distribution rights and rights upon liquidation, dissolution or winding up of the Partnership (the “Parity
Preferred Units”); and (c) junior to any class or series of Preferred Units issued by the Partnership expressly designated
as ranking senior to the Series A Preferred Units with respect to distribution rights and rights upon liquidation, dissolution or
winding up of the Partnership. The term “Preferred Units” does not include convertible or exchangeable debt securities of
the Partnership, which will rank senior to the Series A Preferred Units prior to conversion or exchange. The Series A Preferred
Units will also rank junior in right to payment to the Partnership’s existing and future indebtedness.

 

16.04            Distributions.

 

(a)            Subject
to the preferential rights of holders of any class or series of Preferred Units of the Partnership expressly designated as ranking senior
to the Series A Preferred Units as to distributions, the holders of Series A Preferred Units shall be entitled to receive, when,
as and if authorized by the General Partner and declared by the Partnership, out of funds of the Partnership legally available for payment
of distributions, from the date of original issue of each Series A Preferred Unit (the “Original Issue Date”),
cumulative cash distributions on each such Series A Preferred Unit at the rate of 6.0% per annum of the Stated Value per Series A
Preferred Unit (equivalent to a fixed annual amount of $1.50 per unit) (the “Series A Preferred Return,” and each
such distribution, a “Series A Cash Distribution”). Series A Cash Distributions shall be payable monthly
in arrears on such dates as the Board of Directions determines corresponding distributions are to be made with respect to the Series A
Preferred Stock (each, a “Series A Preferred Distribution Payment Date”). If the Board of Directors authorizes,
in its sole discretion, and the General Partner declares payment of accrued dividends on the Series A Preferred Stock, then the General
Partner shall authorize, and the Partnership shall declare, payment of the corresponding accrued Series A Preferred Return as a Series A
Cash Distribution to holders of record of the Series A Preferred Units as they appear on the records of the Partnership at the close
of business on the record date or dates for the payment of dividends on the Series A Preferred Stock, which shall be each day of
the Series A Preferred Distribution Period (as defined below) immediately preceding the applicable Series A Preferred Distribution
Payment Date or such other date or dates designated by the Board of Directors for the determination of holders of Series A Preferred
Units entitled to receive Series A Cash Distributions that is or are within the Series A Preferred Distribution Period immediately
preceding such Series A Preferred Distribution Payment Date (each, a “Series A Preferred Distribution Record Date”).
A “Series A Preferred Distribution Period” is the respective period commencing on and including the first day
of each month and ending on and including the day preceding the first day of the next succeeding Series A Preferred Distribution
Period (other than the initial Series A Preferred Distribution Period and the Series A Preferred Distribution Period during
which any Series A Preferred Units shall be redeemed or otherwise acquired by the Partnership). Any Series A Cash Distribution
or Series A Cash Distribution payable for any Series A Preferred Distribution Period shall be computed on a daily basis.

 

    3

     

    

 

(b)            The
amount of any distribution payable on the Series A Preferred Units for any Series A Preferred Cash Distribution Period will
be computed on the basis of twelve 30-day months and a 360-day year.

 

(c)            No
distributions on the Series A Preferred Units shall be authorized by the General Partner or declared, paid or set apart for payment
by the Partnership at such time as the terms and provisions of any agreement of the General Partner or the Partnership, including any
agreement relating to the indebtedness of either of them, prohibits such authorization, declaration, payment or setting apart for payment
or provides that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or
if such declaration or payment shall be restricted or prohibited by law.

 

(d)            Notwithstanding
anything to the contrary contained herein, distributions on the Series A Preferred Units will accrue whether or not the restrictions
referred to in Section 16.04(c) exist, whether or not the Partnership has earnings, whether or not there are funds legally available
for the payment of such distributions and whether or not such distributions are authorized or declared. No interest, or sum of money in
lieu of interest, will be payable in respect of any distribution on the Series A Preferred Units which may be in arrears. When distributions
are not paid in full upon the Series A Preferred Units and any Parity Preferred Units (or a sum sufficient for such full payment
is not so set apart), all distributions declared upon the Series A Preferred Units and any Parity Preferred Units shall be declared
pro rata so that the amount of distributions declared per Series A Preferred Unit and such Parity Preferred Units shall in all cases
bear to each other the same ratio that accumulated distributions per Series A Preferred Unit and such Parity Preferred Units (which
shall not include any accrual in respect of unpaid distributions for prior distributions periods if such Parity Preferred Units do not
have a cumulative distribution) bear to each other.

 

(e)            Except
as provided in the immediately preceding paragraph, unless full cumulative distributions on the Series A Preferred Units have been
or contemporaneously are declared and paid in cash or declared and a sum sufficient for the payment thereof is set apart for payment for
all past Series A Preferred Cash Distribution Periods that have ended, no distributions (other than a distribution in Junior Units
or in options, warrants or rights to subscribe for or purchase any such Junior Units) shall be declared and paid or declared and set apart
for payment nor shall any other distribution be declared and made upon the Junior Units or the Parity Preferred Units, nor shall any Junior
Units or Parity Preferred Units be redeemed, purchased or otherwise acquired for any consideration (or any monies be paid to or made available
for a sinking fund for the redemption of any such Units) by the Partnership (except by conversion into or exchange for options, warrants
or rights to subscribe for or purchase Junior Units).

 

    4

     

    

 

(f)            Notwithstanding
anything to the contrary set forth above, the Partnership shall not be prohibited from (i) declaring or paying or setting apart for
payment any distribution on Junior Units or Series A Preferred Units, or (ii) redeeming, purchasing or otherwise acquiring any
Junior Units or Parity Preferred Units, in each case, if such declaration, payment, setting apart for payment, redemption, purchase or
other acquisition is necessary in order to maintain the continued qualification of the General Partner as a REIT under Section 856
of the Code.

 

(g)            For
the avoidance of doubt, in determining whether a distribution (other than upon voluntary or involuntary liquidation) by distribution,
redemption or other acquisition of the Partnership Units is permitted under Delaware law, no effect shall be given to the amounts that
would be needed, if the Partnership were to be dissolved at the time of the distribution, to satisfy the preferential rights upon distribution
of holders of Partnership Units whose preferential rights are superior to those receiving the distribution.

 

16.05            Liquidation
Preference. Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, the holders
of Series A Preferred Units are entitled to be paid out of the assets of the Partnership legally available for distribution to its
partners, after payment of or provision for the Partnership’s debts and other liabilities, a liquidation preference equal to the
Stated Value per Series A Preferred Unit, plus an amount equal to any accrued and unpaid Series A Preferred Cash Distributions
(whether or not authorized or declared) thereon to and including the date of payment, but without interest, before any distribution of
assets is made to holders of Junior Units. If the assets of the Partnership legally available for distribution to partners are insufficient
to pay in full the liquidation preference on the Series A Preferred Units and the liquidation preference on any Parity Preferred
Units, all assets distributed to the holders of the Series A Preferred Units and any Parity Preferred Units shall be distributed
pro rata so that the amount of assets distributed per Series A Preferred Units and such Parity Preferred Units shall in all cases
bear to each other the same ratio that the liquidation preference per Series A Preferred Unit and such Parity Preferred Units bear
to each other. Written notice of any distribution in connection with any such liquidation, dissolution or winding up of the affairs of
the Partnership, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances
shall be payable, shall be given by first class mail, postage pre-paid, not less than 30 nor more than 60 days prior to the payment date
stated therein, to each record holder of the Series A Preferred Units at the respective addresses of such holders as the same shall
appear on the records of the Partnership. After payment of the full amount of the liquidating distributions to which they are entitled,
the holders of Series A Preferred Units will have no right or claim to any of the remaining assets of the Partnership. The consolidation
or merger of the Partnership with or into another entity, a consolidation or merger of another entity with or into the Partnership, a
statutory exchange by the Partnership or a sale, lease, transfer or conveyance of all or substantially all of the Partnership’s
property or business shall not be deemed to constitute a liquidation, dissolution or winding up of the affairs of the Partnership.

 

    5

     

    

 

16.06            Redemption.
In connection with any redemption by the General Partner of any shares of Series A Preferred Stock pursuant to Sections 6, 7, 8 or
9 of the Articles Supplementary, the Partnership shall redeem, on the date of such redemption, an equal number of Series A Preferred
Units held by the General Partner. As consideration for the redemption of such Series A Preferred Units, the Partnership shall deliver
to the General Partner (i) an amount of cash equal to the amount of cash, if any, paid by the General Partner to the holder of such
shares of Series A Preferred Stock in connection with the redemption thereof and (ii) a number of Common Units equal to the
number of shares of Common Stock, if any, issued by the General Partner to the holder of such shares of Series A Preferred Stock
in connection with the redemption thereof.

 

16.07            Voting
Rights. Holders of the Series A Preferred Units will not have any voting rights.

 

16.08            Conversion.
The Series A Preferred Units are not convertible or exchangeable for any other property or securities, except as provided herein.

 

4.            Except
as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms and conditions
the General Partner hereby ratifies and confirms.

 

    6

     

    

 

IN WITNESS WHEREOF, the undersigned
has executed this Amendment as of the date first set forth above.

 

	 	GENERAL PARTNER:
	 	 
	 	 
	 	BLUEROCK HOMES TRUST, INC.,
	 	a Maryland corporation
	 	 
	 	 
	 	By:	 /s/ Jordan Ruddy
	 	Name:	Jordan Ruddy
	 	Title:	President

 

[Signature page for Fourteenth Amendment
re: Series A Preferred Units –

December 1, 2022]

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