<SEC-DOCUMENT>0001104659-26-034382.txt : 20260325
<SEC-HEADER>0001104659-26-034382.hdr.sgml : 20260325
<ACCEPTANCE-DATETIME>20260325132618
ACCESSION NUMBER:		0001104659-26-034382
CONFORMED SUBMISSION TYPE:	POS AM
PUBLIC DOCUMENT COUNT:		18
FILED AS OF DATE:		20260325
DATE AS OF CHANGE:		20260325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bluerock Homes Trust, Inc.
		CENTRAL INDEX KEY:			0001903382
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				874211187
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POS AM
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-290772
		FILM NUMBER:		26790880

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		32ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		2128431601

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		32ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp;<B>As submitted to the Securities and
Exchange Commission on March 25, 2026</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 301.5pt; text-align: right"><B>Registration No.&nbsp;333-290772</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>PRE-EFFECTIVE <BR>
AMENDMENT NO. 1 TO</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POST-EFFECTIVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>AMENDMENT NO. 1</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-11</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>FOR REGISTRATION UNDER THE SECURITIES ACT
OF 1933</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>OF SECURITIES OF CERTAIN REAL ESTATE COMPANIES</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bluerock Homes Trust,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>919 Third Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>40th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address, including zip code, and telephone
number, including area code, of the registrant&#8217;s principal executive offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jordan Ruddy<BR>
Bluerock Homes Trust,&nbsp;Inc.<BR>
919 Third Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>40th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 843-1601</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, address, including zip code, and telephone
number, including area code, of agent for service)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Copies to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Richard P. Cunningham,&nbsp;Jr.,&nbsp;Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Kathryn A. Lawrence,&nbsp;Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Williams Mullen</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>200 South 10<SUP>th</SUP> Street, Suite&nbsp;1600</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Richmond, Virginia 23219<BR>
(804) 420-6000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Approximate date of commencement of proposed sale to public:</B>
As soon as practicable after the effectiveness of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under
the Securities Act, check the following box: </FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, check
the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this form is a post-effective amendment filed pursuant to Rule&nbsp;462(c)&nbsp;under the Securities Act, check the following box and
list the Securities Act registration number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this form is a post-effective amendment filed pursuant to Rule&nbsp;462(d)&nbsp;under the Securities Act, check the following box and
list the Securities Act registration number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
delivery of the prospectus is expected to be made pursuant to Rule&nbsp;434, please check the following box. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging
growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting
company,&#8221; and &#8220;emerging growth company&#8221; in Rule&nbsp;12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated
    filer </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller Reporting Company
    </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth
    company </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act. </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a)&nbsp;of the
Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission,
acting pursuant to said Section&nbsp;8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in; background-color: white"> On
October 8, 2025, the Registrant filed a registration statement on Form S-11 (Registration No. 333-290772), which was subsequently declared
effective by the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on December 10, 2025 (the &ldquo;Registration Statement&rdquo;).&#8239;On
March 12, 2026, the Registrant filed Post-Effective Amendment No. 1 on Form S-11 to the Registration Statement pursuant to Section 10(a)(3)
of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), to update the Registration Statement to include the audited
combined consolidated financial statements and the notes thereto included in the Registrant&rsquo;s Annual Report on Form 10-K for the
fiscal year ended December 31, 2025 as filed with the SEC on February 27, 2026, and certain other information in such Registration Statement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in"> This Pre-Effective
Amendment No. 1 to Post-Effective Amendment No. 1 (the &ldquo;Amendment&rdquo;) is being filed pursuant to Section 10(a)(3) of the
Securities Act to update the Registration Statement to include the audited consolidated financial statements and the notes thereto
included in the Registrant&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on
February 27, 2026 and certain other information in such Registration Statement, and to incorporate by reference that certain Current
Report on Form 8-K filed by the Registrant on March 25, 2026 containing information that will also be included in the
Company&rsquo;s 2026 Proxy Statement to be filed with the SEC within 120 days of the fiscal year ended December 31, 2025, which will
thereby be incorporated by reference into Part III, Items 10 through 14 of the Company&rsquo;s Annual Report on Form 10-K for the
fiscal year ended December 31, 2025. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in; background-color: white">No
additional securities are being registered under this Amendment. All applicable registration fees were paid at the time of the original
filing of such Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red; border: black 6.75pt double">The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell the securities and
it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="color: red"><B>SUBJECT TO COMPLETION,
DATED MARCH 25, 2026</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PRELIMINARY PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="tm269760d1_posamimg001.jpg" ALT="tm269760d1_posamimg001"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BLUEROCK HOMES TRUST,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Series&nbsp;B Redeemable Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum of 14,000,000 Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Liquidation Preference $25.00 per share of
Series&nbsp;B Redeemable Preferred Stock (subject to adjustment))</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Bluerock Homes Trust,&nbsp;Inc.
is a Maryland corporation formed to assemble a portfolio of institutional residential properties including apartments, build-to-rent
communities, single-family homes, and other residential communities, located in knowledge-economy and high quality of life growth markets
of the Sunbelt and Western United States. Our current investment strategy is focused on growing our portfolio of residential communities.
Our principal business objective is to generate attractive risk-adjusted returns on investments where we believe we can drive growth
in funds from operations and net asset value by acquiring residential units, developing residential communities, and through Value-Add
renovations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are offering a maximum
of 14,000,000 shares of our Series&nbsp;B Redeemable Preferred Stock, par value $0.01 per share, referred to as our Series&nbsp;B Redeemable
Preferred Stock, at a public offering price of $25.00 per share. To the extent a participating broker-dealer reduces its selling commissions
below 7.0%, the public offering price per share of Series&nbsp;B Redeemable Preferred Stock will be decreased by an amount equal to such
reduction. See &#8220;Plan of Distribution&#8212;Compensation of Dealer Manager and Participating Broker-Dealers&#8221; in this prospectus.
The Series&nbsp;B Redeemable Preferred Stock will rank on parity with our 6.0% Series&nbsp;A Redeemable Preferred Stock (the &#8220;Series&nbsp;A
Redeemable Preferred Stock&#8221;), and senior to our common stock, with respect to payment of dividends and distribution of amounts
upon liquidation, dissolution or winding up. Holders of our Series&nbsp;B Redeemable Preferred Stock will generally have no voting rights,
except an exclusive voting right on any amendment to our charter that would alter only the contract rights, as expressly set forth in
our charter, of the Series&nbsp;B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are organized and conduct
our operations in a manner that will allow us to maintain our qualification as a real estate investment trust for U.S. federal income
tax purposes, or REIT, commencing with our taxable year ended December&nbsp;31, 2022. To assist us in maintaining our qualification as
a REIT, among other purposes, our charter contains certain restrictions relating to the ownership and transfer of our capital stock.
See &#8220;Description of Capital Stock&#8201;&#8212;&#8201;Restrictions on Ownership and Transfer&#8221; in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Our Class&nbsp;A common
stock is listed on the NYSE American under the symbol &ldquo;BHM.&rdquo; On March 24, 2026, the closing price of our Class&nbsp;A common
stock as reported on the NYSE American was $12.20 per share. There is currently no public trading market for the Series&nbsp;B Redeemable
Preferred Stock, and we do not expect a market to develop. We do not intend to apply for a listing of the Series&nbsp;B Redeemable Preferred
Stock on any national securities exchange. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The Series&nbsp;B Redeemable
Preferred Stock has not been rated and is subject to the risks associated with non-rated securities. You should carefully read and consider
 &#8220;Risk Factors&#8221; beginning on page&nbsp;21 of this prospectus for a discussion of the risks that should be considered in connection
with your investment in our Series&nbsp;B Redeemable Preferred Stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy
or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
    Share</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum<BR>
    Offering(1)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public offering price</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.00</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">350,000,000</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling commissions(3)(4)(5)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.75</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,500,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Placement fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.75</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,500,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds, before expenses, to us</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.50</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">315,000,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes that all shares
    of Series&nbsp;B Redeemable Preferred Stock offered in the primary offering are sold.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial gross proceeds.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling commissions and
    the placement fee will equal up to 7.0% and 3.0% of aggregate gross proceeds, respectively, in the offering. Each is payable to our
    dealer manager. We or our affiliates also may provide permissible forms of non-cash compensation to registered representatives of
    our dealer manager and to broker-dealers that are members of the Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) and
    authorized by our dealer manager to sell shares of our Series&nbsp;B Redeemable Preferred Stock, which we refer to as participating
    broker-dealers. The value of such items will be considered underwriting compensation in connection with this offering, and the corresponding
    payments of the placement fee will be reduced by the aggregate value of such items. The combined selling commissions, placement fee
    and such non-cash compensation for the offering will not exceed 10.0% of the aggregate gross proceeds of this offering, which is
    referred to as FINRA&#8217;s 10.0% cap. Our dealer manager will repay to us any excess payments made to our dealer manager over FINRA&#8217;s
    10.0% cap if this offering is abruptly terminated before reaching the maximum amount of offering proceeds for the offering.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our dealer manager may
    reallow all or a portion of its selling commissions attributable to a participating broker-dealer. In addition, our dealer manager
    also may reallow a portion of the placement fee earned on the proceeds raised by a participating broker-dealer, to such participating
    broker-dealer as a non-accountable marketing or due diligence allowance. The amount of the reallowance to any participating broker-dealer
    will be determined by the dealer manager in its sole discretion.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling commissions will
    not be payable in connection with advisory transactions, and may be reduced or waived at the discretion of a participating broker-dealer.
    To the extent a participating broker-dealer reduces its selling commissions below 7.0%, the offering price per share of Series&nbsp;B
    Redeemable Preferred Stock will be decreased by an amount equal to such reduction. The net proceeds to us will not be affected by
    such a reduction in commissions and corresponding reduction in the offering price per share, and such reductions will have no effect
    on the amount of any distributions to be received by the investor, nor on the amount of any fees to be paid by the investor.&nbsp;&nbsp;In
    addition, we will not pay any selling commissions in connection with the sale of shares of Series&nbsp;B Redeemable Preferred Stock
    to investors whose contracts for investment advisory and related brokerage services include a fixed or &#8220;wrap&#8221; fee feature
    or sales of shares of Series&nbsp;B Redeemable Preferred Stock otherwise made to a client of an investment advisor through such advisor.&nbsp;&nbsp;No
    volume discounts will apply. The 7.0% selling commission will not be reduced based on volume purchases, nor for any other reason
    except as described herein.&nbsp;&nbsp;See &#8220;Plan of Distribution&#8212;Compensation of Dealer Manager and Participating Broker-Dealers&#8221;
    in this prospectus for additional information regarding the reduction of selling commissions.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The dealer manager of this
offering is Bluerock Capital Markets, LLC, or Bluerock Capital Markets, an affiliate of our Manager. The dealer manager is not required
to sell any specific number or dollar amount of shares of Series&nbsp;B Redeemable Preferred Stock, but will use its &ldquo;reasonable
best efforts&rdquo; to sell the shares of Series&nbsp;B Redeemable Preferred Stock offered. The minimum permitted purchase is generally
$5,000, but purchases of less than $5,000 may be made in the sole discretion of the dealer manager. We expect to sell up to 14,000,000&nbsp;shares
of our Series&nbsp;B Redeemable Preferred Stock in this offering by December 10, 2027, which may be extended through December 10, 2028,
in our sole discretion. If we extend the offering period beyond December 10, 2027, we will supplement the prospectus accordingly. It
is our intent, however, to conduct a continuous offering of shares of our Series&nbsp;B Redeemable Preferred Stock for an indefinite
period of time by filing for additional offerings thereof, subject to regulatory approval and continued compliance with the rules&nbsp;and
regulations of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and applicable state laws. Our board of directors may elect
to terminate this offering at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will sell shares of our
Series&nbsp;B Redeemable Preferred Stock through Depository Trust Company, or DTC, settlement, or DTC Settlement; or, under special circumstances,
through Direct Registration System settlement, or DRS Settlement. See the section entitled &#8220;Plan of Distribution&#8221; in this
prospectus for a description of these settlement methods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bluerock Capital Markets, LLC</B><BR>
as Dealer Manager</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 96%"><A HREF="#sp_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: right"><A HREF="#sp_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sp_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#sp_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#ana_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY STATEMENT CONCERNING
    FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ana_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#ana_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ESTIMATED USE OF PROCEEDS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ana_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#ana_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISTRIBUTION POLICY</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ana_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#ana_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT&#8217;S DISCUSSION AND
    ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ana_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#G_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OUR INDUSTRY AND MARKET OPPORTUNITY</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#G_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#G_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OUR BUSINESS AND PROPERTIES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#G_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#G_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#G_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">125</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#G_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OUR MANAGER AND RELATED AGREEMENTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#G_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">144</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#xx_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN RELATIONSHIPS AND RELATED
    PARTY TRANSACTIONS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#xx_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">153</FONT></A></TD></TR>

<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#xx_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POLICIES WITH RESPECT TO CERTAIN
    ACTIVITIES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#xx_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">156</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#xx_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
    OWNERS AND MANAGEMENT</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#xx_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">163</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#xx_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#xx_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">168</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#xx_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMPORTANT PROVISIONS OF MARYLAND
    LAW AND OUR CHARTER AND BYLAWS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#xx_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">191</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sabari_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OPERATING PARTNERSHIP AGREEMENT</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#sabari_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">197</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sabari_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL U.S. FEDERAL INCOME
    TAX CONSIDERATIONS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#sabari_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">206</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sabari_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ERISA CONSIDERATIONS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#sabari_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">234</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sabari_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#sabari_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">237</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sabari_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#sabari_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">242</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#sabari_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#sabari_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">243</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#sabari_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL INFORMATION; INCORPORATION
    BY REFERENCE</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#sabari_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">244</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>You should rely only upon
the information contained in this prospectus and any free writing prospectus provided or approved by us. We have not, and the underwriters
have not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent
information, you should not rely upon it. We are not, and the underwriters are not, making an offer to sell these securities in any jurisdiction
where the offer or sale is not permitted. The information in this prospectus is accurate only as of the date of this prospectus, regardless
of the time of delivery of this prospectus or of any sale of shares of our Series&nbsp;B Redeemable Preferred Stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Industry and Market Data</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We use industry forecasts
and projections and market data throughout this prospectus, including data from publicly available information and industry publications.
These sources generally state that the information they provide has been obtained from sources they believe to be reliable. The forecasts
and projections are based on industry surveys and the preparers&#8217; experience in the industry and there can be no assurance that
any of the projections will be achieved. We believe that the surveys and market research others have performed are reliable, but we have
not independently verified this information, and the accuracy and completeness of the information are not guaranteed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_001"></A><B>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This summary highlights
the material information from this prospectus. Because it is a summary, it may not contain all the information that you should consider
before investing in our Series&nbsp;B Redeemable Preferred Stock. To fully understand this offering, you should carefully read this entire
prospectus, including the more detailed information set forth under the caption &#8220;Risk Factors,&#8221; the Consolidated Financial
Statements, including the related notes and schedules thereto, appearing in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926021568/bhm-20251231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2025</A>, which is incorporated herein by reference, and any free writing
prospectus provided or approved by us before investing in our Series&nbsp;B Redeemable Preferred Stock.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Unless the context otherwise
requires or indicates, references in this prospectus to &#8220;us,&#8221; &#8220;we,&#8221; &#8220;our&#8221; or &#8220;the company&#8221;
refer to Bluerock Homes Trust,&nbsp;Inc., a Maryland corporation, together with its consolidated subsidiaries, including, without limitation,
Bluerock Residential Holdings, L.P., a Delaware limited partnership, which we refer to as our &#8220;Operating Partnership.&#8221; We
refer to Bluerock Real Estate, L.L.C., a Delaware limited liability company, together with its affiliates, as Bluerock, and Bluerock
Homes Manager, LLC, a Delaware limited liability company, as our Manager.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an externally managed
REIT formed to assemble a portfolio of institutional residential properties including apartments, build-to-rent communities, single-family
homes, and other residential communities located in attractive markets with a focus on the knowledge-economy and high quality of life
(&ldquo;Knowledge/Quality&rdquo;) growth markets of the Sunbelt and Western United States. Our current investment strategy is focused
on growing our portfolio of residential communities. Our principal business objective is to generate attractive risk-adjusted returns
on investments where we believe we can drive growth in funds from operations (&ldquo;FFO&rdquo;) and net asset value (&ldquo;NAV&rdquo;)
by acquiring residential units, developing residential communities, and through Value-Add renovations. Our Value-Add strategy focuses
on repositioning lower-quality, less current assets to drive rent growth and expand margins to increase net operating income and maximize
returns to our investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our target renter pool includes
the large cohort of rental-biased and debt-burdened millennials, among others, who are reaching their peak household-formation age, have
a propensity for renting for lifestyle or flexibility reasons, and/or who do not want or cannot afford the upfront and ongoing financial
commitments of home ownership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We invest primarily through
control positions in joint ventures with a network of established private, regional owner-operators in proprietary, off-market transactions
across a broad market footprint, enabling us to execute our strategies across multiple markets and strategies. Where appropriate, we
may seek to increase our ownership of the venture to 100%, subsequent to the execution of the initial business plan for each property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For more information, see &#8220;Our Business
and Properties&#8212;Our Company.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Portfolio</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our portfolio consists primarily
of residential properties that are between 15 and 40 years old located in first-ring suburban markets (which are areas within close proximity
to downtown amenities, including restaurants and retail shopping) with quality school systems and direct access to large metropolitan
areas. We source potential investments in residential properties through a variety of channels, including our existing relationships
and those developed by our network, real estate brokers, auctions and marketed portfolio sales. Our build-to-rent communities are typically
developed by our partners with expertise in development utilizing capital which we provide in a variety of structures, including through
common equity, preferred equity and mezzanine loans. Our build-to-rent communities are typically located in target markets that we believe
will enable us to capture development premiums on completion. These residential properties are specifically designed to be rented and
are typically amenitized with larger floorplans ranging between two and four bedrooms and consist of both attached and detached homes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2025,
we held twenty-five real estate investments, consisting of nineteen consolidated investments, five preferred equity investments, and
one unconsolidated real estate fund investment. The twenty-four consolidated and preferred equity investments represent an aggregate
of 5,572 residential units, comprised of 4,423 consolidated units, of which 370 units are under development or in lease-up, and 1,149
units through preferred equity investments, which includes planned units and those under development. As of December 31, 2025, our consolidated
operating investments were approximately 90.9% occupied; excluding units classified as held for sale and down/renovation units, our consolidated
operating investments were approximately 93.0% occupied. For more information, see &ldquo;Our Business and Properties&mdash;Our Portfolio.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Target Markets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We focus on Knowledge/Quality
markets with strong job growth, expanding populations and favorable quality of life characteristics. These Knowledge/Quality markets
are typically non-gateway regions, with access to good healthcare, highly-rated school systems, lower crime rates, robust infrastructure,
good affordability and a growing economic base. They are generally anchored by major universities, technology, healthcare, trade, next-generation
high value-add manufacturing or government industries as well as right to work laws, growing populations, and strong household formations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because employment growth
is highly correlated with rental demand, we generally select markets with job growth above the national average. In addition, because
income growth is highly correlated with ability to deliver rent growth, we select markets with exposure to industries with attractive
and growing compensation levels. We believe our approach of focusing on Knowledge/Quality markets with employment and income growth should
not only contribute to achieving strong rental demand and occupancy but should also enable us to achieve revenue growth to deliver attractive
risk-adjusted returns within our portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Geographically, the majority
of our existing portfolio is positioned in the Sunbelt. According to Moody&#8217;s Analytics, as of Q1 2024, the Sunbelt is home to approximately
50% of all U.S. households and is expected to experience average population growth of nearly 7% between 2024 and 2034. Additional existing
markets include high-growth areas of the West (excluding California) and other markets with similar attractive demographics as warranted.
We believe that the diverse balance of larger and smaller markets within our core footprint, along with a strong current cash flow base
and value-add upside, will enable us to deliver attractive investment returns across a full economic cycle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We select and continuously
evaluate our target markets through an analysis of demographic data at both the market and submarket levels, which may include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8201;<I>Strong Economic
    Drivers</I>. Economy characterized by growth industries and jobs of the future such as healthcare and technology, signaling near-
    and long-term employment growth, relatively low housing affordability and low rent-to-income ratios that allow for future rent increases.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Favorable Business Climate</I>.
    Regulatory conditions that attract, retain, and foster job growth and new business development including lower tax rates and right-to-work
    states.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Robust Infrastructure</I>.
    Growing economic base driven by the presence of technology centers, major colleges and universities, healthcare, trade, next-generation
    high value-add manufacturing, government industries, and modern transportation facilities and networks.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Renter Demographics</I>.
    The presence of a younger, more educated workforce with a high population of renters by choice.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>High Quality of Life</I>.
    Areas with abundant recreation, leisure, cultural, and entertainment options, highly rated school systems that appeal to young parents,
    and plentiful social opportunities including ample recreation and open space, all of which foster population growth and retention.
    Within our target markets, we focus on submarkets where members of our network have established relationships, transaction history,
    market knowledge and potential access to off-market investments, as well as an ability to direct property management and leasing
    operations efficiently.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For more information, see &#8220;Our Business
and Properties&#8212;Our Target Markets.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Network Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe the most important
elements in successful investing in residential real estate are the ability to access attractive, proprietary deal flow, deep local market
knowledge to underwrite appropriately, as well as operational expertise and infrastructure to provide execution of the operating and
value creation strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For this reason, we invest
primarily through controlling positions in joint ventures with members of our network, representing experienced regional owner-operators
across the nation. These relationships provide a wealth of seasoned market knowledge, along with access to a substantial, often proprietary,
transaction pipeline, extensive operating infrastructure, and the ability to execute in our target markets without the cost and logistical
burdens of maintaining our own local infrastructure across a broad footprint. Benefits of our network strategy include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force multiplier sourcing
    effect that provides access to a sizable pool of attractive, off-market investment opportunities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deep intellectual capital
    and track record of success, enabling us to deliver a knowledge-based underwriting of the transaction;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extensive operational infrastructure
    enabling us to deliver execution across multiple investment strategies and markets, without the cost and logistical burdens of maintaining
    our own infrastructure for those markets and strategies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantial capital to
    invest alongside us, ensuring our partners&#8217; interests are aligned with ours, particularly in terms of delivering returns for
    our investors; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opportunity to achieve
    ambitious growth and diversification goals via rapid deployment of capital and elimination of delays establishing a robust on-the-ground
    presence in each new market we enter.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The in-house asset management
team of our Manager and its affiliates works in tandem with our network members to oversee the implementation of each asset&#8217;s business
plan, including budgeting, capital expenditures, tenant improvements and financial performance. We believe that our network partners,
given their significant co-investment in the projects, provide superior management execution versus third-party fee-only management companies.
Notwithstanding the investments of each member of our network, we expect to maintain substantial control over these ventures, including
with respect to strategic decision-making.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For more information, see &#8220;Our Business
and Properties&#8212;Our Network Strategy.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Competitive Strengths</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our investment
strategy and operating model distinguishes us from other owners, operators, and acquirors of residential rental real estate in several
important ways.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Our Key Principals.</I></B>
Our team offers significant breadth and depth in real estate operating and investment experience. Our team has successfully sourced,
structured, acquired and managed more than 50 million square feet of residential real estate investments in our target markets, totaling
approximately $15 billion in value, and bring an average of 30 years&#8217; experience across multiple real estate and credit cycles.
We believe this experience will provide a competitive advantage, enabling us to grow the company and generate attractive risk-adjusted
returns for our stockholders. Our principals&#8217; competitive strengths include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Expertise Across Our
    Target Markets</U>. Our principals have significant experience structuring and investing in properties successfully in our target
    markets, through multiple financial and real estate investment cycles, providing a breadth and depth of operating and investment
    experience to help steer our investment strategy wisely;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Expertise Creating Value
    Across Our Investment Strategies and Various Capital Structures</U>. Our principals have substantial experience executing transactions
    and creating value across our value-add and development investment strategies, and across capital structures&#8201;&#8212;&#8201;equity,
    preferred equity, and mezzanine&#8201;&#8212;&#8201;providing substantial flexibility to create value in transactions, subject to
    maintaining our qualification as a REIT;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Expertise in Corporate
    and Portfolio Transactions to Create Value</U>. Our principals have executed large corporate and portfolio transactions, including
    the rollup of assets to create multiple public companies, the creation of multiple asset management platforms, and the purchase of
    distressed assets and/or companies out of bankruptcy, demonstrating a sophisticated structuring capability and an ability to execute
    complex capital markets transactions, which experience will assist us in growing the company and delivering attractive risk-adjusted
    returns to our stockholders; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Expertise in Financing
    and Structuring Transactions</U>. Our investment team has substantial expertise structuring and financing transactions, enabling
    us to evaluate and access the most efficient capital structures for our acquisitions. In addition, our investment team has extensive
    experience structuring development transactions with network partners to capture significant value while minimizing inherent risks
    and/or guarantees associated with such transactions.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Our Network.</I></B>
We invest primarily through controlling positions in joint ventures with members of our network, which allows us to draw on the collective
relationships and market knowledge and experience of significant private owner-operators in the nation who invest alongside us in transactions,
in order to source, underwrite and execute attractive transactions. We believe our network provides us access to a substantial, often
proprietary, transaction pipeline, along with extensive infrastructure and ability to execute across our target markets without the cost
and logistical burdens associated with maintaining our own infrastructure and pipeline in these markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Disciplined &#8220;Broad
and Deep&#8221; Underwriting.</I></B> By leveraging our network, we are able to execute a rigorous underwriting process, which we believe
improves our ability to evaluate risk and create value in our transactions. To begin, our network partners conduct underwriting and due
diligence for our transactions, enabling us to leverage intellectual capital and local experience acquired through their years of experience
in the market. At the same time, our team of investment professionals implements our disciplined underwriting and due diligence process,
with a focus on value relative to other potential opportunities within our target markets. The ability to review investment opportunities
broadly (across markets), as well as deeply (within the target market), greatly improves our ability to source and execute attractive
transactions for our portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Scalable Operating
Model.</I></B> Our relationships enable us to tap into what we believe to be the substantial, often proprietary, transaction flow of
our network, allowing for rapid deployment of available capital. Our extensive network provides us the ability to scale our operations
quickly, enabling us to allocate and reallocate capital across multiple target markets and along multiple strategies, and to invest in
or divest of properties rapidly without the time delay associated with building infrastructure across multiple markets, and without burdening
us with excessive operating and overhead costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For more information, see &#8220;Our Business
and Properties&#8212;Our Competitive Strengths.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Growth Strategies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal business objective
is to generate attractive risk-adjusted investment returns by assembling a portfolio of institutional residential properties including
apartments, build-to-rent communities, single-family homes, and other residential communities located across a diverse group of growth
markets. Our current investment strategy is focused on growing our portfolio of residential communities. By implementing our investment
strategies and our institutional-quality management, we expect to be able to achieve sustainable long-term growth in both our FFO and
NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Value Creation Execution.</I></B>
We acquire residential rental properties with potential for long-term value creation for our stockholders. We utilize the following internal
and external growth strategies to drive growth in FFO and NAV for our investors:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Income and Appreciation.</B>&nbsp;&nbsp;We
    invest in well-located institutional residential properties with strong and stable cash flows in demographically attractive knowledge
    economy growth markets where we believe there exists significant potential for medium-term capital appreciation through renovation
    or redevelopment, to reposition the asset and drive future rental growth.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Value-Add Renovation.</B> We see significant potential
    for capital appreciation through renovation of existing assets. Our value-add strategy focuses on working with our local experts
    to reposition lower-quality, less current assets and drive rent growth and expand margins, increasing net operating income (&ldquo;NOI&rdquo;)
    and maximizing our return on investment.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Invest-to Own.</B>&nbsp;&nbsp;We
    selectively invest in the development of build-to rent and other residential properties in target markets where we believe we can
    capture significant development premiums upon completion. We generally make common equity investments or use a preferred equity structure
    which provides income during the development stage and/or the ability to capture development premiums at completion by exercising
    our conversion rights to take ownership.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Institutional Property
    Management / NOI Margin Expansion.</B> We expect to improve margins at our operating properties by deploying institutional management
    approaches across the portfolio &#8211; including professional management, investment in technology platforms, and leveraging economies
    of scale &#8211; to best position the portfolio for optimal rental growth. We seek to address operational inefficiencies, revenue
    management and deferred capital maintenance at scale and to grow underlying cashflow through substantial NOI margin expansion at
    stabilized properties. We will also provide an aggressive asset management presence, working alongside our network partners to ensure
    optimal execution of the asset management plan, enabling us to drive rent growth and values.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Technology-Aided Platform.</B>
    We have implemented a data warehouse, which provides us with real-time visibility into leasing, inventory, maintenance and renovation
    metrics allowing us to quickly react to changes in current operational performance and monitor trends across our portfolio. Further,
    we believe we will be able to utilize our data warehouse technology as a building block in the design and implementation of a portfolio-wide
    revenue management system to further drive NOI and margin expansion. In addition, we utilize various PropTech solutions to both acquire
    and maximize operational efficiency. Operational PropTech solutions include focus on streamlining value-add initiatives, integrating
    smart-home technology, automating the lease process and providing the robust and coordinated maintenance services.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Invest in Institutional
Residential Properties.&nbsp;&nbsp;</I></B>We intend to continue to acquire institutional residential properties targeting the high disposable
income renter by choice, where we believe we can create long-term value growth for our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Focus on Growth Markets.&nbsp;&nbsp;</I></B>We
intend to continue to focus on demographically attractive growth markets, which we define as markets with strong employment drivers in
industries creating high disposable income jobs over the long term. Employment growth is highly correlated with apartment demand; therefore,
we believe that selecting markets with job growth significantly above the national average will provide high potential for increased
rental demand leading to revenue growth and attractive risk-adjusted returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Implement our Live/Work/Play
Initiatives.&nbsp;</I></B>&nbsp;We intend to continue to implement our amenities and attributes to transform the residential community
from a purely functional product (i.e., as solely a place to live), to a lifestyle product (i.e., as a place to live, interact, and socialize).
Our Live/Work/Play initiatives are property specific, and generally consist of attributes that go beyond traditional features, including
highly amenitized common areas, cosmetic and architectural improvements, technology, music and other community-oriented activities to
appeal to our residents&#8217; desire for a &#8220;sense of community&#8221; by creating places to gather, socialize and interact in
an amenity-rich environment. We believe this creates an enhanced perception of value among residents, allowing for premium rental rates
and improved resident retention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Diversify Across Markets,
Strategies and Investment Size.</I></B>&nbsp;&nbsp;We will seek to grow our institutional portfolio of residential properties diversified
by geography and by investment strategy and by size to manage concentration risk, while driving both current income and capital appreciation
throughout the portfolio. Our network enables us to diversify across multiple markets and multiple strategies efficiently, without the
logistical burden and time delay of building operating infrastructure in multiple markets and across multiple investment strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Harvest and Redeploy
Capital Selectively.</I></B> On an opportunistic basis and subject to compliance with REIT restrictions, we intend to sell properties
when we have executed our value creation plans and when we believe the investment has limited additional upside relative to other opportunities.
This allows us to harvest profits and reinvest proceeds to maximize stockholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For more information, see &#8220;Our Business
and Properties&#8212;Growth Strategies.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market and Investment Opportunity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The residential rental industry
has historically been more resilient to economic cycles than other commercial real estate sectors and is currently benefiting from significant
industry tailwinds that began during the COVID-19 pandemic. We believe industry dynamics present a compelling investment opportunity
for us, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>The U.S. housing deficit is
                                    expected to widen through the end of the decade, creating a large need for all forms of rental strategies.</B>
                                    Residential rental production has been below historical levels since the end of the Great Financial
                                    Crisis, creating a housing shortage of approximately 4.7 million residential units according to the
                                    U.S. Chamber of Commerce</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Low new residential supply, with residential construction
    and residential permitting notably below the 10-year average, is expected to create an ideal environment for the residential rental
    industry providing landlords with significant pricing power due to persistent demand.</B> According to Marcus &amp; Millichap, the
    apartment sector has seen 11 consecutive quarters of positive net absorption suppressing the national average vacancy to 4.7%, well
    below the recent average</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 0.5in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Renting currently represents a significant cost
    saving to homeownership, and the recent increases in both housing prices and mortgage rates has exacerbated the difference to nearly
    $1,200 per month according to Marcus &amp; Millichap.</B> This is expected to continue for the foreseeable future, forcing the millennial
    generation to rent for longer as they enter their household formation years</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For more information, see &#8220;Our Industry
and Market Opportunity &#8212;Market and Investment Opportunity.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Environmental, Social and Governance Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Environmental: Improvements
with the Environment in Mind.</I></B> In keeping with our Environmental Sustainability Policy, we undertake a variety of environmental
sustainability initiatives, including the installation of energy- and water-conserving fixtures at many of our upgraded properties. Our
Value-Add investment model generates a continually replenishing opportunity for us to improve the environmental impact of older, less
sustainable properties throughout the U.S., while our ground-up, build-to-rent developments incorporate environmentally sound principles
from inception. Our due diligence process incorporates evaluation of environmental impacts, which are factored into our projections for
acquisition or investment, affording us the functional and financial flexibility to develop or retrofit homes to operate more responsibly
in a changing environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Social: Social Responsibility.</I></B>
Consistent with our Human Rights Policy, we strive to respect and promote all human rights, consistent with the UN Guiding Principles
on Business and Human Rights, the International Covenant on Civil and Political Rights, and the International Covenant on Economic, Social
and Cultural Rights. We maintain a diverse board of directors, both by ethnicity and gender, and remain committed to ensuring the preservation
of human rights in our relationships with our employees, partners and tenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the creation of our portfolio,
we are especially proud that we are able to address a critical and growing need for quality, well-managed and affordable homes in desirable
communities, striving to demonstrate the possibility of embracing both people and profits. As we discuss below, according to a study
by the Joint Center for Housing Studies of Harvard University (March&nbsp;2024), rent-burdened households hit a record high in 2022,
as half of all households spent more than the recommended 30% of income on rent and utilities. Through our focus on the middle-income
and rent-burdened renter with our build-to-rent investment strategy, we are seeking to deliver a supply of affordable, well-maintained,
residential housing options, both for renters by choice as well as by necessity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Governance: Corporate
Governance.</I></B> We have established a governance framework that fosters effective stewardship of investor and stockholder capital,
promotes an ethical and transparent approach to doing business, and encourages board diversity. We are committed to operating our business
under strong and accountable corporate governance practices and have structured our corporate governance in a manner that we believe
aligns our interests with those of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For more information, see &#8220;Our Business
and Properties&#8212;Our Environmental, Social and Governance Policies.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Summary Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>An investment in our Series&nbsp;B
Redeemable Preferred Stock involves a number of risks. See &#8220;Risk Factors,&#8221; beginning on page&nbsp;21 of this prospectus.
Some of the more significant risks include those set forth below.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Risks Related to Our Business, Properties and Industry</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our current portfolio primarily
    consists of interests in residential properties, located primarily in markets in the Sunbelt and Western United States. Any adverse
    developments in local economic conditions or the demand for residential properties in these markets may negatively impact our results
    of operations.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have a limited operating
    history as an independent publicly-traded company, and our historical and pro forma financial information is not necessarily representative
    of the results that we would have achieved as a separate, publicly traded company and may not be a reliable indicator of our future
    results.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may not be successful
    in identifying and consummating suitable investment opportunities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adverse economic conditions
    may negatively affect our results of operations and, as a result, our ability to make distributions to our stockholders or to realize
    appreciation in the value of our properties.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You will have limited control
    over changes in our policies and day-to-day operations, which limited control increases the uncertainty and risks you face as a stockholder.
    In addition, our board of directors may change our major operational policies without your approval.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ownership by our executive
    officers of interests representing a significant portion of our common stock on a fully diluted basis could allow our executive officers
    to exert significant influence over our company in a manner that may not be in the best interests of our other stockholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If mortgage debt is unavailable
    at reasonable rates, it may make it difficult for us to finance or refinance properties, which could reduce the number of properties
    we can acquire, our cash flows from operations and the amount of cash distributions we can make.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our business, results of
    operations, financial condition, and cash flows may be adversely affected by pandemics and outbreaks of infectious disease, which
    may include COVID-19.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Risks Related to Our Management and Relationships with Our Manager</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Manager may not be
    successful in identifying and consummating suitable investment opportunities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The inability of our Manager
    to retain or obtain key personnel could delay or hinder implementation of our investment strategies, which could impair our ability
    to make distributions and could reduce the value of your investment.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because we will be dependent
    upon our Manager and its affiliates to conduct our operations, any adverse changes in the financial health of our Manager or its
    affiliates or our relationship with them could hinder our operating performance and the return on your investment.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our board of directors
    will approve very broad investment guidelines for our Manager and will not approve each investment and financing decision made by
    our Manager unless required by our investment guidelines.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may have conflicts of
    interest with our Manager and other affiliates, which could result in investment decisions that are not in the best interests of
    our stockholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Risks Related to the Separation and Distribution</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bluerock Residential Growth
    REIT,&nbsp;Inc., a Maryland corporation (&#8220;Bluerock Residential&#8221;), may fail to perform under various transaction agreements
    executed as part of its contribution to us, prior to the effective time of the merger of Bluerock Residential into a subsidiary of
    Badger Parent, LLC, an affiliate of Blackstone,&nbsp;Inc., on October&nbsp;6, 2022 (the &#8220;Merger&#8221;), of certain single-family
    properties and other assets through the contribution to us of the general and certain limited partner interests in the Operating
    Partnership (the &#8220;Separation&#8221;).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potential indemnification
    obligations owed to Bluerock Residential pursuant to the Separation and Distribution Agreement may have a material adverse effect
    on our business, financial condition and results of operations.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Risks Related to This Offering</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is no public market
    for our Series&nbsp;B Redeemable Preferred Stock, and we currently have no plan to list the Series&nbsp;B Redeemable Preferred Stock
    on a securities exchange. If holders are able to sell their shares of Series&nbsp;B Redeemable Preferred Stock, they may have to
    be sold at a substantial discount.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your interests in our Series&nbsp;B
    Redeemable Preferred Stock could be subordinated and/or diluted by the incurrence of additional debt, the issuance of additional
    shares of preferred stock, including additional shares of Series&nbsp;B Redeemable Preferred Stock, and by other transactions.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders of Series&nbsp;B
    Redeemable Preferred Stock should not expect us to redeem all or any such shares on the date they first become redeemable or on any
    particular date after they become redeemable. Any decision to propose a redemption will depend upon, among other things, our evaluation
    of our capital position and general market conditions at the time. We would likely choose to exercise our optional redemption right
    only when prevailing interest rates have declined, which would adversely affect the ability of holders of shares of the applicable
    series of preferred stock to reinvest proceeds from the redemption in a comparable investment with an equal or greater yield to the
    yield on such series of preferred stock had their shares not been redeemed.&nbsp;If we are unable to effectively manage the impact
    of these and other risks, our ability to meet our investment objectives would be substantially impaired. In turn, the value of our
    Class&nbsp;A common stock and our ability to make distributions would be materially reduced.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders of the Series&nbsp;B
    Redeemable Preferred Stock have extremely limited voting rights.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Risks Related to Our Status as a REIT</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure to maintain our
    qualification as a REIT would materially and adversely affect us and the value of our stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In certain circumstances,
    we may be subject to certain U.S. federal, state and local taxes despite our qualification as a REIT, which would reduce our cash
    available for distribution to you.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately prior to the
    closing of the Merger on October&nbsp;6, 2022, Bluerock Residential declared a distribution of the outstanding shares of our Class&nbsp;A
    common stock to its common stockholders (the &#8220;Distribution,&#8221; and such date, the &#8220;Distribution Date&#8221;). If
    Bluerock Residential failed to qualify as a REIT during certain periods prior to the Distribution, we would be prevented from electing
    to qualify as a REIT.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If certain of our subsidiaries,
    including our Operating Partnership, fail to qualify as partnerships or disregarded entities for U.S. federal income tax purposes,
    we would cease to qualify as a REIT and suffer other material adverse consequences.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legislative or other actions
    affecting REITs could have a negative effect on us or our investors.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Risks Related to Ownership of Our Common
Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A limit on the percentage
    of our capital stock and common stock that a person may own may discourage a takeover or business combination, which could prevent
    our common stockholders from realizing a premium price for their common stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maryland law may limit
    the ability of a third party to acquire control of us.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your percentage of ownership
    may become diluted if we issue new shares of stock or other securities, and issuances of preferred stock or other securities by us
    may further subordinate the rights of the holders of our common stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to pay dividends
    is limited by the requirements of Maryland law.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We currently qualify as an emerging growth company.
    To the extent that we no longer qualify we will be subject to additional regulatory requirements which will likely be time-consuming
    and costly.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Manager and Bluerock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are externally managed
and advised by our Manager. Our Manager is an affiliate of Bluerock, a leading institutional alternative asset manager based in New York
with regional offices across the United States. Pursuant to the terms of the Management Agreement, our Manager will provide us with our
management team and appropriate support personnel, and we will have access to the management, infrastructure, personnel and other resources
of Bluerock necessary for the implementation and execution of our business and growth strategies. Our Manager has substantial discretion
with respect to the selection of specific investments consistent with our investment objectives and strategy, subject to our investment
guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Manager will be able
to draw upon the experience, expertise, and relationships of Bluerock&#8217;s senior executives, and its team of over 150 professionals
and support personnel, which will provide asset management, portfolio management, finance, administration, legal, compliance, investor
relations, asset valuation, risk management, information technology and other operational matters in connection with the performance
of our Manager&#8217;s duties. We expect to benefit from the personnel of Bluerock and the relationships and experience of Bluerock&#8217;s
management team in order to create value for our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe the Management
Agreement provides significant benefits to our stockholders. Our company is not burdened by the high expenses associated with employing
our own management team and infrastructure, and instead will rely on our Manager to provide these services in exchange for management
fees, which we believe are lower than we would otherwise have to incur for these services if we were internally managed. In addition,
our Management Agreement provides us access to a team of executive, management, investment, capital markets and administrative personnel
that we believe, given our size and stage of development, is likely to be more capable and diverse than we would otherwise be able to
attract at this stage of our life cycle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the determination by
at least two-thirds of our independent directors that, upon an internalization of our management, AFFO (as defined below) per share would
be greater than AFFO per share immediately prior to such internalization, we may internalize, with consideration upon such internalization
being paid by us to our Manager (the &#8220;Internalization Consideration&#8221;) as described herein. No assurance can be given that
the internalization of our Manager will be achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Management
Agreement, we will pay our Manager and its affiliates fees and reimburse certain expenses for services rendered to us. The most significant
items of compensation and reimbursement are outlined in &#8220;&#8212;Compensation to Our Manager,&#8221; below. For a more complete
explanation of the fees and expenses, see &#8220;Our Manager and Related Agreements.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our officers and directors,
and the owners and officers of our Manager and its affiliates are involved in, and will continue to be involved in, the ownership and
advising of other real estate entities and programs, including those sponsored by Bluerock or in which Bluerock is a manager or participant.
These pre-existing interests, and similar additional interests as may arise in the future, may give rise to conflicts of interest with
respect to our business, our investments and our investment opportunities. In particular, but without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Manager, its officers
    and their respective affiliates will face conflicts of interest relating to the purchase and leasing of real estate investments,
    and such conflicts may not be resolved in our favor. This could limit our investment opportunities, impair our ability to make distributions
    and reduce the value of your investment in us.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we acquire properties
    from entities owned or sponsored by affiliates of our Manager, the price may be higher than we would pay if the transaction was the
    result of arm&#8217;s-length negotiations with a third party.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Manager will have considerable
    discretion with respect to the terms and timing of our acquisition, disposition and leasing transactions. The incentive fee payable
    by us to our Manager is determined based on AFFO, which may create an incentive for our Manager to make investments that are risky
    or more speculative than would otherwise be in our best interests.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Manager and its affiliates,
    including our officers, some of whom are also our directors, face conflicts of interest caused by their ownership of our Manager
    and their roles with other programs, which could result in actions that are not in the long-term best interests of our stockholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the competing demands
    for the time of our Manager, its affiliates and our officers result in them spending insufficient time on our business, we may miss
    investment opportunities or have less efficient operations, which could reduce our profitability and result in lower distributions
    to you.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not have a policy that
expressly restricts any of our directors, officers, stockholders or affiliates, including our Manager and its officers and employees,
from having a pecuniary interest in an investment in or from conducting, for their own account, business activities of the type we conduct.
However, our code of business conduct and ethics contains a conflicts of interest policy that prohibits our directors, officers and personnel,
as well as employees and officers of our Manager and its affiliates who provide services to us, from engaging in any transaction that
involves an actual conflict of interest with us. Notwithstanding the prohibitions in our code of business conduct and ethics, after considering
the relevant facts and circumstances of any actual conflict of interest, the audit committee of our board of directors or another committee
of our board of directors comprised solely of independent directors may, on a case-by-case basis and in their sole discretion, waive
such conflict of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financing Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to use prudent
amounts of leverage in connection with our operations. As of December 31, 2025, our total indebtedness was approximately $440.8 million.
Once we reach sufficient scale, we generally expect our total indebtedness to be less than 75% of the fair market value of our real estate
investments. However, we are not subject to any limitations on the amount of leverage we may use, and accordingly, the amount of leverage
we use may be significantly less or greater than we currently anticipate. Further, during our ramp-up to scale, we expect that our leverage
will fluctuate and for periods of time will exceed 75% of the fair market value of our real estate investments as appropriate. For purposes
of calculating our leverage, we include our consolidated real estate investments, include our preferred equity and loan investments at
cost, include assets we have classified as held for sale, and include any joint venture level indebtedness in our total indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors will
have the authority to change our financing policies at any time and without stockholder approval. If our board of directors changes our
policies regarding our use of leverage, we expect that it will consider many factors, including the lending standards of lenders in connection
with the financing of residential properties, the leverage ratios of publicly traded REITs with similar investment strategies, the cost
of leverage as compared to expected operating net revenues, and general market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By operating on a leveraged
basis, we expect to have more funds available for real estate investments and other purposes than if we operated without leverage, which
we believe will allow us to acquire more investments than would otherwise be possible, resulting in a larger and more diversified portfolio.
See &#8220;Risk Factors&#8212;Risks Related to Our Business, Properties and Industry&#8212;High levels of debt or increases in interest
rates could increase the amount of any future loan payments, which could reduce the cash available for distribution to stockholders&#8221;
for more information about the risks related to operating on a leveraged basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compensation to Our Manager</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Set forth below is a summary
of the fees and compensation we expect to pay our Manager under the Management Agreement for managing our business and assets. For additional
information with respect to the compensation of our Manager, see &#8220;Our Manager and Related Agreements.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 84%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Base Management Fee</FONT></TD>
    <TD STYLE="padding-left: 7pt; text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will pay our Manager a base management
        fee (the &#8220;Base Management Fee&#8221;) in an amount equal to 1.50% of our new stockholders&#8217; equity, per year.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of calculating the Base Management
    Fee, our new stockholders&#8217; equity means: (1)&nbsp;the sum of (i)&nbsp;the net asset value of the Operating Partnership (&#8220;Net
    Asset Value&#8221;) plus (ii)&nbsp;the net proceeds from the issuance of (or equity value assigned to) equity and equity equivalent
    securities in any subsequent offering (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such
    issuance) plus (iii)&nbsp;retained earnings at the end of the most recently completed calendar quarter (without taking into account
    any non-cash equity compensation expense incurred in current or prior periods), less (2)&nbsp;any amount that the company has paid
    to repurchase our common stock issued in any subsequent offering. New stockholders&#8217; equity also excludes (a)&nbsp;any unrealized
    gains and losses and other non-cash items (including depreciation and amortization) that have impacted stockholders&#8217; equity
    as reported in our financial statements prepared in accordance with GAAP, and (b)&nbsp;one-time events pursuant to changes in GAAP,
    and certain non-cash items not otherwise described above, in each case after discussions between our Manager and our independent
    directors and approval by a majority of our independent directors. We determined Net Asset Value, for purposes of the foregoing,
    based on the midpoint of the range of net asset values utilized by Duff&nbsp;&amp; Phelps in its analysis underlying the opinion
    it delivered to the Bluerock Residential board of directors in connection with the execution of the Agreement and Plan of Merger
    dated December&nbsp;20, 2021 (the &#8220;Merger Agreement&#8221;) in connection with the Merger. Each quarterly installment of the
    Base Management Fee will be payable in cash, except as may otherwise be specified by written agreement of the company and the Manager
    with respect to payment of all or any portion thereof in long-term incentive plan units of the Operating Partnership (&#8220;LTIP
    Units&#8221;), calculated pursuant to the formula above.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incentive Fee</FONT></TD>
    <TD STYLE="width: 1%; padding-left: 7pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 84%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    will pay our Manager an incentive fee (the &ldquo;Incentive Fee&rdquo;) with respect to each calendar quarter (or part thereof that
    the Management Agreement is in effect) in arrears.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Incentive
    Fee will be an amount, not less than zero, equal to the difference between (1)&nbsp;the product of (i)&nbsp;20% and (ii)&nbsp;the
    difference between (a)&nbsp;the company&rsquo;s adjusted funds from operations (&ldquo;AFFO&rdquo;) for the previous 12-month period
    and (b)&nbsp;the product of (A)&nbsp;the product of (x)&nbsp;the weighted average of the price per share of equity securities as
    derived from the Net Asset Value and the issue price of equity securities issued in future offerings and transactions, multiplied
    by (y)&nbsp;the weighted average number of all shares of our common stock outstanding on a fully-diluted basis (including any restricted
    stock units, any restricted shares of our common stock, LTIP Units, and other shares of our common stock underlying awards granted
    under incentive plans and units in the Operating Partnership) in the previous 12-month period multiplied by (B)&nbsp;8%, and (2)&nbsp;the
    sum of any Incentive Fee paid to our Manager with respect to the first three calendar quarters of such previous 12-month period;
    provided, however, that no Incentive Fee is payable with respect to any calendar quarter unless AFFO is greater than zero for the
    four most recently completed calendar quarters. One half of each quarterly installment of the Incentive Fee will be payable in LTIP
    Units, calculated pursuant to the formula above.&nbsp; The remainder of the Incentive Fee will be payable in cash or in LTIP Units,
    at the election of our board of directors, in each case calculated pursuant to the formula above.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="padding-left: 7pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    following example illustrates how we would calculate our quarterly Incentive Fee in accordance with the Management Agreement. Our
    actual results may differ materially from the following example.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assume the following:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.9in; text-align: justify; text-indent: -16.2pt; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;AFFO
    for the 12-month period equals $41,000,000;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.9in; text-align: justify; text-indent: -16.2pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.9in; text-align: justify; text-indent: -16.2pt; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;weighted
    average price per share of equity securities is $10.00;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.9in; text-align: justify; text-indent: -16.2pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.9in; text-align: justify; text-indent: -16.2pt; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;the
    weighted average number of shares of common stock outstanding on a fully diluted basis during the 12-month period is 50,000,000;
    and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.9in; text-align: justify; text-indent: -16.2pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.9in; text-align: justify; text-indent: -16.2pt; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;Incentive
    Fees paid during the first three calendar quarters of such 12-month period are $0.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 84%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under these
    assumptions, the quarterly Incentive Fee payable to our Manager would be $200,000, as calculated below:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 15%; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; background-color: #CCEEFF"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 69%; background-color: #CCEEFF; padding-left: 8.1pt; text-indent: -8.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AFFO</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #CCEEFF"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; background-color: #CCEEFF; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,000,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #CCEEFF">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 8.1pt; text-indent: -8.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average price per share of equity securities of $10.00 multiplied by the weighted average number of shares of common stock outstanding
    on a fully diluted basis of 50,000,000 multiplied by 8%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,000,000</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCEEFF"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCEEFF; padding-left: 8.1pt; text-indent: -8.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excess
    of AFFO over amount calculated in 2 above</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCEEFF"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCEEFF">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 8.1pt; text-indent: -8.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%
    of the amount calculated in 3 above</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200,000</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCEEFF"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCEEFF; padding-left: 8.1pt; text-indent: -8.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incentive
    Fee equals the amount calculated in 4 above less the Incentive Fees paid during the first three calendar quarters of such previous
    12-month period</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCEEFF">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCEEFF"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCEEFF">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 8.1pt; text-indent: -8.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarterly
    incentive fee payable to our Manager</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200,000</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-left: 7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 84%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expense Reimbursement</FONT></TD>
    <TD STYLE="padding-left: 7pt; text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will be required to reimburse our
        Manager for operating expenses related to us that are incurred by our Manager, including expenses relating to legal, accounting,
        due diligence and other services. Our reimbursement obligation is not subject to any dollar limitation. Expenses will be reimbursed
        in cash on a monthly basis.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will not reimburse our Manager for the salaries and other compensation
    of its personnel.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 7pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Termination Fee</FONT></TD>
    <TD STYLE="padding-left: 7pt; text-align: justify">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Termination fee equal to 3.00 times the
        sum of the Base Management Fee and Incentive Fee earned, in each case, by our Manager during the 12-month period immediately
        preceding such termination, calculated as of the end of the most recently completed fiscal quarter before the date of non-renewal/termination.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The termination fee will be payable upon
    termination of the Management Agreement (i)&nbsp;by us without cause or (ii)&nbsp;by our Manager if we materially breach the Management
    Agreement.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Organizational Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following chart shows
our current organizational structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm269760d1_posamimg002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Distribution Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have elected to be taxed
as a REIT for U.S. federal income tax purposes, commencing with our taxable year ended December&nbsp;31, 2022. In order to maintain our
qualification as a REIT, among other requirements, we are generally required to distribute 90% of our annual REIT taxable income (determined
without regard to the dividends paid deduction and excluding net capital gain) to our stockholders. We intend to make regular cash distributions
to our stockholders out of our cash available for distribution, typically on a monthly or quarterly basis. We expect that our board of
directors will determine the amount of distributions to be distributed to our stockholders on a quarterly basis. The board&#8217;s determination
will be based on a number of factors, including funds available from operations, current and projected capital expenditure requirements,
the annual distribution requirements necessary to maintain our qualification as a REIT under the Code, other tax considerations, and
other factors deemed relevant by our board of directors. As a result, our distribution rate and payment frequency may vary from time
to time. We reserve the right to adjust the periods during which distributions accrue and are paid. See &#8220;Description of Capital
Stock&#8211;Distributions.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, our policy is
to pay distributions from cash flow from operations. However, from time to time, we may not generate sufficient cash flow from operations
or funds from operations to fully fund distributions. Therefore, some or all of our cash distributions may be paid from other sources,
such as cash flows from financing activities, which may include borrowings and net proceeds from shares sold in this offering or our
common stock offering, proceeds from the issuance of additional shares pursuant to any future common stock distribution reinvestment
plan, cash resulting from a waiver or deferral of fees or expense reimbursements otherwise payable to the Manager or its affiliates,
cash resulting from the Manager or its affiliates paying certain of our expenses, proceeds from the sales of assets, and from our cash
balances. There is no limit on distributions that may be made from these sources; however, our Manager and its affiliates are under no
obligation to defer or waive fees in order to support our distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REIT Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As long as we maintain our
qualification as a REIT, we generally will not be subject to U.S. federal income or excise tax on income that we currently distribute
to our stockholders. Under the Code, a REIT is subject to numerous organizational and operational requirements, including a requirement
that it annually distribute at least 90% of its REIT taxable income (determined without regard to the deduction for dividends paid and
excluding net capital gain) to its stockholders. If we fail to maintain our qualification as a REIT in any year, our income will be subject
to U.S. federal income tax at regular corporate rates, regardless of our distributions to stockholders, and we may be precluded from
qualifying for treatment as a REIT for the four-year period immediately following the taxable year in which such failure occurs. In addition,
under applicable Treasury Regulations, if Bluerock Residential failed to qualify as a REIT during certain periods prior to the Distribution,
unless Bluerock Residential&#8217;s failure were subject to relief under U.S. federal income tax laws, we would be prevented from electing
to qualify as a REIT prior to the fifth calendar year following the year in which Bluerock Residential failed to so qualify. Even if
we qualify for treatment as a REIT, we may still be subject to state and local taxes on our income and property and to U.S. federal income
and excise taxes on our undistributed income. Moreover, any taxable REIT subsidiaries (&#8220;TRSs&#8221;) of ours generally will be
subject to U.S. federal income taxation and to various other taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restriction on Ownership and Transfer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our charter contains restrictions
on ownership of our stock that generally prevent any one person or entity from owning more than 9.8% in value of the outstanding shares
of our capital stock or more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding shares of our
common stock, and also prevent any one person from owning more than 9.8% in value or in number of shares, whichever is more restrictive,
of outstanding shares of Series&nbsp;B Redeemable Preferred Stock, unless otherwise excepted by our board of directors. In addition,
the articles supplementary establishing the Series&nbsp;B Redeemable Preferred Stock prohibits anyone from owning, or being deemed to
own by virtue of the applicable constructive ownership provisions of the Code, more than 9.8% in value or number of shares, whichever
is more restrictive, of the outstanding Series&nbsp;B Redeemable Preferred Stock. Our charter also contains other restrictions designed
to help us maintain our qualification as a REIT. See &#8220;Description of Capital Stock &#8212; Restrictions on Ownership and Transfer.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Class&nbsp;A Common Stock Underlying Series&nbsp;B
Redeemable Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus also covers
the shares of our Class&nbsp;A common stock that may be issuable upon redemption of shares of the Series&nbsp;B Redeemable Preferred
Stock sold pursuant to this prospectus or any supplement hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a brief
summary of certain terms of this offering and the rights and preferences of our Series&nbsp;B Redeemable Preferred Stock and is not intended
to be complete. It does not contain all of the information that may be important to you. We encourage you to read carefully this entire
prospectus, our charter, including the articles supplementary setting forth the terms of the Series&nbsp;B Redeemable Preferred Stock,
and our bylaws, as well as the relevant provisions of Maryland law, for a more complete understanding of our Series&nbsp;B Redeemable
Preferred Stock. Copies of our charter and bylaws are available from us and have been filed with the SEC, and the following summary,
to the extent it relates to those documents, is qualified in its entirety by reference thereto. See &#8220;Additional Information.&#8221;
For a more complete description of the terms of the Series&nbsp;B Redeemable Preferred Stock, see &#8220;Description of Capital Stock&#8201;&#8212;&#8201;Series&nbsp;B
Redeemable Preferred Stock&#8221; herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Series&nbsp;B Redeemable Preferred Stock
                           Offered</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 74%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A maximum of
    14,000,000 shares of Series&nbsp;B Redeemable Preferred Stock will be offered through our dealer manager in this offering on a best
    efforts basis, at a public offering price of $25.00 per share.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ranking</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 74%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series&nbsp;B
                           Redeemable Preferred Stock will rank, with respect to dividend rights and rights upon our liquidation, winding-up
                           or dissolution:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;senior
    to all classes or series of our common stock, and to any other class or series of our capital stock issued in the future unless the
    terms of that capital stock expressly provide that it ranks senior to, or on parity with, the Series&nbsp;B Redeemable Preferred
    Stock;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;on
    parity with any class or series of our capital stock, the terms of which expressly provide that it will rank on parity with the Series&nbsp;B
    Redeemable Preferred Stock, including the Series&nbsp;A Redeemable Preferred Stock; and</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in; text-align: justify; text-indent: -16.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;junior
                                    to any other class or series of our capital stock, the terms of which expressly provide that it will
                                    rank senior to the Series&nbsp;B Redeemable Preferred Stock, none of which exists on the date hereof,
                                    and subject to payment of or provision for our debts and other liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our board of directors has the authority to issue shares of additional
classes or series of preferred stock that could be senior in priority to the Series&nbsp;B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Stated Value</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each share
    of Series&nbsp;B Redeemable Preferred Stock will have an initial &#8220;Stated Value&#8221; of $25.00, subject to appropriate adjustment
    in relation to certain events as set forth in the Articles Supplementary.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividends</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of Series&nbsp;B Redeemable Preferred
        Stock are entitled to receive, when and as authorized by our board of directors and declared by us out of legally available funds,
        cumulative cash dividends on each share of Series&nbsp;B Redeemable Preferred Stock at an annual rate of 7.5% of the Stated Value
        (each, a &#8220;Series&nbsp;B Dividend&#8221;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect Series&nbsp;B Dividends will be
    authorized and declared on a quarterly basis, payable monthly on the 5<SUP>th</SUP>&nbsp;day of the month to holders of record on
    the 25<SUP>th</SUP>&nbsp;day of the prior month (or if such payment date or record date is not a business day, on the immediately
    preceding business day, with the same force and effect as if made on such date), unless our results of operations, our general financing
    conditions, general economic conditions, applicable provisions of Maryland law or other factors make it imprudent to do so. The initial
    Series&nbsp;B Dividend payable on each share of Series&nbsp;B Redeemable Preferred Stock will begin accruing on, and will be cumulative
    from, the date of original issuance of such share of Series&nbsp;B Redeemable Preferred Stock. Each subsequent Series&nbsp;B Dividend
    will begin accruing on, and will be cumulative from, the end of the most recent Series&nbsp;B Dividend period for which a Series&nbsp;B
    Dividend has been paid on each such share of Series&nbsp;B Redeemable Preferred Stock.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 74%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The timing
    and amount of any dividends on the Series&nbsp;B Redeemable Preferred Stock will be determined by our board of directors, in its
    sole discretion, and may vary from time to time. All such dividends will accrue and be paid on the basis of a 360-day year consisting
    of twelve 30-day months. Dividends on the Series&nbsp;B Redeemable Preferred Stock will accrue whether or not (i)&nbsp;we have earnings,
    (ii)&nbsp;there are funds legally available for the payment of such dividends and (iii)&nbsp;such dividends are authorized by our
    board of directors or declared by us. Accrued dividends on the Series&nbsp;B Redeemable Preferred Stock will not bear interest.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption at Option of Holders</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders will have the right to require
        the company to redeem shares of Series&nbsp;B Redeemable Preferred Stock at a redemption price equal to the Stated Value, initially
        $25.00 per share, less a redemption fee, plus an amount equal to any accrued but unpaid dividends.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The redemption fee shall be equal to:</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 69%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning on
    the date of original issuance of the shares to be redeemed: 12%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning one year from
    the date of original issuance of the shares to be redeemed: 9%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning two years from
    the date of original issuance of the shares to be redeemed: 6%</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 25%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; width: 69%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning three
    years from the date of original issuance of the shares to be redeemed: 3%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning four years from
    the date of original issuance of the shares to be redeemed: 0%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a holder of Series&nbsp;B
    Redeemable Preferred Stock causes the company to redeem such shares of Series&nbsp;B Redeemable Preferred Stock, we have the right,
    in our sole discretion, to pay the redemption price in cash or in equal value of shares of our Class&nbsp;A common stock, based on
    the closing price per share of our Class&nbsp;A common stock for the single trading day prior to the date of redemption.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 74%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability
    to redeem shares of Series&nbsp;B Redeemable Preferred Stock in cash may be limited to the extent that we do not have sufficient
    funds available to fund such cash redemption. Further, our obligation to redeem any of the shares of Series&nbsp;B Redeemable Preferred
    Stock submitted for redemption in cash may be restricted by Maryland law. No redemptions of shares of Series&nbsp;B Redeemable Preferred
    Stock will be made in cash at such time as the terms and provisions of any agreement to which we are a party prohibits such redemption
    or provides that such redemption would constitute a breach thereof or a default thereunder. The company further reserves the right
    to suspend such optional redemptions once it has issued a redemption notice.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional Redemption Following
    Death or Qualifying Disability of a Holder</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 74%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to restrictions,
                           we will redeem shares of Series&nbsp;B Redeemable Preferred Stock held by a natural person upon his or her
                           death or upon his or her suffering a qualifying disability, including shares held through a revocable grantor
                           trust, or an IRA or other retirement or profit-sharing plan, at the written request of (a)&nbsp;in the case
                           of the death of a holder, the holder&#8217;s estate, the recipient of such shares through bequest or inheritance,
                           or, with respect to shares held through a revocable grantor trust, the trustee of such trust, who will have
                           the sole ability to request redemption on behalf of the trust, or (b)&nbsp;in the case of the disability of
                           a holder, the holder or the holder&#8217;s legal representative. Only shares of Series&nbsp;B Redeemable Preferred
                           Stock that have been outstanding for at least one (1)&nbsp;year prior to redemption are eligible for redemption
                           by the company. If spouses are joint registered holders of shares of Series&nbsp;B Redeemable Preferred Stock,
                           the written request to redeem such shares may be made upon the death or qualifying disability of either spouse.
                           We must receive such written request within one (1)&nbsp;year after the death or qualifying disability of
                           the holder, but no sooner than one (1)&nbsp;year after the date of original issuance of such shares. If the
                           holder is not a natural person, such as a trust (other than a revocable grantor trust) or a partnership, corporation
                           or similar legal entity, the right of redemption upon the death or qualifying disability of a beneficiary
                           of such trust or the holder of an ownership interest in such partnership, corporation or similar legal entity
                           will be subject to the approval of company management in its sole discretion. Beginning one (1)&nbsp;year
                           from the date of original issuance of the shares of Series&nbsp;B Redeemable Preferred Stock to be redeemed,
                           we will redeem such shares at a redemption price equal to 95% of the Stated Value, initially $25.00 per share,
                           and beginning two (2)&nbsp;years from the date of original issuance of the shares of Series&nbsp;B Redeemable
                           Preferred Stock to be redeemed, we will redeem such shares at a redemption price equal to 100% of the Stated
                           Value, in each case, plus an amount equal to any accrued but unpaid cash dividends thereon, if any, to and
                           including the date of redemption.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon any such redemption request, we have
    the right, in our sole discretion, to pay the redemption price in cash or in equal value of shares of our Class&nbsp;A common stock,
    based on the closing price per share of our Class&nbsp;A common stock for the single trading day prior to the date of redemption,
    in exchange for the Series&nbsp;B Redeemable Preferred Stock.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to redeem shares of Series&nbsp;B
    Redeemable Preferred Stock in cash may be limited to the extent that we do not have sufficient funds available to fund such cash
    redemption. Further, our obligation to redeem any of the shares of Series&nbsp;B Redeemable Preferred Stock submitted for redemption
    in cash may be further restricted by Maryland law.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional Redemption by the Company</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After two years
    from the date of original issuance of the shares of Series&nbsp;B Redeemable Preferred Stock to be redeemed, we will have the right
    (but not the obligation) to redeem such shares of Series&nbsp;B Redeemable Preferred Stock at 100% of the Stated Value, initially
    $25.00 per share, plus an amount equal to any accrued but unpaid cash dividends. If we choose to redeem any shares of Series&nbsp;B
    Redeemable Preferred Stock, we have the right, in our sole discretion, to pay the redemption price in cash or in equal value of shares
    of our Class&nbsp;A common stock, based on the closing price per share of our Class&nbsp;A common stock for the single trading day
    prior to the date of redemption, in exchange for the Series&nbsp;B Redeemable Preferred Stock.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change of Control Redemption
    by the Company</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the occurrence
    of a Change of Control (as defined below), we will be required to redeem all outstanding shares of the Series&nbsp;B Redeemable Preferred
    Stock in whole within 60 days after the first date on which such Change of Control occurred, in cash at a redemption price of $25.00
    per share, plus an amount equal to all accrued but unpaid cash dividends, if any, to and including the redemption date. If the Maryland
    law solvency tests prohibit us from paying the full redemption price in cash, then we will pay such portion as would otherwise violate
    the solvency tests in shares of our Class&nbsp;A common stock to holders on a pro rata basis, based on the closing price per share
    of our Class&nbsp;A common stock for the single trading day prior to the date of redemption. Further, our obligation to redeem any
    of the shares of Series&nbsp;B Redeemable Preferred Stock in cash may be restricted by Maryland law.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 74%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    &ldquo;Change of Control&rdquo; is when, after the initial issuance of the Series&nbsp;B Redeemable Preferred Stock, any of the following
    has occurred and is continuing:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.45in; text-align: justify; text-indent: -16.2pt; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
    &ldquo;person&rdquo; or &ldquo;group&rdquo; within the meaning of Section&nbsp;13(d)&nbsp;of the Securities Exchange Act of 1934,
    as amended (the &ldquo;Exchange Act&rdquo;), other than our company, its subsidiaries, and its and their employee benefit plans,
    has become the direct or indirect &ldquo;beneficial owner,&rdquo; as defined in Rule&nbsp;13d-3 under the Exchange Act, of our common
    equity representing more than 50% of the total voting power of all outstanding shares of our common equity that are entitled to vote
    generally in the election of directors, with the exception of (A)&nbsp;the formation of a holding company, or (B)&nbsp;immediately
    prior to such transaction, such person or group, together with its or their related entities, including, without limitation, any
    trust established for the benefit of such person or any member of such group or any family member thereof (collectively, an &ldquo;Ownership
    Group&rdquo;), owned sufficient interests in the Operating Partnership such that the exercise by all or any members of such Ownership
    Group of the Common Unit Redemption Right (as defined in Section&nbsp;8.04(a)&nbsp;of the Second Amended and Restated Agreement of
    Limited Partnership of the Operating Partnership, as amended) with respect to such interests would result in all or any members of
    such Ownership Group (individually or collectively) becoming the direct or indirect beneficial owner of our common equity representing
    more than 50% of the total voting power of all outstanding shares of Voting Stock;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.45in; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.45in; text-align: justify; text-indent: -16.2pt; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;consummation
    of any share exchange, consolidation or merger of our company or any other transaction or series of transactions pursuant to which
    our common stock will be converted into cash, securities or other property, (1)&nbsp;other than any such transaction where the shares
    of our common stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority
    of the common stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving
    effect to such transaction, and (2)&nbsp;expressly excluding any such transaction preceded by our company&rsquo;s acquisition of
    the capital stock of another company for cash, securities or other property, whether directly or indirectly through one of our subsidiaries,
    as a precursor to such transaction; or</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.45in; text-align: justify; text-indent: -16.2pt; font-size: 10pt; width: 74%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Continuing
    Directors cease to constitute at least a majority of our board of directors.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.45in; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Continuing
    Director&rdquo; means a director who either was a member of our board of directors on October&nbsp;6, 2022 or who becomes a member
    of our board of directors subsequent to that date and whose appointment, election or nomination for election by our stockholders
    was duly approved by a majority of the Continuing Directors on our board of directors at the time of such approval, either by a specific
    vote or by approval of the proxy statement issued by our company on behalf of our board of directors in which such individual is
    named as nominee for director.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Series&nbsp;B Safeguard Policy</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 74%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our board of
    directors has adopted the Series&nbsp;B Redeemable Preferred Stock Redemption Safeguard Policy (the &#8220;Series&nbsp;B Safeguard
    Policy&#8221;) with respect to our Series&nbsp;B Redeemable Preferred Stock. The Series&nbsp;B Safeguard Policy is applicable in
    the event of any redemption of shares of Series&nbsp;B Redeemable Preferred Stock in shares of our Class&nbsp;A common stock rather
    than in cash (each, a &#8220;Series&nbsp;B Preferred Redemption in Common Stock&#8221;). The Series&nbsp;B Safeguard Policy provides
    that if, within 10 business days of any such Series&nbsp;B Preferred Redemption in Common Stock, any such shares of Class&nbsp;A
    common stock are sold at a loss (i.e. a lower price than the Series&nbsp;B Aggregate Redemption Value), the holder can apply to us
    for a cash payment to the holder in an amount equal to the difference between (i)&nbsp;the Series&nbsp;B Aggregate Redemption Value
    of the Class&nbsp;A common stock so issued, and (ii)&nbsp;the Series&nbsp;B Aggregate Sale Price at which such shares of Class&nbsp;A
    common stock were sold, subject to certain conditions and requirements as set forth in the Series&nbsp;B Safeguard Policy. The Series&nbsp;B
    Safeguard Policy applies both retroactively, and on a go-forward basis, to holders of our Series&nbsp;B Redeemable Preferred Stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liquidation Preference</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 74%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon any voluntary
    or involuntary liquidation, dissolution or winding-up of our affairs, before any distribution or payment shall be made to holders
    of our common stock or any other class or series of capital stock ranking junior to our shares of Series&nbsp;B Redeemable Preferred
    Stock, the holders of shares of Series&nbsp;B Redeemable Preferred Stock will be entitled to be paid out of our assets legally available
    for distribution to our stockholders, after payment or provision for our debts and other liabilities, a liquidation preference equal
    to the Stated Value per share, plus an amount equal to accrued but unpaid dividends,&nbsp;<I>pari passu</I>&nbsp;with the holders
    of shares of any other class or series of our capital stock ranking on parity with the Series&nbsp;B Redeemable Preferred Stock,
    including the Series&nbsp;A Redeemable Preferred Stock, as to the liquidation preference and/or accrued but unpaid dividends they
    are entitled to receive.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Voting Rights</B></FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 74%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Series&nbsp;B Redeemable Preferred Stock generally has no voting rights. However, holders of shares of Series&nbsp;B Redeemable Preferred
    Stock will have an exclusive voting right on any amendment to our charter that would alter only the contract rights, as expressly
    set forth in our charter, of the Series&nbsp;B Redeemable Preferred Stock, with any such amendment requiring the affirmative vote
    or consent of holders of two-thirds of the Series&nbsp;B Redeemable Preferred Stock issued and outstanding at the time.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    addition, holders of shares of Series&nbsp;B Redeemable Preferred Stock and of any preferred stock the terms of which expressly provide
    that it ranks on parity with the Series&nbsp;B Redeemable Preferred Stock (the &ldquo;Parity Preferred Stock&rdquo;) upon which like
    voting rights have also been conferred (such Parity Preferred Stock, the &ldquo;Parity Voting Preferred Stock,&rdquo; which, as of
    the date of this prospectus, includes the Series&nbsp;A Redeemable Preferred Stock), voting together as a single class, will also
    have an exclusive right to vote on any amendment, alteration or repeal of our charter, including the terms of the Series&nbsp;B Redeemable
    Preferred Stock, that would alter only the contract rights, as expressly set forth in our charter, of the Series&nbsp;B Redeemable
    Preferred Stock and such Parity Voting Preferred Stock, with any such action requiring the affirmative vote or consent of the holders
    of shares of Series&nbsp;B Redeemable Preferred Stock and such Parity Voting Preferred Stock entitled to cast two-thirds of all the
    votes entitled to be cast by such holders on such matter, with each holder of Series&nbsp;B Redeemable Preferred Stock and such Parity
    Voting Preferred Stock entitled to one vote for each $25.00 in liquidation preference.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
    holders of shares of Series&nbsp;B Redeemable Preferred Stock will also have the right to vote to (a)&nbsp;authorize, create or issue,
    or increase the number of authorized or issued shares of, any class or series of our capital stock ranking senior to the Series&nbsp;B
    Redeemable Preferred Stock with respect to dividend rights and rights upon our liquidation, dissolution or winding up (any such senior
    stock, the &ldquo;Senior Stock&rdquo;), (b)&nbsp;reclassify any authorized shares of our capital stock into Senior Stock, or (c)&nbsp;create,
    authorize or issue any obligation or security convertible into, or evidencing the right to purchase, Senior Stock. Any such action
    will require the approval of&thinsp; (1)&nbsp;a majority of all votes collectively entitled to be cast by the holders of&thinsp;(i)&nbsp;Series&nbsp;B
    Redeemable Preferred Stock, and (ii)&nbsp;any Parity Voting Preferred Stock; and (2)&nbsp;two-thirds of all votes collectively entitled
    to be cast by the holders of any future Parity Preferred Stock (&ldquo;Future Parity Preferred Stock&rdquo;) upon which like voting
    rights have also been conferred; in each case, voting together as a single class, with each such holder entitled to one vote for
    each $25.00 in liquidation preference; as well as (3)&nbsp;a majority of all votes cast by the holders of&thinsp; (i)&nbsp;Series&nbsp;B
    Redeemable Preferred Stock, and (ii)&nbsp;any Future Parity Preferred Stock, voting together as a single class, with each such holder
    entitled to one vote for each $25.00 in liquidation preference. As of the date of this prospectus, the Parity Voting Preferred Stock
    in the foregoing matter does not include any other Parity Preferred Stock. See &ldquo;Series&nbsp;B Redeemable Preferred Stock&nbsp;&mdash;&nbsp;Voting
    Rights&rdquo; in this prospectus.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Estimated use of proceeds</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming the
    sale of the maximum offering amount in our offering, we estimate that we will receive net proceeds from the offering of approximately
    $310.63 million, after deducting estimated offering expenses, including selling commissions and the placement fee, payable by us
    of approximately $39.38 million. We intend to use the net proceeds from this offering for future investments and acquisitions and
    for other general corporate and working capital purposes, which may include the funding of capital improvements at properties. See
    &#8220;Estimated Use of Proceeds.&#8221;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NYSE American Symbol for Class&nbsp;A common stock</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Class&nbsp;A common
    stock is listed&nbsp;on the NYSE American under the trading symbols &#8220;BHM.&#8221; <B>There is no established public trading
    market for the offered shares of Series&nbsp;B Redeemable Preferred Stock and we do not expect a market to develop. We do not intend
    to apply for a listing of the Series&nbsp;B Redeemable Preferred Stock on any national securities exchange.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Covered Security.</I></B>&nbsp;The
term &#8220;covered security&#8221; applies to securities exempt from state registration because of their oversight by federal authorities
and national-level regulatory bodies pursuant to Section&nbsp;18 of the Securities Act of 1933, as amended, or the Securities Act. Generally,
securities listed on national exchanges are the most common type of covered security exempt from state registration. A non-traded security
also can be a covered security if it has a seniority greater than or equal to other securities from the same issuer that are listed on
a national exchange, such as the NYSE American. Our Series&nbsp;B Redeemable Preferred Stock is a covered security because it is senior
to our common stock and therefore is exempt from state registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are several advantages
to both issuers and investors of a security being deemed a covered security. These include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;More
Investors&#8201;&#8212;&#8201;Covered securities can be purchased by a broader range of investors than can non-covered securities. Non-covered
securities are subject to suitability requirements that vary from state to state. These so-called &#8220;Blue Sky&#8221; regulations
often prohibit the sale of securities to certain investors and may prohibit the sale of securities altogether until a specific volume
of sales have been achieved in other states.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Issuance
Costs&#8201;&#8212;&#8201;Covered securities may have lower issuance costs since they avoid the expense of dealing with the various regulations
of each of the 50 states and Washington, D.C. This could save time and money and allows issuers of covered securities the flexibility
to enter the real estate markets at a time of their choosing. All of our investors would benefit from any lower issuance costs that may
be achieved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are several disadvantages
to investors of a security being deemed a covered security. These include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Lack
of Suitability Standards&#8201;&#8212;&#8201;Since there are no investor eligibility requirements, there is no prohibition on the sale
of the securities to certain investors, including investors that may not be suitable to purchase the securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
State Review&#8201;&#8212;&#8201;Investors will not receive an additional level of review and possible protection afforded by the various
state regulators.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were formed on December&nbsp;16,
2021 in Maryland. The address of our principal executive office is 919 Third Avenue, 40th Floor, New York, NY 10022. Our telephone number
is (212) 843-1601. We maintain an Internet website at <I><U>www.bluerockhomes.com</U></I>. Our website and the information contained
therein or connected thereto will not be deemed to be incorporated by reference herein, and you should not rely on any such information
in making an investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp_002"></A><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The purchase of shares
of our Series&nbsp;B Redeemable Preferred Stock involves a number of risks. You should carefully consider the following material risks
in conjunction with the other information contained in this prospectus before purchasing our Series&nbsp;B Redeemable Preferred Stock.
The risks discussed in this prospectus could adversely affect our business, operating results, prospects and financial condition. This
could cause the value of our Series&nbsp;B Redeemable Preferred Stock to decline and/or you to lose part or all of your investment. The
risks and uncertainties described below are not the only ones we face, but do represent those risks and uncertainties that we believe
are material to us. Additional risks and uncertainties not presently known to us or that, as of the date of this prospectus, we deem
immaterial may also materially and adversely affect our financial condition, results of operations, business and prospects. Some statements
in this prospectus, including statements in the following risk factors, constitute forward-looking statements. Please refer to the section
entitled &#8220;Cautionary Statement Concerning Forward-Looking Statements.&#8221;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RISKS RELATED TO OUR BUSINESS, PROPERTIES AND INDUSTRY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We face numerous risks associated with
the real estate industry that could adversely affect our results of operations through decreased revenues or increased costs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a real estate company,
we are subject to various changes in real estate conditions, and any negative trends in such real estate conditions may adversely affect
our results of operations through decreased revenues or increased costs. These conditions include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in national, regional
    and local economic conditions, which may be negatively impacted by concerns about inflation, deflation, tariffs and global trade
    tensions, government deficits, high unemployment rates, decreased consumer confidence and liquidity concerns, particularly in markets
    in which we have a high concentration of properties;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations and relative
    increases in interest rates, which could adversely affect our ability to obtain financing on favorable terms or at all;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the inability of tenants
    to pay rent;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the existence and quality
    of the competition, such as the attractiveness of our properties as compared to our competitors&#8217; properties based on considerations
    such as convenience of location, rental rates and safety record;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased operating costs,
    including increased real property taxes, HOA fees, maintenance, insurance and utilities costs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">weather conditions that
    may increase or decrease energy costs and other weather-related expenses;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">oversupply of residential
    housing or a reduction in demand for real estate in the markets in which our properties are located;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs and time period required
    to convert acquisitions to rental properties;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a favorable interest rate
    environment that may result in a significant number of potential residents of our properties deciding to purchase homes instead of
    renting;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">rules, regulations and/or
    policy initiatives by government and private actors, including HOAs, to discourage or deter the purchase of residential properties
    by entities owned or controlled by institutional investors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">construction of new supply;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in, or increased
    costs of compliance with, laws and/or governmental regulations, including those governing usage, zoning, the environment and taxes;
    and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">rent control or stabilization
    laws, or other laws regulating rental housing, which could prevent us from raising rents to offset increases in operating costs.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, other factors may
adversely affect our results of operations, including potential liability under environmental and other laws and other unforeseen events,
many of which are discussed elsewhere in the following risk factors. Any or all of these factors could materially adversely affect our
results of operations through decreased revenues or increased costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Many of our costs, such as operating expenses
and general and administrative expenses, interest expense and real estate acquisition and construction costs, could be adversely impacted
by periods of heightened inflation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Inflation in the United States
accelerated rapidly in the first half of 2023 and remained elevated throughout 2024, and may continue to remain high in the future. While
inflation has shown signs of moderating, it remains uncertain whether substantial inflation in the United States will be sustained over
an extended period of time or have a significant effect on the United States or other economies. In addition, any tariffs imposed by
the current administration or other countries may cause further inflationary pressures in the economy. Rising inflation could have an
adverse impact on our operating expenses as well as our general and administrative expenses. For example, it is possible that the impact
of the rate of inflation may not be adequately offset by annual rent escalations or the resetting of rents from our renewal and re-leasing
activities, which may adversely affect our business, financial condition, results of operations, and cash flows. Compensation costs and
professional service fees are also subject to the impact of inflation and are expected to increase proportionately with increasing market
prices for such services. Consequently, inflation may increase our general and administrative expenses over time and may adversely impact
our results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While the Federal Reserve
<FONT STYLE="background-color: white">reduced interest rates by an aggregate of 100-basis points during 2024 and by an aggregate of 75-basis
points during 2025</FONT>, there can be no assurances that interest rates will not rise again. Our exposure to increases in interest
rates in the short term is limited to our variable-rate borrowings. As of December 31, 2025, we had interest rate caps and swaps which
effectively limit our exposure to interest rate risk by providing a ceiling on the underlying floating interest rate for $100.7 million
of our floating rate debt. However, the effect of inflation on interest rates could increase our financing costs over time, either through
borrowings on floating-rate lines of credit or refinancing of our existing borrowings that may incur higher interest expenses related
to the issuance of new debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, inflationary
pricing may have a negative effect on the construction costs necessary to complete our development projects, including, but not limited
to, costs of construction materials, labor and services from third-party contractors and suppliers. Certain increases in the costs of
construction materials can often be managed in our development projects through either general budget contingencies built into our overall
construction costs estimates for each project or guaranteed maximum price construction contracts, which stipulate a maximum price for
certain construction costs and shift inflation risk to construction general contractors. However, no assurance can be given that our
budget contingencies would accurately account for potential construction cost increases given the current severity of inflation and variety
of contributing factors or that general contractors would be able to absorb such increases in costs and complete our construction projects
timely, within budget, or at all. Higher construction costs could adversely impact our investments in real estate assets and expected
yields on our development projects, which may make otherwise lucrative investment opportunities less profitable to us. As a result, our
business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and to
pay dividends and distributions to security holders could be adversely affected over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Development, redevelopment,
and construction risks could affect our profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Development
and redevelopment are subject to numerous risks, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may be unable to obtain,
    or experience delays in obtaining, necessary zoning, occupancy, or other required governmental or third-party permits and authorizations,
    which could result in increased costs or the delay or abandonment of opportunities;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may incur costs that
    exceed our original estimates due to increased material, labor, or other factors and costs, such as those resulting from litigation,
    program changes, inflation, interest rate increases, the implementation of tariffs, or supply chain disruptions;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may be unable to complete
    construction and lease-up of a residential community on schedule, including as a result of global supply chain disruptions, resulting
    in increased construction and financing costs and a decrease in expected rental revenues;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">occupancy rates and rents
    at a residential community may fail to meet our expectations for a number of reasons, including changes in market and economic conditions
    beyond our control and the development of competing communities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may be unable to obtain
    financing, including construction loans, with favorable terms, or at all, which may cause us to delay or abandon an opportunity;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may abandon opportunities
    that we have already begun to explore, or stop projects we have already commenced, for a number of reasons, including changes in
    local market conditions or increases in construction or financing costs, and, as a result, we may fail to recover costs already incurred
    in exploring those opportunities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may incur liabilities
    to third parties during the development or redevelopment process, and we may be faced with claims for construction defects after
    a property has been developed;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we may face opposition
    from local community or political groups with respect to the development, construction, or operations at a particular site;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">health and safety incidents
    or other accidents on site may occur during development;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unexpected events or circumstances
    may arise during the development or redevelopment process that affect the timing of completion and the cost and profitability of
    the development or redevelopment;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss of a key member of
    a development team could adversely affect our ability to deliver developments and redevelopments on time and within our budget;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">government restrictions,
    standards or regulations intended to reduce greenhouse gas emissions and potential climate change impacts may increase in the future
    in the form of restrictions or additional requirements on development in certain areas; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">environmental, social,
    governance and other sustainability matters and our responses to these matters could impact development.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Some
of these development risks may be heightened given current uncertain and potentially volatile market conditions. If market volatility
causes economic conditions to remain unpredictable or to trend downwards, we may not achieve our expected returns on residential communities
under development and we could lose some or all of our investments in those properties. In addition, the lead time required to develop,
construct, and lease-up a development property may increase, which could adversely impact our projected returns or result in a termination
of the development project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The construction of real
estate projects entails unique risks, including risks that the project will fail to conform to building plans, specifications, and timetables.
These failures could be caused by labor strikes, weather, government regulations, and other conditions beyond our control. In addition,
we may become liable for underinsured injuries and accidents occurring during the construction process.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our current portfolio primarily consists
of interests in residential properties, located primarily in markets in the Sunbelt and Western United States. Any adverse developments
in local economic conditions or the demand for residential properties in these markets may negatively impact our results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our current portfolio of
properties consists primarily of residential properties geographically concentrated in the Sunbelt and Western United States, and our
portfolio going forward may consist primarily of the same. As such, we are currently susceptible to local economic conditions and the
supply of and demand for residential properties in these markets. If there is a downturn in the economy or an oversupply of or decrease
in demand for residential properties in these markets, our business could be materially adversely affected to a greater extent than if
we owned a real estate portfolio that was more diversified in terms of both geography and industry focus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>An aspect of our business model has a limited
track record, which may make our business difficult to evaluate.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">One aspect of our business
strategy involves managing a large number of single-family properties, and leasing them to qualified residents. Until recently, the single-family
rental business consisted primarily of private and individual investors in local markets and was managed individually or by small, non-institutional
owners and property managers. Entry into this market by large, well-capitalized investors is a relatively recent trend, so few peer companies
exist and none have yet established long-term track records that might assist us in predicting whether this aspect of our business model
and investment strategy can be implemented and sustained over an extended period of time. It may be difficult for you to evaluate our
potential future performance without the benefit of established long-term track records from companies implementing a similar business
model. We may encounter unanticipated problems as we continue to refine our business model, which may adversely affect our results of
operations and ability to make distributions to our stockholders and cause our stock price to decline significantly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have a limited operating history as
a REIT and an independent publicly traded company and may not be able to operate our business successfully or generate sufficient cash
flows to make or sustain distributions to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have a limited operating
history as a REIT and an independent publicly traded company. As a result, an investment in our Series&nbsp;B Redeemable Preferred Stock
or Class&nbsp;A common stock may entail more risk than an investment in the preferred or common stock of a real estate company with a
substantial operating history. If we are unable to operate our business successfully, we would not be able to generate sufficient cash
flow to make or sustain distributions to our stockholders, and you could lose all or a portion of the value of your ownership in Series&nbsp;B
Redeemable Preferred Stock or Class&nbsp;A common stock. Our ability to successfully operate our business and implement our operating
policies and investment strategy depends on many factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to effectively
    manage renovation, maintenance, marketing, and other operating costs for our properties;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">economic conditions in
    our markets, including changes in employment and household earnings and expenses, as well as the condition of the financial and real
    estate markets and the economy, in general;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to maintain
    high occupancy rates and target rent levels;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the availability of, and
    our ability to identify, attractive acquisition opportunities consistent with our investment strategy;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to compete
    with other investors entering the residential rental industry;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs that are beyond our
    control, including title litigation, litigation with residents or tenant organizations, legal compliance, property taxes, HOA fees,
    and insurance;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">judicial and regulatory
    developments affecting landlord-tenant relations that may affect or delay our ability to dispossess or evict occupants or increase
    rental rates;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reversal of population,
    employment, or homeownership trends in our markets; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">interest rate levels and
    volatility, which may affect the accessibility of short-term and long-term financing on desirable terms.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we face significant
competition in acquiring attractive properties on advantageous terms, and the value of the properties that we acquire may decline substantially
after we purchase them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A significant portion of our costs and
expenses are fixed and we may not be able to adapt our cost structure to offset declines in our revenue.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many of the expenses associated
with our business, such as property taxes, HOA fees, insurance, utilities, acquisition, renovation and maintenance costs, and other general
corporate expenses are relatively inflexible and will not necessarily decrease with a reduction in revenue from our business. Some components
of our fixed assets depreciate more rapidly and require ongoing capital expenditures. Our expenses and ongoing capital expenditures are
also affected by inflationary increases, and certain of our cost increases may exceed the rate of inflation in any given period or market.
Our rental income is affected by many factors beyond our control, such as the availability of alternative rental housing and economic
conditions in our markets. In addition, state and local regulations may require us to maintain properties that we own, even if the cost
of maintenance is greater than the value of the property or any potential benefit from renting the property, or pass regulations that
limit our ability to increase rental rates. As a result, we may not be able to fully offset rising costs and capital spending by increasing
rental rates, which could have a material adverse effect on our results of operations and cash available for distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Legislative or
other actions affecting the single-family residential housing industry could have a negative effect on our business and financial results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Various legislative and regulatory
bodies have been focused on the shortage and increases in the cost of residential housing in the U.S. There has been vigorous and continuing
political debate and discussion, in which we participate, with respect to residential housing laws and regulations, with particular focus
on the single-family residential housing industry. On January 20, 2026, President Trump signed an executive order directing federal agencies
to take steps to limit the purchase of single-family properties by &ldquo;large institutional investors.&rdquo; The executive order provides
an exception for the type of build-to-rent communities that are a focus of our investment strategy, and does not impose an outright ban
on the acquisition of single-family properties by institutional investors, nor does it compel the sale of existing portfolios. For these
reasons, we currently do not anticipate the executive order, nor any resulting legislation or enforcement, to have a material impact
on our business. However, the scope and impact of the executive order remains subject to further guidance from the current administration,
and there can be no assurance that such guidance, and/or any future legislative or regulatory changes will not be proposed or enacted,
including those governing the types of investments we are permitted to make, that could adversely affect our business and financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A significant number of our residential
properties are part of HOAs and we and our residents are subject to the rules&nbsp;and regulations of such HOAs, which are subject to
change and which may be arbitrary or restrictive, and violations of such rules&nbsp;may subject us to additional fees and penalties and
litigation with such HOAs, which would be costly.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A significant number of our
properties are located within HOAs, which are private entities that regulate the activities of owners and occupants of, and levy assessments
on, properties in a residential subdivision. The HOAs in which we own our properties may have enacted or may from time to time enact
onerous or arbitrary rules&nbsp;that restrict our ability to restore, market, lease, or operate our properties in accordance with our
investment strategy, or require us to restore or maintain such properties at standards or costs that are in excess of our planned budgets.
Some HOAs impose limits on the number of property owners who may lease their properties, which, if met or exceeded, would cause us to
incur additional costs to sell the property and opportunity costs from lost rental revenue. Furthermore, we may have residents who violate
HOA rules&nbsp;and incur fines for which we may be liable as the property owner and for which we may not be able to obtain reimbursement
from the resident. Additionally, the governing bodies of the HOAs in which we own property may not make important disclosures about the
properties or may block our access to HOA records, initiate litigation, restrict our ability to sell our properties, impose assessments,
or arbitrarily change the HOA rules. We may be unaware of or unable to review or comply with HOA rules&nbsp;before purchasing a property,
and any such excessively restrictive or arbitrary regulations may cause us to sell such property at a loss, prevent us from leasing such
property, or otherwise reduce our cash flow from such property, which would have an adverse effect on our returns on these properties.
Several states have enacted laws that provide that a lien for unpaid monies owed to an HOA may be senior to our ownership interests and/or
the priority of mortgage liens on properties, which, if not cured, may give rise to events of default under certain of our indebtedness
or which otherwise could have a material adverse impact on us.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Increasing property taxes, HOA fees, and insurance costs may
negatively affect our financial results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of our substantial
real estate holdings, the cost of property taxes and insuring our properties is a significant component of our expenses. Our properties
are subject to real and personal property taxes that may increase as tax rates change and as the real properties are assessed or reassessed
by taxing authorities. As the owner of our properties, we are ultimately responsible for payment of the taxes to the applicable government
authorities. If real property taxes increase, our expenses will increase. If we fail to pay any such taxes, the applicable taxing authority
may place a lien on the real property and the real property may be subject to a tax sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a significant
portion of our properties are located within HOAs and we are subject to HOA rules&nbsp;and regulations. HOAs have the power to increase
monthly charges and make assessments for capital improvements and common area repairs and maintenance. Property taxes, HOA fees, and
insurance premiums are subject to significant increases, which can be outside of our control. If the costs associated with property taxes,
HOA fees and assessments, or insurance rise significantly and we are unable to increase rental rates due to rent control laws or other
regulations to offset such increases, our results of operations would be negatively affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our investments are and will continue to
be concentrated in our markets and in the residential properties sector of the real estate industry, which exposes us to seasonal fluctuations
in rental demand and downturns in our markets or in the residential properties sector.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our investments in real estate
assets are and will continue to be concentrated in our markets and in the residential properties sector of the real estate industry.
A downturn or slowdown in the rental demand for housing caused by adverse economic, regulatory, or environmental conditions, or other
events, in our markets may have a greater impact on the value of our properties or our operating results than if we had more fully diversified
our investments. We believe that there are seasonal fluctuations in rental demand with demand higher in the spring and summer than in
the late fall and winter. Such seasonal fluctuations may impact our operating results. Any future outbreaks of infectious disease, which
may include COVID-19 or a future pandemic, could also result in demand for residential rental properties decreasing substantially and/or
occupancy decreasing materially. See &#8220;&#8212;Our business, results of operations, financial condition, and cash flows may be adversely
affected by pandemics and outbreaks of infectious disease, which may include COVID-19.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to general, regional,
national, and international economic conditions, our operating performance will be impacted by the economic conditions in our markets.
We base a substantial part of our business plan on our belief that property values and operating fundamentals for residential properties
in our markets will continue to improve over the near to intermediate term. However, these markets have experienced substantial economic
downturns in recent years and could experience similar or worse economic downturns in the future. Additionally, a significant outbreak
of infectious disease in the human population or pandemic may result in a widespread health crisis adversely affecting the economies
and financial markets of many countries, resulting in an economic downturn that could negatively affect our business, results of operations,
and financial condition. See &#8220;&#8212;Our business, results of operations, financial condition, and cash flows may be adversely
affected by pandemics and outbreaks of infectious disease, which may include COVID-19.&#8221; We can provide no assurance as to the extent
property values and operating fundamentals in these markets will improve, if at all. If the recent economic downturn in these markets
returns or if we fail to accurately predict the timing of economic improvement in these markets, the value of our properties could decline
and our ability to execute our business plan may be adversely affected to a greater extent than if we owned a real estate portfolio that
was more geographically diversified, which could adversely affect our financial condition, operating results, and ability to make distributions
to our stockholders and cause the value of our Series&nbsp;B Redeemable Preferred Stock or Class&nbsp;A common stock to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not be able to effectively control
the timing and costs relating to the renovation and maintenance of our properties, which may adversely affect our operating results and
ability to make distributions to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our properties may require
some level of renovation either immediately upon their acquisition or in the future following expiration of a lease or otherwise. We
may acquire properties that we plan to extensively renovate. We may also acquire properties that we expect to be in good condition only
to discover unforeseen defects and problems that require extensive renovation and capital expenditures. To the extent properties are
leased to existing residents, renovations may be postponed until the resident vacates the premises, and we will pay the costs of renovating.
In addition, from time to time, we may perform ongoing maintenance or make ongoing capital improvements and replacements and perform
significant renovations and repairs that resident deposits and insurance may not cover. Because our portfolio consists of geographically
dispersed properties, our ability to adequately monitor or manage any such renovations or maintenance may be more limited or subject
to greater inefficiencies than if our properties were more geographically concentrated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our properties have infrastructure
and appliances of varying ages and conditions. Consequently, we routinely retain independent contractors and trade professionals to perform
physical repair work and are exposed to all of the risks inherent in property renovation and maintenance, including potential cost overruns,
increases in labor and materials costs, delays by contractors in completing work, delays in the timing of receiving necessary work permits,
certificates of occupancy, and poor workmanship. Additionally, containment measures arising from any future outbreaks of infectious disease,
which may include COVID-19 or a future pandemic, may also interfere with the ability of our associates, suppliers, and other business
partners to carry out their assigned tasks or supply materials, services, or funding at ordinary levels of performance relative to the
conduct of our business. See &#8220;&#8212;Our business, results of operations, financial condition, and cash flows may be adversely
affected by pandemics and outbreaks of infectious disease, which may include COVID-19.&#8221; If our assumptions regarding the costs
or timing of renovation and maintenance across our properties prove to be materially inaccurate, our operating results and ability to
make distributions to our stockholders may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have in the past acquired and may from
time to time in the future acquire some of our residential properties through the auction process, which could subject us to significant
risks that could adversely affect us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have in the past acquired
and may from time to time in the future acquire some of our residential properties through the auction process, including auctions of
properties that have been foreclosed upon by third-party lenders. Such auctions may occur simultaneously in a number of markets, including
monthly auctions on the same day of the month in certain markets. As a result, we may only be able to visually inspect properties from
the street and will purchase these properties without a contingency period and in &#8220;as is&#8221; condition with the risk that unknown
defects in the property may exist. Upon acquiring a new residential property, we may have to evict residents who are in unlawful possession
before we can secure possession and control of the property. The holdover occupants may be the former owners or residents of a property
or others who are illegally in possession. Securing control and possession from these occupants can be both costly and time-consuming
or generate negative publicity for our business and harm our reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Allegations of deficiencies
in auction practices could result in claims challenging the validity of some auctions, potentially placing our claim of ownership to
the properties at risk. Since we may not have obtained title insurance policies for properties we acquired through the auction process,
such instances or such proceedings may result in a complete loss without compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Title defects could lead to material losses
on our investments in our properties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our title to a property may
be challenged for a variety of reasons, and in such instances title insurance may not prove adequate. For example, while we do not lend
to homeowners and accordingly do not foreclose on a home, our title to properties we acquire at foreclosure auctions may be subject to
challenge based on allegations of defects in the foreclosure process undertaken by other parties. In addition, we have in the past acquired,
and may from time to time in the future acquire, a number of our properties on an &#8220;as is&#8221; basis, at auctions or otherwise.
When acquiring properties on an &#8220;as is&#8221; basis, title commitments are often not available prior to purchase and title reports
or title information may not reflect all senior liens, which may increase the possibility of acquiring houses outside predetermined acquisition
and price parameters, purchasing residences with title defects and deed restrictions, HOA restrictions on leasing, or purchasing the
wrong residence without the benefit of title insurance prior to closing. Although we use various policies, procedures, and practices
to assess the state of title prior to purchase and obtain title insurance if an acquired property is placed into a securitization facility
in connection with a mortgage loan financing, there can be no assurance that these policies and procedures will be effective, which could
lead to a material if not complete loss on our investment in such properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For properties we acquire
at auction, we similarly may not obtain title insurance prior to purchase, and we are not able to perform the type of title review that
is customary in acquisitions of real property. As a result, our knowledge of potential title issues will be limited, and title insurance
protection may not be in place. This lack of title knowledge and insurance protection may result in third parties having claims against
our title to such properties that may materially and adversely affect the values of the properties or call into question the validity
of our title to such properties. Without title insurance, we are fully exposed to, and would have to defend ourselves against, such claims.
Further, if any such claims are superior to our title to the property we acquired, we risk loss of the property purchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Increased scrutiny of title
matters could lead to legal challenges with respect to the validity of the sale. In the absence of title insurance, the sale may be rescinded,
and we may be unable to recover our purchase price, resulting in a complete loss. Title insurance obtained subsequent to purchase offers
little protection against discoverable defects because they are typically excluded from such policies. In addition, any title insurance
on a property, even if acquired, may not cover all defects or the significant legal costs associated with obtaining clear title.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any of these risks could
adversely affect our operating results, cash flows, and ability to make distributions to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are subject to certain risks associated
with bulk portfolio acquisitions and dispositions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acquired and disposed
of, and may continue to acquire and dispose of, properties we acquire or sell in bulk from or to other owners of residential properties,
banks, and loan servicers. When we purchase properties in this manner, we often do not have the opportunity to conduct interior inspections
or conduct more than cursory exterior inspections on a portion of the properties. Such inspection processes may fail to reveal major
defects associated with such properties, which may cause the amount of time and cost required to renovate and/or maintain such properties
to substantially exceed our estimates. Bulk portfolio acquisitions are also more complex than single-family home acquisitions, and we
may not be able to implement this strategy successfully. The costs involved in locating and performing due diligence (when feasible)
on portfolios of residential properties as well as negotiating and entering into transactions with potential portfolio sellers could
be significant, and there is a risk that either the seller may withdraw from the entire transaction for failure to come to an agreement
or the seller may not be willing to sell us the bulk portfolio on terms that we view as favorable. In addition, a seller may require
that a group of residential properties be purchased as a package even though we may not want to purchase certain individual assets in
the bulk portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, to the extent the
management and leasing of such properties has not been consistent with our property management and leasing standards, we may be subject
to a variety of risks, including risks relating to the condition of the properties, the credit quality and employment stability of the
residents, and compliance with applicable laws, among others. In addition, financial and other information provided to us regarding such
portfolios during our due diligence may be inaccurate, and we may not discover such inaccuracies until it is too late to seek remedies
against such sellers. To the extent we pursue such remedies, we may not be able to successfully prevail against the seller in an action
seeking damages for such inaccuracies. If we conclude that certain individual properties purchased in bulk portfolio sales do not fit
our target investment criteria, we may decide to sell, rather than renovate and lease, such properties, which could take an extended
period of time and may not result in a sale at an attractive price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time we engage
in bulk portfolio dispositions of properties consistent with our business and investment strategy. With respect to any such disposition,
the purchaser may default on payment or otherwise breach the terms of the relevant purchase agreement, and it may be difficult for us
to pursue remedies against such purchaser or retain or resume possession of the relevant properties. To the extent we pursue such remedies,
we may not be able to successfully prevail against the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We depend on our residents and their willingness
to meet their lease obligations and renew their leases for substantially all of our revenues. Poor resident selection, defaults, and
nonrenewals by our residents may adversely affect our reputation, financial performance, and ability to make distributions to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We depend on rental income
from residents for substantially all of our revenues. As a result, our success depends in large part upon our ability to attract and
retain qualified residents for our properties. Our reputation, financial performance, and ability to make distributions to our stockholders
would be adversely affected if a significant number of our residents fail to meet their lease obligations or fail to renew their leases.
For example, residents may default on rent payments, make unreasonable and repeated demands for service or improvements, make unsupported
or unjustified complaints to regulatory or political authorities, use our properties for illegal purposes, damage or make unauthorized
structural changes to our properties that are not covered by security deposits, refuse to leave the property upon termination of the
lease, engage in domestic violence or similar disturbances, disturb nearby residents with noise, trash, odors, or eyesores, fail to comply
with HOA regulations, sublet to less desirable individuals in violation of our lease, or permit unauthorized persons to live with them.
Additionally, any future outbreaks of infectious disease, which may include COVID-19 or a future pandemic, as well as measures taken
by governmental authorities and private actors to limit the spread or mitigate the impact thereof, may interfere with the ability of
some of our residents to meet their lease obligations and make their rent payments on time or at all. In such event, jurisdictions and
other local and national authorities may impose restrictions on our ability to enforce residents&#8217; contractual rental obligations
and/or to increase rents. See &#8220;&#8212;Our business, results of operations, financial condition, and cash flows may be adversely
affected by pandemics and outbreaks of infectious disease, which may include COVID-19.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Damage to our properties
may delay re-leasing after eviction, necessitate expensive repairs, or impair the rental income or value of the property resulting in
a lower than expected rate of return. Increases in unemployment levels and other adverse changes in economic conditions in our markets
could result in substantial resident defaults. In the event of a resident default or bankruptcy, we may experience delays in enforcing
our rights as landlord at that property and will incur costs in protecting our investment and re-leasing the property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our leases are relatively short-term, exposing
us to the risk that we may have to re-lease our properties frequently, which we may be unable to do on attractive terms, on a timely
basis, or at all.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Substantially all of our
new leases have a duration of one to two years. As such leases permit the residents to leave at the end of the lease term, we anticipate
our rental revenues may be affected by declines in market rental rates more quickly than if our leases were for longer terms. Short-term
leases may result in high turnover, which involves costs such as restoring the properties, marketing costs, and lower occupancy levels.
Our resident turnover rate and related cost estimates may be less accurate than if we had more operating data upon which to base such
estimates. If the rental rates for our properties decrease or our residents do not renew their leases, our operating results and ability
to make distributions to our stockholders could be adversely affected. Alternatively, to the extent that a lease term exceeds one year,
we may lose the opportunity to raise rents in an appreciating market and be locked into a lower rent until such lease expires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Climate change may adversely affect our
business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that significant
changes in the climate occur in areas where our communities are located, we may experience extreme weather and/or changes in precipitation
and temperature, all of which may result in physical damage to, or a decrease in demand for, properties located in these areas or affected
by these conditions. Should the impact of climate change be material in nature, including significant property damage to or destruction
of our properties, or occur for lengthy periods of time, our financial condition or results of operations may be adversely affected.
In addition, changes in federal, state, and local legislation and regulation based on concerns about climate change could result in increased
capital expenditures on our existing properties (for example, to improve their energy efficiency and/or resistance to inclement weather)
without a corresponding increase in revenue, resulting in adverse impacts to our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Eminent domain could lead to material losses
on our investments in our properties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Governmental authorities
may exercise eminent domain to acquire the land on which our properties are built in order to build roads and other infrastructure. Any
such exercise of eminent domain would allow us to recover only the fair value of the affected properties. In addition, &#8220;fair value&#8221;
could be substantially less than the real market value of the property for a number of years, and we could effectively have no profit
potential from properties acquired by the government through eminent domain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tenant relief laws, including laws regulating
evictions, rent control laws, and other regulations that limit our ability to increase rental rates may negatively impact our rental
income and profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As the landlord of numerous
properties, we are involved from time to time in evicting residents who are not paying their rent or who are otherwise in material violation
of the terms of their lease. Eviction activities impose legal and managerial expenses that raise our costs and expose us to potential
negative publicity. The eviction process is typically subject to legal barriers, mandatory &#8220;cure&#8221; policies, our internal
policies and procedures, and other sources of expense and delay, each of which may delay our ability to gain possession and stabilize
the property. Additionally, state and local landlord-tenant laws may impose legal duties to assist residents in relocating to new housing,
or restrict the landlord&#8217;s ability to remove the resident on a timely basis or to recover certain costs or charge residents for
damage residents cause to the landlord&#8217;s premises. Because such laws vary by state and locality, we must be familiar with and take
all appropriate steps to comply with all applicable landlord-tenant laws, and need to incur supervisory and legal expenses to ensure
such compliance. To the extent that we do not comply with state or local laws, we may be subjected to civil litigation filed by individuals,
in class actions or actions by state or local law enforcement and our reputation and financial results may suffer. We may be required
to pay our adversaries&#8217; litigation fees and expenses if judgment is entered against us in such litigation or if we settle such
litigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, state and local
governmental agencies may introduce rent control laws or other regulations that limit our ability to increase rental rates, which may
affect our rental income. Especially in times of recession and economic slowdown, rent control initiatives can acquire significant political
support. If rent controls unexpectedly became applicable to certain of our properties, our revenue from and the value of such properties
could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, any future
outbreaks of infectious disease, which may include COVID-19 or a future pandemic, as well as measures taken by governmental authorities
and private actors to limit the spread or mitigate the impact thereof, may interfere with the ability of some of our residents to meet
their lease obligations and make their rent payments on time or at all. In such event, jurisdictions and other local and national authorities
may impose restrictions on our ability to enforce residents&#8217; contractual rental obligations and/or to increase rents. While such
measures would likely enable residents to stay in their homes despite an inability to pay because of financial or other hardship stemming
from such events, they are likely to result in loss of rental income and other property income. See &#8220;&#8212;Our business, results
of operations, financial condition, and cash flows may be adversely affected by pandemics and outbreaks of infectious disease, which
may include COVID-19.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may become a target of legal demands,
litigation (including class actions), and negative publicity by tenant and consumer rights organizations, which could directly limit
and constrain our operations and may result in significant litigation expenses and reputational harm.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Numerous tenant rights and
consumer rights organizations exist throughout the country and operate in our markets, and we may attract attention from some of these
organizations and become a target of legal demands, litigation, and negative publicity. Many such consumer organizations have become
more active and better funded in connection with mortgage foreclosure-related issues, and with the increased market for residential properties
arising from displaced homeownership, some of these organizations may shift their litigation, lobbying, fundraising, and grassroots organizing
activities to focus on landlord-resident issues. While we intend to conduct our business lawfully and in compliance with applicable landlord-tenant
and consumer laws, such organizations might work in conjunction with trial and pro bono lawyers in one or multiple states to attempt
to bring claims against us on a class action basis for damages or injunctive relief and to seek to publicize our activities in a negative
light. We cannot anticipate what form such legal actions might take or what remedies they may seek.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, such organizations
may lobby local county and municipal attorneys or state attorneys general to pursue enforcement or litigation against us, may lobby state
and local legislatures to pass new laws and regulations to constrain or limit our business operations, adversely impact our business,
or may generate negative publicity for our business and harm our reputation. If they are successful in any such endeavors, they could
directly limit and constrain our operations and may impose on us significant litigation expenses, including settlements to avoid continued
litigation or judgments for damages or injunctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not be successful in identifying
and consummating suitable investment opportunities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our investment strategy requires
us to identify suitable investment opportunities compatible with our investment criteria. We may not be successful in identifying suitable
opportunities that meet our criteria or in consummating investments, including those identified as part of our investment pipeline, on
satisfactory terms or at all. Our ability to make investments on favorable terms may be constrained by several factors including, but
not limited to, competition from other investors with significant capital, including other publicly traded REITs and institutional investment
funds, which may significantly increase investment costs; and/or the inability to finance an investment on favorable terms or at all.
The failure to identify or consummate investments on satisfactory terms, or at all, may impede our growth and negatively affect our cash
available for distribution to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Adverse economic conditions may negatively
affect our results of operations and, as a result, our ability to make distributions to our stockholders or to realize appreciation in
the value of our properties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operating results may
be adversely affected by market and economic challenges, which may negatively affect our returns and profitability and, as a result,
our ability to make distributions to our stockholders or to realize appreciation in the value of our properties. These market and economic
challenges include, but are not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any future downturn in
    the U.S. economy and high unemployment could result in tenant defaults under leases, vacancies in our properties and concessions
    or reduced rental rates under new leases due to reduced demand. In addition, such downturns could result in reduced demand for residential
    rental properties, which may reduce home prices and make home purchases more affordable as an alternative to renting, which also
    may materially adversely reduce the demand for residential rental properties;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">tariffs imposed by the
    current administration and/or other countries may cause further inflationary pressures in the economy, uncertainty and volatility
    of debt and equity markets, and a slowdown in the U.S. and global economies. Such tariffs are likely to increase construction costs
    and further reduce already constrained new supply starts, which could adversely impact the timing of actual completion and/or stabilization
    of our build-to-rent communities, including potential delays due to supply shortages and labor shortages;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the rate of household formation
    or population growth in our target markets or a continued or exacerbated economic slow-down experienced by the local economies where
    our properties are located or by the real estate industry generally may result in changes in supply of or demand for our residential
    rental properties; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the failure of the real
    estate market to attract the same level of capital investment in the future that it attracted at the time of our purchases or a reduction
    in the number of companies seeking to acquire properties may result in the value of our investments not appreciating or decreasing,
    possibly significantly, below the amount we pay for these investments.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The length and severity of
any economic slow-down or downturn cannot be predicted. Our operations and, as a result, our ability to make distributions to our stockholders
and/or our ability to realize appreciation in the value of our properties could be materially and adversely affected to the extent that
an economic slow-down or downturn is prolonged or becomes severe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our revenues are significantly influenced by demand for residential
rental properties generally, and a decrease in such demand will likely have a greater adverse effect on our revenues than if we owned
a more diversified real estate portfolio.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our current portfolio is
focused predominately on residential rental properties, and we expect that our portfolio going forward will focus predominately on the
same. As a result, we are subject to risks inherent in investments in a single industry, and a decrease in the demand for residential
rentals would likely have a greater adverse effect on our rental revenues than if we owned a more diversified real estate portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The properties in our investment pipeline
are subject to contingencies that could delay or prevent acquisition or investment in those properties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At any given time, we are
generally in discussions regarding a number of properties for acquisition or investment, which we refer to as our investment pipeline.
However, we may not have completed our diligence process on these properties or development projects or have definitive investment or
purchase and sale agreements, as applicable, and several other conditions may be required to be met in order for us to complete these
acquisitions or developments, including approval by our Manager or board of directors. If we are planning to use proceeds of an offering
of our securities to fund these acquisitions or investments and are unable to complete the acquisition of the interests or investment
in any of these properties or experience significant delays in executing any such acquisition or investment, we will have issued securities
in an offering without realizing a corresponding current or future increase in earnings and cash flow from acquiring those interests
or developing those properties, and may incur expenses in connection with our attempts in consummating such acquisition or investment,
which could have a material adverse impact on our financial condition and results of operations. In addition, to the extent the uses
of proceeds from an offering are designated for the acquisition of or investment in these properties, we will have no specific designated
use for the net proceeds from the offering allocated to the purchase or development and investors will be unable to evaluate in advance
the manner in which we will invest, or the economic merits of the properties we may ultimately acquire or develop with such proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our expenses may remain constant or increase,
even if our revenues decrease, causing our results of operations to be adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Costs associated with our
business, such as mortgage payments, real estate taxes, insurance premiums and maintenance costs, are relatively inflexible and generally
do not decrease, and may increase, when residential properties are not occupied, rental rates decrease, tenants fail to pay rent or other
circumstances cause a reduction in property revenues. As a result, if revenues drop, we may not be able to commensurately reduce our
expenses, which would adversely affect our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Competition in identifying and acquiring
our properties could adversely affect our ability to implement our business and growth strategies, which could materially and adversely
affect us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In acquiring our properties,
we compete with a variety of institutional investors, including other REITs, specialty finance companies, public and private funds, savings
and loan associations, banks, mortgage bankers, insurance companies, institutional investors, investment banking firms, financial institutions,
governmental bodies, and other entities. We also compete with individual private home buyers and small scale investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of our competitors
may be larger in certain of our markets and may have greater financial or other resources than we do. Some competitors may have a lower
cost of funds and access to funding sources that may not be available to us. In addition, any potential competitor may have higher risk
tolerances or different risk assessments and may not be subject to the operating constraints associated with maintaining qualification
for taxation as a REIT, which could allow them to consider a wider variety of investments. Competition may result in fewer investments,
higher prices, a broadly dispersed portfolio of properties that does not lend itself to efficiencies of concentration, acceptance of
greater risk, lower yields and a narrower spread of yields over our financing costs. In addition, competition for desirable investments
could delay the investment of our capital, which could adversely affect our results of operations and cash flows. As a result, there
can be no assurance that we will be able to identify and finance investments that are consistent with our investment objectives or to
achieve positive investment results, and our failure to accomplish any of the foregoing could have a material adverse effect on us and
cause the value of our Series&nbsp;B Redeemable Preferred Stock or Class&nbsp;A common stock to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our investments will be dependent on tenants
for revenue, and tenant failure to pay in a timely manner could reduce our revenues from rents, resulting in the decline in the value
of your investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The underlying value of our
properties and the ability to make distributions to you depend upon the ability of the tenants of our properties to generate enough income
to pay their rents in a timely manner, and the success of our investments depends upon the occupancy levels, rental income and operating
expenses of our properties and our company. Tenants&#8217; inability to timely or fully pay their rents may be impacted by their employment
prospects and/or other constraints on their personal finances, including debts, purchases and other factors. These and other changes
beyond our control may adversely affect our tenants&#8217; ability to make their required lease payments. In the event of a tenant default
or bankruptcy, we may experience delays in enforcing our rights as landlord and may incur costs in protecting our investment and re-leasing
our property. We may be unable to re-lease the property for the rent previously received. We may be unable to sell an unoccupied property
without incurring a loss. These events and others could cause us to reduce any amount of distributions we plan to make to stockholders
and may also cause the value of your investment to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our operating results and distributable
cash flow depend on our ability to generate revenue from leasing our properties to tenants on terms favorable to us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operating results depend,
in large part, on revenues derived from leasing our residential properties. We are subject to the credit risk of our tenants, and to
the extent our tenants default on their leases or fail to make their required rental payments we may suffer a decrease in our revenue.
In addition, if a tenant does not fully pay its rent, we may not be able to enforce our rights as landlord without delays and we may
incur substantial legal costs. We are also subject to the risk that, upon the expiration of leases, leases may not be renewed, the properties
may not be re-leased or the terms of renewal or re-leasing (including the cost of required renovations or concessions to tenants) may
be less favorable to us than current lease terms. If vacancies continue for a long period of time, we may suffer reduced revenues resulting
in decreased distributions to our stockholders. In addition, the resale value of such affected properties could be diminished. Further,
costs associated with real estate investment, such as real estate taxes and maintenance costs, generally are not reduced when circumstances
cause a reduction in revenue. These events would cause a significant decrease in net revenues and could cause us to reduce the amount
we distribute to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>As the owner of real property, we could
become subject to liability for asbestos-containing building materials in the buildings on our properties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of our properties may
contain asbestos-containing materials. Environmental laws typically require that owners or operators of buildings with asbestos-containing
building materials properly manage and maintain these materials, adequately inform or train those who may come in contact with asbestos
and undertake special precautions, including removal or other abatement, in the event that asbestos is disturbed during building renovation
or demolition. These laws may impose fines and penalties on building owners or operators for failure to comply with these requirements.
In addition, third parties may be entitled to seek recovery from owners or operators for personal injury associated with exposure to
asbestos-containing building materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, many insurance
carriers are excluding asbestos-related claims from standard policies, pricing asbestos endorsements at prohibitively high rates or adding
significant restrictions to this coverage. Because of our difficulty in obtaining specialized coverage at rates that correspond to the
perceived level of risk, we may not obtain insurance for asbestos-related claims. We will continue to evaluate the availability and cost
of additional insurance coverage from the insurance market. If we purchase insurance for asbestos, the cost could have a negative impact
on our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Costs associated with addressing indoor air quality issues,
moisture infiltration and resulting mold remediation may be costly.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a general matter, concern
about indoor exposure to mold or other air contaminants has been increasing as such exposure has been alleged to have a variety of adverse
effects on health. Some of our properties may contain microbial matter such as mold and mildew. The terms of our property and general
liability policies generally exclude certain mold-related claims. Should an uninsured loss arise against us, we would be required to
use our funds to resolve the issue, including litigation costs. We can offer no assurance that liabilities resulting from indoor air
quality, moisture infiltration and the presence of or exposure to mold will not have a future impact on our business, results of operations
or financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A change in the United States government
policy with regard to Fannie Mae and Freddie Mac could impact our financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fannie Mae and Freddie Mac
are a major source of financing for the residential real estate sector. We and other companies in the residential real estate sector
depend frequently on Fannie Mae and Freddie Mac to finance growth by purchasing or guarantying residential real estate loans. Prior initiatives
in the recent past, including proposed legislation, have sought to wind down Fannie Mae and Freddie Mac. Any decision by the government
to eliminate or downscale Fannie Mae or Freddie Mac, to reduce their acquisitions or guarantees of residential real estate mortgage loans,
or to reduce government support for residential housing more generally, may adversely affect interest rates, capital availability, development
of residential communities and our ability to refinance our existing mortgage obligations as they come due and to obtain additional long-term
financing for the acquisition of additional residential communities on favorable terms or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are not able to cost-effectively
maximize the life of our properties, we may incur greater than anticipated capital expenditure costs, which may adversely affect our
ability to make distributions to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While many of the existing
properties we acquire have undergone substantial renovations since they were constructed, older properties may carry certain risks including
unanticipated repair costs associated with older properties, increased maintenance costs as older properties continue to age, and cost
overruns due to the need for special materials and/or fixtures specific to older properties. Although we take a proactive approach to
property preservation, utilizing a preventative maintenance plan, and selective improvements that mitigate the cost impact of maintaining
exterior building features and aging building components, if we are not able to cost-effectively maximize the life of our properties,
we may incur greater than anticipated capital expenditure costs which may adversely affect our financial condition, results of operations
and/or ability to make distributions to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Any uninsured losses or high insurance
premiums will reduce our net income and the amount of our cash distributions to stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will attempt to ensure
adequate insurance is obtained to cover significant areas of risk to us as a company and to our properties. However, there are types
of losses at the property level, generally catastrophic in nature, such as losses due to wars, acts of terrorism, earthquakes, floods,
hurricanes, pollution or environmental matters, which are uninsurable or not economically insurable, or may be insured subject to limitations,
such as large deductibles or co-payments. We may not have adequate insurance coverage for such losses. If any of our properties incurs
a casualty loss that is not fully insured, the value of our assets will be reduced by any such uninsured loss. In addition, other than
any working capital reserve or other reserves we may establish for a particular property, we could have no source of funding to repair
or reconstruct any uninsured damaged property. Also, to the extent we must pay unexpectedly large amounts for insurance, we could suffer
reduced cash flow that would result in lower distributions to stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may have difficulty selling real estate
investments, and our ability to distribute all or a portion of the net proceeds from such sale to our stockholders may be limited.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Real estate investments are
relatively illiquid. We will have a limited ability to vary our portfolio in response to changes in economic or other conditions. We
will also have a limited ability to sell assets in order to fund working capital and similar capital needs. When we sell any of our properties,
we may not realize a gain on such sale. We may not elect to distribute any proceeds from the sale of properties to our stockholders;
for example, we may use such proceeds to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchase additional properties;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fund capital commitments
    to our joint ventures;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">repay debt, if any;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">buy out interests of any
    co-venturers or other partners in any joint venture in which we are a party;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">create working capital
    reserves; and/or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make repairs, maintenance,
    tenant improvements or other capital improvements or expenditures to our remaining properties.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to sell our properties
may also be limited by our need to avoid a 100% penalty tax that is imposed on gain recognized by a REIT from the sale of property characterized
as held for sale to customers in the ordinary course of business. In order to ensure that we avoid such characterization, we may be required
to hold our properties for the production of rental income for a minimum period of time, generally two years, and comply with certain
other requirements in the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). As such, we could be restricted from selling
a property at an opportune time to maximize proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Representations and warranties made by
us in connection with sales of our properties may subject us to liability that could result in losses and could harm our operating results
and, therefore, distributions we make to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When we sell a property,
we may be required to make representations and warranties regarding the property and other customary items. In the event of a breach
of such representations or warranties, the purchaser of the property may have claims for damages against us, rights to indemnification
from us or otherwise have remedies against us. In any such case, we may incur liabilities that could result in losses and could harm
our operating results and, therefore distributions we make to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our investments could be adversely affected
if a member of our Bluerock operating partner network performs poorly at one or more of our projects, which could adversely affect returns
to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, we expect to
rely on members of our operating partner network for the day-to-day management and development of our real estate investments. Members
of our network are not fiduciaries to us, and generally will have limited capital invested in a project, if any. One or more members
of our network may perform poorly in managing our project investments for a variety of reasons, including failure to properly adhere
to budgets or properly implement the property business plan. A member of our network may also underperform for strategic reasons related
to projects or assets that the partner is involved in with a Bluerock affiliate but not our company. If a member of our network does
not perform well, we may not be able to ameliorate the adverse effects of poor performance by terminating the partner and finding a replacement
partner to manage our projects in a timely manner. In such an instance, the returns to our stockholders could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Actions of our joint venture partners could
subject us to liabilities in excess of those contemplated or prevent us from taking actions which are in the best interests of our stockholders,
which could result in lower investment returns to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into, and
in the future intend to enter into, joint ventures, including with members of our operating partner network, to acquire or improve properties.
We may also purchase properties in partnerships, co-tenancies or other co-ownership arrangements. Such investments may involve risks
not otherwise present when acquiring real estate directly, including, for example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">joint venturers may share
    certain approval rights over major decisions and reduce our flexibility to maximize project values or limit property costs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that such co-venturer,
    co-owner or partner may at any time have economic or business interests or goals which are or which become inconsistent with our
    business interests or goals, including inconsistent goals relating to the timing of the sale of properties held in the joint ventures
    and/or the timing of termination or liquidation of the joint ventures;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the possibility that our
    co-venturer, co-owner or partner in an investment might become insolvent or bankrupt and thus be unable to fulfill its financial
    obligations to us in that investment;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the possibility that we
    may incur liabilities as a result of an action or omission taken by our co-venturer, co-owner or partner;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that such co-venturer,
    co-owner or partner may be in a position to take action contrary to our instructions or requests or contrary to our policies or objectives,
    including our policy with respect to maintaining our qualification as a REIT;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">disputes between us and
    our joint venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and directors
    from focusing their time and effort on our business and result in subjecting the properties owned by the applicable joint venture
    to additional risk; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">under certain joint venture
    arrangements, neither venture partner may have the power to control the venture, and an impasse could be reached which might have
    a negative influence on the joint venture.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These events might subject
us to costs or liabilities in excess of those contemplated and thus reduce your investment returns. If we have a right of first refusal
or buy/sell right to buy out a co-venturer, co-owner or partner, we may be unable to finance such a buy-out if it becomes exercisable
or we may be required to purchase such interest at a time when it might not otherwise be in our best interest to do so. If our ownership
interest is subject to a buy/sell right, we may not have sufficient cash, available borrowing capacity or other capital resources to
allow us to elect to purchase an interest of a co-venturer subject to the buy/sell right, in which case we may be forced to sell our
interest as the result of the exercise of such right when we would otherwise prefer to keep our interest. Finally, we may not be able
to sell our interest in a joint venture if or when we desire to exit the venture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Your investment return may be reduced if
we are required to register as an investment company under the Investment Company Act; if we are subject to registration under the Investment
Company Act, we will not be able to continue our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither we, nor our Operating
Partnership, nor any of our subsidiaries intend to register as an investment company under the Investment Company Act. We are organized
as a holding company that conducts its businesses primarily through the Operating Partnership, which in turn is a holding company conducting
its business through its subsidiaries. We expect that our Operating Partnership&#8217;s and subsidiaries&#8217; investments in real estate
will represent the substantial majority of our total asset mix, which would not subject us to the Investment Company Act. In order to
maintain an exemption from regulation under the Investment Company Act, we intend to engage, through our Operating Partnership and our
wholly and majority owned subsidiaries, primarily in the business of buying real estate, and qualifying real estate investments must
be made within a year after cash is received by us. If we are unable to invest a significant portion of cash proceeds in properties within
one year of receipt, we may avoid being required to register as an investment company by temporarily investing any unused proceeds in
government securities with low returns, which would reduce the cash available for distribution to stockholders and possibly lower your
returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that most of our
assets will continue to be held through wholly owned or majority owned subsidiaries of our Operating Partnership. We expect that most
of these subsidiaries will be outside the definition of an investment company under Section&nbsp;3(a)(1)&nbsp;of the Investment Company
Act as they are generally expected to hold at least 60% of their assets in real property or in entities that they manage or co-manage
that own real property. Section&nbsp;3(a)(1)(A)&nbsp;of the Investment Company Act defines an investment company as any issuer that is
or holds itself out as being engaged primarily in the business of investing, reinvesting or trading in securities. We believe that neither
we nor the Operating Partnership will be considered an investment company under Section&nbsp;3(a)(1)(A)&nbsp;of the Investment Company
Act because neither we nor the Operating Partnership will engage primarily or hold itself out as being engaged primarily in the business
of investing, reinvesting or trading in securities. Rather, through the Operating Partnership&#8217;s wholly-owned or majority owned
subsidiaries, we and the Operating Partnership will be primarily engaged in the non-investment company businesses of these subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;3(a)(1)(C)&nbsp;of
the Investment Company Act defines an investment company as any issuer that is engaged or proposes to engage in the business of investing,
reinvesting, owning, holding or trading in securities and owns or proposes to acquire investment securities having a value exceeding
40% of the value of the issuer&#8217;s total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis,
which we refer to as the 40% test. Excluded from the term &#8220;investment securities,&#8221; among other things, are U.S. government
securities and securities issued by majority owned subsidiaries that are not themselves investment companies and are not relying on the
exception from the definition of investment company set forth in Section&nbsp;3(c)(1)&nbsp;or Section&nbsp;3(c)(7)&nbsp;of the Investment
Company Act. We believe that we, our Operating Partnership and most of the subsidiaries of our Operating Partnership will not fall within
this definition of investment company as we invest primarily in real property, through our wholly or majority owned subsidiaries, the
majority of which we expect to have at least 60% of their assets in real property or in entities that they manage or co-manage that own
real property. Both we and our Operating Partnership intend to conduct our operations so that they comply with the 40% test. We will
monitor our holdings to ensure continuing and ongoing compliance with this test.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that the value
of investment securities held by the subsidiaries of our Operating Partnership were to exceed 40%, we expect our subsidiaries to be able
to rely on the exclusion from the definition of &#8220;investment company&#8221; provided by Section&nbsp;3(c)(5)(C)&nbsp;of the Investment
Company Act. Section&nbsp;3(c)(5)(C), as interpreted by the staff of the SEC, requires each of our subsidiaries relying on this exception
to invest at least 55% of its portfolio in &#8220;mortgage and other liens on and interests in real estate,&#8221; which we refer to
as &#8220;qualifying real estate assets&#8221; and maintain at least 70% to 90% of its assets in qualifying real estate assets or other
real estate-related assets. The remaining 20% of the portfolio can consist of miscellaneous assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">What we buy and sell is therefore
limited to these criteria. How we determine to classify our assets for purposes of the Investment Company Act will be based in large
measure upon no-action letters issued by the SEC staff in the past and other SEC interpretive guidance. These no-action positions were
issued in accordance with factual situations that may be substantially different from the factual situations we may face, and a number
of these no-action positions were issued more than ten&nbsp;years ago. Pursuant to this guidance, and depending on the characteristics
of the specific investments, certain joint venture investments may not constitute qualifying real estate assets and therefore investments
in these types of assets may be limited. No assurance can be given that the SEC will concur with our classification of our assets. Future
revisions to the Investment Company Act or further guidance from the SEC may cause us to lose our exclusion from registration or force
us to re-evaluate our portfolio and our investment strategy. Such changes may prevent us from operating our business successfully.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that we, or
our Operating Partnership, were to acquire assets that could make either entity fall within the definition of investment company under
Section&nbsp;3(a)(1)&nbsp;of the Investment Company Act, we believe that we would still qualify for an exclusion from registration pursuant
to Section&nbsp;3(c)(6). Section&nbsp;3(c)(6)&nbsp;excludes from the definition of investment company any company primarily engaged,
directly or through majority owned subsidiaries, in one or more of certain specified businesses. These specified businesses include the
real estate business described in Section&nbsp;3(c)(5)(C)&nbsp;of the Investment Company Act. It also excludes from the definition of
investment company any company primarily engaged, directly or through majority owned subsidiaries, in one or more of such specified businesses
from which at least 25% of such company&#8217;s gross income during its last fiscal&nbsp;year is derived, together with any additional
business or businesses other than investing, reinvesting, owning, holding, or trading in securities. Although the SEC staff has issued
little interpretive guidance with respect to Section&nbsp;3(c)(6), we believe that we and our Operating Partnership may rely on Section&nbsp;3(c)(6)&nbsp;if
55% of the assets of our Operating Partnership consist of, and at least 55% of the income of our Operating Partnership is derived from,
qualifying real estate assets owned by wholly owned or majority owned subsidiaries of our Operating Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we believe that
the nature of our assets and the sources of our income exclude us from the definition of an investment company pursuant to Rule&nbsp;3a-1
under the Investment Company Act. Rule&nbsp;3a-1 provides an exclusion from registration as an investment company if an issuer meets
both an asset and an income test and is not otherwise primarily engaged in an investment company business by, among other things, holding
itself out to the public as such or by taking controlling interests in companies with a view to realizing profits through subsequent
sales of these interests. Generally, an issuer satisfies the asset test of Rule&nbsp;3a-1 if it has no more than 45% of the value of
its total assets (exclusive of U.S. government securities and cash items) in the form of securities other than interests in majority
owned subsidiaries and companies which it primarily controls. A company satisfies the income test of Rule&nbsp;3a-1 if it has derived
no more than 45% of its net income after taxes for its last four fiscal quarters combined from securities other than interests in majority
owned subsidiaries and primarily controlled companies through which it engages primarily in a business other than investing in securities.
We believe that as long as we control more than 25% of the voting power, which control is greater than any other person&#8217;s, of our
Operating Partnership we may rely on Rule&nbsp;3a-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To ensure that neither we,
nor our Operating Partnership nor subsidiaries are required to register as an investment company, each entity may be unable to sell assets
they would otherwise want to sell and may need to sell assets they would otherwise wish to retain. In addition, we, our Operating Partnership
or our subsidiaries may be required to acquire additional income or loss-generating assets that we might not otherwise acquire or forego
opportunities to acquire interests in companies that we would otherwise want to acquire. Although we, our Operating Partnership and our
subsidiaries intend to monitor our respective portfolios periodically and prior to each acquisition or disposition, any of these entities
may not be able to maintain an exclusion from registration as an investment company. If we, our Operating Partnership or our subsidiaries
are required to register as an investment company but fail to do so, the unregistered entity would be prohibited from engaging in our
business, and criminal and civil actions could be brought against such entity. In addition, the contracts of such entity would be unenforceable
unless a court required enforcement, and a court could appoint a receiver to take control of the entity and liquidate its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we or the Operating Partnership are
required to register as an investment company under the Investment Company Act, the additional expenses and operational limitations associated
with such registration may reduce your investment return or impair our ability to conduct our business as planned.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we become an investment
company or are otherwise required to register as an investment company, we might be required to revise some of our current policies,
or substantially restructure our business, to comply with the Investment Company Act. This would likely require us to incur the expense
and delay of holding a stockholder meeting to vote on proposals for such changes. Further, if we were required to register as an investment
company, but failed to do so, we would be prohibited from engaging in our business, criminal and civil actions could be brought against
us, some of our contracts might be unenforceable, unless a court were to direct enforcement, and a court could appoint a receiver to
take control of us and liquidate our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our internal control over financial reporting
may not be effective, which could adversely affect our reputation, results of operations and stock price.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The accuracy of our financial
reporting depends on the effectiveness of our internal control over financial reporting. Internal control over financial reporting can
provide only reasonable assurance with respect to the preparation and fair presentation of financial statements and may not prevent or
detect misstatements because of its inherent limitations. These limitations include the possibility of human error, inadequacy or circumvention
of internal controls and fraud. If we do not attain and maintain effective internal control over financial reporting or implement controls
sufficient to provide reasonable assurance with respect to the preparation and fair presentation of our financial statements, we could
be unable to file accurate financial reports on a timely basis, and our reputation, results of operations and stock price could be materially
adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may at times have limited sources of
capital other than proceeds from future mortgage debt financings for acquisition and/or development projects, cash generated from operating
activities, our $50 million revolving credit facility, the net proceeds of offerings of our securities, and the proceeds from our DST
Program.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may at times have limited
sources of capital other than proceeds from future mortgage debt financings for acquisition and/or development projects, cash generated
from operating activities, our $50 million revolving credit facility, the net proceeds of offerings of our securities, and the proceeds
from our program to sponsor and raise capital through private placement offerings of Delaware statutory trusts (each, a &ldquo;DST&rdquo;)
holding residential properties (collectively, the &ldquo;DST Program&rdquo;) to meet our primary liquidity requirements. As a result,
we may not be able to pay our liabilities and obligations when they come due other than with the net proceeds of an offering. Depending
on business conditions at the time we might not be able to effectuate an offering, which in either case may limit our ability to implement
our business plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You will have limited control over changes
in our policies and day-to-day operations, which limited control increases the uncertainty and risks you face as a stockholder. In addition,
our board of directors may change our major operational policies without your approval.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors manages
our business and affairs, including setting and determining our policies regarding financing, growth, debt capitalization, REIT qualification
and distributions. Our board of directors may amend or revise these and other policies without a vote of the stockholders. Under the
Maryland General Corporation Law (the &#8220;MGCL&#8221;) and our charter, our stockholders have a right to vote only on limited matters.
See &#8220;Description of Capital Stock.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Manager will be responsible
for the day-to-day operations of our company and the selection and management of investments and has broad discretion over the use of
proceeds from offerings of our securities. Accordingly, you should not purchase our securities unless you are willing to entrust all
aspects of the day-to-day management and the selection and management of investments to our Manager, who will manage our company in accordance
with the Management Agreement. In addition, our Manager may retain independent contractors to provide various services for our company,
and you should note that such contractors will have no fiduciary duty to you or the other stockholders and may not perform as expected
or desired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, while the section
entitled &#8220;Our Business and Properties&#8221; outlines our investment policies and generally describes our target portfolio, our
board of directors may make adjustments to these policies based on, among other things, prevailing real estate market conditions and
the availability of attractive investment opportunities. While we have no current intention of changing our investment policies, we may
not forego an attractive investment merely because it does not fit within our targeted asset class or portfolio composition. We may use
the proceeds of an offering to purchase or invest in any type of real estate which we determine is in the best interest of our stockholders.
As such, our actual portfolio composition may vary substantially from the target portfolio described in the section entitled &#8220;Our
Business and Properties.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are highly dependent on information
systems and therefore systems failures, cybersecurity incidents or other technology disruptions could negatively impact our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operations are highly
dependent upon our information systems that support our business processes, including marketing, leasing, resident and vendor communication,
property management and work order processing, finance and intracompany communications throughout our operations. Certain critical components
of our information systems are dependent upon third-party providers and a significant portion of our business operations are conducted
over the internet. These systems and websites require access to telecommunications or the internet, each of which is subject to system
security risks, cybersecurity breaches, outages, and other risks. As a result, we could be severely impacted by a catastrophic occurrence,
such as a natural disaster or a terrorist attack, or a circumstance that disrupted access to telecommunications, the internet or operations
at our third-party providers, including viruses or experienced computer programmers that could penetrate network security defenses and
cause system failures and disruptions of operations. We have implemented processes, procedures and internal controls to help mitigate
cybersecurity risks and cyber intrusions, maintain the security and integrity of our information technology networks and related systems,
and manage the risk of a security breach or disruption, but these measures, as well as our increased awareness of the nature and extent
of a risk of a cyber incident, do not guarantee that our financial results, operations, business relationships or confidential information
will not be negatively impacted by such an incident. In addition, while we believe we utilize appropriate duplication and back-up procedures,
a significant outage in telecommunications, the internet or at our third-party providers could nonetheless negatively impact our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our third-party service providers
are primarily responsible for the security of their own information technology environments and in certain instances, we rely significantly
on third-party service providers to supply and store our sensitive data in a secure manner. All such third-party vendors face risks relating
to cybersecurity similar to ours which could disrupt their businesses and therefore adversely impact us. While we provide guidance and
specific requirements in some cases, we do not directly control any of such parties&#8217; information technology security operations,
or the amount of investment they place in guarding against cybersecurity threats. Accordingly, we are subject to any flaws in or breaches
to their information technology systems or those which they operate for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although no material incidents
have occurred to date, we cannot be certain that our security efforts and measures will be effective or that our financial results will
not be negatively impacted by such an incident should one occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Security breaches and other disruptions
could compromise our information and expose us to liability, which would cause our business and reputation to suffer.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information security risks
have generally increased in recent years due to the rise in new technologies and the increased sophistication and activities of perpetrators
of cyber-attacks. In the ordinary course of our business we acquire and store sensitive data, including intellectual property, our proprietary
business information and personally identifiable information of our prospective and current residents, our employees and third-party
service providers in our offices and on our networks and website and on third-party vendor networks. We may share some of this information
with vendors who assist us with certain aspects of our business. The secure processing and maintenance of this information is critical
to our operations and business and growth strategies. Despite our security measures and those of our third-party vendors, our information
technology and such infrastructure may be vulnerable to attacks by hackers or breached due to employee error, malfeasance or other disruptions.
Any such breach could compromise our networks and the information stored there could be accessed, publicly disclosed, lost or stolen.
Any such access, disclosure or other loss of information could result in legal claims or proceedings, liability under laws that protect
the privacy of personal information, regulatory penalties, disruption to our operations and the services we provide to customers or damage
our reputation, and thus could have a material adverse impact on our business, financial condition or results of operations. In addition,
a security breach could require that we expend significant additional resources to enhance our information security systems and could
result in a disruption to our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Conflicts of interest may exist or could
arise in the future with our Operating Partnership and its limited partners, which may impede business decisions that could benefit our
stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Conflicts of interest may
exist or could arise as a result of the relationships between us and our affiliates, on the one hand, and our Operating Partnership or
any member thereof, on the other. Our directors and officers have duties to our company and our stockholders under applicable Maryland
law in connection with their management of our company. At the same time, we, as general partner of our Operating Partnership, have fiduciary
duties to our Operating Partnership and to its limited partners under Delaware law in connection with the management of our Operating
Partnership. Our duties to our Operating Partnership and its limited partners as the general partner may come into conflict with the
duties of our directors and officers under Maryland law. These conflicts may be resolved in a manner that is not in the best interest
of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Conflicts of interest exist between our interests and the interests
of our Manager and its affiliates.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Examples of these potential
conflicts of interest include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The possibility that certain
    of our officers and their respective affiliates will face conflicts of interest; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The possibility that the
    competing demands for the time of certain of our officers may result in them spending insufficient time on our business, which may
    result in our missing investment opportunities or having less efficient operations, which could reduce our profitability and result
    in lower distributions to you.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any of these and other conflicts
of interest could have a material adverse effect on the returns on our investments, our ability to make distributions to stockholders
and the trading price of our stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The ownership by our executive officers
of interests representing a significant portion of our common stock on a fully diluted basis could allow our executive officers to exert
significant influence over our company in a manner that may not be in the best interests of our other stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of February 20, 2026,
our executive officers beneficially owned interests representing approximately 22.2% of the total economic interest in our Class&nbsp;A
common stock and Class&nbsp;C common stock on a fully diluted basis, where &ldquo;on a fully diluted basis&rdquo; assumes that all outstanding
OP Units, C-OP Units (as defined in the Partnership Agreement), LTIP Units, and C-LTIP Units (as defined in the Partnership Agreement),
whether vested or unvested, in each case are ultimately settled for shares of our common stock. In addition, as of February 20, 2026,
the aggregate voting power of our executive officers represented approximately 7.6% of the total voting power of our outstanding Class&nbsp;A
common stock and Class&nbsp;C common stock. As a result of our executive officers&rsquo; significant ownership in our company, our executive
officers will have significant influence over our affairs and could exercise such influence in a manner that is not in the best interests
of our other stockholders, including with respect to matters submitted to our stockholders for approval such as the election of directors
and any merger, consolidation or sale of all or substantially all of our assets. Our executive officers may have interests that differ
from our other stockholders, and may accordingly vote in ways that may not be consistent with the interests of those other stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our executive officers will have competing
demands on their time and attention.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our executive officers have
competing demands on their respective time and attention, principally with respect to the provision of services to affiliates of our
Manager. Our executive officers are permitted to devote time to certain outside activities, so long as those duties and activities do
not unreasonably interfere with the performance of their respective duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may use mortgage and other debt financing
to acquire properties or interests in properties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may use mortgage and other
debt financing to acquire properties or interests in properties and otherwise incur other indebtedness, which increases our expenses
and could subject us to the risk of losing properties in foreclosure if our cash flow is insufficient to make loan payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are permitted to acquire
real properties and other real estate-related investments, including entity acquisitions, by assuming either existing financing secured
by the asset or by borrowing new funds. In addition, we may incur or increase our mortgage debt by obtaining loans secured by some or
all of our assets to obtain funds to acquire additional investments or to pay distributions to our stockholders. We also may borrow funds
if necessary to satisfy the requirement that we distribute at least 90% of our REIT taxable income, determined without regard to the
deduction for dividends paid and excluding net capital gains, to our stockholders annually, or otherwise as is necessary or advisable
to assure that we maintain our qualification as a REIT for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no limit on the
amount we may invest in any single property or other asset or on the amount we can borrow to purchase any individual property or other
investment. If we mortgage a property and have insufficient cash flow to service the debt, we risk an event of default which may result
in our lenders foreclosing on the properties securing the mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we cannot repay or refinance
loans incurred to purchase our properties, or interests therein, then we may lose our interests in the properties secured by the loans
we are unable to repay or refinance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>High levels of debt or increases in interest
rates could increase the amount of any future loan payments, which could reduce the cash available for distribution to stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our policies do not limit
us from incurring debt. For purposes of calculating our leverage, we include our consolidated real estate investments, include our preferred
equity and loan investments at cost, include assets we have classified as held for sale, and include any joint venture level indebtedness
in our total indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Higher debt levels will cause
us to incur higher interest charges, resulting in higher debt service payments, and may be accompanied by restrictive covenants. Interest
we pay reduces cash available for distribution to stockholders. Additionally, with respect to our variable rate debt, increases in interest
rates increase our interest costs, which reduces our cash flow and our ability to make distributions to you. In addition, if we need
to repay existing debt during periods of rising interest rates, we could be required to liquidate one or more of our investments in properties
at times that may not permit realization of the maximum return on such investments and could result in a loss. In addition, if we are
unable to service our debt payments, our lenders may foreclose on our interests in the real property that secures the loans we have entered
into.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2025,
we had approximately $115 million of mortgages payable and revolving credit facilities outstanding that are indexed to the Secured Overnight
Financing Rate (&ldquo;SOFR&rdquo;), and our future variable rate debt may bear interest at a rate derived from SOFR. SOFR is a relatively
new reference rate. The publication of SOFR began in April&nbsp;2018, and, therefore, it has a very limited history. The future performance
of SOFR cannot be predicted based on the limited historical performance. Since the initial publication of SOFR, changes in SOFR have,
on occasion, been more volatile than changes in other benchmark or market rates, such as United States dollar LIBOR. Additionally, any
successor rate to SOFR may not have the same characteristics as SOFR or LIBOR. As a result, the amount of interest we may pay on future
variable rate debt indexed to SOFR is difficult to predict.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>High mortgage rates may make it difficult
for us to finance or refinance properties, which could reduce the number of properties we can acquire, our cash flow from operations
and the amount of cash distributions we can make.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To maintain our qualification
as a REIT, we will be required to distribute at least 90% of our REIT taxable income (determined without regard to the deduction for
dividends paid and excluding net capital gains) to our stockholders in each taxable year, and thus our ability to retain internally generated
cash is limited. Accordingly, our ability to acquire properties or to make capital improvements to or remodel properties will depend
on our ability to obtain debt or equity financing from third parties or the sellers of properties. If mortgage debt is unavailable at
reasonable rates, we may not be able to finance the purchase of properties. If we place mortgage debt on properties, we run the risk
of being unable to refinance the properties when the debt becomes due or of being unable to refinance on favorable terms. If interest
rates are higher when we refinance the properties, our income could be reduced. We may be unable to refinance properties. If any of these
events occurs, our cash flow would be reduced. This, in turn, would reduce cash available for distribution to you and may hinder our
ability to raise capital by issuing more stock or borrowing more money.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lenders may require us to enter into restrictive
covenants relating to our operations, which could limit our ability to make distributions to you.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When providing financing,
a lender may impose restrictions on us that affect our distribution and operating policies and our ability to incur additional debt.
Loan documents we enter into may contain covenants that limit our ability to further mortgage the property, discontinue insurance coverage
or impose other limitations. These or other limitations may limit our flexibility and prevent us from achieving our operating plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If mortgage debt is unavailable at reasonable
rates, it may make it difficult for us to finance or refinance properties, which could reduce the number of properties we can acquire,
our cash flows from operations and the amount of cash distributions we can make.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are unable to borrow
monies on terms and conditions that we find acceptable, we likely will have to reduce the number of properties we can purchase, and the
return on the properties we do purchase may be lower. If we place mortgage debt on properties, we run the risk of being unable to refinance
the properties when the debt becomes due or of being unable to refinance on favorable terms. If interest rates are higher when we refinance
the properties, our income could be reduced. As such, we may find it difficult, costly or impossible to refinance indebtedness that is
maturing. If any of these events occur, our interest cost would increase as a result, which would reduce our cash flow. This, in turn,
could reduce cash available for distribution to our stockholders and may hinder our ability to raise capital by issuing more stock or
borrowing more money. If we are unable to refinance maturing indebtedness with respect to a particular property and are unable to pay
the same, then the lender may foreclose on such property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Volatility in the commercial mortgage-backed
securities market could impact the pricing of secured debt.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Volatility in the commercial
mortgage-backed securities market could result in the following adverse effects on our incurrence of secured debt, which could have a
materially negative impact on our financial condition, results of operations, cash flow and cash available for distribution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">higher loan spreads;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">tighter loan covenants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced loan-to-value ratios and resulting borrower
    proceeds; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">higher amortization and reserve requirements.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Some of our mortgage loans may have</I></B>
 &#8220;<B><I>due-on-sale</I></B>&#8221; <B><I>provisions, which may impact the manner in which we acquire, sell and/or finance our properties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may obtain financing with
 &#8220;due-on-sale&#8221; and/or &#8220;due-on-encumbrance&#8221; clauses when financing our properties. Due-on-sale clauses in mortgages
allow a mortgage lender to demand full repayment of the mortgage loan if the borrower sells the mortgaged property. Similarly, due-on-encumbrance
clauses allow a mortgage lender to demand full repayment if the borrower uses the real estate securing the mortgage loan as security
for another loan. In such event, we may be required to sell our properties on an all-cash basis, which may make it more difficult to
sell the property or reduce the selling price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lenders may be able to recover against
our other properties under our mortgage loans.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In financing our property
acquisitions, we will seek to obtain secured nonrecourse loans. However, only recourse financing may be available, in which event, in
addition to the property securing the loan, the lender would have the ability to look to our other assets for satisfaction of the debt
if the proceeds from the sale or other disposition of the property securing the loan are insufficient to fully repay it. Also, in order
to facilitate the sale of a property, we may allow the buyer to purchase the property subject to an existing loan whereby we remain responsible
for the debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are required to make payments under
any</I></B> &#8220;<B><I>bad boy</I></B>&#8221; <B><I>carve-out guaranties that we may provide in connection with certain mortgages and
related loans, our business and financial results could be materially adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In obtaining certain nonrecourse
loans, we may provide standard carve-out guaranties. These guaranties are only applicable if and when the borrower directly, or indirectly
through agreement with an affiliate, joint venture partner or other third party, voluntarily files a bankruptcy or similar liquidation
or reorganization action or takes other actions that are fraudulent or restricted (commonly referred to as &#8220;bad boy&#8221; guaranties).
Although we believe that &#8220;bad boy&#8221; carve-out guaranties are not guaranties of payment in the event of foreclosure or other
actions of the foreclosing lender that are beyond the borrower&#8217;s control, some lenders in the real estate industry have recently
sought to make claims for payment under such guaranties. In the event such a claim were made against us under a &#8220;bad boy&#8221;
carve-out guaranty following a foreclosure, and such claim were successful, our business and financial results could be materially adversely
affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Interest-only indebtedness may increase
our risk of default and ultimately may reduce our funds available for distribution to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may finance our property
acquisitions using interest-only mortgage indebtedness. During the interest-only period, the amount of each scheduled payment will be
less than that of a traditional amortizing mortgage loan. The principal balance of the mortgage loan will not be reduced (except in the
case of prepayments) because there are no scheduled&nbsp;monthly payments of principal during this period. After the interest-only period,
we will be required either to make scheduled payments of amortized principal and interest or to make a lump-sum or &#8220;balloon&#8221;
payment at maturity. These required principal or balloon payments will increase the amount of our scheduled payments and may increase
our risk of default under the related mortgage loan. If the mortgage loan has an adjustable interest rate, the amount of our scheduled
payments also may increase at a time of rising interest rates. Increased payments and substantial principal or balloon maturity payments
will reduce the funds available for distribution to our stockholders because cash otherwise available for distribution will be required
to pay principal and interest associated with these mortgage loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>To hedge against interest rate fluctuations,
we may use derivative financial instruments that may be costly and ineffective, may reduce the overall returns on your investment and
may expose us to the credit risk of counterparties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent consistent
with maintaining our qualification as a REIT, we may use derivative financial instruments to hedge exposures to interest rate fluctuations
on loans secured by our assets and investments in collateralized mortgage-backed securities. Derivative instruments may include interest
rate swap contracts, interest rate cap or floor contracts, futures or forward contracts, options or repurchase agreements. Our actual
hedging decisions will be determined in light of the facts and circumstances existing at the time of the hedge and may differ from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that we use
derivative financial instruments to hedge against interest rate fluctuations, we will be exposed to financing, basis risk and legal enforceability
risks. In this context, credit risk is the failure of the counterparty to perform under the terms of the derivative contract. If the
fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk for us. Basis risk occurs when the
index upon which the contract is based is more or less variable than the index upon which the hedged asset or liability is based, thereby
making the hedge less effective. Finally, legal enforceability risks encompass general contractual risks, including the risk that the
counterparty will breach the terms of, or fail to perform its obligations under, the derivative contract. If we are unable to manage
these risks effectively, our results of operations, financial condition and ability to make distributions to you will be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Complying with REIT requirements may limit our ability to hedge
risk effectively.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We must satisfy two gross
income tests annually to maintain our qualification as a REIT. First, at least 75% of our gross income for each taxable year must consist
of defined types of income that we derive, directly or indirectly, from investments relating to real property or mortgages on real property
or qualified temporary investment income (the &#8220;75% Gross Income Test&#8221;). Second, at least 95% of our gross income for each
taxable year must consist of income that is qualifying income for purposes of the 75% Gross Income Test, other types of interest and
dividends, gain from the sale or disposition of shares or securities, or any combination of these (the &#8220;95% Gross Income Test&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These and other REIT provisions
of the Code may limit our ability to hedge the risks inherent to our operations. From time to time, we may enter into hedging transactions
with respect to one or more of our assets or liabilities. Our hedging transactions may include entering into interest rate swaps, caps
and floors, options to purchase these items, and futures and forward contracts. Any income or gain derived by us from transactions that
hedge certain risks, such as the risk of changes in interest rates, will not be treated as gross income for purposes of either the 75%
Gross Income Test or the 95% Gross Income Test if specific requirements are met. Such requirements include that the hedging transaction
be properly identified within prescribed time periods and that the transaction either (1)&nbsp;hedge risks associated with indebtedness
issued by us that is incurred to acquire or carry real estate assets, (2)&nbsp;manage the risks of currency fluctuations with respect
to income or gain that qualifies under the 75% Gross Income Test or 95% Gross Income Test (or assets that generate such income), or (3)&nbsp;offset
a transaction described in (1)&nbsp;or (2)&nbsp;if a portion of the hedge indebtedness is extinguished or the related property disposed
of. To the extent that we do not properly identify such transactions as hedges, hedge with other types of financial instruments, or hedge
other types of indebtedness, the income from those transactions is not likely to be treated as qualifying income for purposes of the
75% Gross Income Test and the 95% Gross Income Test. As a result of these rules, we may have to limit the use of hedging techniques that
might otherwise be advantageous, which could result in greater risks associated with interest rate or other changes than we would otherwise
incur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You may not receive any profits resulting
from the sale of one of our properties, or receive such profits in a timely manner, because we may provide financing for the purchaser
of such property.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we liquidate our company,
you may experience a delay before receiving your share of the proceeds of such liquidation. In a forced or voluntary liquidation, we
may sell our properties either subject to or upon the assumption of any then-outstanding mortgage debt or, alternatively, may provide
financing to purchasers. We may take a purchase-money obligation secured by a mortgage as partial payment. We do not have any limitations
or restrictions on our taking such purchase-money obligations. To the extent that we receive promissory notes or other property instead
of cash from sales, such proceeds, other than any interest payable on those proceeds, will not be included in net sale proceeds until
and to the extent the promissory notes or other property are actually paid, sold, refinanced or otherwise disposed of. In certain cases,
we may receive initial down payments in the year of sale in an amount less than the selling price and subsequent payments may be spread
over a number of years. In such cases, you may experience a delay in the distribution of the proceeds of a sale until such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are subject to increasing scrutiny from
investors with respect to the social and environmental impact of our business, which may adversely impact our business and ability to
raise capital from such investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In recent years, certain
investors have placed increasing importance on the implications of our business with respect to Environmental, Social, and Governance
(&#8220;ESG&#8221;) matters. Investors&#8217; increased focus and activism related to ESG and similar matters may constrain our business
operations. In addition, investors may decide to refrain from investing in us as a result of their assessment of our approach to and
consideration of the ESG factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Global economic, political and market conditions,
including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial
condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Various
social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, terrorist acts, security
operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics or outbreaks
of infectious diseases), may also contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and
worldwide. Such events, including trade tensions between the United States and China, other uncertainties regarding actual and potential
shifts in U.S. and foreign, trade, economic and other policies with other countries, the Russia-Ukraine war and more recently the Israel-Hamas
war, and health epidemics and pandemics, could adversely affect our business, financial condition or results of operations. These market
and economic disruptions could negatively impact the operating results of our portfolio companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business, results of operations, financial
condition, and cash flows may be adversely affected by pandemics and outbreaks of infectious disease, which may include COVID-19.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market and economic challenges
created by any future local, regional, national or international outbreaks of infectious disease, which may include COVID-19 and its
variants, MERS, SARS, H1N1 influenza virus, avian flu or any other similar illness, and measures taken by governmental authorities and
private actors to limit the spread or mitigate the impact thereof, may adversely impact our business, results of operations, financial
condition, and cash flows. We depend on rental revenues and other property income from residents for substantially all of our revenues.
Future outbreaks of highly infectious or contagious diseases may interfere with the ability of our residents to meet their lease obligations
and make their rent payments on time or at all, and may also result in decreased overall demand for residential rental properties and/or
occupancy thereof. The occurrence of such events may also result in a general decline in business activity and demand for real estate
transactions could adversely affect (1)&nbsp;our ability to acquire or dispose of residential rental properties on terms that are attractive
or at all, and (2)&nbsp;the value of our residential properties and our business such that we may recognize impairment on the carrying
value of our investments in residential rental properties and other assets subject to impairment review, including, but not limited to,
goodwill. While we have taken steps to mitigate the potential impact of any future outbreaks of highly infectious diseases on our results
of operations, there can be no assurance that these efforts will be successful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may acquire co-ownership interests in
property that are subject to certain co-ownership agreements which may have an adverse effect on our results of operations, relative
to if the co-ownership agreements did not exist.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may acquire co-ownership
interests, especially in connection with the Operating Partnership&#8217;s potential private placements, such as tenancy-in-common interests
in property, interests in Delaware statutory trusts that own property and/or similar interests, which are subject to certain co-ownership
agreements. The co-ownership agreements may limit our ability to encumber, lease, or dispose of our co-ownership interest. Such agreements
could affect our ability to turn our investments into cash and could affect cash available for distributions to you. The co-ownership
agreements could also impair our ability to take actions that would otherwise be in the best interest of our stockholders and, therefore,
may have an adverse effect on our results of operations, relative to if the co-ownership agreements did not exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The terms of the Master Leases entered
into by subsidiaries of our Operating Partnership in connection with the DST Program may subject us to risk.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to our DST Program,
we, through subsidiaries of our Operating Partnership, will hold long-term leasehold interests in properties held by Delaware statutory
trusts, the beneficial interests of which are sold to investors, pursuant to a Master Lease (each such property, a &#8220;DST Property&#8221;).
In connection with each Master Lease, our Operating Partnership has entered into a demand note with the subsidiary of our Operating Partnership
that acts as the Master Tenant for such DST Property. Under each Master Lease, we will be responsible for subleasing the relevant DST
Property to occupying tenants, which means that the Master Tenant under the Master Lease bears the risk that the underlying cash flow
from a DST Property may be less than the Master Lease payments. As a result, if a DST Property experiences negative performance, the
applicable Master Tenant could demand funding pursuant to the demand note if the net operating cash flow is insufficient to pay the rent
required under the Master Lease (subject to limited deferral rights) or to satisfy its other obligations under the Master Lease, which
could affect cash available for distributions to our stockholders and could have an adverse effect on our results of operations. For
additional information, see &#8220;Management&#8217;s Discussion and Analysis of Financial Conditions and Results of Operations&#8212;Liquidity
and Capital Resources.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Operating Partnership&#8217;s private
placements of beneficial interests in specific Delaware statutory trusts under our DST Program could subject us to liabilities from litigation
or otherwise.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We, through the Operating
Partnership, have commenced a program to raise capital in private placements exempt from registration under Section&nbsp;506(c)&nbsp;of
the Securities Act through the sale of beneficial interests in specific Delaware statutory trusts, or DSTs, holding real properties,
which may include properties currently indirectly owned by the Operating Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These interests may serve
as replacement properties for investors seeking to complete like-kind exchange transactions under Section&nbsp;1031 of the Code. Properties
in which underlying interests are sold to investors pursuant to such private placements will be leased-back by the Operating Partnership
or a wholly owned subsidiary thereof, as applicable, and fully guaranteed by the Operating Partnership, although there can be no assurance
that the Operating Partnership can or will fulfill these guarantee obligations. Additionally, the Operating Partnership will be given
the FMV Option with respect to each DST in the DST Program, giving it the right, but not the obligation, to acquire the interests in
the DST from the investors at a later time in exchange for OP Units. Investors who acquired interests pursuant to such private placements
may have been seeking certain tax benefits that depend on the interpretation of, and compliance with, federal and state income tax laws
and regulations. As the general partner of the Operating Partnership, we may become subject to liability, from litigation or otherwise,
as a result of such transactions, including in the event an investor fails to qualify for any desired tax benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Operating Partnership&#8217;s private
placements of beneficial interests in specific Delaware statutory trusts under our DST Program will not shield us from risks related
to the performance of the real properties held through such structures.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the DST Program,
the Operating Partnership intends to place certain of its existing real properties and/or acquire new properties to place into specific
DSTs and then sell interests, via its TRS, in such trusts to third party investors. We will hold long-term leasehold interests in the
property pursuant to master leases that are fully guaranteed by our Operating Partnership, while the third-party investors indirectly
hold some or all of the interests in the real estate. There can be no assurance that the Operating Partnership can or will fulfill these
guarantee obligations. Although we will hold the FMV Option to reacquire the real estate through a purchase of interests in the DST,
the purchase price will be based on the then current fair market value of the third-party investor&#8217;s interest in the real estate,
which will be greatly impacted by the rental terms fixed by the long-term master lease. Under the lease we are responsible for subleasing
the property to occupying customers until the earlier of the expiration of the master lease or our exercise of the FMV Option, which
means that we bear the risk that the underlying cash flow from the property and all capital expenditures may be less than the master
lease payments at such time. Therefore, even though we will no longer own the underlying real estate, because of the fixed terms of the
long-term master lease guaranteed by our Operating Partnership, negative performance by the underlying properties could affect cash available
for distributions to our stockholders and will likely have an adverse effect on our results of operations and NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may own beneficial interests in DSTs
owning real property that will be subject to the agreements under our DST Program, which may have an adverse effect on our results of
operations, relative to if the DST Program agreements did not exist.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with our DST
Program, we may own beneficial interests in DSTs owning real property that are subject to the terms of the agreements governing our DST
Program. The DST Program agreements limit our ability to encumber, lease or dispose of our beneficial interests. Such agreements could
affect our ability to turn our beneficial interests into cash and could affect cash available for distributions to our stockholders.
The DST Program agreements could also impair our ability to take actions that would otherwise be in the best interests of our stockholders
and, therefore, may have an adverse effect on our results of operations and NAV, relative to if the DST Program agreements did not exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Properties that are placed into the DST
Program and later reacquired may be less liquid than other assets, which could impair our ability to utilize cash proceeds from sales
of such properties for other purposes such as paying down debt, distributions, or additional investments.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DST Properties may later
be reacquired through exercise of the FMV Option granted to our Operating Partnership. In such cases, the investors who become limited
partners in the Operating Partnership (the &#8220;DST Investors&#8221;) will generally remain tied to the applicable DST Property in
terms of basis and built in gain. As a result, if the applicable DST Property is subsequently sold, unless we effectuate a like kind
exchange under Section&nbsp;1031 of the Code, then tax will be triggered on the DST Investors&#8217; built in gain. Although we are not
contractually obligated to do so, we may seek to execute a 1031 exchange in such situations rather than trigger gain. Any replacement
property acquired in connection with a 1031 exchange will similarly be tied to the DST Investors with similar considerations if such
replacement property ever is sold. As a result of these factors, placing properties into the DST Program may limit our ability to access
liquidity from such properties or replacement properties through sale without triggering taxes due to the built in gain tied to DST Investors.
Such reduced liquidity could impair our ability to utilize cash proceeds from sales for other purposes such as paying down debt, paying
distributions, funding redemptions or making additional investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RISKS RELATED TO OUR MANAGEMENT AND RELATIONSHIPS
WITH OUR MANAGER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are dependent on our Manager and its
key personnel for our success.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will be externally advised
by our Manager and, pursuant to the Management Agreement, our Manager will not be obligated to dedicate any specific personnel exclusively
to us, nor will its personnel be obligated to dedicate any specific portion of their time to the management of our business. As a result,
we cannot provide any assurances regarding the amount of time our Manager will dedicate to the management of our business. Moreover,
each of our officers will also be an employee of our Manager or one of its affiliates, and will have significant responsibilities for
other investment vehicles currently managed by Bluerock affiliates, and may not always be able to devote sufficient time to the management
of our business. Consequently, we may not receive the level of support and assistance that we otherwise might receive if we were internally
managed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we offer no
assurance that our Manager will remain our manager or that we will continue to have access to our Manager&#8217;s principals and professionals.
The current term of our Management Agreement with our Manager expires October&nbsp;6, 2026 with automatic one-year renewals thereafter,
and may be terminated earlier under certain circumstances. If the Management Agreement is terminated or not renewed and no suitable replacement
is found to manage us, we may not be able to execute our business plan, which could have a material adverse effect on our results of
operations and our ability to make distributions to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our Manager may not be successful in identifying
and consummating suitable investment opportunities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our investment strategy will
require us, through our Manager, to identify suitable investment opportunities compatible with our investment criteria. Our Manager may
not be successful in identifying suitable opportunities that meet our criteria or in consummating investments, including those identified
as part of our investment pipeline, on satisfactory terms or at all. Our ability to make investments on favorable terms may be constrained
by several factors including, but not limited to, competition from other investors with significant capital, including other publicly-traded
REITs and institutional investment funds, which may significantly increase investment costs; and/or the inability to finance an investment
on favorable terms or at all. The failure to identify or consummate investments on satisfactory terms, or at all, may impede our growth
and negatively affect our cash available for distribution to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The inability of our Manager to retain
or obtain key personnel could delay or hinder implementation of our investment strategies, which could impair our ability to make distributions
and could reduce the value of your investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Manager will be obligated
to supply us with substantially all of our senior management team, including our chief executive officer, president, chief accounting
officer and chief operating officer. Subject to investment, leverage and other guidelines or policies adopted by our board of directors,
our Manager will have significant discretion regarding the implementation of our investment and operating policies and strategies. Accordingly,
we believe that our success will depend significantly upon the experience, skill, resources, relationships and contacts of the senior
officers and key personnel of our Manager and its affiliates. In particular, our success depends to a significant degree upon the contributions
of Messrs.&nbsp;Kamfar, Ruddy, MacDonald, Vohs, DiFranco and Emala, all of whom are senior officers of our Manager. We will not have
employment agreements with any of these key personnel and do not have key man life insurance on any of them. If any of Messrs.&nbsp;Kamfar,
Ruddy, MacDonald, Vohs, DiFranco and Emala were to cease their affiliation with us or our Manager, our Manager may be unable to find
suitable replacements, and our operating results could suffer. We believe that our future success will depend, in large part, upon our
Manager&rsquo;s ability to hire and retain highly skilled managerial, operational and marketing personnel. Competition for highly skilled
personnel is intense, and our Manager may be unsuccessful in attracting and retaining such skilled personnel. If we lose or are unable
to obtain the services of highly skilled personnel, our ability to implement our investment strategies could be delayed or hindered,
and the value of your investment may decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our Manager</I></B>&#8217;<B><I>s limited operating history
makes it difficult for you to evaluate this investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Manager has limited operating
history and may not be able to successfully operate our business or achieve our investment objectives. We may not be able to conduct
our business as described in our plan of operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Non-renewal of the Management Agreement,
even for poor performance, could be difficult and costly, including as a result of termination fees, and may cause us to be unable to
execute our business plan.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-renewal of the Management
Agreement without cause, even for poor performance, could be difficult and costly. We may decline to renew the Management Agreement without
cause upon the affirmative vote of at least two-thirds of our independent directors that (1)&nbsp;there has been unsatisfactory performance
by our Manager that is materially detrimental to us or (2)&nbsp;the Base Management Fee and Incentive Fee (each as defined in the Management
Agreement) payable to our Manager are not, taken as a whole, in accordance with then-current market rates charged by asset management
companies rendering services similar to those rendered by our Manager, subject to our Manager&#8217;s right to prevent such non-renewal
by accepting a reduction of the fees agreed to by at least two-thirds of our independent directors. In such a case of non-renewal, our
Manager will be paid a termination fee equal to 3.00 times the sum of the Base Management Fee and Incentive Fee earned, in each case,
by our Manager during the 12-month period immediately preceding such non-renewal, calculated as of the end of the most recently completed
fiscal quarter before the date of non-renewal. These provisions may substantially restrict our ability to not to renew the Management
Agreement and would cause us to incur substantial costs in connection with such a non-renewal. Furthermore, in the event that our Management
Agreement is not renewed, and we are unable to identify a suitable replacement to manage us, our ability to execute our business plan
could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Because we will be dependent upon our Manager
and its affiliates to conduct our operations, any adverse changes in the financial health of our Manager or its affiliates or our relationship
with them could hinder our operating performance and the return on your investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will be dependent on our
Manager and its affiliates to manage our operations and acquire and manage our portfolio of real estate assets. Under the direction of
our board of directors, and subject to our investment guidelines, our Manager will make all decisions with respect to the management
of our company. Our Manager will depend upon the fees and other compensation that it receives from us in connection with managing our
company to conduct its operations. Any adverse changes in the financial condition of our Manager or its affiliates, or our relationship
with our Manager, could hinder its ability to successfully manage our operations and our portfolio of investments, which would adversely
affect us and our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our board of directors will approve very
broad investment guidelines for our Manager and will not approve each investment and financing decision made by our Manager unless required
by our investment guidelines.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Manager will be authorized
to follow very broad investment guidelines established by our board of directors. Our board of directors will periodically review our
investment guidelines and our portfolio of assets but will not, and will not be required to, review all of our proposed investments,
except in limited circumstances as set forth in our investment guidelines. In addition, in conducting periodic reviews, our board of
directors may rely primarily on information provided to it by our Manager. Furthermore, transactions entered into by our Manager may
be costly, difficult or impossible to unwind by the time they are reviewed by our board of directors. Our Manager will have great latitude
within the broad parameters of our investment guidelines in determining the types and amounts of assets in which to invest on our behalf,
including making investments that may result in returns that are substantially below expectations or result in losses, which would materially
and adversely affect our business and results of operations, or may otherwise not be in the best interests of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Management Agreement with our Manager was not negotiated
on an arm</I></B>&#8217;<B><I>s-length basis and may not be as favorable to us as if it had been negotiated with an unaffiliated third
party.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our executive officers, including
one of our five directors, are executives of our Manager or its affiliates. Although the Bluerock Residential board of directors received
an opinion from Robert A. Stanger&nbsp;&amp; Company,&nbsp;Inc. that the terms of the Management Agreement are fair, from a financial
point of view, to us, and after consideration of this opinion and other documents and presentations, the non-management directors authorized
us to enter into the Management Agreement, the Management Agreement was negotiated between related parties and its terms, including fees
payable to our Manager, may not be as favorable to us as if it had been negotiated with an unaffiliated third party. In addition, we
may choose not to enforce, or to enforce less vigorously, our rights under the Management Agreement because of our desire to maintain
our ongoing relationship with Bluerock and its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may have conflicts of interest with
our Manager and other affiliates, which could result in investment decisions that are not in the best interests of our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There will be numerous conflicts
of interest between our interests and the interests of our Manager, Bluerock and their respective affiliates, including conflicts arising
out of allocation of personnel to our activities, allocation of investment opportunities between us and investment vehicles affiliated
with Bluerock, purchase or sale of apartment properties, including from or to Bluerock or its affiliates and fee arrangements with our
Manager that might induce our Manager to make investment decisions that are not in our best interests. Examples of these potential conflicts
of interest include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competition
    for the time and services of personnel that work for us and our affiliates;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
    payable by us to our Manager and its affiliates for their various services, which may not be on market terms and is payable, in some
    cases, whether or not our stockholders receive distributions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The possibility
    that our Manager, its officers and their respective affiliates will face conflicts of interest relating to the purchase and leasing
    of properties and that such conflicts may not be resolved in our favor, thus potentially limiting our investment opportunities, impairing
    our ability to make distributions and adversely affecting the trading price of our stock;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The possibility
    that if we acquire properties from Bluerock or its affiliates, the price may be higher than we would pay if the transaction were
    the result of arm&#8217;s-length negotiations with a third party;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The possibility
    that our Manager will face conflicts of interest caused by its indirect ownership by Bluerock, some of whose officers are also our
    officers and one of whom is a director of ours, resulting in actions that may not be in the long-term best interests of our stockholders;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Manager
    will have considerable discretion with respect to the terms and timing of our acquisition, disposition and leasing transactions,
    and the Incentive Fee payable by us to our Manager will be determined based on AFFO (as defined in &#8220;Our Manager and Related
    Agreements&#8212;Management Agreement&#8221;), which may create an incentive for our Manager to make investments that are risky or
    more speculative than would otherwise be in our best interests;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The possibility
    that we may acquire or merge with our Manager, resulting in an internalization of our management functions; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The possibility
    that the competing demands for the time of our Manager, its affiliates and our officers may result in them spending insufficient
    time on our business, which may result in our missing investment opportunities or having less efficient operations, which could reduce
    our profitability and result in lower distributions to you.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Incentive Fee we pay our Manager may
induce it to make riskier investments, which could adversely affect our financial condition, results of operations and the trading price
of our stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Incentive Fee payable
by us to our Manager will be determined based on AFFO, which may create an incentive for our Manager to make investments that are risky
or more speculative than would otherwise be in our best interests. In evaluating investments and other management strategies, the incentive
fee structure may lead our Manager to place undue emphasis on the maximization of AFFO at the expense of other criteria, such as preservation
of capital, in order to increase the Incentive Fee. Investments with higher yields generally have higher risk of loss than investments
with lower yields, and could result in higher investment losses, particularly during cyclical economic downturns, which could adversely
affect the trading price of our stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be obligated to pay our Manager
quarterly Incentive Fees even if we incur a net loss during a particular quarter, and our Manager will receive a Base Management Fee
regardless of the performance of our portfolio.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Manager will be entitled
to a quarterly Incentive Fee based on our pre-Incentive Fee AFFO, which will reward our Manager if our quarterly AFFO exceeds an 8% hurdle
on our adjusted stockholders&#8217; equity. Our AFFO for a particular quarter will exclude the effect of any unrealized gains, losses
or other items during that quarter that do not affect realized net income, even if these adjustments result in a net loss on our statement
of operations for that quarter. Thus, we may be required to pay our Manager an Incentive Fee for a fiscal quarter even if we incur a
net loss for that quarter as determined in accordance with accounting principles generally accepted in the Unites States of America (&#8220;GAAP&#8221;).
In addition, our Manager will be entitled to receive a Base Management Fee based on a percentage of stockholders&#8217; equity, regardless
of our performance or its performance in managing our business. Our Manager will also receive reimbursement of expenses and fees incurred
directly on our behalf regardless of its or our performance. As a result, even if our Manager does not identify profitable investment
opportunities for us, it will still receive material compensation from us. This compensation structure may reduce our Manager&#8217;s
incentive to devote time and effort to seeking profitable opportunities for our portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we acquire properties from affiliates
of our Manager, the price may be higher than we would pay if the transaction were the result of arm&#8217;s-length negotiations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may acquire properties
or investments from Bluerock, our Manager, directors or officers, or their respective affiliates. The prices we pay for such properties
will not be the subject of arm&#8217;s-length negotiations, which means that the acquisitions may be on terms less favorable to us than
those negotiated in an arm&#8217;s-length transaction. Even though we expect to use an independent third-party appraiser to determine
fair market value when acquiring properties from our Manager and its affiliates, we may pay more for particular properties than we would
have in an arm&#8217;s-length transaction, which would reduce our cash available for investment in other properties or distribution to
our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we internalize our management functions,
we could incur other significant costs associated with being self-managed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At any time, our board of
directors may, but is not obligated to, pursue the internalization of the functions performed for us by our Manager through the acquisition
of our Manager or similar transaction through which we would bring onboard our Manager&#8217;s management team. The method by which we
could internalize these functions could take many forms, and may require agreement with the Manager. While we believe that there may
be substantial benefits to internalization of management functions at the appropriate time, there is no assurance that internalization
will be beneficial to us and our stockholders, and internalizing our management functions could reduce earnings per share and funds from
operation per share. For example, we may not realize the perceived benefits or we may not be able to properly integrate a new staff of
managers and employees or we may not be able to effectively replicate the services provided previously by our Manager or its affiliates.
Internalization transactions involving the internalization of managers affiliated with entity sponsors have also, in some cases, been
the subject of litigation. Even if these claims are without merit, we could be forced to spend significant amounts of money defending
claims which would reduce the amount of funds available for us to invest in properties or other investments to pay distributions. All
these factors could have a material adverse effect on our results of operations, financial condition and ability to pay distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RISKS RELATED TO THE SEPARATION AND DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Bluerock Residential may fail to perform
under various transaction agreements executed as part of the Separation.</I></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the Separation
and prior to the Distribution, we, Bluerock Residential, and certain other parties entered into the Separation and Distribution Agreement
and various other agreements, including the Tax Matters Agreement. The Separation and Distribution Agreement and the Tax Matters Agreement,
together with the documents and agreements by which the internal reorganization was effected, determined the allocation of assets and
liabilities between the companies following the Separation for those respective areas and included indemnifications related to liabilities
and obligations. We will rely on Bluerock Residential to satisfy its performance and payment obligations under these agreements. If Bluerock
Residential is unable or unwilling to satisfy its obligations under these agreements, including its indemnification obligations, we could
incur operational difficulties and/or losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Potential indemnification obligations owed
to Bluerock Residential pursuant to the Separation and Distribution Agreement may have a material adverse effect on our business, financial
condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Separation and Distribution
Agreement provides for, among other things, the principal corporate transactions required to effect the Separation and the Distribution,
certain conditions to the Separation and the Distribution and provisions governing our relationship with Bluerock Residential with respect
to and following the Distribution. Among other things, the Separation and Distribution Agreement provides for indemnification obligations
designed to make us financially responsible for substantially all liabilities that may exist related to our business activities. If we
are required to indemnify Bluerock Residential under the circumstances set forth in the Separation and Distribution Agreement, we may
be subject to substantial liabilities, which may have a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Pursuant to the Separation and Distribution
Agreement and the Tax Matters Agreement, Bluerock Residential and Badger Holdco LLC, a Delaware limited liability company (&#8220;New
LLC&#8221;), have indemnified us for certain pre-Distribution liabilities and liabilities related to the legacy Bluerock Residential
assets. However, there can be no assurance that these indemnities will be sufficient to insure us against the full amount of such liabilities,
or that Bluerock Residential</I></B>&#8217;<B><I>s or New LLC&#8217;s ability to satisfy their indemnification obligations will not be
impaired in the future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Separation
and Distribution Agreement and the Tax Matters Agreement, Bluerock Residential and New LLC have indemnified us for certain liabilities.
However, third parties could seek to hold us responsible for any of the liabilities that Bluerock Residential retains, and there can
be no assurance that Bluerock Residential and/or New LLC will be able to fully satisfy their indemnification obligations to us. Moreover,
even if we ultimately succeed in recovering from Bluerock Residential and/or New LLC any amounts for which we were held liable by such
third parties, any indemnification received may be insufficient to fully offset the financial impact of such liabilities, or we may be
temporarily required to bear these losses while seeking recovery from Bluerock Residential and/or New LLC, which may have a material
adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>RISKS RELATED TO THIS OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>To the extent that our distributions represent
a return of capital for tax purposes, stockholders may recognize an increased gain or a reduced loss upon subsequent sales (including
cash redemptions) of their shares of Series&nbsp;B Redeemable Preferred Stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The dividends payable by
us on the Series&nbsp;B Redeemable Preferred Stock may exceed our current and accumulated earnings and profits as determined for U.S.
federal income tax purposes. If that were to occur, it would result in the amount of distributions that exceed our earnings and profits
being treated first as a return of capital to the extent of the stockholder&#8217;s adjusted tax basis in the stockholder&#8217;s Series&nbsp;B
Redeemable Preferred Stock and then, to the extent of any excess over the stockholder&#8217;s adjusted tax basis in the stockholder&#8217;s
Series&nbsp;B Redeemable Preferred Stock, as capital gain. Any distribution that is treated as a return of capital will reduce the stockholder&#8217;s
adjusted tax basis in the stockholder&#8217;s Series&nbsp;B Redeemable Preferred Stock, and subsequent sales (including cash redemptions)
of such stockholder&#8217;s Series&nbsp;B Redeemable Preferred Stock will result in recognition of an increased taxable gain or reduced
taxable loss due to the reduction in such adjusted tax basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Because we conduct
substantially all of our operations through our Operating Partnership, our ability to pay dividends on our Series&nbsp;B Redeemable Preferred
Stock will depend almost entirely on the distributions we receive from our Operating Partnership. We may not be able to pay dividends
regularly on our Series&nbsp;B Redeemable Preferred Stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
may not be able to pay dividends on a regular quarterly basis in the future on our Series&nbsp;B Redeemable Preferred Stock. We intend
to contribute the entire net proceeds from this offering of our Series&nbsp;B Redeemable Preferred Stock to our Operating Partnership
in exchange for units of limited partnership interest in our Operating Partnership that have substantially the same economic terms as
the Series&nbsp;B Redeemable Preferred Stock (&#8220;Series&nbsp;B Redeemable Preferred Units&#8221;). Because we conduct substantially
all of our operations through our Operating Partnership, our ability to pay dividends on the Series&nbsp;B Redeemable Preferred Stock
will depend almost entirely on payments and distributions we receive on our interests in our Operating Partnership. If our Operating
Partnership fails to operate profitably and to generate sufficient cash from operations (and the operations of its subsidiaries), we
may not be able to pay dividends on the Series&nbsp;B Redeemable Preferred Stock. Furthermore, any new shares of preferred stock on parity
with any such series of preferred stock will substantially increase the cash required to continue to pay cash dividends at stated levels.
Any common stock or preferred stock that may be issued in the future to finance acquisitions, upon exercise of stock options or otherwise,
would have a similar effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Your interests
in our Series&nbsp;B Redeemable Preferred Stock could be subordinated and/or diluted by the incurrence of additional debt, the issuance
of additional shares of preferred stock, including additional shares of Series&nbsp;B Redeemable Preferred Stock, and by other transactions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
of December 31, 2025, our total indebtedness was approximately $440.8 million. We may incur significant additional debt in the future.
The Series&nbsp;B Redeemable Preferred Stock is subordinate to all of our existing and future debt and liabilities and those of our subsidiaries.
Our future debt may include restrictions on our ability to pay dividends to preferred stockholders in the event of a default under the
debt facilities or under other circumstances. In addition, our charter currently authorizes the issuance of up to 250,000,000 shares
of preferred stock in one or more classes or series, of which 30,000,000 have been classified as shares of Series&nbsp;A Redeemable Preferred
Stock and 14,000,000 have been classified as shares of Series&nbsp;B Redeemable Preferred Stock. As of December 31, 2025, we had issued
and outstanding 6,288,703 shares of Series&nbsp;A Redeemable Preferred Stock and no shares of Series B Redeemable Preferred Stock. The
issuance of additional preferred stock on parity with or senior to the Series&nbsp;B Redeemable Preferred Stock or any other class or
series of preferred stock would dilute the interests of the holders of shares of preferred stock of the applicable class or series, and
any issuance of preferred stock senior to the Series&nbsp;B Redeemable Preferred Stock or any other class or series of preferred stock,
or any issuance of additional indebtedness, could affect our ability to pay dividends on, redeem or pay the liquidation preference on
any or all of the foregoing classes or series of preferred stock. We may issue preferred stock on parity with the Series&nbsp;B Redeemable
Preferred Stock without the consent of the holders of shares of Series&nbsp;B Redeemable Preferred Stock. Other than the right of holders
to cause us to redeem the Series&nbsp;B Redeemable Preferred Stock upon a Change of Control (as defined below), none of the provisions
relating to the Series&nbsp;B Redeemable Preferred Stock or any other class or series of preferred stock relate to or limit our indebtedness
or afford the holders of shares thereof protection in the event of a highly leveraged or other transaction, including a merger or the
sale, lease or conveyance of all or substantially all our assets or business, that might adversely affect the holders of such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>In the event a holder of our Series&nbsp;B
Redeemable Preferred Stock exercises their redemption option we may redeem such shares of Series&nbsp;B Redeemable Preferred Stock either
for cash, or for shares of our Class&nbsp;A common stock, or any combination thereof, in our sole discretion.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
we choose to redeem shares of our Series&nbsp;B Redeemable Preferred Stock for Class&nbsp;A common stock, the holder will receive shares
of our common stock and therefore be subject to the risks of ownership thereof. Ownership of shares of our Series&nbsp;B Redeemable Preferred
Stock will not give you the rights of holders of our Class&nbsp;A common stock. Until and unless you receive shares of our Class&nbsp;A
common stock upon redemption, you will have only those rights applicable to holders of our Series&nbsp;B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>The Series&nbsp;B Redeemable Preferred
Stock has not been rated.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
have not sought to obtain a rating for the Series&nbsp;B Redeemable Preferred Stock. No assurance can be given, however, that one or
more rating agencies might not independently determine to issue such ratings or that such a rating, if issued, would not adversely affect
the market price of the Series&nbsp;B Redeemable Preferred Stock. In addition, we may elect in the future to obtain a rating of the Series&nbsp;B
Redeemable Preferred Stock, which could adversely impact the market price of the applicable series. Ratings only reflect the views of
the rating agency or agencies issuing the ratings and such ratings could be revised downward, placed on negative outlook or withdrawn
entirely at the discretion of the issuing rating agency if in its judgment circumstances so warrant. While ratings do not reflect market
prices or the suitability of a security for a particular investor, such downward revision or withdrawal of a rating could have an adverse
effect on the market price of the Series&nbsp;B Redeemable Preferred Stock. It is also possible that the Series&nbsp;B Redeemable Preferred
Stock will never be rated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Dividend payments on the Series&nbsp;B
Redeemable Preferred Stock are not guaranteed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Although
dividends on the Series&nbsp;B Redeemable Preferred Stock are cumulative, our board of directors must approve the actual payment of such
distributions. Our board of directors can elect at any time or from time to time, and for an indefinite duration, not to pay any or all
accrued distributions. Our board of directors could do so for any reason, and may be prohibited from doing so in the following instances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%; padding-left: 0.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">poor historical
    or projected cash flows;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the need to make payments
    on our indebtedness;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">concluding that payment
    of distributions on any or all such series of preferred stock would cause us to breach the terms of any indebtedness or other instrument
    or agreement; or</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining that the payment
    of distributions would violate applicable law regarding unlawful distributions to stockholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We intend to use
the net proceeds from this offering of the Series&nbsp;B Redeemable Preferred Stock to fund future investments and for other general
corporate and working capital purposes, but any such offerings will not be conditioned upon the closing of pending property investments
and we will have broad discretion to determine alternative uses of proceeds.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
intend to use a portion of the net proceeds from this offering of our Series&nbsp;B Redeemable Preferred Stock to fund future investments
and for other general corporate and working capital purposes. However, the offering will not be conditioned upon the closing of definitive
agreements to acquire or invest in any properties. We will have broad discretion in the application of the net proceeds from this offering,
and holders of our Series&nbsp;B Redeemable Preferred Stock will not have the opportunity as part of their investment decision to assess
whether the net proceeds are being used appropriately. Because of the number and variability of factors that will determine our use of
the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use, and result in investments
that are not accretive to our results from operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are required to make payments under
any &#8220;bad boy&#8221; carve-out guaranties, recourse guaranties, and completion guaranties that we may provide in connection with
certain mortgages and related loans in connection with an event that constitutes a Change of Control, our business and financial results
could be materially adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
causing our subsidiaries to obtain certain nonrecourse loans, we may provide standard carve-out guaranties. These guaranties are generally
only applicable if and when the borrower directly, or indirectly through agreement with an affiliate, joint venture partner or other
third party, voluntarily files a bankruptcy or similar liquidation or reorganization action or takes other actions that are fraudulent
or improper (commonly referred to as &#8220;bad boy&#8221; guaranties). We also may enter into recourse guaranties with respect to future
mortgages, or provide credit support to development projects through completion guaranties, which also could increase risk of repayment.
In some circumstances, pursuant to guarantees to which we are a party or that we may enter into in the future, our obligations pursuant
to such &#8220;bad boy&#8221; carve-out guaranties and other guaranties may be triggered by a Change of Control, because, among other
things, such an event may result indirectly in a change of control of the applicable borrower. Because a Change of Control while any
Series&nbsp;B Redeemable Preferred Stock is outstanding also triggers a right of redemption for cash by the holders thereof, the effect
of a Change of Control could negatively impact our liquidity and overall financial condition, and could negatively impact the ability
of holders of shares of our Series&nbsp;B Redeemable Preferred Stock to receive dividends or other amounts on their shares of Series&nbsp;B
Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>There is a risk
of delay in our redemption of Series&nbsp;B Redeemable Preferred Stock and we may fail to redeem such securities as required by their
terms.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Substantially
all of the investments we presently hold and the investments we expect to acquire in the future are, and will be, illiquid. The illiquidity
of our investments may make it difficult for us to obtain cash quickly if a need arises. If we are unable to obtain sufficient liquidity
prior to a redemption date, we may be forced to, among other things, engage in a partial redemption or to delay a required redemption.
If this were to occur, the market price of shares of the Series&nbsp;B Redeemable Preferred Stock might be adversely affected, and stockholders
entitled to a redemption payment may not receive payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>The Series&nbsp;B Redeemable Preferred
Stock will bear a risk of early redemption by us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
may voluntarily redeem some or all of the Series&nbsp;B Redeemable Preferred Stock, for cash or equal value of shares of our Class&nbsp;A
common stock, two years after the issuance date. Any such redemptions may occur at a time that is unfavorable to holders of such preferred
stock. We may have an incentive to voluntarily redeem shares of Series&nbsp;B Redeemable Preferred Stock, if market conditions allow
us to issue other preferred stock or debt securities at an interest or distribution rate that is lower than the distribution rate on
the applicable series of preferred stock. Given the potential for early redemption of the Series&nbsp;B Redeemable Preferred Stock, holders
of such shares may face an increased reinvestment risk, which is the risk that the return on an investment purchased with proceeds from
the sale or redemption of the Series&nbsp;B Redeemable Preferred Stock may be lower than the return previously obtained from the investment
in such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our ability to redeem the Series&nbsp;B Redeemable Preferred
Stock may subject investors to certain risks, including reinvestment risk and volatility risk.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beginning two years following
the date of original issuance of the shares of Series&nbsp;B Redeemable Preferred Stock to be redeemed, we may voluntarily redeem some
or all of such Series&nbsp;B Redeemable Preferred Stock for cash or shares of our Class&nbsp;A common stock, in our sole discretion.
Any redemption of Series&nbsp;B Redeemable Preferred Stock may occur at a time that is unfavorable to holders of the Series&nbsp;B Redeemable
Preferred Stock. We may have an incentive to redeem the Series&nbsp;B Redeemable Preferred Stock voluntarily if market conditions allow
us to issue other preferred stock or debt securities at an interest or distribution rate that is lower than the distribution rate on
the Series&nbsp;B Redeemable Preferred Stock. Given the potential for early redemption of the Series&nbsp;B Redeemable Preferred Stock,
holders of such shares may face an increased reinvestment risk, which is the risk that the return on an investment purchased with proceeds
from the sale or redemption of the Series&nbsp;B Redeemable Preferred Stock may be lower than the return previously obtained from the
investment in such shares. The trading price of the Class&nbsp;A common stock, for which the Series&nbsp;B Redeemable Preferred Stock
may be redeemed, may be volatile and may expose investors to additional volatility risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Holders of Series&nbsp;B Redeemable Preferred
Stock should not expect us to redeem all or any such shares on the date they first become redeemable or on any particular date after
they become redeemable.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Except
in limited circumstances related to our ability to maintain our qualification as a REIT or a special optional redemption in connection
with a Change of Control, Series&nbsp;B Redeemable Preferred Stock may be redeemed by us at our option, either in whole or in part, only
on or after two&nbsp;years from the issuance date. Any decision we make at any time to propose a redemption of any such series of preferred
stock will depend upon, among other things, our evaluation of our capital position and general market conditions at the time. It is likely
that we would choose to exercise our optional redemption right only when prevailing interest rates have declined, which would adversely
affect the ability of holders of shares of the applicable series of preferred stock to reinvest proceeds from the redemption in a comparable
investment with an equal or greater yield to the yield on such series of preferred stock had their shares not been redeemed. In addition,
there is no penalty or premium payable on redemption, and the market price of the shares of such series of preferred stock may not exceed
the liquidation preference at the time the shares become redeemable for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Holders of the Series&nbsp;B Redeemable
Preferred Stock will be subject to inflation risk.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Inflation
is the reduction in the purchasing power of money resulting from the increase in the price of goods and services. Inflation risk is the
risk that the inflation-adjusted, or &#8220;real,&#8221; value of an investment in preferred stock or the income from that investment
will be worth less in the future. As inflation occurs, the real value of the Series&nbsp;B Redeemable Preferred Stock and dividends payable
on such shares decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Holders of the Series&nbsp;B Redeemable
Preferred Stock have extremely limited voting rights.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
voting rights of holders of shares of Series&nbsp;B Redeemable Preferred Stock will be extremely limited. Our common stock is the only
class or series of our stock carrying full voting rights. Holders of Series&nbsp;B Redeemable Preferred Stock have certain limited voting
rights with respect to amendments to our charter that alter only the contract rights set forth therein of either (a)&nbsp;the Series&nbsp;B
Redeemable Preferred Stock, or (b)&nbsp;of any preferred stock (i)&nbsp;ranking on parity with the Series&nbsp;B Redeemable Preferred
Stock with respect to dividend rights and rights upon our liquidation, dissolution or winding up, and (ii)&nbsp;upon which like voting
rights have also been conferred. Other than in these limited circumstances, holders of Series&nbsp;B Redeemable Preferred Stock will
generally not have voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The amount of
the liquidation preference is fixed and holders of Series&nbsp;B Redeemable Preferred Stock will have no right to receive any greater
payment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
payment due upon liquidation is fixed at the liquidation preference of $25.00 per share of Series&nbsp;B Redeemable Preferred Stock,
plus an amount equal to all accrued and unpaid dividends thereon, to and including the date of payment, whether or not authorized or
declared. If, in the case of our liquidation, there are remaining assets to be distributed after payment of this amount, holders of Series&nbsp;B
Redeemable Preferred Stock will have no right to receive or to participate in these amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our charter, including the articles supplementary
establishing the Series&nbsp;B Redeemable Preferred Stock, contains restrictions upon ownership and transfer of such preferred stock
which may impair the ability of holders to acquire such preferred stock and the shares of our Class&nbsp;A common stock into which shares
thereof may be converted, at the company&#8217;s option, pursuant to the redemption at the option of the holder under certain circumstances.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
charter, including the articles supplementary establishing the Series&nbsp;B Redeemable Preferred Stock, contains restrictions on ownership
and transfer of the Series&nbsp;B Redeemable Preferred Stock, which restrictions are intended to assist us in qualifying and maintaining
our qualification as a REIT for U.S. federal income tax purposes. For example, to assist us in qualifying as a REIT, the articles supplementary
establishing the Series&nbsp;B Redeemable Preferred Stock prohibits anyone from owning, or being deemed to own by virtue of the applicable
constructive ownership provisions of the Code, more than 9.8% in value or number of shares, whichever is more restrictive, of the outstanding
Series&nbsp;B Redeemable Preferred Stock. See &#8220;Description of Capital Stock &#8212; Restrictions on Ownership and Transfer&#8221;
in this prospectus. You should consider these ownership limitations prior to a purchase of shares of our Series&nbsp;B Redeemable Preferred
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Our ability to pay dividends or redeem
shares is limited by the requirements of Maryland law.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
ability to pay dividends on or redeem shares of the Series&nbsp;B Redeemable Preferred Stock is limited by the laws of Maryland. Under
applicable Maryland law, a Maryland corporation generally may not make a distribution (including a dividend or redemption) if, after
giving effect to the distribution, the corporation would not be able to pay its debts as the debts become due in the usual course of
business, or the corporation&#8217;s total assets would be less than the sum of its total liabilities plus, unless the corporation&#8217;s
charter provides otherwise, the amount that would be needed, if the corporation were dissolved at the time of the distribution, to satisfy
the preferential rights upon dissolution of stockholders whose preferential rights on dissolution are superior to those receiving the
distribution. Accordingly, we generally may not make a distribution on Series&nbsp;B Redeemable Preferred Stock if, after giving effect
to the distribution, we would not be able to pay our debts as they become due in the usual course of business or our total assets would
be less than the sum of our total liabilities plus, unless the terms of such class or series provide otherwise, the amount that would
be needed to satisfy the preferential rights upon dissolution of the holders of shares of any class or series of preferred stock then
outstanding, if any, with preferences senior to those of the Series&nbsp;B Redeemable Preferred Stock. Any dividends or redemption payments
may be delayed or prohibited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>If our Class&nbsp;A
common stock is no longer listed on the NYSE American or another national securities exchange, we will be required to terminate any continuous
offering(s)&nbsp;of Series&nbsp;B Redeemable Preferred Stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Series&nbsp;B Redeemable Preferred Stock are &#8220;covered securities&#8221; and therefore are not subject to registration under the
state securities, or &#8220;Blue Sky,&#8221; regulations in the various states in which it may be sold due to its seniority to our Class&nbsp;A
common stock, which is listed on the NYSE American. If our Class&nbsp;A common stock is no longer listed on the NYSE American or another
appropriate exchange, we will be required to register any offering of Series&nbsp;B Redeemable Preferred Stock in any state in which
such offering was subsequently made. This would require the termination of any continuous offering(s)&nbsp;of Series&nbsp;B Redeemable
Preferred Stock and could result in our raising an amount of gross proceeds that is substantially less than the amount of the gross proceeds
we expect to raise if the maximum offering amounts are sold. This would reduce our ability to make additional investments and limit the
diversification of our portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There is currently no public trading market
for our Series&nbsp;B Redeemable Preferred Stock, and one may never exist; therefore, your ability to dispose of your shares will likely
be limited.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">There
is no public market for our Series&nbsp;B Redeemable Preferred Stock, and we currently have no plan to list the Series&nbsp;B Redeemable
Preferred Stock on a securities exchange or to include such shares for quotation on any national securities market. Additionally, our
charter contains restrictions on the ownership and transfer of our securities, including our Series&nbsp;B Redeemable Preferred Stock,
and these restrictions may inhibit the ability to sell shares of our Series&nbsp;B Redeemable Preferred Stock, promptly or at all. Beginning
immediately upon original issuance of any share of Series&nbsp;B Redeemable Preferred Stock, the holder thereof may require us to redeem,
and beginning two&nbsp;years from the date of original issuance, we may redeem, any such share, in each case with the redemption price
payable, in our sole discretion, in cash or in equal value of shares of our Class&nbsp;A common stock, based on the closing price per
share of our Class&nbsp;A common stock for the single trading day prior to the date of redemption. If we opt to pay the redemption price
in shares of our common stock, holders of shares of Series&nbsp;B Redeemable Preferred Stock may receive publicly traded shares, as we
currently expect to continue listing our Class&nbsp;A common stock on the NYSE American.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You will not have the opportunity to evaluate
our future investments prior to purchasing shares of our Series&nbsp;B Redeemable Preferred Stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than the investments
disclosed in this prospectus or a supplement hereto prior to your investment, you will not have the opportunity to evaluate the economic
merits, transaction terms or other financial or operational data concerning our future investments that we have not yet identified prior
to purchasing shares of our Series&nbsp;B Redeemable Preferred Stock. You must rely on the Manager and our board of directors to implement
our investment policies, to evaluate our investment opportunities and to structure the terms of our investments. We may invest in any
asset class, including those that present greater risk than residential assets. Because you cannot evaluate our future investments in
advance of purchasing shares of our Series&nbsp;B Redeemable Preferred Stock, this offering may entail more risk than other types of
offerings. This additional risk may hinder your ability to achieve your own personal investment objectives related to portfolio diversification,
risk-adjusted investment returns and other objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The payment of fees and expenses to the
Manager and its affiliates and Bluerock Capital Markets, LLC (the &#8220;Dealer Manager&#8221;) reduces the cash available for distribution
and increases the risk that you will not be able to recover the amount of your investment in shares of our stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Manager and the Dealer
Manager perform services for us, including, among other things, the selection and acquisition of our investments, the management of our
assets, the disposition of our assets, the financing of our assets and certain administrative services. We pay the Manager and its affiliates,
including the Dealer Manager, fees and expense reimbursements for these services, which will reduce the amount of cash available for
further investments or distribution to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We will be required to pay substantial
compensation to the Manager and its affiliates or related parties, regardless of whether we operate at a profit or a loss.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Manager and its affiliates
will receive compensation, and expense reimbursements in connection with the services they provide to us as described in the Management
Agreement, regardless of whether we operate at a profit or a loss. These payments to the Manager and its affiliates or related parties
will decrease the amount of cash we have available for operations and new investments and could negatively impact our ability to pay
distributions and your overall return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may have difficulty completely funding
our distributions with funds provided by cash flows from operating activities; therefore, we may use cash flows from financing activities,
which may include borrowings and net proceeds from primary shares sold in this offering and/or of other offerings of our securities,
cash resulting from a waiver or deferral of fees by the Manager or from expense support provided by the Manager, or other sources to
fund distributions to our stockholders. The use of these sources to pay distributions and the ultimate repayment of any liabilities incurred
could adversely impact our ability to pay distributions in future periods, decrease the amount of cash we have available for operations
and new investments and/or potentially impact the value or result in dilution of your investment by creating future liabilities, reducing
the return on your investment or otherwise.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Until the proceeds from this
offering are fully invested, and from time to time thereafter, we may not generate sufficient cash flows from operating activities, as
determined on a GAAP basis, to fully fund distributions to you. To date, we have funded, and expect to continue to fund, distributions
to our stockholders, with cash flows from financing activities, which may include borrowings and net proceeds from shares sold in this
offering and/or of other offerings of our securities, cash resulting from a waiver or deferral of fees or expense reimbursements otherwise
payable to the Manager or its affiliates, cash resulting from the Manager or its affiliates paying certain of our expenses, proceeds
from the sales of assets, or from our cash balances. Our charter does not prohibit our use of such sources to fund distributions. We
may be required to fund distributions from a combination of some of these sources if our investments fail to perform as anticipated,
if expenses are greater than expected or as a result of numerous other factors. We have not established a cap on the amount of our distributions
that may be paid from any of these sources. Using certain of these sources may result in a liability to us, which would require a future
repayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The use of the sources described
above for distributions and the ultimate repayment of any liabilities incurred, as well as the payment of distributions in excess of
our FFO, could adversely impact our ability to pay distributions in future periods, decrease the amount of cash we have available for
operations and new investments and reduce your overall return and adversely impact and dilute the value of your investment in shares
of our Series&nbsp;B Redeemable Preferred Stock. To the extent distributions in excess of current and accumulated earnings and profits
(i)&nbsp;do not exceed a stockholder&#8217;s adjusted basis in our stock, such distributions will not be taxable to a stockholder, but
rather a stockholder&#8217;s adjusted basis in our stock will be reduced; and (ii)&nbsp;exceed a stockholder&#8217;s adjusted tax basis
in our stock, such distributions will be included in income as long-term capital gain if the stockholder has held its shares for more
than one year and otherwise as short-term capital gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There may not be a broad market for our
Class&nbsp;A common stock, which may cause our Class&nbsp;A common stock to trade at a discount and make it difficult for you to sell
the Class&nbsp;A common stock for which your Series&nbsp;B Redeemable Preferred Stock may be redeemable at our option.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Class&nbsp;A common stock
for which the shares of our Series&nbsp;B Redeemable Preferred Stock may be redeemable at our option trades on the NYSE American under
the symbol &#8220;BHM.&#8221; Listing on the NYSE American or another national securities exchange does not ensure an actual or active
market for our Class&nbsp;A common stock. The market price of our Class&nbsp;A common stock may fluctuate widely as a result of a number
of factors, many of which are outside of our control. In addition, the stock market is subject to fluctuations in share prices and trading
volumes that affect the market prices of the shares of many companies. These fluctuations in the stock market may materially and adversely
affect the market price of our Class&nbsp;A common stock. Among the factors that could affect the market price of our common stock are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated quarterly
    fluctuations in our business, financial condition and operating results;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in
    revenues or earnings estimates or publication of research reports and recommendations by financial analysts or actions taken by rating
    agencies with respect to our securities or those of other REITs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the ability of our tenants to pay
    rent to us and meet their other obligations to us under current lease terms;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to re-lease spaces as
    leases expire;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to refinance our indebtedness
    as it matures;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any changes in our dividend policy;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any future issuances of equity securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">strategic actions by us or our competitors,
    such as acquisitions or restructurings;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general market conditions and, in
    particular, developments related to market conditions for the real estate industry; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">domestic and international economic
    factors unrelated to our performance.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, an actual or
active market for our Class&nbsp;A common stock may not be maintained, the prices at which shares of our Class&nbsp;A common stock trade
may fluctuate significantly, the market for our Class&nbsp;A common stock may not be liquid, the holders of our Class&nbsp;A common stock
may be unable to sell their shares of our Class&nbsp;A common stock, and the prices that may be obtained following the sale of our Class&nbsp;A
common stock upon the redemption of your Series&nbsp;B Redeemable Preferred Stock may not reflect the underlying value of our assets
and business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Shares of Series&nbsp;B
Redeemable Preferred Stock may be redeemed for shares of our Class&nbsp;A common stock, which rank junior to the Series&nbsp;B Redeemable
Preferred Stock with respect to dividends and upon liquidation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
holders of shares of Series&nbsp;B Redeemable Preferred Stock may require us to redeem such shares, with the redemption price payable,
in our sole discretion, in cash or in equal value of shares of our Class&nbsp;A common stock, based on the closing price per share of
our Class&nbsp;A common stock for the single trading day prior to the date of redemption. We may opt to pay the redemption price in shares
of our Class&nbsp;A common stock. The rights of the holders of shares of Series&nbsp;B Redeemable Preferred Stock and Series&nbsp;A Redeemable
Preferred Stock rank senior to the rights of the holders of shares of our common stock as to dividends and payments upon liquidation.
Unless full cumulative dividends on shares of our Series&nbsp;B Redeemable Preferred Stock and Series&nbsp;A Redeemable Preferred Stock
for all past dividend periods have been declared and paid (or set apart for payment), we will not declare or pay dividends with respect
to any shares of our common stock for any period. Upon liquidation, dissolution or winding up of our company, the holders of shares of
our Series&nbsp;B Redeemable Preferred Stock are entitled to receive a liquidation preference of $25.00 per share, plus an amount equal
to all accrued and unpaid dividends, and holders of shares of our Series&nbsp;A Redeemable Preferred Stock are entitled to receive a
liquidation preference of $25.00 per share, plus an amount equal to all accrued and unpaid dividends, in each case prior and in preference
to any distribution to the holders of shares of our common stock or any other class of our equity securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We will be able
to call shares of Series&nbsp;B Redeemable Preferred Stock for redemption under certain circumstances without the consent of the holder.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
will have the ability to call the outstanding shares of Series&nbsp;B Redeemable Preferred Stock after two years from the date of original
issuance of such shares of Series&nbsp;B Redeemable Preferred Stock. At that time, we will have the right to redeem, at our option, the
outstanding shares of Series&nbsp;B Redeemable Preferred Stock, in whole or in part, at 100% of the Stated Value per share, plus an amount
equal to any accrued and unpaid dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Our requirement
to redeem the Series&nbsp;B Redeemable Preferred Stock in the event of a Change of Control may, in either case, deter a change of control
transaction otherwise in the best interests of our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Upon
the occurrence of a Change of Control (as defined below) with respect to the Series&nbsp;B Redeemable Preferred Stock, we will be required
to redeem all outstanding shares of the Series&nbsp;B Redeemable Preferred Stock, in whole, within 60&nbsp;days after the first date
on which such Change of Control occurred, in cash at a redemption price of $25.00 per share of Series&nbsp;B Redeemable Preferred Stock;
plus an amount equal to all accrued and unpaid dividends, if any, to and including the redemption date. The mandatory redemption feature
of each share of the Series&nbsp;B Redeemable Preferred Stock in connection with a Change of Control may each have the effect of inhibiting
a third party from making an acquisition proposal for the company, or of delaying, deferring or preventing a change of control of the
company, under circumstances that otherwise could provide the holders of our common stock and/or Series&nbsp;B Redeemable Preferred Stock
with the opportunity for liquidity or the opportunity to realize a premium over the then-current market price or that stockholders may
otherwise believe is in their best interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A &#8220;Change of Control&#8221;
is when,&nbsp;after the initial issuance of the Series&nbsp;B Redeemable Preferred Stock, any of the following has occurred and is continuing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 3%; padding-left: 0.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a &#8220;person&#8221;
    or &#8220;group&#8221; within the meaning of Section&nbsp;13(d)&nbsp;of the Exchange Act, other than our Company, its subsidiaries,
    and its and their employee benefit plans, has become the direct or indirect &#8220;beneficial owner,&#8221; as defined in Rule&nbsp;13d-3
    under the Exchange Act, of our common equity representing more than 50% of the total voting power of all outstanding shares of our
    common equity that are entitled to vote generally in the election of directors, with the exception of (A)&nbsp;the formation of a
    holding company, or (B)&nbsp;immediately prior to such transaction, such person or group, together with its or their related entities,
    including, without limitation, any trust established for the benefit of such person or any member of such group or any family member
    thereof (collectively, an &#8220;Ownership Group&#8221;), owned sufficient interests in the Operating Partnership such that the exercise
    by all or any members of such Ownership Group of the Common Unit Redemption Right (as defined in Section&nbsp;8.04(a)&nbsp;of the
    Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as amended) with respect to such interests
    would result in all or any members of such Ownership Group (individually or collectively) becoming the direct or indirect beneficial
    owner of our common equity representing more than 50% of the total voting power of all outstanding shares of Voting Stock;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">consummation of any share
    exchange, consolidation or merger of our Company or any other transaction or series of transactions pursuant to which our common
    stock will be converted into cash, securities or other property, (1)&nbsp;other than any such transaction where the shares of our
    common stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of
    the common stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving
    effect to such transaction, and (2)&nbsp;expressly excluding any such transaction preceded by our Company&#8217;s acquisition of
    the capital stock of another company for cash, securities or other property, whether directly or indirectly through one of our subsidiaries,
    as a precursor to such transactions; or</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least a majority of
    our board of directors ceases to be constituted of directors who either (A)&nbsp;were a member of our board of directors on October&nbsp;6,
    2022, or (B)&nbsp; became a member of our board of directors subsequent to such date and whose appointment, election or nomination
    for election by our stockholders was duly approved by a majority of the Continuing Directors on our board of directors at the time
    of such approval, either by a specific vote or by approval of the proxy statement issued by our Company on behalf of our board of
    directors in which such individual is named as nominee for director (&#8220;Continuing Directors&#8221;).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, if we experience a Change of Control, there can be no assurance that we would have sufficient financial resources available
to satisfy our obligations to redeem the Series&nbsp;B Redeemable Preferred Stock, and any guarantees or indebtedness that may be required
to be repaid or repurchased as a result of such event. Our failure to redeem the Series&nbsp;B Redeemable Preferred Stock could have
material adverse consequences for us and the holders of the Series&nbsp;B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We established
the offering price for the Series&nbsp;B Redeemable Preferred Stock pursuant to negotiations among us and our affiliated dealer manager;
as a result, the actual value of an investment in the Series&nbsp;B Redeemable Preferred Stock may be substantially less than the amount
paid.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
selling price of the Series&nbsp;B Redeemable Preferred Stock was determined pursuant to negotiations among us and the dealer manager,
which is an affiliate of Bluerock, based upon the following primary factors at the time of the offering: the economic conditions in and
future prospects for the industry in which we compete; our prospects for future earnings; an assessment of our management; the state
of our development; the prevailing condition of the equity securities market; the state of the market for non-traded REIT securities;
and market valuations of public companies considered comparable to our Company. Because the offering price is not based upon any independent
valuation, the offering price is not indicative of the proceeds that an investor in the Series&nbsp;B Redeemable Preferred Stock would
receive upon liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Your&nbsp;percentage of ownership may become
diluted if we issue new shares of stock or other securities, and issuances of additional preferred stock or other securities by us may
further subordinate the rights of the holders of our common stock (which you may become upon receipt of redemption payments in shares
of our Class&nbsp;A common stock for any of your shares of Series&nbsp;B Redeemable Preferred Stock).</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Under
the terms of our Series&nbsp;B Redeemable Preferred Stock, we may make redemption payments in shares of our Class&nbsp;A common stock.
Although the dollar amounts of such payments are unknown, the number of shares to be issued in connection with such payments may fluctuate
based on the price of our Class&nbsp;A common stock. Any sales or perceived sales in the public market of shares of our Class&nbsp;A
common stock issuable upon such redemption payments could adversely affect prevailing market prices of shares of our Class&nbsp;A common
stock. The issuance of shares of our Class&nbsp;A common stock upon such redemption payments also may have the effect of reducing our
net income per share (or decreasing our net loss per share). In addition, the existence of Series&nbsp;B Redeemable Preferred Stock may
encourage short selling by market participants because the existence of redemption payments could depress the market price of shares
of our Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
board of directors is authorized, without stockholder approval, to cause us to issue additional shares of our common stock or to raise
capital through the issuance of additional preferred stock (including equity or debt securities convertible into preferred stock), options,
warrants and other rights, on such terms and for such consideration as our board of directors in its sole discretion may determine. Any
such issuance could result in dilution of the equity of our stockholders. Our board of directors may, in its sole discretion, authorize
us to issue common stock or other equity or debt securities to persons from whom we purchase residential properties, as part or all of
the purchase price of the community. Our board of directors, in its sole discretion, may determine the value of any common stock or other
equity or debt securities issued in consideration of residential properties or services provided, or to be provided, to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
charter also authorizes our board of directors, without stockholder approval, to designate and issue one or more classes or series of
preferred stock in addition to the Series&nbsp;B Redeemable Preferred Stock (including equity or debt securities convertible into preferred
stock) and to set or change the voting, conversion or other rights, preferences, restrictions, limitations as to dividends or other distributions
and qualifications or terms or conditions of redemption of each class or series of shares so issued. If any additional preferred stock
is publicly offered, the terms and conditions of such preferred stock (including any equity or debt securities convertible into preferred
stock) will be set forth in a registration statement registering the issuance of such preferred stock or equity or debt securities convertible
into preferred stock. Because our board of directors has the power to establish the preferences and rights of each class or series of
preferred stock, it may afford the holders of any series or class of preferred stock preferences, powers, and rights senior to the rights
of holders of common stock or the Series&nbsp;B Redeemable Preferred Stock. If we ever create and issue additional preferred stock or
equity or debt securities convertible into preferred stock with a distribution preference over common stock or the Series&nbsp;B Redeemable
Preferred Stock, payment of any distribution preferences of such new outstanding preferred stock would reduce the amount of funds available
for the payment of distributions on our common stock and our Series&nbsp;B Redeemable Preferred Stock. Further, holders of preferred
stock are normally entitled to receive a preference payment if we liquidate, dissolve, or wind up before any payment is made to the common
stockholders, likely reducing the amount common stockholders would otherwise receive upon such an occurrence. In addition, under certain
circumstances, the issuance of additional preferred stock may delay, prevent, render more difficult or tend to discourage a merger, tender
offer, or proxy contest, the assumption of control by a holder of a large block of our securities, or the removal of incumbent management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Stockholders
have no rights to buy additional shares of stock or other securities if we issue new shares of stock or other securities. We may issue
common stock, convertible debt or preferred stock pursuant to a subsequent public offering or a private placement, or to sellers of properties
we directly or indirectly acquire instead of, or in addition to, cash consideration. Investors purchasing Series&nbsp;B Redeemable Preferred
Stock in the offering of our Series&nbsp;B Redeemable Preferred Stock who do not participate in any future stock issuances will experience
dilution in the&nbsp;percentage of the issued and outstanding stock they own. In addition, depending on the terms and pricing of any
additional offerings and the value of our investments, you also may experience dilution in the book value and fair market value of, and
the amount of distributions paid on, your shares of Series&nbsp;B Redeemable Preferred Stock and Class&nbsp;A common stock, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Holders of the Series&nbsp;B Redeemable Preferred Stock have
no control over changes in our policies and operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
board of directors manages our business and affairs, including setting and determining our policies with regard to investment objectives,
financing, growth, debt capitalization, REIT qualification and distributions. Our board of directors may amend or revise these and other
policies without a vote of the stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Holders
of shares of Series&nbsp;B Redeemable Preferred Stock generally have no voting rights under our charter, except with respect to any amendment
of our charter that would alter only the contract rights, as expressly set forth therein, of either (a)&nbsp;the Series&nbsp;B Redeemable
Preferred Stock alone, or (b)&nbsp;of any preferred stock (i)&nbsp;ranking on parity with the Series&nbsp;B Redeemable Preferred Stock
with respect to dividend rights and rights upon our liquidation, dissolution or winding up, and (ii)&nbsp;upon which like voting rights
have also been conferred, including the Series&nbsp;A Redeemable Preferred Stock. Other than in these limited circumstances, holders
of Series&nbsp;B Redeemable Preferred Stock have no voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RISKS RELATED TO OUR STATUS AS A REIT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Failure to maintain our qualification as a REIT would materially
and adversely affect us and the value of our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In October&nbsp;2023, we
filed our U.S. federal income tax return for the taxable year ending December&nbsp;31, 2022 and elected to be treated, and currently
qualify, as a real estate investment trust (&#8220;REIT&#8221;) for federal income tax purposes. We believe that, commencing with such
taxable year, we have been organized and have operated in a manner as to qualify for taxation as a REIT for U.S. federal income tax purposes,
and intend to continue to so operate. We have not requested and do not plan to request a ruling from the Internal Revenue Service (the
 &#8220;IRS&#8221;) that we qualify as a REIT, and the statements in this prospectus are not binding on the IRS or any court. Therefore,
we cannot guarantee that we will remain qualified as a REIT in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with this offering,
we have received an opinion from Paul Hastings L.L.P. to the effect that, we qualified to be taxed as a REIT pursuant to Sections 856
through 860 of the Code for our taxable years ended December&nbsp;31, 2022 through December&nbsp;31, 2024, and our organization and current
and proposed method of operation will enable us to qualify as a REIT under the Code for our taxable years ending December&nbsp;31, 2025,
and thereafter. Paul Hastings L.L.P.&#8217;s opinion is based upon customary assumptions, representations and undertakings made by us
and Bluerock Residential (in the case of Bluerock Residential, as of the date of the Distribution) as to factual matters, and is conditioned
upon certain representations made by us as to factual matters, including representations regarding the nature of our and Bluerock Residential&#8217;s
assets and the conduct of our and Bluerock Residential&#8217;s business. Paul Hastings L.L.P.&#8217;s opinion is not binding upon the
IRS or any court, and speaks as of the date issued. In addition, Paul Hastings L.L.P.&#8217;s opinion is based on U.S. federal income
tax law governing qualification as a REIT, which is subject to change either prospectively or retroactively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our qualification and taxation
as a REIT will depend upon our ability to meet on a continuing basis, through actual results, certain qualification tests set forth in
the U.S. federal tax laws. Those qualification tests involve the percentage of income that we earn from specified sources, the percentage
of our assets that falls within specified categories, the diversity of our capital stock ownership and the percentage of our earnings
that we distribute. Paul Hastings L.L.P. will not review our compliance with those tests on a continuing basis. Accordingly, no assurance
can be given that our actual results of operations for any particular taxable year will satisfy such requirements. Paul Hastings L.L.P.&#8217;s
opinion will not foreclose the possibility that a partnership or limited liability company in which we own an interest could take an
action which could cause us to fail a REIT qualification test, and that we would not become aware of such action in time to dispose or
our interest in the partnership or limited liability company or take other corrective action on a timely basis. In that case, we may
have to use one or more of the REIT savings provisions described below, which could require us to pay an excise or penalty tax (which
could be material) in order for us to maintain our REIT qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we fail to maintain our
REIT qualification in any taxable year, we will face significant tax consequences that would substantially reduce our cash available
for distribution to our stockholders for each of the years involved because:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we would not
    be allowed a deduction for dividends paid to stockholders in computing our taxable income and would be subject to regular U.S. federal
    corporate income tax;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we could be
    subject to increased state and local taxes; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unless we are
    entitled to relief under applicable statutory provisions, we could not elect to be taxed as a REIT for four taxable years following
    the year during which we were disqualified.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any such corporate tax liability
could be substantial and would reduce our cash available for, among other things, our operations and distributions to stockholders. In
addition, if we fail to maintain our qualification as a REIT, we will no longer be required to make distributions to our stockholders.
As a result of all these factors, our failure to maintain our qualification as a REIT could impair our ability to expand our business
and raise capital, and could materially and adversely affect the trading price of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Qualification as a REIT involves
the application of highly technical and complex Code provisions for which there are only limited judicial and administrative interpretations.
The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a
REIT. In order to maintain our qualification as a REIT, we must satisfy a number of requirements, including requirements regarding the
ownership of our common shares, requirements regarding the composition of our assets and requirements that certain percentages of our
gross income in any year must be derived from qualifying sources, such as &#8220;rents from real property.&#8221; Also, we must make
distributions to stockholders aggregating annually at least 90% of our REIT taxable income, determined without regard to the dividends
paid deduction and excluding net capital gains. See &#8220;Material U.S. Federal Income Tax Considerations&#8212;REIT Qualification&#8212;Distribution
Requirements.&#8221; In addition, legislation, new regulations, administrative interpretations or court decisions may materially and
adversely affect our investors, our ability to qualify as a REIT for U.S. federal income tax purposes or the desirability of an investment
in a REIT relative to other investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>In certain circumstances, we may be subject
to certain U.S. federal,&nbsp;state and local taxes despite our qualification as a REIT, which would reduce our cash available for distribution
to you.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even if we maintain our qualification
as a REIT, we may be subject to certain U.S. federal, state and local income, property and excise taxes on our income and assets and,
in certain cases, a 100% penalty tax on net income from any &#8220;prohibited transaction.&#8221; In addition, any taxable REIT subsidiaries
(each a &#8220;TRS&#8221;) of ours will be subject to U.S. federal income tax, and applicable state and local taxes, as regular corporations
in the jurisdictions in which they operate. &nbsp;We may not be able to make sufficient distributions to avoid excise taxes applicable
to REITs. We may also decide to retain income we earn from the sale or other disposition of our properties and pay income tax directly
on such income. In that event, our stockholders would be treated as if they had earned that income and paid the tax on it directly, would
be eligible to receive a credit or refund of the taxes deemed paid on the income deemed earned, and would increase the adjusted basis
of their shares by the excess of such deemed income over the amount of taxes deemed paid. However, stockholders that are tax-exempt,
such as charities or qualified pension plans, would have no benefit from their deemed payment of such tax liability. We may also be subject
to state and local taxes on our income or property, either directly or at the level of the subsidiaries through which we indirectly own
our assets. Any U.S. federal or state taxes we pay will reduce our cash available for distribution to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If Bluerock Residential failed to qualify
as a REIT during certain periods prior to the Distribution, we would be prevented from electing to qualify as a REIT.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that from the
time of our formation until the date of the Distribution, we were treated as a &#8220;qualified REIT subsidiary&#8221; of Bluerock Residential.
Under applicable Treasury Regulations, if Bluerock Residential failed to qualify as a REIT during certain periods prior to the Distribution,
unless Bluerock Residential&#8217;s failure were subject to relief under U.S. federal income tax laws, we would be prevented from electing
to qualify as a REIT prior to the fifth calendar year following the year in which Bluerock Residential failed to so qualify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If certain of our subsidiaries, including
our Operating Partnership, fail to qualify as partnerships or disregarded entities for U.S. federal income tax purposes, we would cease
to qualify as a REIT and suffer other material adverse consequences.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend that our Operating
Partnership will be treated as a partnership for U.S. federal income tax purposes, and that our other subsidiaries (other than any TRSs)
will each be treated as a partnership or disregarded entity for U.S. federal income tax purposes and, therefore, will not be subject
to U.S. federal income tax on its income. Instead, each of its partners or its member, as applicable, which may include us, will be allocated,
and may be required to pay tax with respect to, such partner&#8217;s or member&#8217;s share of its income. We cannot assure you that
the IRS will not challenge the status of any subsidiary partnership or limited liability company in which we own an interest as a disregarded
entity or partnership for U.S. federal income tax purposes, or that a court would not sustain such a challenge. If the IRS were successful
in treating any subsidiary partnership or limited liability company as an entity taxable as a corporation for U.S. federal income tax
purposes, we could fail to meet the gross income tests and certain of the asset tests applicable to REITs and, accordingly, we would
likely cease to qualify as a REIT. Also, the failure of any subsidiary partnerships or limited liability company to qualify as a disregarded
entity or partnership for applicable income tax purposes could cause it to become subject to federal and state corporate income tax,
which would reduce significantly the amount of cash available for debt service and for distribution to its partners or members, including
us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Distribution requirements imposed by law limit our flexibility.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To maintain our qualification
as a REIT for U.S. federal income tax purposes, we generally will be required to distribute to our stockholders at least 90% of our REIT
taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, each year. We also will be
subject to tax at regular corporate income tax rates to the extent that we distribute less than 100% of our taxable income (including
net capital gains) each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we will be subject
to a 4% nondeductible excise tax to the extent that we fail to distribute during any calendar year at least the sum of 85% of our ordinary
income for that calendar year, 95% of our capital gain net income for the calendar year, and any amount of that income that was not distributed
in prior years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to make distributions
to our stockholders to comply with the distribution requirements of the Code as well as to reduce our exposure to U.S. federal income
taxes and the nondeductible excise tax. Differences in timing between the receipt of income and the payment of expenses to arrive at
taxable income, along with the effect of required debt amortization payments, could require us to borrow funds to meet the distribution
requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT, even if our management believes that
the then prevailing market conditions generally are not favorable for such borrowings or that such borrowings would not be advisable
in the absence of such tax considerations. If we borrow money to meet such distribution requirements or for other working capital needs,
our expenses will increase, our net income will be reduced by the amount of interest we pay on the money we borrow and we will be obligated
to repay the money we borrow from future earnings or by selling assets, which may decrease future distributions to stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may pay dividends on our common stock
in common stock and/or cash. Our stockholders may sell shares of our common stock to pay tax on such dividends, placing downward pressure
on the market price of our common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to satisfy our REIT
distribution requirements, we are permitted, subject to certain conditions and limitations, to make distributions that are in part payable
in shares of our common stock. The IRS has issued Revenue Procedure 2017-45 authorizing elective cash/stock dividends to be made by &#8220;publicly
offered REITs.&#8221; Pursuant to Revenue Procedure 2017-45, the IRS will treat the distribution of stock pursuant to an elective cash/stock
dividend as a distribution of property under Section&nbsp;301 of the Code (i.e., a dividend), as long as at least 20% of the total dividend
is available in cash and certain other parameters detailed in the Revenue Procedure are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we make any taxable dividend
payable in cash and common stock, taxable stockholders receiving such dividend will be required to include the full amount of the dividend
as ordinary income to the extent of our current and accumulated earnings and profits, as determined for U.S. federal income tax purposes.
As a result, stockholders may be required to pay income tax with respect to such dividends in excess of the cash dividends received.
If a stockholder sells shares of our stock that it receives as a dividend in order to pay this tax, the sales proceeds may be less than
the amount included in income with respect to the dividend, depending on the market price of the stock at the time of the sale. Furthermore,
with respect to certain non-U.S. holders, we may be required to withhold U.S. federal income tax with respect to such dividends, including
in respect of all or a portion of such dividend that is payable in our stock. If, in any taxable dividend payable in cash and stock,
a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may be viewed
as economically equivalent to a dividend reduction and put downward pressure on the market price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Distributions payable by REITs do not qualify
for the reduced tax rates that apply to other corporate distributions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The maximum U.S. federal
income tax rate applicable to income from &#8220;qualified dividends&#8221; payable to U.S. stockholders that are individuals, trusts
and estates is currently 20%, plus a 3.8% &#8220;Medicare tax&#8221; surcharge. Dividends payable by REITs, however, generally are not
eligible for the reduced rates on qualified dividend income. However, ordinary REIT dividends constitute &#8220;qualified business income,&#8221;
and thus a 20% deduction is available to individual taxpayers with respect to such dividends, resulting in a 29.6% maximum U.S. federal
income tax rate (plus the 3.8% surtax on net investment income, if applicable) for individual U.S. stockholders. However, to qualify
for this deduction, the stockholder receiving such dividends must hold the dividend-paying REIT stock for at least 46 days (considering
certain special holding period rules) of the 91-day period beginning 45 days before the stock becomes ex-dividend, and cannot be under
an obligation to make related payments with respect to a position in substantially similar or related property. The more-favorable rates
applicable to regular corporate distributions could cause investors who are individuals to perceive investments in REITs to be relatively
less attractive than investments in the stocks of non-REIT corporations that pay distributions, which could adversely affect the value
of our common stock. See &#8220;Material U.S. Federal Income Tax Considerations&#8212;Taxation of Taxable U.S. Stockholders.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may enter into certain hedging transactions that may have
a potential impact on our REIT qualification.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, we may
enter into hedging transactions with respect to one or more of our assets or liabilities. Our hedging activities may include entering
into interest rate and/or foreign currency swaps, caps, and floors, options to purchase these items, and futures and forward contracts.
Income and gain from &#8220;hedging transactions&#8221; that we enter into to hedge indebtedness incurred or to be incurred to acquire
or carry real estate assets, or to hedge existing hedging positions after any portion of the related debt or property is extinguished
or disposed of, and that are clearly and timely identified as such will be excluded from both the numerator and the denominator for purposes
of the gross income tests that apply to REITs. Moreover, any income from a transaction entered into primarily to manage risk of currency
fluctuations with respect to any item of income that would be qualifying REIT income under the REIT gross income tests, and any gain
from the unwinding of any such transaction, does not constitute gross income for purposes of the REIT gross income tests. To the extent
that we do not properly identify such transactions as hedges or we hedge with other types of financial instruments, or hedge other types
of indebtedness, the income from those transactions may not be treated as qualifying income for purposes of the REIT gross income tests,
and might also give rise to an asset that does not qualify for purposes of the REIT asset tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our ability to provide certain services
to our tenants may be limited by the REIT rules&nbsp;or may have to be provided through a TRS.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a REIT, we generally will
not be able provide services to our tenants other than those that are customarily provided by landlords, nor will we be able to derive
income from a third party that provides such services. If we forego providing such services to our tenants, we may be at a disadvantage
to competitors that are not subject to the same restrictions. However, we can provide such non-customary services to tenants and share
in the revenue from such services if we do so through a TRS, though income earned by such TRS will be subject to U.S. federal corporate
income tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any ownership of a TRS will
be subject to limitations, and our transactions with a TRS will cause us to be subject to a 100% penalty tax on certain income or deductions
if those transactions are not conducted on arm&#8217;s-length terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Overall, no more than 20%
(25% for 2026 and future tax years) of the value of a REIT&#8217;s assets may consist of stock or securities of one or more TRSs. A TRS
will be subject to applicable U.S. federal, state and local corporate income tax on its taxable income, and its after-tax net income
will be available for distribution to us but is not required to be distributed to us. In addition, the Code limits the deductibility
of interest paid or accrued by a TRS to its parent REIT to assure that the TRS is subject to an appropriate level of corporate taxation
and, in certain circumstances, other limitations on deductibility may apply. The Code also imposes a 100% excise tax on certain transactions
between a TRS and its parent REIT that are not conducted on an arm&#8217;s-length basis. We will monitor the value of our respective
investments in any TRS for the purpose of ensuring compliance with TRS ownership limitations and will structure our transactions with
any TRS on terms that we believe are arm&#8217;s-length to avoid incurring the 100% excise tax described above. There can be no assurance,
however, that we will be able to comply with the 20% limitation (25% for 2026 and future tax years) or to avoid application of the 100%
excise tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The prohibited transactions tax may limit our ability to dispose
of our properties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A REIT&#8217;s net income
from prohibited transactions is subject to a 100% tax. In general, prohibited transactions are sales or other dispositions of property,
other than foreclosure property, held primarily for sale to customers in the ordinary course of business. We may be subject to the prohibited
transaction tax equal to 100% of net gain upon a disposition of real property. Although a safe harbor to the characterization of the
sale of real property by a REIT as a prohibited transaction is available, we cannot assure you that we can comply with the safe harbor
or that we will avoid owning property that may be characterized as held primarily for sale to customers in the ordinary course of business.
Consequently, we may choose not to engage in certain sales of our properties or may conduct such sales through a TRS, which would be
subject to U.S. federal corporate income tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The ability of our board of directors to revoke our REIT qualification
without stockholder approval may cause adverse consequences to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our charter provides that
our board of directors may revoke or otherwise terminate our REIT election, without the approval of our stockholders, if it determines
that it is no longer in our best interests to continue to qualify as a REIT. If we cease to qualify as a REIT, we would become subject
to U.S. federal income tax on our taxable income and would no longer be required to distribute most of our taxable income to our stockholders,
which may have adverse consequences on our total return to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Legislative or other actions affecting REITs could have a negative
effect on us or our investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurance
that any future changes to the U.S. federal income tax laws or regulatory changes will not be proposed or enacted that could impact our
business and financial results. The REIT rules&nbsp;are constantly under review by persons involved in the legislative process and by
the IRS and the U.S. Treasury Department, which may result in revisions to regulations and interpretations in addition to statutory changes.
If enacted, certain of such changes could have an adverse impact on our business and financial results. Stockholders are urged to consult
their tax advisors regarding the effect of potential future changes to the U.S. federal income tax laws on an investment in our stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Distributions to tax-exempt investors may
be classified as unrelated business taxable income and, in certain circumstances, tax-exempt investors would be required to pay tax on
the unrelated business taxable income and to file income tax returns.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither ordinary nor capital
gain distributions with respect to our stock nor gain from the sale of stock should generally constitute unrelated business taxable income
to a tax-exempt investor. However, there are certain exceptions to this rule. In particular:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">under certain
    circumstances, part of the income and gain recognized by certain qualified employee pension trusts with respect to our stock may
    be treated as unrelated business taxable income if our stock is predominately held by qualified employee pension trusts, such that
    we are a &#8220;pension-held&#8221; REIT (which we do not expect to be the case);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">part of the
    income and gain recognized by a tax-exempt investor with respect to our stock would constitute unrelated business taxable income
    if such investor incurs debt in order to acquire the stock; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">part or all
    of the income or gain recognized with respect to our stock held by social clubs, voluntary employee benefit associations, supplemental
    unemployment benefit trusts and qualified group legal services plans which are exempt from federal income taxation under Sections&nbsp;501(c)(7),
    (9), (17) or (20) of the Code may be treated as unrelated business taxable income.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We encourage you to consult
your tax advisor to determine the tax consequences applicable to you if you are a tax-exempt investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RISKS RELATED TO OWNERSHIP OF OUR COMMON STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>You may be restricted from acquiring or transferring certain
amounts of our Class&nbsp;A common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The stock ownership restrictions
of the Code for REITs and the 9.8% stock ownership limits in our charter may inhibit market activity in our capital stock and restrict
our business combination opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to maintain our
qualification as a REIT, five or fewer individuals, as defined in the Code to include specified private foundations, employee benefit
plans and trusts, and charitable trusts, may not own, beneficially or constructively, more than 50% in value of our issued and outstanding
stock at any time during the last half of a taxable year. Attribution rules&nbsp;in the Code determine if any individual or entity beneficially
or constructively owns our capital stock under this requirement. Additionally, at least 100 persons must beneficially own our capital
stock during at least 335 days of a taxable year. To help ensure that we meet these tests, among other purposes, our charter restricts
the acquisition and ownership of shares of our capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our charter, with certain
exceptions, authorizes our board of directors to take such actions as are necessary and desirable to preserve our qualification as a
REIT. Unless exempted, prospectively or retroactively, by our board of directors, our charter prohibits any person from beneficially
or constructively owning more than 9.8% in value of the aggregate of our outstanding shares of capital stock or 9.8% in value or number
of shares, whichever is more restrictive, of the outstanding shares of our common stock. Our board of directors may not grant an exemption
from these restrictions to any proposed transferee whose ownership in excess of such thresholds does not satisfy certain conditions designed
to ensure that we will not fail to qualify as a REIT. These restrictions on transferability and ownership will not apply, however, if
our board of directors determines that it is no longer in our best interest to continue to qualify as a REIT or that compliance is no
longer required for REIT qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A limit on the&nbsp;percentage of our capital
stock and common stock a person may own may discourage a takeover or business combination, which could prevent our common stockholders
from realizing a premium price for their common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our charter restricts direct
or indirect ownership by one person or entity to no more than 9.8%, in value, of the outstanding shares of all classes and series of
our capital stock or 9.8% in value or by number of shares, whichever is more restrictive, of the outstanding shares of our common stock
unless exempted (prospectively or retroactively) by our board of directors. This restriction may have the effect of delaying, deferring
or preventing a change in control of us, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially
all of our assets) that might provide a premium price to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our charter permits our board of directors
to issue stock with terms that may be senior to the rights of our common stockholders or discourage a third party from acquiring us in
a manner that could result in a premium price to our stockholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors may
amend our charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock
of any class or series that we have authority to issue and may classify or reclassify any unissued common stock or preferred stock into
other classes or series of stock and establish the preferences, conversion or other rights, voting powers, restrictions, limitations
as to dividends or other distributions, qualifications and terms or conditions of redemption of any such stock. Our charter authorizes
a total of 250,000,000 shares of preferred stock for issuance, of which 30,000,000 have been classified as shares of Series&nbsp;A Redeemable
Preferred Stock and 14,000,000 have been classified as shares of Series&nbsp;B Redeemable Preferred Stock. As of December 31, 2025, we
had issued and outstanding 6,288,703 shares of Series&nbsp;A Redeemable Preferred Stock and no shares of Series B Redeemable Preferred
Stock, both of which are senior to our common stock with respect to priority of dividend payments and rights upon liquidation, dissolution
or winding up. Our board of directors could also classify for issuance up to 206,000,000 of the remaining authorized shares of preferred
stock with terms and conditions that could have priority as to distributions and amounts payable upon liquidation over the rights of
the holders of our common stock. Such preferred stock could also have the effect of delaying, deferring or preventing a change in control
of us, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that
might provide a premium price to holders of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Maryland law may limit the ability of a third party to acquire
control of us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MGCL provides protection
for Maryland corporations against unsolicited takeovers by limiting, among other things, the duties of the directors in unsolicited takeover
situations. The duties of directors of Maryland corporations do not require them to (a)&nbsp;act to accept, recommend or respond to any
proposal by a person seeking to acquire control of the corporation, (b)&nbsp;authorize the corporation to redeem any rights under, or
modify or render inapplicable, any stockholder rights plan, (c)&nbsp;make a determination under the Maryland Business Combination Act,
or (d)&nbsp;act or fail to act solely because of the effect the act or failure to act may have on an acquisition or potential acquisition
of control of the corporation or the amount or type of consideration that may be offered or paid to the stockholders in an acquisition.
Moreover, under the MGCL, the act of a director of a Maryland corporation relating to or affecting an acquisition or potential acquisition
of control is not subject to any higher duty or greater scrutiny than is applied to any other act of a director. The MGCL also contains
a statutory presumption that an act of a director of a Maryland corporation satisfies the applicable standards of conduct for directors
under the MGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MGCL also provides that,
unless exempted, certain Maryland corporations may not engage in business combinations, including mergers, dispositions of 10% or more
of its assets, certain issuances of shares of stock and other specified transactions, with an &#8220;interested stockholder&#8221; or
an affiliate of an interested stockholder for five&nbsp;years after the most recent date on which the interested stockholder became an
interested stockholder, and thereafter unless specified criteria are met. An interested stockholder is generally a person owning or controlling,
directly or indirectly, 10% or more of the voting power of the outstanding stock of the Maryland corporation, unless the stock had been
obtained in a transaction approved by its board of directors. These and other provisions of the MGCL could have the effect of delaying,
deferring or preventing a proxy contest, tender offer, merger or other change in control, which may have a material adverse effect on
our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Your rights as stockholders and our rights to recover claims
against our officers and directors are limited.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Maryland law, our charter,
and the terms of certain indemnification agreements with our executive officers and directors, we must generally indemnify our officers
and directors to the maximum extent permitted by Maryland law. Maryland law permits us to indemnify our present and former directors
and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection
with any proceeding to which they may be made or threatened to be made a party by reason of their service in those or other capacities
unless it is established that: (1)&nbsp;the act or omission of the director or officer was material to the matter giving rise to the
proceeding and (i)&nbsp;was committed in bad faith or (ii)&nbsp;was the result of active and deliberate dishonesty; (2)&nbsp;the director
or officer actually received an improper personal benefit in money, property or services; or (3)&nbsp;in the case of any criminal proceeding,
the director or officer had reasonable cause to believe that the act or omission was unlawful. As a result, we and our stockholders may
have more limited rights against our directors, officers, employees and agents, and their affiliates, than might otherwise exist under
common law. In addition, we may be obligated to fund the defense costs incurred by our directors, officers, employees and agents in some
cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>An increase in market interest rates may have an adverse effect
on the market price of our Class&nbsp;A common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">One of the factors that investors
may consider in deciding whether to buy or sell our Class&nbsp;A common stock is our distribution yield, which is our distribution rate
as a percentage of our share price, relative to market interest rates. If market interest rates increase, prospective investors may desire
a higher distribution yield on our Class&nbsp;A common stock or may seek securities paying higher dividends or interest. As a result,
interest rate fluctuations and capital market conditions are likely to affect the market price of our Class&nbsp;A common stock, and
such effects could be significant. For example, if interest rates rise without an increase in our distribution rate, the market price
of our Class&nbsp;A common stock could decrease because potential investors may require a higher distribution yield on our Class&nbsp;A
common stock as market rates on interest-bearing securities, such as bonds, rise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our ability to pay dividends is limited by the requirements
of Maryland law.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to pay dividends
on our common stock is limited by the laws of Maryland. Under applicable Maryland law, a Maryland corporation generally may not make
a distribution (including a dividend or redemption) if, after giving effect to the dividend, the corporation would not be able to pay
its debts as the debts become due in the usual course of business, or the corporation&#8217;s total assets would be less than the sum
of its total liabilities plus, unless the corporation&#8217;s charter provides otherwise, the amount that would be needed, if the corporation
were dissolved at the time of the dividend, to satisfy the preferential rights upon dissolution of stockholders whose preferential rights
are superior to those receiving the dividend. Accordingly, we generally may not make a distribution if, after giving effect to the distribution,
we would not be able to pay our debts as they become due in the usual course of business or our total assets would be less than the sum
of our total liabilities plus, unless our charter provides otherwise, the amount that would be needed to satisfy the preferential rights
upon dissolution of stockholders whose preferential rights are superior to those receiving the dividend. Any dividends or redemption
payments may be delayed or prohibited. As a result, the price of our common stock may decrease, which may have a material adverse effect
on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may change our dividend policy, and the cash distributions
you receive may be less frequent or lower in amount than you expect.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Future dividends will be
declared and paid at the discretion of our board of directors, and the amount and timing of dividends will depend upon cash generated
by operating activities, our business, financial condition, results of operations, capital requirements, annual distribution requirements
under the REIT provisions of the Code, and such other factors as our board of directors deems relevant. Our board of directors may change
our dividend policy at any time, and there can be no assurance as to the manner in which future dividends will be paid or that the current
dividend level will be maintained in future periods. We cannot assure you that we will consistently be able to generate sufficient available
cash flow to fund distributions on our Series&nbsp;B Redeemable Preferred Stock, nor can we assure you that sufficient cash will be available
to make distributions to you. We cannot predict the amount of distributions you may receive and we may be unable to pay, maintain or
increase distributions over time. Our inability to acquire additional properties or make real estate-related investments or operate profitably
may have a negative effect on our ability to generate sufficient cash flow from operations to pay distributions on our Series&nbsp;B
Redeemable Preferred Stock. Any&nbsp;reduction in our dividends may cause investors to seek alternative investments, which would result
in selling pressure on, and a decrease in the market price of, our common stock. As a result, the price of our common stock may decrease,
which may have a material adverse effect on our business, financial condition and results of operations. In addition, to the extent we
make distributions to stockholders with sources other than cash flow from operations, the amount of cash that is available for investment
in real estate assets will be reduced, which will in turn negatively impact our ability to achieve our investment objectives and limit
our ability to make future distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We currently qualify as an emerging growth
company. To the extent that we no longer qualify we will be subject to additional regulatory requirements which will likely be time-consuming
and costly.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the reporting
requirements of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;), the Sarbanes-Oxley Act of 2002 (the &ldquo;Sarbanes-Oxley
Act&rdquo;), and the rules&nbsp;and regulations of the New York Stock Exchange American (the &ldquo;NYSE American&rdquo;). We currently
qualify as an &ldquo;emerging growth company.&rdquo; For so long as we remain an emerging growth company, we will be exempt from Section&nbsp;404(b)&nbsp;of
the Sarbanes-Oxley Act, which requires auditor attestation to the effectiveness of internal control over financial reporting. We will
cease to be an emerging growth company on the date that is the earliest of (i)&nbsp;the last day of the fiscal year in which we have
total gross annual revenues of $1.235&nbsp;billion or more; (ii)&nbsp;the last day of our fiscal year following the fifth anniversary
of the date of the Distribution; (iii)&nbsp;the date on which we have issued more than $1 billion in nonconvertible debt during the previous
three years; or (iv)&nbsp;the date on which we are deemed to be a large accelerated filer under the rules&nbsp;of the SEC. We cannot
predict if investors will find our common stock less attractive because we may rely on the exemptions available to us as an emerging
growth company. If some investors find our common stock less attractive as a result, there may be a less active trading market for our
common stock, and our stock price may be more volatile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are, however, subject
to Section&nbsp;404(a)&nbsp;of the Sarbanes-Oxley Act, which requires, among other things, annual management assessments of the effectiveness
of our internal control over financial reporting. In addition, upon the expiration of our emerging growth company status, we will be
broadly subject to enhanced reporting and other requirements under the Exchange Act and Sarbanes-Oxley Act, which will require, among
other things, a report by our independent registered public accounting firm addressing such annual management assessments. These and
other obligations will place significant demands on our management, administrative and operational resources, including accounting and
information technology resources. To comply with these requirements, we anticipate that we will or may need to implement additional financial
and management controls, reporting systems and procedures, and hire additional accounting, finance and information technology staff.
Our management and other personnel will need to devote a substantial amount of time to these compliance initiatives. Moreover, these
rules&nbsp;and regulations will increase our legal and financial compliance costs and will make some activities more time-consuming and
costlier. If we are unable to do this in a timely and effective fashion, our ability to comply with our financial reporting requirements
and other rules&nbsp;that apply to reporting companies could be impaired and our business, prospects, financial condition and results
of operations could be harmed.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INVESTMENT COMPANY RISKS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Your investment return may be reduced if
we are required to register as an investment company under the Investment Company Act; if we are subject to registration under the Investment
Company Act, we will not be able to continue our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither we, nor our Operating
Partnership, nor any of our subsidiaries intend to register as an investment company under the Investment Company Act. We are organized
as a holding company that conducts its businesses primarily through the Operating Partnership, which in turn is a holding company conducting
its business through its subsidiaries. We expect that our Operating Partnership&#8217;s and subsidiaries&#8217; investments in real estate
will represent the substantial majority of our total asset mix, which would not subject us to the Investment Company Act. In order to
maintain an exemption from regulation under the Investment Company Act, we intend to engage, through our Operating Partnership and our
wholly and majority owned subsidiaries, primarily in the business of buying real estate, and qualifying real estate investments must
be made within a year after cash is received by us. If we are unable to invest a significant portion of cash proceeds in properties within
one year of receipt, we may avoid being required to register as an investment company by temporarily investing any unused proceeds in
government securities with low returns, which would reduce the cash available for distribution to stockholders and possibly lower your
returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that most of our
assets will continue to be held through wholly owned or majority owned subsidiaries of our Operating Partnership. We expect that most
of these subsidiaries will be outside the definition of an investment company under Section&nbsp;3(a)(1)&nbsp;of the Investment Company
Act as they are generally expected to hold at least 60% of their assets in real property or in entities that they manage or co-manage
that own real property. Section&nbsp;3(a)(1)(A)&nbsp;of the Investment Company Act defines an investment company as any issuer that is
or holds itself out as being engaged primarily in the business of investing, reinvesting or trading in securities. We believe that neither
we nor the Operating Partnership will be considered an investment company under Section&nbsp;3(a)(1)(A)&nbsp;of the Investment Company
Act because neither we nor the Operating Partnership will engage primarily or hold itself out as being engaged primarily in the business
of investing, reinvesting or trading in securities. Rather, through the Operating Partnership&#8217;s wholly-owned or majority owned
subsidiaries, we and the Operating Partnership will be primarily engaged in the non-investment company businesses of these subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;3(a)(1)(C)&nbsp;of
the Investment Company Act defines an investment company as any issuer that is engaged or proposes to engage in the business of investing,
reinvesting, owning, holding or trading in securities and owns or proposes to acquire investment securities having a value exceeding
40% of the value of the issuer&#8217;s total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis,
which we refer to as the 40% test. Excluded from the term &#8220;investment securities,&#8221; among other things, are U.S. government
securities and securities issued by majority owned subsidiaries that are not themselves investment companies and are not relying on the
exception from the definition of investment company set forth in Section&nbsp;3(c)(1)&nbsp;or Section&nbsp;3(c)(7)&nbsp;of the Investment
Company Act. We believe that we, our Operating Partnership and most of the subsidiaries of our Operating Partnership will not fall within
this definition of investment company as we invest primarily in real property, through our wholly or majority owned subsidiaries, the
majority of which we expect to have at least 60% of their assets in real property or in entities that they manage or co-manage that own
real property. Both we and our Operating Partnership intend to conduct our operations so that they comply with the 40% test. We will
monitor our holdings to ensure continuing and ongoing compliance with this test.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that the value
of investment securities held by the subsidiaries of our Operating Partnership were to exceed 40%, we expect our subsidiaries to be able
to rely on the exclusion from the definition of &#8220;investment company&#8221; provided by Section&nbsp;3(c)(5)(C)&nbsp;of the Investment
Company Act. Section&nbsp;3(c)(5)(C), as interpreted by the staff of the SEC, requires each of our subsidiaries relying on this exception
to invest at least 55% of its portfolio in &#8220;mortgage and other liens on and interests in real estate,&#8221; which we refer to
as &#8220;qualifying real estate assets&#8221; and maintain at least 70% to 90% of its assets in qualifying real estate assets or other
real estate-related assets. The remaining 20% of the portfolio can consist of miscellaneous assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">What we buy and sell is therefore
limited to these criteria. How we determine to classify our assets for purposes of the Investment Company Act will be based in large
measure upon no-action letters issued by the SEC staff in the past and other SEC interpretive guidance. These no-action positions were
issued in accordance with factual situations that may be substantially different from the factual situations we may face, and a number
of these no-action positions were issued more than ten&nbsp;years ago. Pursuant to this guidance, and depending on the characteristics
of the specific investments, certain joint venture investments may not constitute qualifying real estate assets and therefore investments
in these types of assets may be limited. No assurance can be given that the SEC will concur with our classification of our assets. Future
revisions to the Investment Company Act or further guidance from the SEC may cause us to lose our exclusion from registration or force
us to re-evaluate our portfolio and our investment strategy. Such changes may prevent us from operating our business successfully.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that we, or
our Operating Partnership, were to acquire assets that could make either entity fall within the definition of investment company under
Section&nbsp;3(a)(1)&nbsp;of the Investment Company Act, we believe that we would still qualify for an exclusion from registration pursuant
to Section&nbsp;3(c)(6). Section&nbsp;3(c)(6)&nbsp;excludes from the definition of investment company any company primarily engaged,
directly or through majority owned subsidiaries, in one or more of certain specified businesses. These specified businesses include the
real estate business described in Section&nbsp;3(c)(5)(C)&nbsp;of the Investment Company Act. It also excludes from the definition of
investment company any company primarily engaged, directly or through majority owned subsidiaries, in one or more of such specified businesses
from which at least 25% of such company&#8217;s gross income during its last fiscal&nbsp;year is derived, together with any additional
business or businesses other than investing, reinvesting, owning, holding, or trading in securities. Although the SEC staff has issued
little interpretive guidance with respect to Section&nbsp;3(c)(6), we believe that we and our Operating Partnership may rely on Section&nbsp;3(c)(6)&nbsp;if
55% of the assets of our Operating Partnership consist of, and at least 55% of the income of our Operating Partnership is derived from,
qualifying real estate assets owned by wholly owned or majority owned subsidiaries of our Operating Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we believe that
the nature of our assets and the sources of our income exclude us from the definition of an investment company pursuant to Rule&nbsp;3a-1
under the Investment Company Act. Rule&nbsp;3a-1 provides an exclusion from registration as an investment company if an issuer meets
both an asset and an income test and is not otherwise primarily engaged in an investment company business by, among other things, holding
itself out to the public as such or by taking controlling interests in companies with a view to realizing profits through subsequent
sales of these interests. Generally, an issuer satisfies the asset test of Rule&nbsp;3a-1 if it has no more than 45% of the value of
its total assets (exclusive of U.S. government securities and cash items) in the form of securities other than interests in majority
owned subsidiaries and companies which it primarily controls. A company satisfies the income test of Rule&nbsp;3a-1 if it has derived
no more than 45% of its net income after taxes for its last four fiscal quarters combined from securities other than interests in majority
owned subsidiaries and primarily controlled companies through which it engages primarily in a business other than investing in securities.
We believe that as long as we control more than 25% of the voting power, which control is greater than any other person&#8217;s, of our
Operating Partnership we may rely on Rule&nbsp;3a-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To ensure that neither we,
nor our Operating Partnership nor subsidiaries are required to register as an investment company, each entity may be unable to sell assets
they would otherwise want to sell and may need to sell assets they would otherwise wish to retain. In addition, we, our Operating Partnership
or our subsidiaries may be required to acquire additional income or loss-generating assets that we might not otherwise acquire or forego
opportunities to acquire interests in companies that we would otherwise want to acquire. Although we, our Operating Partnership and our
subsidiaries intend to monitor our respective portfolios periodically and prior to each acquisition or disposition, any of these entities
may not be able to maintain an exclusion from registration as an investment company. If we, our Operating Partnership or our subsidiaries
are required to register as an investment company but fail to do so, the unregistered entity would be prohibited from engaging in our
business, and criminal and civil actions could be brought against such entity. In addition, the contracts of such entity would be unenforceable
unless a court required enforcement, and a court could appoint a receiver to take control of the entity and liquidate its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we or the Operating Partnership are
required to register as an investment company under the Investment Company Act, the additional expenses and operational limitations associated
with such registration may reduce your investment return or impair our ability to conduct our business as planned.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we become an investment
company or are otherwise required to register as an investment company, we might be required to revise some of our current policies,
or substantially restructure our business, to comply with the Investment Company Act. This would likely require us to incur the expense
and delay of holding a stockholder meeting to vote on proposals for such changes. Further, if we were required to register as an investment
company, but failed to do so, we would be prohibited from engaging in our business, criminal and civil actions could be brought against
us, some of our contracts might be unenforceable, unless a court were to direct enforcement, and a court could appoint a receiver to
take control of us and liquidate our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ERISA RISKS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If you fail to meet the fiduciary and other
standards under the Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;), or the Code as a result of an
investment in our Series&nbsp;B Redeemable Preferred Stock, you could be subject to criminal and civil penalties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Special considerations apply
to the purchase of stock by employee benefit plans subject to the fiduciary rules&nbsp;of title I of the Employee Retirement Income Security
Act of 1974, as amended, or ERISA, including pension or profit sharing plans and entities that hold assets of such plans, which we refer
to as ERISA Plans, and plans and accounts that are not subject to ERISA, but are subject to the prohibited transaction rules&nbsp;of
Section&nbsp;4975 of the Code, including IRAs, Keogh Plans, and medical savings accounts. (Collectively, we refer to ERISA Plans and
plans subject to Section&nbsp;4975 of the Code as &#8220;Benefit Plans&#8221; or &#8220;Benefit Plan Investors&#8221;). If you are investing
the assets of any Benefit Plan, you should consider whether:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">your investment
    will be consistent with your fiduciary obligations under ERISA and the Code;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">your investment
    will be made in accordance with the documents and instruments governing the Benefit Plan, including the Plan&#8217;s investment policy;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">your investment
    will satisfy the prudence and diversification requirements of Sections 404(a)(1)(B)&nbsp;and 404(a)(1)(C)&nbsp;of ERISA, if applicable,
    and other applicable provisions of ERISA and the Code;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">your investment
    will impair the liquidity of the Benefit Plan;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">your investment
    will produce &#8220;unrelated business taxable income&#8221; for the Benefit Plan;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">you will be
    able to satisfy plan liquidity requirements as there may be only a limited market to sell or otherwise dispose of our Series&nbsp;B
    Redeemable Preferred Stock; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">your investment
    will constitute a prohibited transaction under Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Failure to satisfy the fiduciary
standards of conduct and other applicable requirements of ERISA and the Code may result in the imposition of civil and criminal penalties,
and can subject the fiduciary to claims for damages or for equitable remedies. In addition, if an investment in our shares constitutes
a prohibited transaction under ERISA or the Code, the fiduciary or IRA owner who authorized or directed the investment may be subject
to the imposition of excise taxes with respect to the amount invested. In the case of a prohibited transaction involving an IRA owner,
the IRA may be disqualified and all of the assets of the IRA may be deemed distributed and subjected to tax. Benefit Plan Investors should
consult with counsel before making an investment in shares of our Series&nbsp;B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Plans that are not subject
to ERISA or the prohibited transactions of the Code, such as government plans or church plans, may be subject to similar requirements
under state law. The fiduciaries of such plans should satisfy themselves that the investment satisfies applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If our assets are deemed to be ERISA plan
assets, the Manager and we may be exposed to liabilities under Title I of ERISA and the Internal Revenue Code.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In some circumstances where
an ERISA plan holds an interest in an entity, the assets of the entire entity are deemed to be ERISA plan assets unless an exception
applies. This is known as the &#8220;look-through rule.&#8221; Under those circumstances, the obligations and other responsibilities
of plan sponsors, plan fiduciaries and plan administrators, and of parties in interest and disqualified persons, under Title I of ERISA
and Section&nbsp;4975 of the Code, as applicable, may be applicable, and there may be liability under these and other provisions of ERISA
and the Code. We believe that our assets should not be treated as plan assets because the shares should qualify as &#8220;publicly-offered
securities&#8221; that are exempt from the look-through rules&nbsp;under applicable Treasury Regulations. We note, however, that because
certain limitations are imposed upon the transferability of shares so that we may maintain our qualification as a REIT, and perhaps for
other reasons, it is possible that this exemption may not apply. If that is the case, and if the Manager or we are exposed to liability
under ERISA or the Code, our performance and results of operations could be adversely affected. Prior to making an investment in us,
you should consult with your legal and other advisors concerning the impact of ERISA and the Code on your investment and our performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="ana_001"></A>CAUTIONARY STATEMENT
CONCERNING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Statements included in this
prospectus that are not historical facts (including any statements concerning investment objectives, other plans and objectives of management
for future operations or economic performance, or assumptions or forecasts related thereto) are forward-looking statements within the
meaning of Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act; Section&nbsp;27A of the Securities
Act of 1933, as amended, or the Securities Act; and pursuant to the Private Securities Litigation Reform Act of 1995. These statements
are only predictions. We caution that forward-looking statements are not guarantees. Actual events or our investments and results of
operations could differ materially from those expressed or implied in any forward-looking statements. Forward-looking statements are
typically identified by the use of terms such as &#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;could,&#8221;
 &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;believe,&#8221; &#8220;continue,&#8221;
 &#8220;predict,&#8221; &#8220;potential&#8221; or the negative of such terms and other comparable terminology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The forward-looking statements
included in this prospectus are based upon our current expectations, plans, estimates, assumptions and beliefs that involve numerous
risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic,
competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many
of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on
reasonable assumptions, our actual results and performance could differ materially from those set forth in these forward-looking statements
due to numerous factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additional factors that could
have a material adverse effect on our operations and future prospects include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the factors
    included in this prospectus, including those set forth under the heading &#8220;Risk Factors&#8221;;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability
    to invest the net proceeds of this offering in the manner set forth in this prospectus;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the competitive
    environment in which we operate;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in
    national, regional and local economic conditions, which may be negatively impacted by concerns about inflation, deflation, tariffs
    and global trade tensions, government deficits, high unemployment rates, decreased consumer confidence and liquidity concerns, particularly
    in markets in which we have a high concentration of properties;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations and relative
    increases in interest rates, which could adversely affect our ability to obtain financing on favorable terms or at all;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the inability of tenants
    to pay rent;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the existence and quality
    of the competition, such as the attractiveness of our properties as compared to our competitors&#8217; properties based on considerations
    such as convenience of location, rental rates and safety record;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased operating costs,
    including increased real property taxes, HOA fees, maintenance, insurance and utilities costs;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">weather conditions that
    may increase or decrease energy costs and other weather-related expenses;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">oversupply of rental housing
    or a reduction in demand for real estate in the markets in which our properties are located;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">development, redevelopment,
    and construction risks that could affect our profitability;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs and time
    period required to convert acquisitions to rental properties;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a favorable interest rate
    environment that may result in a significant number of potential residents of our properties deciding to purchase homes instead of
    renting;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">rules, regulations and/or
    policy initiatives by government and private actors, including HOAs, to discourage or deter the purchase of residential properties
    by entities owned or controlled by institutional investors;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to lease newly
    acquired or newly constructed residential properties;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in, or increased
    costs of compliance with, laws and/or governmental regulations, including those governing usage, zoning, the environment and taxes;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">rent control or stabilization
    laws, or other laws regulating rental housing, which could prevent us from raising rents to offset increases in operating costs;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The board of directors&#8217;
    determination as to timing and payment of dividends, and our ability to pay future distributions at the dividend rates set forth
    in this prospectus;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability
    to maintain our qualification as a REIT;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">litigation,
    including costs associated with prosecuting or defending claims and any adverse outcomes;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">possible environmental
    liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties
    presently owned or previously owned by us or a subsidiary owned by us or acquired by us; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the impact
    of epidemics, pandemics, or other outbreaks of illness, disease or virus (including the novel coronavirus (&#8220;COVID-19&#8221;)
    and its variants) and the actions taken by government authorities and other factors related thereto, including the ability of our
    company, our properties and our tenants to operate.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any of the assumptions underlying
forward-looking statements could be inaccurate. You are cautioned not to place undue reliance on any forward-looking statements included
in this prospectus. All forward-looking statements speak only as of their respective dates and the risk that actual results will differ
materially from the expectations expressed in this prospectus will increase with the passage of time. Except as otherwise required by
the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result
of new information, future events, changed circumstances or any other reason. In light of the significant uncertainties inherent in the
forward-looking statements included in this prospectus, including, without limitation, the risks described under &#8220;Risk Factors,&#8221;
the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives
and plans set forth in this prospectus will be achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="ana_002"></A>ESTIMATED USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth our estimated use of proceeds from this offering, assuming that we sell the maximum of 14,000,000 shares of our Series&nbsp;B Redeemable
Preferred Stock in this offering at the public offering price of&#8201; $25.00 per share for maximum gross offering proceeds of&#8201;
$350 million. However, the number of shares of our Series&nbsp;B Redeemable Preferred Stock to be offered and other terms of the offering
under this prospectus may vary from these assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Estimated Application of Offering Proceeds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum
                                            Offering</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">Gross offering proceeds</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">350,000,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">100.0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Offering expenses:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Selling commissions(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Placement fee(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other offering
    expenses(2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,375,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1.25</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Amount available for investment(3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">310,625,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">88.75</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Cash down payment (equity)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">293,825,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">83.95</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Acquisition expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13,300,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Working capital reserve</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,500,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds invested</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">310,625,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">88.75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Offering expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">39,375,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11.25</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total application of proceeds</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">350,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">100.00</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes selling
    commissions equal to 7.0% of gross offering proceeds and a placement fee of 3.0% of gross offering proceeds in the offering under
    this prospectus. A portion of selling commissions and/or of the placement fee may be reallowed to participating broker-dealers. See
    the &#8220;Plan of Distribution&#8221; section of this prospectus for a description of these commissions and fees. We or our affiliates
    also may provide permissible forms of non-cash compensation to registered representatives of our dealer manager and the participating
    broker-dealers, including gifts. In no event shall such gifts exceed an aggregate value of&#8201; $100 per annum per participating
    salesperson, or be pre-conditioned on achievement of a sales target. The value of such items will be considered underwriting compensation
    in connection with the offering, and the corresponding payments of the placement fee will be reduced by the aggregate value of such
    items. The aggregate combined selling commissions, placement fee and such non-cash compensation for the offering will not exceed
    FINRA&#8217;s 10.0% cap. Our dealer manager will repay to the company any excess payments made to our dealer manager over FINRA&#8217;s
    10.0% cap if the offering is abruptly terminated before reaching the maximum amount of offering proceeds.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes all
    expenses (other than selling commissions and the placement fee) to be paid by us or on our behalf in connection with the qualification
    and registration of this offering and the marketing and distribution of shares of our Series&nbsp;B Redeemable Preferred Stock, including,
    without limitation, expenses for printing and amending registration statements or supplementing prospectuses, mailing and distributing
    costs, all advertising and marketing expenses (including costs incurred for travel, meals and lodging for our employees to attend
    retail seminars hosted by broker-dealers or bona fide training or educational meetings hosted by us), charges of transfer agents,
    registrars and experts, and fees, expenses and taxes related to the filing, registration and qualification, as necessary, of the
    sale of shares of our Series&nbsp;B Redeemable Preferred Stock under federal and state laws, including taxes and fees and accountants&#8217;
    and attorneys&#8217; fees. We do not expect such offering expenses to exceed 1.25% of gross offering proceeds, though the amount
    of such expenses may exceed the expected amount, as long as said expenses would not cause the cumulative selling commissions, placement
    fee and issuer organization and offering expenses paid by us to exceed 15.0% of gross offering proceeds. All organization and offering
    expenses, including selling commissions and the placement fee, are not expected to exceed 11.25% of the aggregate gross proceeds
    of this offering, though the amount of such expenses may exceed the expected amount.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although the
    net proceeds are expected to be used in connection with the acquisition of residential properties and other real estate-related investments
    and the payment of fees and expenses related thereto, the proceeds are available for our other capital needs, whether related to
    the repayment of debt or otherwise. For purposes of this table, however, we have assumed that we will use all the net proceeds for
    acquisitions of real property and other real estate-related investments and the payment of related fees and&nbsp;expenses. Until
    required in connection with the acquisition of real property, other real estate-related investments or other capital needs, we intend
    to invest the net proceeds of this offering in interest-bearing, short-term investment-grade securities, money-market accounts or
    other investments that will not adversely affect our ability to maintain our qualification as a REIT.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Assuming the maximum offering,
we estimate that we will receive net proceeds from the sale of shares of Series&nbsp;B Redeemable Preferred Stock in the offering of
approximately $310.63 million, after deducting estimated offering expenses, including selling commissions and the placement fee, payable
by us of approximately $39.38 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will contribute the net
proceeds of this offering to our operating partnership in exchange for Series&nbsp;B Redeemable Preferred Units (as defined herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to use the net
proceeds of this offering for future acquisitions, investments in properties, and other general corporate and working capital purposes,
which may include the funding of capital improvements at our properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to use prudent
amounts of leverage in connection with our operations. As of December 31, 2025, our total indebtedness was approximately $440.8 million.
Once we reach sufficient scale, we generally expect our total indebtedness to be less than 75% of the fair market value of our real estate
investments. However, we are not subject to any limitations on the amount of leverage we may use, and accordingly, the amount of leverage
we use may be significantly less or greater than we currently anticipate. Further, during our ramp-up to scale, we expect that our leverage
will fluctuate and for periods of time will exceed 75% of the fair market value of our real estate investments as appropriate. For purposes
of calculating our leverage, we include our consolidated real estate investments, include our preferred equity and loan investments at
cost, include assets we have classified as held for sale, and include any joint venture level indebtedness in our total indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="ana_003"></A>DISTRIBUTION POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to maintain our
qualification as a REIT for U.S. federal income tax purposes. The Code generally requires that a REIT annually distribute at least 90%
of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain, and imposes
tax on any taxable income retained by a REIT, including capital gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To satisfy the requirements
for qualification as a REIT and generally not be subject to U.S. federal income and excise tax, we intend to make regular distributions
of all or substantially all of our REIT taxable income, determined without regard to dividends paid, to our stockholders out of assets
legally available for such purposes. All future distributions will be determined at the sole discretion of our board of directors on
a quarterly basis. When determining the amount of future distributions, we expect that our board of directors will consider, among other
factors, (i)&nbsp;the amount of cash generated from our operating activities, (ii)&nbsp;our expectations of future operating cash flows,
(iii)&nbsp;our determination of near-term cash needs for acquisitions of new properties, development investments, general property capital
improvements and debt repayments, (iv)&nbsp;our ability to continue to access additional sources of capital, (v)&nbsp;the requirements
of Maryland law, (vi)&nbsp;the amount required to be distributed to maintain our qualification as a REIT and to reduce any income and
excise taxes that we otherwise would be required to pay and (vii)&nbsp;any limitations on our distributions contained in our credit or
other agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Class&nbsp;A Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of shares of Class&nbsp;A
common stock, $0.01 par value per share (the &ldquo;Class&nbsp;A common stock&rdquo;), and Class&nbsp;C common stock, $0.01 par value
per share (the &ldquo;Class&nbsp;C common stock&rdquo;), will be entitled to receive cash dividends when, as and if authorized by our
board of directors and declared by us. On March&nbsp;10, 2026, our board of directors authorized, and we declared, a quarterly cash dividend
for the first quarter of fiscal year 2026 equal to a quarterly rate of $0.125 per share, or $0.50 per share annually, for our Class&nbsp;A
common stock and Class&nbsp;C common stock. The common stock dividends for the first quarter of 2026 will be payable to the stockholders
of record as of March 25, 2026, which will be paid in cash on April 2, 2026.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Series&nbsp;B Redeemable Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the preferential
rights of the holders of any class or series of our capital stock ranking senior to the Series&nbsp;B Redeemable Preferred Stock if any
such class or series is authorized in the future, the holders of Series&nbsp;B Redeemable Preferred Stock are entitled to receive, when
and as authorized by our board of directors and declared by us out of legally available funds, cumulative cash dividends on each share
of Series&nbsp;B Redeemable Preferred Stock at an annual rate of 7.5% of the Stated Value of&#8201;$25.00 per share (each, a &#8220;Series&nbsp;B
Dividend&#8221;). We expect Series&nbsp;B Dividends will be authorized and declared on a quarterly basis, payable monthly on the 5th
day of the month to holders of record as of the close of business on the 25th day of the prior month (or if such payment date or record
date is not a business day, on the immediately preceding business day, with the same force and effect as if made on such date), unless
our results of operations, our general financing conditions, general economic conditions, applicable provisions of Maryland law or other
factors make it imprudent to do so. The initial Series&nbsp;B Dividend payable on each share of Series&nbsp;B Redeemable Preferred Stock
will begin accruing on, and will be cumulative from, the date of original issuance of such share of Series&nbsp;B Redeemable Preferred
Stock. Each subsequent Series&nbsp;B Dividend will begin accruing on, and will be cumulative from, the end of the most recent Series&nbsp;B
Dividend period for which a Series&nbsp;B Dividend has been paid on each such share of Series&nbsp;B Redeemable Preferred Stock. A &#8220;Series&nbsp;B
Dividend Period&#8221; will be 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&nbsp;B Dividend Period (other than the initial Series&nbsp;B Dividend Period
and the Series&nbsp;B Dividend Period during which any shares of Series&nbsp;B Redeemable Preferred Stock shall be redeemed or otherwise
acquired by us). For the avoidance of doubt, any such Series&nbsp;B Dividend may vary among holders of Series&nbsp;B Redeemable Preferred
Stock and may be prorated with respect to any shares of Series&nbsp;B Redeemable Preferred Stock that were outstanding less than the
total number of days in the Series&nbsp;B Dividend Period immediately preceding the applicable dividend payment date, with the amount
of any such prorated dividend being computed on the basis of the actual number of days in such dividend period during which such shares
of Series&nbsp;B Redeemable Preferred Stock were outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The timing and amount of
any dividends on the Series&nbsp;B Redeemable Preferred Stock will be determined by our board of directors, in its sole discretion, and
may vary from time to time. All such dividends will accrue and be paid on the basis of a 360-day year consisting of twelve 30-day months.
Dividends on the Series&nbsp;B Redeemable Preferred Stock will accrue whether or not (i)&nbsp;we have earnings, (ii)&nbsp;there are funds
legally available for the payment of such dividends and (iii)&nbsp;such dividends are authorized by our board of directors or declared
by us. Accrued dividends on the Series&nbsp;B Redeemable Preferred Stock will not bear interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Series&nbsp;A Redeemable Preferred Redeemable
Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the preferential
rights of the holders of any class or series of our capital stock ranking senior to the Series&nbsp;A Redeemable Preferred Stock if any
such class or series is authorized in the future, the holders of Series&nbsp;A Redeemable Preferred Stock are entitled to receive, when
and as authorized by our board of directors and declared by us out of legally available funds, cumulative cash dividends on each share
of Series&nbsp;A Redeemable Preferred Stock at an annual rate of 6.0% of the Stated Value of&#8201;$25.00 per share (each, a &#8220;Series&nbsp;A
Regular Dividend&#8221;). In addition, for each month for which the board of directors authorizes a Series&nbsp;A Regular Dividend, holders
of shares of the Series&nbsp;A Redeemable Preferred Stock will be entitled to receive an enhanced special dividend, which will be aggregated
with the Series&nbsp;A Regular Dividend so as to effect a dividend rate of the average one month Term Secured Overnight Financing Rate
(&#8220;SOFR&#8221;) plus 2.0%, subject to a 6.5% minimum and 8.5% maximum annual rate, calculated and paid monthly (each, a &#8220;Series&nbsp;A
Enhanced Dividend,&#8221; and together with the Series&nbsp;A Regular Dividend, a &#8220;Series&nbsp;A Cash Dividend&#8221;). We expect
Series&nbsp;A Cash Dividends will be authorized and declared on a quarterly basis, payable monthly on the 5th day of the month to holders
of record as of the close of business on the 25th day of the prior month (or if such payment date or record date is not a business day,
on the immediately preceding business day, with the same force and effect as if made on such date), unless our results of operations,
our general financing conditions, general economic conditions, applicable provisions of Maryland law or other factors make it imprudent
to do so. The initial Series&nbsp;A Cash Dividend payable on each share of Series&nbsp;A Redeemable Preferred Stock will begin accruing
on, and will be cumulative from, the date of original issuance of such share of Series&nbsp;A Redeemable Preferred Stock. Each subsequent
Series&nbsp;A Cash Dividend will begin accruing on, and will be cumulative from, the end of the most recent Series&nbsp;A Cash Dividend
period for which a Series&nbsp;A Cash Dividend has been paid on each such share of Series&nbsp;A Redeemable Preferred Stock. A &#8220;Series&nbsp;A
Cash Dividend Period&#8221; will be 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&nbsp;A Cash Dividend Period (other than the initial Series&nbsp;A Cash
Dividend Period and the Series&nbsp;A Cash Dividend Period during which any shares of Series&nbsp;A Redeemable Preferred Stock shall
be redeemed or otherwise acquired by us). For the avoidance of doubt, any such Series&nbsp;A Cash Dividend may vary among holders of
Series&nbsp;A Redeemable Preferred Stock and may be prorated with respect to any shares of Series&nbsp;A Redeemable Preferred Stock that
were outstanding less than the total number of days in the Series&nbsp;A Cash Dividend Period immediately preceding the applicable dividend
payment date, with the amount of any such prorated dividend being computed on the basis of the actual number of days in such dividend
period during which such shares of Series&nbsp;A Redeemable Preferred Stock were outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The timing and amount of
any dividends on the Series&nbsp;A Redeemable Preferred Stock will be determined by our board of directors, in its sole discretion, and
may vary from time to time. All such dividends will accrue and be paid on the basis of a 360-day year consisting of twelve 30-day months.
Dividends on the Series&nbsp;A Redeemable Preferred Stock will accrue whether or not (i)&nbsp;we have earnings, (ii)&nbsp;there are funds
legally available for the payment of such dividends and (iii)&nbsp;such dividends are authorized by our board of directors or declared
by us. Accrued dividends on the Series&nbsp;A Redeemable Preferred Stock will not bear interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot assure you that
we will generate sufficient cash flows to make distributions to our stockholders or that we will be able to sustain those distributions.
If our operations do not generate sufficient cash flow to allow us to satisfy the REIT distribution requirements, we may be required
to fund distributions from working capital, offering proceeds, proceeds from our DST Program, borrowing funds, selling assets, making
a taxable distribution of our equity or debt securities, or reducing such distributions. In addition, while we have no intention to do
so, prior to the time we have fully invested the net proceeds of this offering, we may fund our distributions out of the net proceeds
of this offering, which could adversely impact our results of operations. Our distribution policy enables us to review the alternative
funding sources available to us from time to time. Our actual results of operations will be affected by a number of factors, including
the revenues we receive from our properties and other investments, our operating expenses, interest expense, the ability of our tenants
to meet their obligations and unanticipated expenditures. For more information regarding risk factors that could materially adversely
affect our actual results of operations, please see &#8220;Risk Factors.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="ana_004"></A>MANAGEMENT&#8217;S DISCUSSION
AND ANALYSIS OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The following discussion
and analysis should be read in conjunction with the accompanying financial statements, and the notes thereto. As used herein, the terms
 &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; refer to Bluerock Homes Trust,&nbsp;Inc., a Maryland corporation, and, as required
by context, Bluerock Residential Holdings, L.P., a Delaware limited partnership, which we refer to as our &#8220;Operating Partnership,&#8221;
and to their subsidiaries. We refer to Bluerock Real Estate, L.L.C., a Delaware limited liability company, together with its affiliates,
as &#8220;Bluerock,&#8221; and we refer to our external manager, Bluerock Homes Manager, LLC, a Delaware limited liability company organized
in 2022, as our &#8220;Manager.&#8221; Both Bluerock and our Manager are affiliated with us. This Management&#8217;s Discussion and Analysis
of Financial Condition and Results of Operations contains forward-looking statements. The matters discussed in these forward-looking
statements are subject to risk, uncertainties and other factors that could cause actual results to differ materially from those made,
projected or implied in the forward-looking statements. Please refer to the sections entitled &#8220;Risk Factors&#8221; and &#8220;Cautionary
Statement Concerning Forward-Looking Statements&#8221; herein for a discussion of the uncertainties, risks and assumptions associated
with these statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were incorporated as a
Maryland corporation on December&nbsp;16, 2021. We own and operate a portfolio of institutional residential properties including apartments,
build-to-rent communities, single-family homes, and other residential communities located in attractive markets with a focus on the knowledge-economy
and high quality of life (&ldquo;Knowledge/Quality&rdquo;) growth markets of the Sunbelt and Western United States. Our current investment
strategy is focused on growing our portfolio of residential communities. Our principal objective is to generate attractive risk-adjusted
returns on investments where we believe we can drive growth in funds from operations and net asset value by acquiring residential units,
developing residential communities, and through Value-Add renovations. Our Value-Add strategy focuses on repositioning lower-quality,
less current assets to drive rent growth and expand margins to increase net operating income and maximize our return on investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
have no employees and are supported by a related-party service agreement with the Manager (the &#8220;Management Agreement&#8221;). We
are externally managed by the Manager, which manages our day-to-day operations under the Management Agreement. The current term of the
Management Agreement expires October&nbsp;6, 2026 and will be automatically renewed for a one-year term each year on October&nbsp;6,
unless previously terminated in accordance with the terms of the Management Agreement. The Manager is responsible for managing our affairs
on a day-to-day basis and for identifying and making real estate investments on our behalf. Substantially all our business is conducted
through our Operating Partnership, of which we are the sole general partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2025,
we held twenty-five real estate investments, consisting of nineteen consolidated investments, five preferred equity investments, and
one unconsolidated real estate fund investment. The twenty-four consolidated and preferred equity investments represent an aggregate
of 5,572 residential units, comprised of 4,423 consolidated units, of which 370 units are under development or in lease-up, and 1,149
units through preferred equity investments, which includes planned units and those under development. As of December 31, 2025, our consolidated
operating investments were approximately 90.9% occupied; excluding units classified as held for sale and down/renovation units, our consolidated
operating investments were approximately 93.0% occupied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have elected to be treated,
and currently qualify, as a real estate investment trust (&#8220;REIT&#8221;) for federal income tax purposes. As a REIT, we generally
are not subject to corporate-level income taxes. To maintain our REIT status, we are required, among other requirements, to distribute
annually at least 90% of our &#8220;REIT taxable income,&#8221; as defined by the Code, to our stockholders. If we fail to qualify as
a REIT in any taxable year, we would be subject to federal income tax on our taxable income at regular corporate tax rates and we would
not be permitted to qualify as a REIT for four years following the year in which we lost our qualification. Such an event could materially
and adversely affect our net income and results of operations. We intend to continue to organize and operate in such a manner as to remain
qualified as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Industry Segments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We own and operate residential
real estate assets that generate rental and other property-related income through the leasing of residential units to a diverse base
of tenants. We view our residential real estate assets as two reportable segments, consisting of (i) residential communities, and (ii)
scattered single-family homes. We evaluate operating performance on an individual property investment level and based on the investments&rsquo;
similar economic characteristics. Our Chief Operating Decision Makers (&ldquo;CODMs&rdquo;) are our Chief Executive Officer, Chief Investment
Officer and Chief Financial Officer. The CODMs&rsquo; primary financial measure for operating performance is NOI as it measures the core
operations of property performance by excluding corporate level expenses and those other items not related to property operating performance.
The CODMs are provided financial reports which include an income statement with property revenues, property operating expenses, and property
net income. These financial reports assist the CODMs in assessing our financial performance and in allocating resources appropriately.
We view our residential real estate assets as two reportable segments, consisting of (i) residential communities, and (ii) scattered
single-family homes. The CODMs do not distinguish or group operations on a geographic, tenant or other basis when assessing the financial
performance of our portfolio of properties/investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Residential communities</B>&nbsp;segment
includes the acquisition, ownership, management, renovation, construction, and development of residential communities, which include
both detached single-family home communities and attached unit communities such as apartments, townhouses, and duplexes. Each residential
community is, generally, located on a single, contiguous land parcel and has amenities including clubhouses, gyms, pools and common areas.
In addition, these residential communities typically have onsite property management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Scattered single-family
homes</B>&nbsp;segment includes the ownership, management, and renovation of scattered single-family homes, which are, generally, detached
homes with no onsite property management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Significant Developments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Investment Activity Summary</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Provided below is a summary
of our investment activity during the year ended December 31, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Acquisition of Residential
Communities through Delaware Statutory Trusts</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Southern
Pines Reserve</B></FONT> - 272-unit residential community located in Aberdeen, North Carolina acquired on April 28, 2025 known as Southern
Pines Reserve, aka Hawthorne. The purchase price of $56.6 million was funded with (i) a $30.7 million senior loan secured by Southern
Pines Reserve, (ii) borrowings of $20.0 million through our existing credit facility with KeyBank National Association (the &ldquo;KeyBank
Credit Facility&rdquo;), and (iii) cash of $8.9 million funded by us, inclusive of certain adjustments typical in such real estate transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Skytop
Apartments</B></FONT> &ndash; 361-unit residential community located in Cincinnati, Ohio acquired on September 29, 2025 known as Skytop
Apartments. The purchase price of $88.5 million was funded with (i) a $57.5 million senior loan secured by Skytop Apartments, (ii) borrowings
of $22.0 million through the KeyBank Credit Facility, and (iii) cash of $13.0 million funded by us, inclusive of certain adjustments
typical in such real estate transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>District
at Parkview</B></FONT> - 264-unit residential community located in Stone Mountain, Georgia acquired on December 18, 2025 known as District
at Parkview. The purchase price of $66.6 million was funded with (i) a $38.6 million senior loan secured by District at Parkview, (ii)
cash of $21.3 million funded by us, and (iii) cash of $9.7 million funded by an affiliate of our Manager, inclusive of certain adjustments
typical in such real estate transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Southern Pines Reserve, Skytop
Apartments and District at Parkview represent the second, third and fourth properties, respectively, that we have acquired through separate
Delaware statutory trusts (each, a &ldquo;DST&rdquo;) to be part of private placement offerings through which interests in each DST are
issued to third party accredited investors therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Harmony at Clear Creek Development</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September&nbsp;30, 2025,
we, through a joint venture with an unaffiliated third party (the &#8220;Harmony JV&#8221;), in which we hold an 85% interest, acquired
land located in Shawnee, Kansas for a purchase price of $2.3 million for the development of an approximately 188-unit residential community
to be known as Harmony at Clear Creek. In connection with the acquisition and planned development, the Harmony JV entered into a construction
loan agreement providing for borrowings of up to $46.5 million. At December 31, 2025, the outstanding balance under the construction
loan was negligible and is included in mortgages payable on our consolidated balance sheets. The interest rate cap associated with the
construction loan, and any capitalized interest, is recorded within construction in process on the consolidated balance sheets. We account
for Harmony at Clear Creek as a consolidated investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Parkside at Summers Corner</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 26, 2025, we
entered into an agreement with an unaffiliated third party to acquire full interest in a total of 100 residential community units in
Summerville, South Carolina to be known as Parkside at Summers Corner. Units are to be acquired in tranches as construction is completed,
and as of December 31, 2025, we had acquired 12 of the total 100 units for an aggregate purchase price of $3.1 million.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Acquisition of Additional Interests in Investments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July&nbsp;11, 2025, we
purchased the noncontrolling partner&#8217;s interest in each of the Peak JV 2 and Peak JV 3 portfolios for $0.2&nbsp;million and $0.9&nbsp;million,
respectively. We increased our interest in (i)&nbsp;the Peak JV 2 portfolio from&nbsp;80% to&nbsp;100% and (ii)&nbsp;the Peak JV 3 portfolio
from&nbsp;56% to&nbsp;100%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Sales of Consolidated
Operating Units</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We closed on the following
sales: 8 units in the Golden Pacific portfolio, 28 units in the ILE portfolio, 19 units in the Indy-Springfield portfolio, 24 units in
the Peak JV 2 portfolio, and 48 units in the Peak JV 3 portfolio, pursuant to the terms and conditions of multiple separate purchase
and sales agreements. The 127 units were all previously classified as held for sale and sold for an aggregate of approximately $23.5
million, subject to certain closing costs, prorations and adjustments typical in such real estate transactions. After deducting the paydown
of existing mortgage indebtedness encumbering 27 units in the ILE portfolio of approximately $4.9 million, the sales of the 127 units
generated net proceeds of approximately $16.6 million and a gain on sales of approximately $1.7 million. The gain on sales is included
in (impairment) and gain on sale of real estate investments, net on our consolidated statements of operations and comprehensive income
(loss).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Loan Investment Activity</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our two remaining loan investments
were paid off in full, including any accrued but unpaid interest amounts, as follows: (i)&nbsp;Wayford at Pringle in the aggregate amount
of $23.0 million, which included our principal investment of $22.3 million and accrued interest of $0.7 million, and (ii)&nbsp;Willow
Park in the aggregate amount of $9.4 million, which included our principal investment of $9.4 million and a negligible amount of accrued
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Unconsolidated Real Estate Fund Summary</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 25, 2025, we closed
on the acquisition of a limited partnership interest in Marble Capital Income and Impact Fund, LP (the &ldquo;Marble Fund&rdquo;) for
a purchase price of $25.0 million. We account for our investment in the Marble Fund under the equity method as we consider our degree
of influence to be significant. The Marble Fund owns a diversified portfolio of multifamily assets and build-to-rent multifamily investments
located in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Preferred Equity Investment
Summary</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our preferred equity investment
activity was as follows: (i) we increased our original capital commitment for preferred equity interests in Wayford at Innovation Park
by $2.0 million, increasing our total investment to $15.4 million, and (ii) we entered into two separate joint venture agreements with
unaffiliated third parties and made commitments to invest up to (a) $16.2 million for preferred equity interests in the development of
an approximately 300-unit residential community located in Sanford, North Carolina known as Sanford Marketplace, and (b) $9.5 million
for preferred equity interests in the development of an approximately 245-unit residential community located in Asheville, North Carolina
known as Archer at RiverBlue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we had our preferred
equity investments in three separate joint ventures with unaffiliated third parties fully redeemed as follows: (i) The Cottages at Myrtle
Beach redeemed in the aggregate amount of $28.1 million, which included our principal investment of $17.9 million, and accrued preferred
return and outstanding amounts of $10.2 million, (ii) The Cottages of Port St. Lucie redeemed in the aggregate amount of $30.0 million,
which included our principal investment of $18.8 million, and accrued preferred return and outstanding amounts of $11.2 million, and
(iii) Chandler redeemed in the aggregate amount of $19.6 million, which included our principal investment of $15.0 million, and accrued
preferred return and outstanding amounts of $4.6 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We sold our preferred equity
interests in both Indigo Cove and Wayford at Pringle to a joint venture, with such joint venture including an affiliate of our Manager,
in the aggregate amounts of $4.2 million and $9.2 million, respectively, which included our outstanding principal investments and accrued
preferred returns, net of any reimbursements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2025,
we had funded $20.3 million of our $47.3 million aggregate commitment to fund capital for preferred equity interests in Archer at RiverBlue,
Canvas at Wildwood, River Ford, and Sanford Marketplace.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Held for Sale</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At December 31, 2025 and
2024, we classified an aggregate of 107 units and 167 units, respectively, as held for sale on our consolidated balance sheets, with
all units reported in our scattered single-family homes segment. For the years ended December 31, 2025 and 2024, we recorded an impairment
of $2.1 million and $3.3 million, respectively, related to held for sale units which is included in (impairment) and gain on sale of
real estate investments, net on our consolidated statements of operations and comprehensive income (loss). The 107 units classified as
held for sale at December 31, 2025 are included in the following portfolios: 12 units of Golden Pacific, 27 units of ILE, 18 units of
Indy-Springfield, 8 units of Peak JV 2, and all 42 units of Peak JV 3. These units were identified based on submarket analysis and individual
unit-level operational review. Real estate assets classified as held for sale are reported at the lower of their carrying value or estimated
fair value less costs to sell and are presented separately within operating real estate held for sale, net on our consolidated balance
sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Series&nbsp;A Redeemable Preferred Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2025, we issued 1,704,028 shares of 6.0% Series A Redeemable Preferred Stock (the &ldquo;Series A Redeemable Preferred Stock&rdquo;)
at $25.00 per share (the &ldquo;Stated Value&rdquo;) under a continuous registered offering with net proceeds of approximately $36.5
million after commissions, dealer manager fees, sales discounts and costs related to establishing the offering of Series A Redeemable
Preferred Stock. As of December 31, 2025, we had issued a total of 6,337,313 shares of Series A Redeemable Preferred Stock with total
net proceeds of approximately $137.6 million after commissions, dealer manager fees, sales discounts and offering costs. Additionally,
as of December 31, 2025, we, at the request of holders, had redeemed a total of 10,960 shares of Series A Redeemable Preferred Stock
through the issuance of 18,653 shares of Class A common stock and redeemed a total of 37,650 shares of Series A Redeemable Preferred
Stock for $0.9 million in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
May 2024, we announced the payment of an enhanced special dividend with respect to our Series A Redeemable Preferred Stock. The enhanced
special dividend is aggregated with the regular monthly dividend so as to effect a dividend rate of the average one-month Term SOFR rate
plus two percent, subject to a 6.5% minimum and an 8.5% maximum annual rate, calculated and paid monthly. Commencing in May 2024, the
Series A Redeemable Preferred enhanced special dividend was declared for each month for which our </FONT>board of directors declared
the regular monthly dividend of $0.125 per outstanding share of Series A Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Series&nbsp;A Redeemable Preferred Stock Redemption
Safeguard Policy</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February&nbsp;6, 2025,
we implemented a new Series&nbsp;A Redeemable Preferred Stock Redemption Safeguard Policy (the &#8220;Series&nbsp;A Safeguard Policy&#8221;)
with respect to our Series&nbsp;A Redeemable Preferred Stock. The Series&nbsp;A Safeguard Policy is applicable in the event of any redemption
of shares of Series&nbsp;A Redeemable Preferred Stock in shares of our Class&nbsp;A common stock rather than in cash (each, a &#8220;Series&nbsp;A
Preferred Redemption in Common Stock&#8221;). The Series&nbsp;A Safeguard Policy provides that if, within 10 business days of any such
Series&nbsp;A Preferred Redemption in Common Stock, any such shares of Class&nbsp;A common stock are sold at a loss (i.e., a lower price
than the Aggregate Redemption Value), the holder can apply to us for a cash payment to the holder in an amount equal to the difference
between (i)&nbsp;the Aggregate Redemption Value of the Class&nbsp;A common stock so issued, and (ii)&nbsp;the Aggregate Sale Price at
which such shares of Class&nbsp;A common stock were sold, subject to certain conditions and requirements as set forth in the Series&nbsp;A
Safeguard Policy. The Series&nbsp;A Safeguard Policy applies both retroactively, and on a go-forward basis, to holders of our Series&nbsp;A
Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Series B Redeemable Preferred Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 11, 2025, we
filed a prospectus supplement to our effective registration statement on Form S-11 (File No. 333-290772) offering a maximum of 14,000,000
shares of 7.5% Series B Redeemable Preferred Stock at $25.00 per share, for a maximum offering amount of $350 million in Series B Redeemable
Preferred Stock. As of December 31, 2025, there were no shares of Series B Redeemable Preferred Stock issued or outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Series B Redeemable Preferred Stock Redemption
Safeguard Policy</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
also implemented a Series B Redeemable Preferred Stock Redemption Safeguard Policy (the &ldquo;Series B Safeguard Policy&rdquo;) with
respect to our Series B Redeemable Preferred Stock. The Series B Safeguard Policy is applicable in the event of any redemption of shares
of Series B Redeemable Preferred Stock in shares of our Class A common stock rather than in cash (each, a &ldquo;Series B Preferred Redemption
in Common Stock&rdquo;). The Series B Safeguard Policy provides that if, within 10 business days of any such Series B Preferred Redemption
in Common Stock, any such shares of Class A common stock are sold at a loss (i.e. a lower price than the Series B Aggregate Redemption
Value), the holder can apply to us for a cash payment to the holder in an amount equal to the difference between (i) the Series B Aggregate
Redemption Value of the Class A common stock so issued, and (ii) the Series B Aggregate Sale Price at which such shares of Class A common
stock were sold, subject to certain conditions and requirements as set forth in the Series B Safeguard Policy. The Series B Safeguard
Policy applies both retroactively, and on a go-forward basis, to holders of our Series B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Stockholders&#8217; Equity</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our total stockholders&rsquo;
equity decreased $10.4 million from $139.1 million as of December 31, 2024 to $128.7 million as of <FONT STYLE="background-color: white">December
31</FONT>, 2025. The decrease in our total stockholders&rsquo; equity is primarily attributable to net loss attributable to common stockholders
of $11.5 million, common stock dividends declared of $2.0 million, and a net adjustment of $0.5 million for noncontrolling interest ownership,
partially offset by the acquisitions of noncontrolling interests for $2.7 million, Class A common stock issuances of $0.6 million, net
of forfeitures, and comprehensive income of $0.2 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Industry Outlook</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The residential rental industry
has historically been more resilient to economic cycles than other commercial real estate sectors and is currently benefiting from significant
industry tailwinds that began during the pandemic. We believe industry dynamics present a compelling investment opportunity for us, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The U.S. housing
    deficit is expected to widen through the end of the decade, creating a large need for all forms of rental strategies. Residential
    rental production has been below historical levels since the end of the Great Financial Crisis, creating a housing shortage of approximately
    4.7 million residential units according to the U.S. Chamber of Commerce.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low new residential
    supply, with residential construction and residential permitting notably below the 10-year average, is expected to create an ideal
    environment for the residential rental industry providing landlords with significant pricing power due to persistent demand. According
    to Marcus &amp; Millichap, the apartment sector has seen 11 consecutive quarters of positive net absorption suppressing the national
    average vacancy to 4.7%, well below the recent average.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renting currently
    represents a significant cost saving to homeownership, and the recent increases in both housing prices and mortgage rates has exacerbated
    the difference to nearly $1,200 per month according to Marcus &amp; Millichap. This is expected to continue for the foreseeable future,
    forcing the millennial generation to rent for longer as they enter their household formation years.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Note 3 &ldquo;Acquisition
of Real Estate&rdquo;; Note 4 &ldquo;Sale of Real Estate Assets and Held for Sale Real Estate Assets&rdquo;; Note 5 &ldquo;Investments
in Real Estate&rdquo;; Note 6 &ldquo;Notes and Interest Receivable&rdquo;; Note 7 &ldquo;Investment in Unconsolidated Real Estate Fund&rdquo;;
and Note 8 &ldquo;Preferred Equity Investments,&rdquo; to the Consolidated Financial Statements appearing in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926021568/bhm-20251231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form 10-K for the year ended December 31, 2025</A>, which is incorporated herein by reference, provide discussion of our various
purchases and sales of consolidated investments, and our loan and preferred equity investments. These transactions have resulted in material
changes to the presentation of our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary
of our consolidated real estate investments as of December 31, 2025:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Operating
    Investment Name</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Market
    /<BR> Location</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number<BR>
    of Units<BR> <SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Average<BR>
    Year <BR> Built</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Ownership<BR>
    Interest</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Average<BR>
    Rent <SUP>&nbsp;(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Occupancy
    &#8211; <BR> All Units <SUP>(3)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Occupancy
    &#8211;<BR> Excluding<BR> Held for <BR> Sale/Reno<BR> Units <SUP>(4)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left"><FONT STYLE="font-size: 8pt">Residential
    Communities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Allure at Southpark</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Charlotte, NC</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">350</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">98</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,681</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">95.7</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">96.0</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Amira at Westly</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Tampa, FL</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">408</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1999/2023</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">(5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,847</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">93.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">93.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Avenue at Timberlin Park</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Jacksonville, FL</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">200</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2001</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">100</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,591</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">94.5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">95.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">District at Parkview <SUP>(6)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Stone Mountain, GA</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">264</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2023</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">69</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,907</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">88.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">88.6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Skytop Apartments <SUP>(6)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Cincinnati, OH</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">361</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,721</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">94.5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">95.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Southern Pines Reserve <SUP>(6)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Aberdeen, NC</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">272</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2000/2003</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">22</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,486</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">93.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">93.7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Villas at Huffmeister</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Houston, TX</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">294</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2007</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">95</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,601</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">96.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">96.6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Wayford at Concord</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Concord, NC</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">150</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">83</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,157</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">98.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">98.7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Yauger Park
    Villas</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Olympia,
    WA</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">80</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2010</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">95</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,476</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">97.5</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">97.5</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Total Residential
    Communities Units / Average</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,379</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,746</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">93.7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">94.5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left"><FONT STYLE="font-size: 8pt">Scattered
    Single-Family Homes</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Ballast</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">AZ / CO / WA</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">84</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1998</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">95</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,130</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">77.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">77.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Golden Pacific</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">IN / KS / MO</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">161</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1977</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">97</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,802</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">73.9</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">79.9</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">ILE</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">TX / SE US</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">450</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1991</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">95</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,862</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">92.9</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">93.9</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Indy-Springfield</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">IN / MO</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">304</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1999</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">100</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,426</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">91.8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">95.5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Peak JV 2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Various / TX</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">549</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1982</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">100</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,382</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">88.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">90.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Peak JV 3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Dallas-Fort Worth, TX</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">42</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1960</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">100</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,082</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">14.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Savannah-84</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Savannah,
    GA</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">84</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2022</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">100</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,875</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">97.6</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">97.6</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Total
    Scattered Single-Family Homes / Average</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,674</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,625</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">86.9</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">90.8</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Total
    Operating Units / Average</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">4,053</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,695</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">90.9</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">93.0</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Development
    / Lease-up Investment Name</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left"><FONT STYLE="font-size: 8pt">Residential
    Communities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Abode Wendell Falls <SUP>(7)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Wendell, NC</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">170</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">100</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Harmony at Clear Creek <SUP>(7)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Shawnee, KS</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">188</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">85</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Parkside
    at Summers Corner <SUP>(8)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Summerville,
    SC</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">100</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in"><FONT STYLE="font-size: 8pt">Total
    Development Units</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">370</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 27pt"><FONT STYLE="font-size: 8pt">Total
    Units</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black medium double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">4,423</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 0.25in; padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    operating units includes an aggregate of 107 units classified as held for sale, with such units included in the following portfolios:
    12 units of Golden Pacific, 27 units of ILE, 18 units of Indy-Springfield, 8 units of Peak JV 2, and all 42 units of Peak JV 3.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    the average of the ending average effective rent per occupied unit as of the last day of each month in the three months ended December
    31, 2025.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percent
    occupied is calculated as (i) the number of units occupied as of December 31, 2025 divided by (ii) total number of units, expressed
    as a percentage.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percent
    occupied is calculated as (i) the number of units occupied as of December 31, 2025 divided by (ii) total number of units, expressed
    as a percentage, and excludes 107 units classified as held for sale and an aggregate of 11 down/renovation units.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amira
    at Westly is held through our DST Program (refer to Note 9 of our consolidated financial statements for further information). The
    Amira at Westly DST has been fully subscribed with equity from individual investors.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">District
    at Parkview, Skytop Apartments and Southern Pines Reserve are held through our DST Program.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(7)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    a development project with no units delivered as of December 31, 2025. Abode Wendell Falls commenced construction in 2024 and Harmony
    at Clear Creek is anticipated to commence construction in 2026.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(8)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parkside
    at Summers Corner represents a development project with units to be acquired in tranches as construction is completed. Of the total
    100 units that we have committed to acquire, 12 units had been acquired as of December 31, 2025.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary
of our consolidated operational results by reportable segment for the years ended December 31, 2025 and 2024 ($ in thousands, except
average rental rates):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Variance</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Rental and other property revenues</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 61%; font: 10pt Times New Roman, Times, Serif; text-align: left">Residential communities</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">37,554</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">16,449</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">128.3</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Scattered single-family
    homes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">30,582</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">32,135</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-4.8</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total rental and other property revenues</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">68,136</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">48,584</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">40.2</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Property operating expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Residential communities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,651</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,950</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">139.6</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Scattered single-family
    homes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,534</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,194</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-3.8</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total property operating expenses</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">33,185</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">24,144</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">37.4</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net operating income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Residential communities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20,903</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,499</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">120.1</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Scattered single-family
    homes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">14,048</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">14,941</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-6.0</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><B>Total net operating income</B></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><B>34,951</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>24,440</B></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>43.0</B></TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>%</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Residential communities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">93.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(160</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">)
                                            bps</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Scattered single-family homes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">89.3</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">90.2</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(90</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)
                                            bps</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Average
    occupancy percentage <SUP>(1)(2)</SUP></B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">91.4</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">91.7</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">(30</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)
                                            bps</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Residential communities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,767</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,815</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-2.6</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Scattered single-family homes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,612</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,556</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3.6</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Average
    rental rate <SUP>(2)(3)</SUP></B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><B>$</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><B>1,694</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>$</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>1,638</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>3.4</B></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>%</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the average
    of the ending occupancy as of the last day of each month in the year presented for all units in our consolidated portfolio.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount presented for
    2024 includes Navigator Villas through July 2024. Navigator Villas was sold in August 2024.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the average
    of the ending average effective rent per occupied unit as of the last day of each month in the year presented.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following is a summary
of our preferred equity investments as of December 31, 2025:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Development
    Investment Name <SUP>(1)</SUP></B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Location</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Actual
    /<BR> Planned<BR> Number<BR> of Units</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total
    Actual<BR> / Estimated<BR> Construction<BR> Cost <BR> (in millions)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Cost
    to<BR>
    Date<BR> (in<BR> millions)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Actual
    /<BR> Estimated<BR> Construction<BR> Cost Per <BR> Unit</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Actual
    /<BR> Estimated<BR> Initial<BR> Occupancy</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Actual
    / <BR> Estimated<BR> Construction<BR> Completion</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%<BR>
    Occupied</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Estimated<BR>
    Average<BR> Rent <SUP>(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.15pt"><FONT STYLE="font-size: 8pt">River
    Ford</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Brunswick, GA</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">170</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">51.6</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">18.0</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">303,529</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">1Q 2026</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">1Q 2027</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,004</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.15pt"><FONT STYLE="font-size: 8pt">Sanford
    Marketplace</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Sanford, NC</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">300</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">59.6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">12.7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">198,667</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">4Q 2026</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">2Q 2027</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,587</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.15pt"><FONT STYLE="font-size: 8pt">Canvas
    at Wildwood</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Wildwood, FL</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">224</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">60.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">17.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">269,196</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">4Q 2026</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">4Q 2027</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,937</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.15pt"><FONT STYLE="font-size: 8pt">Archer
    at RiverBlue <SUP>(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Asheville,
    NC</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">245</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">71.8</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">10.8</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">293,061</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1Q 2028</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2Q 2028</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,113</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.15pt"><FONT STYLE="font-size: 8pt">Total
    Development Units</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black thin solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black thin solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">939</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0.15pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>Operating
    Investment Name <SUP>(4)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Wayford
    at Innovation Park</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Charlotte,
    NC</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">210</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">91.4</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">2,313</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Total
    Operating Units</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">210</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.5pt"><FONT STYLE="font-size: 8pt">Total
    Units/Average</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,149</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,934</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None of the development
    investments had commenced lease-up as of December 31, 2025.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For development investments,
    represents the average pro forma effective monthly rent per occupied unit for all expected occupied units during the first full quarter
    of stabilization. For the operating investment, represents the average effective monthly rent per occupied unit.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2025, we entered
    into a joint venture agreement and made a commitment to invest capital for preferred equity interests in Archer at RiverBlue. No
    capital had been funded as of December 31, 2025.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating investment represents
    a stabilized operating property.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Year ended December 31, 2025 as compared to the year ended December
31, 2024</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Revenue</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Rental and other property
revenues&nbsp;</I>increased $19.5 million, or 40%, to $68.1 million for the year ended December 31, 2025 as compared to $48.6 million
for the same prior year period. The increase was primarily due to: (i) the acquisition of 2,149 units at seven residential communities,
which was partially offset by sales of 176 units at one residential community and 225 single-family units in our portfolio since January
1, 2024, and (ii) rental rate improvement from our active management and organic market rent growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our average rent per occupied
unit increased $56, or 3.4%, to $1,694 as compared to $1,638 during the prior year period. Average occupancy decreased 30 basis points
from 91.7% to 91.4% on a year over year basis. Our single-family rental rates increased 3.6% from active management and organic growth,
and residential communities decreased 2.6% as a result of our newly acquired properties rental rates being lower than average rental
rate at $1,600 per month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Interest
income from loan investments </I></FONT>amounted to $0.6 million for the year ended December 31, 2025 as compared to $1.6 million for
the same prior year period due to the full payoff of three loan investments since the third quarter of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Property
operating expenses&nbsp;</I></FONT>increased $9.1 million, or 38%, to $33.2 million for the year ended December 31, 2025 as compared
to $24.1 million for the same prior year period. The increase was primarily due to: (i) the acquisition of 2,149 units at seven residential
communities, which was partially offset by sales of 176 units at one residential community and 225 single-family units in our portfolio
since January 1, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Property
management and asset management fees expense&nbsp;</I></FONT>were $5.4 million for the year ended December 31, 2025 as compared to $4.7
million in the same prior year period. Property management fees are based on a stated percentage of property revenues and asset management
fees are based on a stated percentage of capital contributions or assets under management, where applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>General
and administrative expenses</I></FONT>&nbsp;amounted to $11.2 million for the year ended December 31, 2025 as compared to $10.6 million
for the same prior year period. Of the $11.2 million total expense for the year ended December 31, 2025, $6.6 million related to direct
costs incurred by us, while the remaining $4.0 million related to the operating expense reimbursement to our Manager, which included
rent, utilities, accounting and legal services, and IT expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Management
fees to related party </I></FONT>amounted to $10.5 million for the year ended December 31, 2025 as compared to $9.1 million for the same
prior year period. The increase was due to an increase in equity primarily from our continuous registered offering of Series A Redeemable
Preferred Stock. For the year ended December 31, 2025, $0.8 million of the base management fee was, or shall be, paid in C-LTIP Units
with the remainder in cash. Prior to the fourth quarter 2024, we paid the base management fee to the Manager as one half (50%) in C-LTIP
Units and the remainder in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Acquisition
and other transaction costs&nbsp;</I></FONT>amounted to $0.4 million for the year ended December 31, 2025 as compared to $0.3 million
for the same prior year period. Acquisition costs can vary greatly, and the costs incurred in any given period may be significantly different
in future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Weather-related
losses</I></FONT>&nbsp;amounted to $0.1 million for the year ended December 31, 2025 as compared to $0.2 million for the same prior year
period. The 2025 expense relates to weather damage at two real estate investments and the 2024 expense primarily relates to hurricane
damage in Texas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Depreciation
and amortization expenses&nbsp;</I></FONT>were $29.4 million for the year ended December 31, 2025 as compared to $19.9 million for the
same prior year period, with the increase primarily due to the acquisition of seven residential communities since January 1, 2024. The
increase was partially offset by (i) the sales of one residential community and single-family units in our portfolio since January 1,
2024 and (ii) in-place leases being fully amortized at one residential community prior to 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Income and Expense</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Other
income and expense </I></FONT>amounted to expense of $9.5 million for the year ended December 31, 2025 as compared to income of $6.6
million for the same prior year period. This was primarily due to (i) a $10.1 million decrease in gain on sales of real estate investments
and a $1.2 million increase in impairment on real estate, (ii)&nbsp;a $5.9 million increase in interest expense primarily attributable
to an increase in the outstanding debt to $440.8 million at December 31, 2025 as compared to $381.6 million at December 31, 2024, (iii)
a decrease in preferred returns of $3.2 million as our preferred equity investments decreased to $35.7 million at December 31, 2025 as
compared to $82.2 million at December 31, 2024 due to the redemption and/or sale of five preferred equity investments partially offset
by two new preferred equity investments, and (iv) a $0.5 million increase in other expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These expenses were partially
offset by a $3.7 million gain on the sale of three available-for-sale investments (preferred equity investments) and $1.1 million income
from the investment in one unconsolidated real estate fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Income Tax Expense</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Income
tax expense&nbsp;</I></FONT>amounted to $1.6 million for the year ended December 31, 2025 as compared to zero for the same prior year
period. The 2025 expense primarily relates to three preferred equity investments and the properties in the DST program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Net Operating Income</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that net operating
income (&#8220;NOI&#8221;) is a useful measure of our operating performance. We define NOI as total property revenues less total property
operating expenses, excluding depreciation and amortization and interest. Other REITs may use different methodologies for calculating
NOI, and accordingly, our NOI may not be comparable to other REITs. NOI also is a computation made by analysts and investors to measure
a real estate company&#8217;s operating performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that this measure
provides an operating perspective not immediately apparent from operating income or net income prepared in conformity with accounting
principles generally accepted in the United States of America (&#8220;GAAP&#8221;). NOI allows us to evaluate the operating performance
of our properties because it measures the core operations of property performance by excluding corporate level expenses and other items
not related to property operating performance and captures trends in rental housing and property operating expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, NOI should only
be used as a supplemental measure of our financial performance. The following table reflects net loss attributable to common stockholders
together with a reconciliation to NOI, as computed in accordance with GAAP for the years ended December 31, 2025 and 2024 (amounts in
thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Net
    loss attributable to common stockholders</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(11,491</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(4,234</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in">Add
    back: Net loss attributable to Operating Partnership Units</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(25,797</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(9,232</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Net loss
    attributable to common stockholders and unit holders</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">(37,288</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">(13,466</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Net loss attributable to partially
    owned properties&rsquo; noncontrolling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(9,051</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,891</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Real estate depreciation and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">29,361</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19,810</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Non-real estate depreciation and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">140</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Non-cash interest expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,598</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,755</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Unrealized loss on derivatives</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,105</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,885</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Recovery of credit losses, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(103</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(93</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Property management and asset management
    fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,372</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,715</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Management fees to related party</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,471</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,111</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Acquisition and other transaction costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">418</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">255</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Corporate operating expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11,249</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,582</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Weather-related losses, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">59</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">170</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Loss on extinguishment of debt costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">151</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Interest income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(5,258</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(5,424</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Preferred stock dividends</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,203</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Preferred stock accretion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,538</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">244</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Other expense (income), net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">139</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(330</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Income tax expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,632</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Income from preferred equity investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(8,759</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(11,937</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Share of net earnings of equity method
    investment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,058</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Interest income from loan investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(598</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,630</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Impairment and (gain on sale) of real
    estate investments, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,216</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,081</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Gain on sale of
    available-for-sale investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,664</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0in">Total property income</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">15,666</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">11,988</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Add back: Interest
    expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">19,285</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,452</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0in">Net operating
    income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">34,951</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">24,440</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liquidity and Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Liquidity
is a measure of our ability to meet potential cash requirements, both short- and long-term. Our primary short-term liquidity requirements
historically have related to (i)&nbsp;our operating expenses and other general business needs, (ii)&nbsp;investments in real estate,
(iii)&nbsp;distributions to stockholders, (iv)&nbsp;committed investments and capital requirements to fund development and renovations
at existing properties, (v)&nbsp;ongoing commitments to repay borrowings, including our maturing debt and the KeyBank Credit Facility</FONT>
(the &ldquo;revolving credit facility&rdquo;), and (vi) Class A common stock repurchases under our stock repurchase plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to access capital
on favorable terms as well as to use cash from operations to continue to meet our short-term liquidity needs could be affected by various
risks and uncertainties, including the risks detailed in Part&nbsp;I,&nbsp;Item 1A titled &ldquo;Risk Factors&rdquo; of our Annual Report
on Form&nbsp;10-K for the year ended December&nbsp;31, 2025 as filed with the SEC on February 27, 2026. While consolidated occupancy
excluding units classified as held for sale and down/renovation units remains strong at 93.0% as of December 31, 2025, in future periods
we may experience reduced levels of tenant retention, and reduced foot traffic and lease applications from prospective tenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
December 10, 2025, the SEC declared effective our registration statement on Form S-11 (File No. 333-290772) (the &ldquo;2025 Registration
Statement&rdquo;). </FONT>The securities covered by the 2025 Registration Statement include a maximum of 14,000,000 shares of Series
B Redeemable Preferred Stock at $25.00 per share, for a maximum offering amount of $350 million in Series B Redeemable Preferred Stock.
As of December 31, 2025, there were no shares of Series B Redeemable Preferred Stock issued or outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In October&nbsp;2024, we
launched a program (collectively, the &ldquo;DST Program&rdquo;) to sponsor and raise capital in private placement offerings of beneficial
interests in specific Delaware statutory trusts (each, a &ldquo;DST&rdquo;) holding real properties (each, a &ldquo;DST Property&rdquo;).
We expect that the DST Program will give us the opportunity to expand and diversify our capital raise strategies by offering what we
believe to be an attractive investment product for investors that may be seeking replacement properties to complete like-kind exchange
transactions and create future pipeline acquisition opportunities. In conjunction with the DST Program, our Operating Partnership has
issued certain non-interest bearing demand notes in relation to its role as the master tenant (the &ldquo;Master Tenant&rdquo;) under
certain master leases (the &ldquo;Master Leases&rdquo;) related to the DST Program (the &ldquo;Demand Notes&rdquo;), which could be called
upon if the net operating cash flow is insufficient to pay the rent required under the Master Leases (subject to limited deferral rights)
or satisfy its other obligations under the Master Leases. As compensation for the Operating Partnership&rsquo;s obligations under the
Master Leases, we will share in the rent paid by the tenants of the underlying properties in accordance with the waterfall set forth
in the applicable Master Lease. As of December 31, 2025, we had four DST Properties (Amira at Westly, District at Parkview, Skytop Apartments
and Southern Pines Reserve) in our DST Program and had raised net offering proceeds of $126.7 million, issued demand notes of $2.3 million,
and had $310.3 million in total net real estate investments associated with the DST Program. The Amira at Westly DST had been fully subscribed
with equity from individual investors as of December 31, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In conjunction with sponsoring
of the DST Program, our Operating Partnership is granted an option to acquire DST Interests from the DST Program&#8217;s beneficial owners
at a later date for an aggregate value equal to such beneficial owner&#8217;s pro rata share of the appraised value of the properties,
as determined by an independent appraisal firm, less any indebtedness encumbering such beneficial owner&#8217;s DST Interest or the beneficial
owner&#8217;s pro rata share of any indebtedness encumbering the properties, which will be assumed or paid off by our Operating Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, we believe our
available cash balances, cash flows from operations, proceeds from the offerings of our Series&nbsp;A Redeemable Preferred Stock and
Series B Redeemable Preferred Stock, proceeds from the revolving credit facility, proceeds from our DST Program, proceeds from future
mortgage debt financings for acquisitions and/or development projects, and other financing arrangements will be sufficient to fund our
liquidity requirements with respect to our existing portfolio for the next 12 months. In general, we expect that our results related
to our existing portfolio will improve in future periods as a result of anticipated future investments in and acquisitions of residential
properties and build-to-rent communities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe we will be able
to meet our primary liquidity requirements going forward through, among other sources:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; width: 3%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; width: 95%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$169.6
    million in cash available at December 31, 2025;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: bottom; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">capacity
    of $50 million on the revolving credit facility, all of which was available at December 31, 2025 for use in our DST Program;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">proceeds
    from future mortgage debt financings for acquisition and/or development projects;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cash
    generated from operating activities; and</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">proceeds
    from the offerings of our Series A Redeemable Preferred Stock and Series B Redeemable Preferred Stock, and potential offerings of
    common and preferred stock, as well as issuances of units of limited partnership interest in our Operating Partnership (&ldquo;OP
    Units&rdquo;).</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
our contractual obligations as of December 31, 2025 related to our mortgage notes secured by our properties (the revolving credit facility
had no outstanding balance at year end). At December 31, 2025, our estimated future required payments on these obligations were as follows
(amounts in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2026</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2027-2028</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2029-2030</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Thereafter</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: left">Mortgages Payable (Principal)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">440,783</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">33,036</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">88,592</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">135,616</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">183,539</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Estimated Interest Payments on Mortgages Payable</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">127,383</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">22,267</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">38,442</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">24,416</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">42,258</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: 10.05pt">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">568,166</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">55,303</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">127,034</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">160,032</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">225,797</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Estimated interest payments
are based on the stated rates for mortgage notes payable assuming the interest rate in effect for the most recent quarter remains in
effect through the respective maturity dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2025,
we had contractual commitments to fund future cash obligations in certain of our preferred equity investments in the aggregate of $27.0
million. In addition, we have two consolidated residential communities (Abode Wendell Falls and Harmony at Clear Creek) under construction
comprised of an aggregate of 358 units. As of December 31, 2025, we estimate that the remaining costs associated with the completion
of construction for these two residential communities will be approximately $113.6 million. We intend to finance these costs through
a combination of available cash, proceeds from construction loans, and preferred equity capital contributions. We also committed to acquire
an aggregate of 100 residential community units known as Parkside at Summers Corner. We expect acquisitions to occur in tranches as construction
is completed, and as of December 31, 2025, 88 units remain to be acquired, representing an aggregate purchase price of $22.6 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As equity capital market
conditions permit, we may supplement our capital for short-term liquidity needs with proceeds of potential offerings of our common and
preferred stock, as well as the issuance of OP Units. Given the significant volatility in the trading price of REIT equities and our
otherwise stable financial condition and liquidity position, we cannot provide assurances that these offerings are a likely source of
capital to meet short-term liquidity needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 13, 2024, our
board of directors authorized a stock repurchase plan for the repurchase of up to an aggregate of $5 million of our outstanding shares
of Class A common stock. The repurchase plan had a term of one year and ended in February 2025. We made no repurchases of our Class A
common stock under the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 28, 2025, our
board of directors authorized a new stock repurchase plan for the repurchase, from time to time, of up to an aggregate of $5&nbsp;million
of our outstanding shares of Class A common stock. The repurchase plan had a term of one year and ended on February 28, 2026. We made
no repurchases of our Class A common stock under this plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 10, 2026, our
board of directors authorized a new stock repurchase plan, effective March 1, 2026, for the repurchase, from time to time, of up to an
aggregate of $10 million of our outstanding shares of Class A common stock, with such repurchases to be conducted in accordance with
the requirements of Rule 10b-18 of the Exchange Act and subject to Rule 10b-5 of the Exchange Act. The repurchase plan has a term of
one year and ends on February 28, 2027, and may be discontinued at any time. The extent to which we repurchase shares of our Class A
common stock under the repurchase plan, and the timing of any such repurchases, depends on a variety of factors including general business
and market conditions and other corporate considerations. We expect that any repurchases of our Class A common stock will be through
open market transactions, subject to market conditions, certain price limitations and other conditions established under the plan. Open
market repurchases will be structured to occur in conformity with the method, timing, price and volume requirements of Rule 10b-18 of
the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our primary long-term liquidity
requirements relate to (i) costs for additional residential investments, including development properties, (ii) repayment of long-term
debt and our revolving credit facility, (iii) capital expenditures, (iv) cash redemption requirements related to our Series A Redeemable
Preferred Stock and our Series B Redeemable Preferred Stock, (v) cash requirements related to our Series A Safeguard Policy and our Series
B Safeguard Policy, and (vi) Class A common stock repurchases under our stock repurchase plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to finance our
long-term liquidity requirements with net proceeds of additional issuances of common and preferred stock, including issuances in connection
with the continuous registered offerings of our Series A Redeemable Preferred Stock and Series B Redeemable Preferred Stock, our revolving
credit facility, our DST Program as well as future acquisition or project-based borrowings. Our success in meeting these requirements
will therefore depend upon our ability to access capital. Further, our ability to access equity capital is dependent upon, among other
things, general market conditions for REITs and the capital markets generally, market perceptions about us and our asset class, and current
trading prices of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we did in the year ended
December 31, 2025, we may also selectively sell consolidated operating assets at appropriate times, which would be expected to generate
cash sources for both our short-term and long-term liquidity needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also meet our long-term
liquidity needs through borrowings from a number of sources, either at the corporate or project level. In October 2024, we entered into
a credit agreement related to our DST Program with KeyBank National Association and a syndicate of other lenders which provides for a
revolving loan with a maximum commitment amount of $50 million. We believe this revolving credit facility will serve as our primary debt
source that will continue to enable us to deploy our capital more efficiently and provide capital structure flexibility as we grow our
asset base. The revolving credit facility contains certain financial and operating covenants. At December 31, 2025, we were in compliance
with all covenants under our revolving credit facility. We will continue to monitor the debt markets, including Fannie Mae and Freddie
Mac, and as market conditions permit, access borrowings that are advantageous to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are unable to obtain
financing on favorable terms or at all, we would likely need to curtail our investment activities, including acquisitions and improvements
to and developments of real properties, which could limit our growth prospects. This, in turn, could reduce cash available for distribution
to our stockholders and may hinder our ability to raise capital by issuing more securities or borrowing more money. We also may be forced
to dispose of assets at inopportune times to maintain REIT qualification and Investment Company Act exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect to maintain a distribution
on our Series A Redeemable Preferred Stock in accordance with the terms which require monthly dividends. In addition, we expect to begin
paying a distribution on our Series B Redeemable Preferred Stock, and maintain such distributions, in accordance with the terms which
require monthly dividends. While our distributions through December 31, 2025 have been paid from cash flow from operations and in accordance
with our policy, distributions in the future may be paid from cash flow from operations, proceeds from the offerings of our Series A
Redeemable Preferred Stock and Series B Redeemable Preferred Stock, proceeds from the DST Program, the sales of assets, and additional
sources, such as from borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have preferred equity
interests in properties that are in various stages of development and operating, and our preferred equity investments are structured
to provide a current and/or accrued preferred return during all phases. Each joint venture in which we own a preferred equity interest
is required to redeem our preferred equity interests, plus any accrued preferred return, based on a fixed maturity date, generally in
relation to the property&rsquo;s construction loan or mortgage loan maturity. Upon redemption of the preferred equity interests, our
income, FFO, CFFO and cash flows could be reduced below the preferred returns currently being recognized. Alternatively, if the joint
ventures do not redeem our preferred membership interest when required, our income, FFO, CFFO and cash flows could be reduced if the
development project does not produce sufficient cash flow to pays its operating expenses, debt service and preferred return obligations.
<FONT STYLE="background-color: white">We previously held notes receivable investments that were structured as senior loans. In the future,
we may make additional notes receivable investments structured as senior loans or through mezzanine financing. The notes receivable provided
a current stated return and required repayment based on a fixed maturity date. If the property did not repay the notes receivable upon
maturity, our income, FFO, CFFO and cash flows could have been reduced below the stated returns if the property did not produce sufficient
cash flow to pay its operating expenses and debt service, or to refinance its debt obligations. </FONT>As we evaluate our capital position
and capital allocation strategy, we may consider alternative means of financing our development loan and preferred equity investment
activities at the subsidiary level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Off-Balance Sheet Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2025,
we have off-balance sheet arrangements that may have a material effect on our financial condition, revenues or expenses, results of operations,
liquidity, capital resources or capital expenditures. As of December 31, 2025, we entered into five joint venture agreements which are
accounted for as available-for-sale debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cash Flows </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><B><I>Cash Flows from Operating Activities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2025,
we held twenty-five real estate investments, consisting of nineteen consolidated investments, five preferred equity investments, and
one unconsolidated real estate fund investment, with the twenty-four consolidated and preferred equity investments representing an aggregate
of 5,572 residential units. During the year ended December 31, 2025, net cash provided by operating activities was $27.8 million after
net&nbsp;loss of $32.6 million was adjusted for the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: bottom; width: 93%; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">non-cash
    items of $30.2 million;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: bottom; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">distributions of income
    from preferred equity investments of $26.6 million;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: bottom; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">an increase in due to
    affiliates, net of $4.0 million; </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: bottom; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">an increase in accounts
    payable and other accrued liabilities of $3.4 million;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: bottom; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">distributions from investments
    in unconsolidated real estate funds of $0.6 million; and</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: bottom; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">a decrease in notes and
    accrued interest receivable of $0.5 million; offset by</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">an increase in accounts receivable, prepaids
    and other assets of $4.9 million.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><B><I>Cash Flows from Investing Activities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2025, net cash used in investing activities was $169.4 million, primarily due to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: bottom; width: 92%; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">$226.5 million
    used in acquiring consolidated real estate investments;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: bottom; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">$25.0 million used in
    an investment in an unconsolidated real estate fund;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: bottom; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">$17.4 million used on
    capital expenditures; </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: bottom; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">$16.8 million used in
    investments in preferred equity investments; and</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: bottom; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">$1.6 million used in
    the purchase of rate caps; offset by</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: bottom; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">$64.6 million of proceeds
    from the sale and redemption of preferred equity investments;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 8pt; vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; vertical-align: bottom; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">$31.7 million of repayments
    of notes receivable; and</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt"><FONT STYLE="font-size: 10pt">$21.5 million of proceeds from the sale of
    real estate investments.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><B><I>Cash Flows from Financing Activities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2025, net cash provided by financing activities was $204.9 million, primarily due to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; width: 94%; text-align: justify"><FONT STYLE="font-size: 10pt">$133.6 million of contributions from
    noncontrolling interests;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">borrowings of $126.9 million on mortgages payable;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">proceeds of $42.0 million from borrowings on revolving
    credit facilities; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">net proceeds of $36.5 million from the issuance
    of Series A Redeemable Preferred Stock; offset by</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">$103.0 million of repayments on revolving credit
    facilities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">$9.0 million in cash distributions paid to preferred
    stockholders;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">$6.7 million of repayments of our mortgages payable;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">$6.3 million in deferred financing costs;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">$3.4 million of distributions to noncontrolling
    interests;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">$2.3 million in cash distributions paid to partially
    owned properties&rsquo; noncontrolling interests;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">$1.5 million of distributions to common stockholders;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">$1.1 million for purchase of interests from noncontrolling
    interests; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">$0.9 million paid for the redemption of Series A Redeemable Preferred
    Stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Year ended December 31, 2025 as compared
to the year ended December 31, 2024</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operating Activities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Net cash flow provided by operating activities
increased $18.7 million in 2025 compared to 2024 due to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase in
                                            net distributions of income from preferred equity investments of $24.3 million;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">increase
                                            in amounts due to affiliates, net of $4.6 million;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">increase
                                            in accounts payable and other accrued liabilities of $1.5 million;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>decrease in
                                            notes and accrued interest receivable of $0.8 million; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase in
                                            distributions from investments in unconsolidated real estate funds of $0.6 million; offset
                                            by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>operating income,
                                            adjusted for non-cash activity, decreased $6.9 million; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">increase
                                            in accounts receivable, prepaid expenses and other assets of $6.2 million.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investing Activities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Net cash used in investing activities decreased
$55.5 million in 2025 compared to 2024 primarily due to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">higher
                                            proceeds from redemption of preferred equity investments of $48.4 million;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">increased
                                            repayments on notes receivable of $23.4 million;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">decrease
                                            in investments in notes receivable of $22.3 million;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>net decrease
                                            in acquisition of real estate investments and capital expenditures of $13.7 million;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">decrease
                                            in the purchase of interest rate caps of $1.1 million; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>decreased investments
                                            in preferred equity investments of $0.3 million; offset by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">lower
                                            proceeds from the sales of real estate investments of $28.5 million; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increased investments
                                            in unconsolidated real estate funds of $25.0 million.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financing Activities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Net cash provided by financing activities decreased
$55.8 million in 2025 compared to 2024 primarily due to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase in
                                            revolving credit facility repayments of $83.0 million;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>decrease in
                                            net proceeds from the Series&nbsp;A Redeemable Preferred Offering of $56.4 million;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>decrease in
                                            mortgage borrowings of $31.6 million;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>decrease in
                                            proceeds from credit facilities of $29.0 million;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase in
                                            distributions paid to partially owned properties&rsquo; noncontrolling interests $2.2 million;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase in
                                            redemptions of Series&nbsp;A Redeemable Preferred Stock of $0.9 million; offset by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase in
                                            contributions from noncontrolling interests of $127.7 million;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>decrease in
                                            mortgage repayments of $15.6 million;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>decrease in
                                            distributions paid of $2.0 million; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>decrease in
                                            the purchase of noncontrolling interests of $1.8 million.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Capital Expenditures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
our total capital expenditures for the years ended December 31, 2025 and 2024 (amounts in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">New development</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">8,062</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">986</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Redevelopment/renovations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,198</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,266</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Routine capital expenditures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,731</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,982</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Normally recurring capital expenditures</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,142</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">629</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total capital expenditures</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">18,133</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">9,863</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">New development represents
the expenditures for the planning, land development, and construction of residential homes and communities. Redevelopment and renovation
costs are non-recurring capital expenditures for significant projects, such as preparing a unit for rental. The renovation work varies,
but may include flooring, cabinetry, paint, plumbing, appliances and other items required to make the unit rent ready. Routine capital
expenditures are necessary non-revenue generating improvements that extend the useful life of the property, such as roof repairs and
concrete work/asphalt resurfacing. Normally recurring capital expenditures are necessary non-revenue generating improvements that occur
on a regular ongoing basis, such as flooring and appliances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Funds from Operations and Core Funds from
Operations Attributable to Common Stockholders and Unit Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that funds from
operations (&#8220;FFO&#8221;), as defined by the National Association of Real Estate Investment Trusts (&#8220;NAREIT&#8221;), and core
funds from operations (&#8220;CFFO&#8221;) are important non-GAAP supplemental measures of operating performance for a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FFO attributable to common
stockholders and unit holders is a non-GAAP financial measure that is widely recognized as a measure of REIT operating performance.&nbsp;We
consider FFO to be an appropriate supplemental measure of our operating performance as it is based on a net income analysis of property
portfolio performance that excludes non-cash items such as depreciation. The historical accounting convention used for real estate assets
requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably
over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT,
using historical accounting for depreciation, could be less informative. We define FFO, consistent with the NAREIT definition, as net
income (loss), computed in accordance with GAAP, excluding gains or losses on sales of depreciable real estate property, plus depreciation
and amortization of real estate assets, plus impairment write-downs of certain real estate assets and investments in entities where the
impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for notes receivable,
preferred equity investments and joint ventures will be calculated to reflect FFO on the same basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CFFO makes certain adjustments
to FFO, removing the effect of items that do not reflect ongoing property operations such as acquisition and other transaction costs,
non-cash interest, unrealized gains or losses on derivatives, provision for (recovery of) credit losses, non-cash returns on unconsolidated
real estate funds, losses on extinguishment of debt and debt modification costs (includes prepayment penalties incurred and the write-off
of unamortized deferred financing costs and fair market value adjustments of assumed debt), one-time weather-related costs, equity compensation
expense, non-recurring income tax, and preferred stock accretion. We believe that CFFO is helpful to investors as a supplemental performance
measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly
relate to our core recurring property operations. As a result, we believe that CFFO can help facilitate comparisons of operating performance
between periods and provides a more meaningful predictor of future earnings potential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our calculation of CFFO differs
from the methodology used for calculating CFFO by certain other REITs and, accordingly, our CFFO may not be comparable to CFFO reported
by other REITs. Our management utilizes FFO and CFFO as measures of our operating performance after adjustment for certain non-cash items,
such as depreciation and amortization expenses, and acquisition and other transaction costs that are required by GAAP to be expensed
but may not necessarily be indicative of current operating performance and that may not accurately compare our operating performance
between periods. Furthermore, although FFO and CFFO and other supplemental performance measures are defined in various ways throughout
the REIT industry, we also believe that FFO and CFFO may provide us and our stockholders with an additional useful measure to compare
our financial performance to certain other REITs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither FFO nor CFFO is equivalent
to net income (loss), including net income (loss) attributable to common stockholders, or cash generated from operating activities determined
in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management&#8217;s discretionary use because
of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Neither FFO nor CFFO should
be considered as an alternative to net income, including net income (loss) attributable to common stockholders, as an indicator of our
operating performance or as an alternative to cash flow from operating activities as a measure of our liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below presents
our calculation of FFO and CFFO for the years ended December 31, 2025 and 2024 ($ in thousands):&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0in; width: 74%; font-size: 10pt; font-weight: bold; text-align: left">Net loss attributable to common stockholders</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(11,491</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(4,234</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Add back: Net loss attributable to Operating
    Partnership Units</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(25,797</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(9,232</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0in; font-size: 10pt; font-weight: bold; text-align: left">Net loss attributable to common stockholders
    and unit holders</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">(37,288</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">(13,466</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Real estate depreciation and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">29,361</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19,810</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Impairment and (gain on sale) of real estate investments, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,216</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,081</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Gain on sale of available-for-sale investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,664</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Adjustment for partially owned properties&rsquo;
    noncontrolling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,974</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,245</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0in; font-size: 10pt; font-weight: bold; text-align: left">FFO attributable to common stockholders and unit
    holders</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">(12,349</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">(2,982</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Acquisition and other transaction costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">418</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">255</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Non-cash interest expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,598</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,755</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Unrealized loss on derivatives</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,105</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,885</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Recovery of credit losses, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(103</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(93</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Non-cash returns on unconsolidated real estate funds</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(505</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Weather-related losses, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">59</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">170</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Loss on extinguishment of debt costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">151</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Non-real estate depreciation and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">140</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Other expense (income), net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">289</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(330</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Non-cash equity compensation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,834</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,872</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Non-recurring income tax expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,154</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Preferred stock accretion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,538</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">244</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Adjustment for partially owned properties&rsquo;
    noncontrolling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(939</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(387</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0in; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">CFFO attributable to common
    stockholders and unit holders</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">2,183</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">9,680</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0in; font-size: 10pt; font-weight: bold">Per Share and Unit Information:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0in; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">FFO attributable to common
    stockholders and unit holders &ndash; diluted</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(0.98</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(0.24</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0in; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">CFFO attributable to common
    stockholders and unit holders &ndash; diluted</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">0.17</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">0.79</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0in; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Weighted average common
    shares and units outstanding &ndash; diluted</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">12,645,828</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">12,247,598</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Operating cash flow, FFO
and CFFO may also be used to fund all or a portion of certain capitalizable items that are excluded from FFO and CFFO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Presentation of this information
is intended to assist the reader in comparing the sustainability of the operating performance of different REITs, although it should
be noted that not all REITs calculate FFO or CFFO the same way, so comparisons with other REITs may not be meaningful. FFO or CFFO should
not be considered as an alternative to net income (loss) attributable to common stockholders or as an indication of our liquidity, nor
is either indicative of funds available to fund our cash needs, including our ability to make distributions. Both FFO and CFFO should
be reviewed in connection with other GAAP measurements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Declaration Date</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Record Date</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Paid / Payable Date</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Class A common stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 29%; font-size: 10pt">March 11, 2025</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt">March 25, 2025</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.125</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt">April 4, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">March 11, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">June 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">July 3, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">March 11, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">September 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">October 3, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">March 11, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">December 24, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">January 5, 2026</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Class C common stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">March 11, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">March 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">April 4, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">March 11, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">June 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">July 3, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">March 11, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">September 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">October 3, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">March 11, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">December 24, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">January 5, 2026</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Series A Redeemable Preferred Stock
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></B></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">October 14, 2024</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">December 24, 2024</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">January 3, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">January 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">January 24, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">February 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">January 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">February 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">March 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">January 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">March 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">April 4, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">April 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">April 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">May 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">April 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">May 23, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">June 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">April 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">June 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">July 3, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">July 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">July 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">August 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">July 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">August 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">September 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">July 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">September 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">October 3, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">October 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">October 24, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">October 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">December 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">October 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">December 24, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.125</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">January 5, 2026</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Series A Redeemable Preferred Enhanced
    Special Dividend <FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></B></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">October 14, 2024</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">December 24, 2024</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.010417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">January 3, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">January 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">January 24, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.010417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">February 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">January 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">February 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.010417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">March 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">January 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">March 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.010417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">April 4, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">April 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">April 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.010417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">May 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">April 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">May 23, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.010417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">June 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">April 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">June 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.010417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">July 3, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">July 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">July 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.010417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">August 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">July 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">August 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.010417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">September 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">July 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">September 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.010417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">October 3, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">October 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">October 24, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.010417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">October 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">November 25, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.010417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">December 5, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">October 15, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">December 24, 2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.010417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">January 5, 2026</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 0.25in; padding-right: 0.8pt; padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Holders
    of record of newly issued Series A Redeemable Preferred Stock shares that are held only a portion of the applicable monthly dividend
    period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such
    share of Series A Redeemable Preferred Stock was outstanding.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Holders
    of record of Series A Redeemable Preferred Stock shares are entitled to an enhanced special dividend equal to the amount by which
    (i) the Stated Value of the Series A Redeemable Preferred Stock multiplied by (a) the sum of (I) the average of the one-month Term
    SOFR for each day commencing on the 26<SUP>th</SUP> of the prior month to the 25<SUP>th</SUP> of the applicable month, plus (II)
    two percent, divided by (b) twelve, exceeds (ii) the standard monthly dividend of $0.125 per share of Series A Redeemable Preferred
    Stock. The enhanced special dividend will be aggregated with the standard monthly dividend so as to effect a dividend rate on the
    Series A Redeemable Preferred Stock that is subject to a 6.5% minimum and 8.5% maximum annual rate.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A portion of each dividend
may constitute a return of capital for tax purposes. There is no assurance that we will continue to declare dividends or at this rate.
Holders of OP Units, LTIP Units and C-LTIP Units are entitled to receive &#8220;distribution equivalents&#8221; at the same time as dividends
are paid to holders of our Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors will
determine the amount of dividends to be paid to our stockholders. The determination of our board of directors will be based on several
factors, including funds available from operations, our capital expenditure requirements and the annual distribution requirements necessary
to maintain our REIT status for federal income tax purposes. As a result, our distribution rate and payment frequency may vary from time
to time. However, to maintain our REIT status for federal income tax purposes, we must make distributions equal to at least 90% of our
 &ldquo;REIT taxable income&rdquo;, as defined by the Code, determined without regard to the dividends paid deduction and excluding net
capital gains, to our stockholders each year. While our policy is generally to pay distributions from cash flow from operations, we may
declare distributions in excess of funds from operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions declared and
paid for the year ended December 31, 2025 were as follows (amounts in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Distributions</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Declared</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Paid</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">First Quarter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Class A common stock</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">495</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Class C common stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Series A Redeemable Preferred Stock <SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,010</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,925</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">OP Units</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">921</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">LTIP / C-LTIP Units</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">212</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Total first quarter</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,639</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,925</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Second Quarter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Class A common stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">507</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">495</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Class C common stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Series A Redeemable Preferred Stock <SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,254</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,185</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">OP Units</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">921</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">921</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">LTIP / C-LTIP Units</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">225</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">212</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Total second quarter</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,908</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,814</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Third Quarter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Class A common stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">506</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">507</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Class C common stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Series A Redeemable Preferred Stock <SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,417</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,368</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">OP Units</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">921</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">921</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">LTIP / C-LTIP Units</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">223</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">225</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Total third quarter</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,068</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,022</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Fourth Quarter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Class A common stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">506</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">506</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Class C common stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Series A Redeemable Preferred Stock <SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,522</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,493</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">OP Units</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">921</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">921</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">LTIP / C-LTIP Units</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">227</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">223</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Total fourth quarter</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,177</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,144</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><B>Total</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><B>15,792</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><B>13,905</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Series
                                            A Redeemable Preferred Stock amounts include the standard dividend at an annual rate of 6.0%
                                            of the Stated Value and any enhanced special dividends.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Critical Accounting Policies and Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Below is a discussion of
the accounting policies that we consider critical to an understanding of our financial condition and operating results that may require
complex or significant judgment in their application or require estimates about matters which are inherently uncertain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Principles of Consolidation and Basis of Presentation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We conduct our operations
through the Operating Partnership, of which we are the sole general partner. The consolidated financial statements include our accounts
and those of the Operating Partnership and its subsidiaries. <FONT STYLE="background-color: white">As of December 31, 2025, limited partners
other than the company owned approximately&nbsp;69.36% of the common units of the Operating Partnership, of which 55.65% is held by holders
of limited partnership interest in the Operating Partnership (&ldquo;OP Units&rdquo;) and&nbsp;13.71% is held by holders of the Operating
Partnership&rsquo;s long-term incentive plan units (&ldquo;LTIP Units&rdquo;), including&nbsp;2.37% which were not vested at December
31, 2025.</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Consolidated Investments in Real Estate, Preferred
Equity Investments, Notes Receivable and Unconsolidated Funds</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We first analyze an investment
to determine if it is a variable interest entity (&#8220;VIE&#8221;) in accordance with Financial Accounting Standards Board (&#8220;FASB&#8221;)
Accounting Standards Codification (&#8220;ASC&#8221;) Topic 810: <I>Consolidation</I> and, if so, whether we are the primary beneficiary
requiring consolidation of the entity. A VIE is an entity that has (i)&nbsp;insufficient equity to permit it to finance its activities
without additional subordinated financial support or (ii)&nbsp;equity holders that lack the characteristics of a controlling financial
interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that
most significantly impact the entity&#8217;s economic performance and the obligation to absorb losses or the right to receive benefits
from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other
financial interests in a VIE that change in value with changes in the fair value of the VIE&#8217;s net assets. We continuously re-assess
at each level of the investment whether (i)&nbsp;the entity is a VIE, and (ii)&nbsp;we are the primary beneficiary of the VIE. If it
was determined that an entity in which we hold an interest qualified as a VIE and we are the primary beneficiary, the entity would be
consolidated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If, after consideration of
the VIE accounting literature, we have determined that an entity is not a VIE, we assess the need for consolidation under all other provisions
of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the company
providing control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In assessing whether we are
in control of and requiring consolidation of the limited liability company and partnership venture structures, we evaluate the respective
rights and privileges afforded each member or partner (collectively referred to as &#8220;member&#8221;). Our member would not be deemed
to control the entity if any of the other members has either (i)&nbsp;substantive kickout rights providing the ability to dissolve (liquidate)
the entity or otherwise remove the managing member or general partner without cause or (ii)&nbsp;substantive participating rights in
the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate
in significant decisions of the entity that would be expected to be made in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We analyze each investment
that involves real estate acquisition, development, and construction to consider whether the investment qualifies as an investment in
a real estate acquisition, development, and construction arrangement. We have evaluated our real estate investments as required by ASC
310-10 <I>Receivables</I> and concluded that no investments are considered an investment in a real estate acquisition, development, or
construction arrangement. As such, we next evaluate if these investments are considered a security under ASC 320 <I>Investments &#8211;
Debt Securities</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For investments that meet
the criteria of a security under ASC 320&nbsp;<I>Investments &ndash; Debt Securities</I>, we classify each investment as an available-for-sale
(&ldquo;AFS&rdquo;) debt security as we do not have the positive intent to hold all investments to maturity. We account for these investments
as preferred equity investments on our consolidated balance sheets, and we earn a fixed return on these investments which is included
within income from preferred equity investments on our consolidated statements of operations and comprehensive income (loss). AFS debt
securities are carried at fair value on our consolidated balance sheets, and any unrealized gains or losses on AFS debt securities are
reported as a component of accumulated other comprehensive income on our consolidated balance sheets, and as a component of other comprehensive
income on our consolidated statements of operations and comprehensive income (loss). We evaluate each AFS debt security that has an unrealized
loss recorded at the reporting date for a provision for credit loss, as applicable. Refer to the Current Expected Credit Losses (&ldquo;CECL&rdquo;)
section below for further information regarding CECL and our provision for credit losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the fourth quarter
2024, we classified our preferred equity investments as held-to-maturity debt securities as the investments met the criteria of a security
under ASC 320 <I>Investments &ndash; Debt Securities</I>. As of December 31, 2025, we continue to not have the positive intent to hold
all the securities to maturity due to the sale of two preferred equity investments during 2025 (refer to Note 8 to the Consolidated Financial
Statements appearing in the company&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926021568/bhm-20251231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form 10-K for the year ended December 31, 2025</A>, which is incorporated herein by reference, for further information).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For investments that do not
meet the criteria of a security under ASC 320 <I>Investments &#8211; Debt Securities</I>, we will evaluate the characteristics and the
facts and circumstances to determine if loan accounting treatment is appropriate. If loan accounting treatment is deemed appropriate,
we recognize interest income on our notes receivable on the accrual method unless a significant uncertainty of collection exists. If
a significant uncertainty exists, interest income is recognized as collected. Costs incurred to originate our notes receivable are deferred
and amortized using the effective interest method over the term of the related note receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In circumstances where we
do have significant influence in the investment, however we determine that the investment does not meet the criteria of a security under
ASC 320&nbsp;<I>Investments &#8211; Debt Securities</I>&nbsp;and that loan accounting treatment is not appropriate, we generally account
for these investments under the equity method. The equity method of accounting requires these investments to be initially recorded at
cost and subsequently increased (decreased) for our share of net income (loss), and increased (decreased) for contributions (distributions).
The proportionate share of the results of operations of these investments is recognized on a one-quarter lag and is recorded in our earnings
or losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Real Estate Assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Real Estate Purchase Price
Allocations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
acquisition, we evaluate our acquired residential properties for purposes of determining whether a transaction should be accounted for
as an asset acquisition or business combination. </FONT>Purchases of residential properties are treated as asset acquisitions and, as
such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative
fair values at the date of acquisition. Acquisition costs typically include legal fees, broker commissions and title fees, as well as
other closing costs. In making estimates of fair values for purposes of allocating the purchase price of acquired properties, we utilize
various sources including our own market knowledge obtained from historical transactions, published market data, and independent appraisers.
In this regard, we may also utilize information obtained from county tax assessment records to assist in the determination of the fair
value of the land and building.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Estimates of the fair values
of the tangible assets, identifiable intangibles and assumed liabilities require us to make significant assumptions to estimate market
lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing
interest rates and the number of&nbsp;years the property will be held for investment. The use of inappropriate assumptions could result
in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the
amount of our net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be
significant based upon the assumptions made in calculating these estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Capital Additions, Depreciation
and Amortization</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We capitalize costs incurred
in connection with our capital additions activities, including redevelopment, development and construction projects, other tangible improvements,
and replacements of existing components. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance
and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. <FONT STYLE="font-family: Times New Roman, Times, Serif">Accordingly,
many factors are considered as part of our evaluation processes with no one factor necessarily determinative. </FONT>Depreciation and
amortization expense are computed on the straight-line method over the asset&rsquo;s estimated useful life. We consider the period of
future benefit of an asset to determine its appropriate useful life and anticipate the estimated useful lives of assets by class to be
generally as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Buildings</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">30 &ndash; 40 years</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Building improvements</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5 &ndash; 15 years</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Land improvements</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5 &ndash; 15 years</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Furniture, fixtures and equipment</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">3 &ndash; 8 years</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">In-place leases</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">6 months</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Intangible Assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Intangible assets includes
(i) the value of in-place leases and (ii) a real estate tax abatement. The value of in-place leases represents the estimated fair value
of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the
property been vacant at the time of acquisition and subject to lease-up. We amortize the value of in-place leases to expense over the
remaining non-cancelable terms of the respective leases, which is on average six&nbsp;months. In connection with the acquisition of Skytop
Apartments in September 2025 (refer to Note 3 to the Consolidated Financial Statements appearing in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926021568/bhm-20251231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form 10-K for the year ended December 31, 2025</A>, which is incorporated herein by reference, for further information), we
allocated approximately $5.5 million of the purchase price to a real estate tax abatement. The tax abatement is being amortized on a
straight-line basis over its estimated remaining useful life of approximately 13.0 years. The value of in-place leases and the real estate
tax abatement are recorded within other intangible assets, net on our consolidated balance sheets. At December 31, 2025, the net carrying
values of in-place leases and the real estate tax abatement were $2.1 million and $5.4 million, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Impairment of Operating
Real Estate Assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We continually monitor events
and changes in circumstances that could indicate that the carrying amounts of our operating real estate and related intangible assets
may not be recoverable. The evaluation of real estate assets for potential impairment requires our management to exercise significant
judgement and make certain key assumptions, including the following: (i) capitalization rate, (ii) discount rate, (iii) number of years
the property will be held, (iv) property operating revenue including occupancy and market rental rates, and (v) property operating expenses.
There are inherent uncertainties in making these estimates such as market conditions, and performance and sustainability of property
operations. When indicators of potential impairment suggest that the carrying value of operating real estate and related intangible assets
may not be recoverable, we assess the recoverability of the assets by estimating whether we will recover the carrying value of the asset
through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if we do not believe that we will be
able to recover the carrying value of the operating real estate and related intangible assets, we will record an impairment loss to the
extent that the carrying value exceeds the estimated fair value of the operating real estate and related intangible assets. Fair value
is determined by using valuation techniques appropriate to the specific operating asset, which may include discounted cash flow analysis
or a broker&rsquo;s opinion of value. These valuation methods utilize inputs that fall within Level 3 of the fair value hierarchy. During
the year ended December 31, 2025, we recognized an impairment loss of approximately $3.8 million related to our Peak JV 2 portfolio,
which is included in our scattered single-family homes segment. Of the total impairment loss, approximately $3.5 million was attributable
to a revised hold period assessment for 75 units within the portfolio that are now expected to be sold in the near term. The remaining
$0.3 million impairment loss was driven by deterioration in submarket conditions. During 2024, the Lubbock, Texas submarket experienced
deterioration, and as a result, we recorded a $1.4 million impairment loss on the Peak JV 2 portfolio as of December 31, 2024. The impairment
losses for 2025 and 2024 are recorded within (impairment) and gain on sale of real estate investments, net on our consolidated statement
of operations and comprehensive income (loss).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Held for Sale Real Estate
Assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Real estate assets are classified
as held for sale when they meet the applicable GAAP criteria in accordance with ASC 360-10&nbsp;<I>Property, Plant, and Equipment - Overall</I>,
including, but not limited to, the availability of the real estate asset for immediate sale in its present condition, the existence of
an active program to locate a buyer, the probable sale of the real estate asset within one year, and actions required to complete the
sale of the real estate asset are likely to occur. Real estate assets classified as held for sale are reported at the lower of their
carrying value or estimated fair value less costs to sell and are presented separately within operating real estate held for sale, net
on our consolidated balance sheets. At December 31, 2025 and 2024, we had&nbsp;107 units and 167 units, respectively, classified as held
for sale, and for the years ended December 31, 2025 and 2024, we recorded impairments related to held for sale units of $2.1 million
and $3.3 million, respectively, which is included in (impairment) and gain on sale of real estate investments, net on our consolidated
statements of operations and comprehensive income (loss).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Revenue Recognition</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognize rental revenue
on a straight-line basis over the terms of the rental agreements and in accordance with ASC Topic 842 <I>Leases</I>. Rental revenue is
recognized on an accrual basis and when the collectability of the amounts due from tenants is deemed probable. Rental revenue is included
within rental and other property revenues on our consolidated statements of operations and comprehensive income (loss). Amounts received
in advance are recorded as a liability within other accrued liabilities on our consolidated balance sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other property revenues are
recognized in the period earned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Current Expected Credit Losses (CECL)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Preferred Equity Investments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We perform an individual
assessment of expected credit losses for our preferred equity investments, which are accounted for as AFS debt securities, that have
an unrealized loss recorded at the reporting date. We first evaluate whether we intend to sell, or it is more likely than not that we
will be required to sell, the AFS debt security before recovery of our amortized cost basis. If either criteria regarding intent or requirement
to sell is met, the amortized cost basis of the security is written down to its fair value through income. If these criteria are not
met, we evaluate whether the decline in fair value of the AFS debt security has resulted from credit losses.&nbsp; If it is determined
that the borrower is experiencing financial difficulty, or a foreclosure is probable, or we expect repayment through the sale of the
collateral, we calculate expected credit losses based on the value of the underlying collateral as of the reporting date. During this
review process, if we determine that it is probable that we will not be able to collect all amounts due for both principal and interest
according to the contractual terms of an investment, the preferred equity investment is not considered fully recoverable. As such, a
provision for credit loss is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any remaining
noncredit loss component of unrealized loss would be recognized as a component of other comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Changes in the provision
for credit loss are recorded as a provision for (or recovery of) credit loss expense. Losses are charged against the allowance when we
believe the non-collectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to
sell is met. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>New Accounting Pronouncements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See Note 2, &ldquo;Basis
of Presentation and Summary of Significant Accounting Policies,&rdquo; to our Notes to the Consolidated Financial Statements appearing
in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926021568/bhm-20251231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&nbsp;10-K for the year ended December 31, 2025</A>, which is incorporated herein by reference, for a description of accounting
pronouncements. We do not believe these new pronouncements will have a significant impact on our Consolidated Financial Statements, cash
flows or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="G_001"></A><B>OUR INDUSTRY AND MARKET
OPPORTUNITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market and Investment Opportunity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The residential rental industry
has historically been more resilient to economic downturns than other commercial real estate sectors and is currently benefiting from
significant industry tailwinds that began during the COVID-19 pandemic. Rental market fundamentals are strong and demographic trends
support further strengthening, particularly from rental-biased and debt-burdened millennials now reaching peak household-formation and
homeownership age. We believe that a continued upswing in the propensity to rent, coupled with the limited and depleting supply for the
middle-income range, signals significant opportunity. Specifically:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The U.S. housing deficit
    is expected to widen through the end of the decade, creating a large need for all forms of rental strategies.</B> Residential rental
    production has been below historical levels since the end of the Great Financial Crisis, creating a housing shortage of approximately
    4.7 million residential units according to the U.S. Chamber of Commerce.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Favorable demographic
    trends should drive demand for residential rental product</B>. The aging of the millennial cohort into their prime household formation
    years and desire for more space combined with the financial constraints of this cohort should spur demand for moderately priced residential
    rental product.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Low new residential
    supply, with residential construction and residential permitting notably below the 10-year average, is expected to create an ideal
    environment for the residential rental industry providing landlords with significant pricing power due to persistent demand.</B>
    According to Marcus &amp; Millichap, the apartment sector has seen 11 consecutive quarters of positive net absorption suppressing
    the national average vacancy to 4.7%, well below the recent average</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Robust rental market
    fundamentals provide an exceptionally strong backdrop for the entire rental sector</B>. Low vacancy rates and strong long term historical
    rent increases signal a long term healthy sector with significant opportunity.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><B>Renting currently represents a significant cost saving to homeownership, and the recent increases
    in both housing prices and mortgage rates has exacerbated the difference to nearly $1,200 per month according to Marcus &amp; Millichap.</B>
    This is expected to continue for the foreseeable future, forcing the millennial generation to rent for longer as they enter their
    household formation years.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Homeownership Unaffordability Driving Residential Rental Demand</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Apartment and single-family
rental tenants will be forced to rent longer due to the affordability constraints associated with home ownership. As the chart below
illustrates, for most of the past 20 years, with the limited exception of the years immediately following the Great Recession, renting
was significantly more cost-effective than owning. According to John Burns Real Estate Consulting, it is 44% more expensive to own a
home than rent, as of October&nbsp;2024. This trend has been persistent, with homeownership 45% more expensive on average since 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>National Cost of Purchasing vs. Renting Single-Family
Starter Home %</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Monthly mortgage payment + maintenance for single-family
starter home vs. monthly rent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm269760d1_posamimg003.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Source: John Burns Real Estate Consulting, December&nbsp;2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TTM Average National Existing Home Inventory
(MM-Units)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm269760d1_posamimg004.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source: National Association of Realtors. TTM = Trailing 12 Months</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The housing supply shortage
is projected to continue into 2035, with the shortage peaking at approximately four million in 2029. This is expected to drive tailwinds
for residential rental property occupancy and rental rate growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. Housing Surplus/Shortage</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Homeownership is expected
to stay out of reach for many, with insufficient supply coming to market. As shown below, home inventory is approximately 50% below long-term
averages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm269760d1_posamimg005.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source: U.S. Census Bureau; Moody&#8217;s Analytics; Clarion Partners
Investment Research, as of April&nbsp;2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note: Historical housing shortfall/surplus calculates
the difference between the current number of vacant units and the total number of vacant units that would exist under &#8220;normal&#8221;
market conditions, which is based on the long-term housing vacancy rate. The forecast builds on the existing housing shortfall/surplus,
comparing forecasted annual household formations to housing unit completions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This lack of supply applies
to all sectors in residential housing. The apartment market is also expected to see a sharp decline in supply. As shown below, new multifamily
starts have decreased 76% and apartments under construction have decreased 39% from 2022 to 2024. The lack of new supply, coupled with
persistent renter demand will provide a goldilocks environment for residential rental landlord into the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm269760d1_posamimg006.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Source: Marcus&nbsp;&amp; Millichap, 2025 Economic
and Commercial Real Estate Outlook</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Millennials Are Entering Peak Homeownership Consumption Years,
Driving Demand</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The millennial cohort is
continuing to enter the 35 and over age category, which is traditionally the peak age group for homeownership demand. Instead of purchasing
homes like their predecessor cohorts, and driven by factors including the increasing unaffordability of homeownership, the presence of
a sizable student loan debt burden, a notable increase in credit card debt and an attraction to the financial and lifestyle flexibility
that defines the rental market, millennials are increasingly choosing to continue to rent instead.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>35&#8211;44-Year-Old YoY Population Growth
(000's)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm269760d1_posamimg007.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Source: Green Street 2025 U.S. Single-Family Rental
Outlook</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Demand for Rental Housing has Remained Resilient</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite a record amount of
supply coming online in 2024, demand has remained resilient. Vacancy rates for apartments held steady at 5.1%, after nearly 600,000 units
were delivered. This robust demand, coupled with a sharp decline in new construction coming online should create a goldilocks environment
for the residential rental sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>National Apartment Vacancy Rate Trending Lower
in 2025 as Completions Fall</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm269760d1_posamimg008.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Source: Marcus&nbsp;&amp; Millichap, 2025 Economic
and Commercial Real Estate Outlook</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Significant Near Obsolescence in Existing Residential Rental
Properties</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of 2022, only 15% of existing
single-family housing product and 17% of existing apartment product was newer than 20 years old, despite demand for modern amenities,
flexible floor plans, and updated kitchens/bathrooms. We believe that the relatively mature age of existing residential rental stock
presents a significant market opportunity to generate attractive risk-adjusted returns by providing desirable residential properties
with upgraded amenities through upgrades of existing homes, as well as developing new build-to-rent communities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm269760d1_posamimg009.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Source: National Multi-Housing Council, U.S. Apartment
Demand through 2035</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Forecasts Signal Healthy Rent Growth for Residential Rental
Properties</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect healthy effective
rent growth for new residential rental leases across our target markets and portfolio. John Burns Real Estate Consulting data show a
cumulative projected rent increase of 14.2% in single family rental asking rents from 2024 through 2027 on average across the United
States with higher increases in many of our target markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm269760d1_posamimg010.jpg" ALT="" STYLE="height: 414px; width: 675px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Source: John Burns Real Estate Consulting, December&nbsp;2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect these strong fundamentals
to also continue for the apartment sector. According to Axiometrics, national apartment occupancy is projected to stay stable through
Q2 2030 at more than 95% and rent growth is forecasted to average 3.2% per year or 16.8% cumulatively for the same time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm269760d1_posamimg011.jpg" ALT="" STYLE="height: 329px; width: 650px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Source: Axiometrics National Market Trends, Q1
2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="G_002"></A><B>OUR BUSINESS AND PROPERTIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an externally managed
REIT formed to assemble a portfolio of institutional residential properties including apartments, build-to-rent communities, single-family
homes, and other residential communities, located in attractive markets with a focus on the knowledge-economy and high quality of life
(&ldquo;Knowledge/Quality&rdquo;) growth markets of the Sunbelt and Western United States. Our current investment strategy is focused
on growing our portfolio of residential communities. Our principal business objective is to generate attractive risk-adjusted returns
on investments where we believe we can drive growth in FFO and NAV by acquiring residential units, developing residential communities,
and through Value-Add renovations. Our Value-Add strategy focuses on repositioning lower-quality, less current assets to drive rent growth
and expand margins to increase net operating income and maximize returns to our investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our target renter pool includes
the large cohort of rental-biased and debt-burdened millennials, among others, who are reaching their peak household-formation age, have
a propensity for renting for lifestyle or flexibility reasons, and/or who do not want or cannot afford the upfront and ongoing financial
commitments of home ownership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect these Knowledge/Quality
markets to have healthy long-term demand fundamentals for residential rentals. In addition, we believe that our moderate initial rent
price points will deliver durable income streams with relatively low turnover, and with potential for upside growth over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We utilize a number of investment
strategies&#8201;to drive growth in FFO and NAV to maximize returns to our investors and improve property performance, including performing
value-add renovations, focusing on income and appreciation, selectively investing in the development of residential properties to capture
development premiums upon completion, implementing institutional property management approaches and leveraging our technology-aided platform.
See &#8220;&#8212;Growth Strategies.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We invest primarily through
control positions in joint ventures with a network of established private, regional owner-operators in proprietary, off-market transactions
across a broad market footprint, enabling us to execute our strategies across multiple markets and strategies. Where appropriate, we
may seek to increase our ownership of the venture to 100%, subsequent to the execution of the initial business plan for each property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were formed in 2021 as
a Maryland corporation and have elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended
December&nbsp;31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Portfolio</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our portfolio consists primarily
of residential properties that are between 15 and 40 years old located in first-ring suburban markets (which are areas within close proximity
to downtown amenities, including restaurants and retail shopping) with quality school systems and direct access to large metropolitan
areas. We source potential investments in residential properties through a variety of channels, including our existing relationships
and those developed by our network, real estate brokers, auctions and marketed portfolio sales. Our build-to-rent communities are typically
developed by our partners with expertise in development utilizing capital which we provide in a variety of structures, including through
common equity, preferred equity and mezzanine loans. Our build-to-rent communities are typically located in target markets that we believe
will enable us to capture development premiums upon completion. These residential properties are specifically designed to be rented and
are typically amenitized with larger floorplans ranging between two and four bedrooms and consist of both attached and detached homes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
of December 31, 2025, we held twenty-five real estate investments, consisting of nineteen consolidated investments, five preferred equity
investments, and one unconsolidated real estate fund investment. The twenty-four consolidated and preferred equity investments represent
an aggregate of 5,572 residential units, comprised of 4,423 consolidated units, of which 370 units are under development or in lease-up,
and 1,149 units through preferred equity investments, which includes planned units and those under development. As of December 31, 2025,
our consolidated operating investments were approximately 90.9% occupied; excluding units classified as held for sale and down/renovation
units, our consolidated operating investments were approximately 93.0% occupied.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
following is a summary of our consolidated real estate investments as of December 31, 2025:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Operating Investment
    Name</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: center">Market
    / <BR>
    Location</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number<BR>
    of Units <SUP>(1)</SUP></B></FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Average
    <BR>
    Year <BR>
    Built</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Ownership<BR>
    Interest</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Average<BR>
    Rent <SUP>(2)</SUP></B></FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Occupancy
    <BR>
    &ndash; All Units<BR>
    <SUP>(3)</SUP></B></FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Occupancy
    &ndash;<BR>
    Excluding<BR>
    Held for<BR>
    Sale/Reno<BR>
    Units <SUP>(4)</SUP></B></FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left">Residential Communities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: left">Allure at Southpark</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: left">Charlotte, NC</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">350</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">2014</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">98</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,681</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">95.7</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">96.0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Amira at Westly</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left">Tampa, FL</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">408</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1999/2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,847</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">93.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">93.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Avenue at Timberlin Park</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left">Jacksonville, FL</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">200</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2001</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,591</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">94.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">District at Parkview <SUP>(6)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left">Stone Mountain, GA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">264</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">69</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,907</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">88.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">88.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Skytop
    Apartments <SUP>(6)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left">Cincinnati, OH</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">361</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,721</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">94.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Southern
    Pines Reserve <SUP>(6)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left">Aberdeen, NC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">272</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2000/2003</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,486</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">93.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">93.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Villas at Huffmeister</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left">Houston, TX</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">294</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2007</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,601</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">96.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">96.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Wayford at Concord</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left">Concord, NC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">150</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">83</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,157</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">98.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">98.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Yauger Park Villas</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Olympia, WA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">80</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2010</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,476</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">97.5</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">97.5</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 13.5pt">Total Residential Communities Units
    / Average</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,379</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,746</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">93.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">94.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left">Scattered Single-Family Homes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Ballast</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left">AZ / CO / WA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">84</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1998</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,130</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">77.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">77.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Golden Pacific</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left">IN / KS / MO</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">161</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1977</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,802</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">73.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">79.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">ILE</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left">TX / SE US</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">450</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1991</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,862</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">92.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">93.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Indy-Springfield</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left">IN / MO</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">304</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1999</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,426</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">91.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">95.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Peak JV 2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left">Various / TX</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">549</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1982</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,382</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">88.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">90.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Peak JV 3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left">Dallas-Fort Worth, TX</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1960</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,082</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Savannah-84</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Savannah, GA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">84</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2022</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,875</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">97.6</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">97.6</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 13.5pt">Total Scattered
    Single-Family Homes / Average</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,674</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,625</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">86.9</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">90.8</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 27pt">Total Operating Units / Average</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">4,053</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,695</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">90.9</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">93.0</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Development
    / Lease-up Investment Name</B></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left">Residential Communities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Abode Wendell Falls <SUP>(7)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left">Wendell, NC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">170</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Harmony at Clear Creek <SUP>(7)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Shawnee, KS</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">188</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">85</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Parkside at Summers Corner <SUP>(8)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; padding-bottom: 1pt">Summerville,
    SC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2025</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 27pt">Total Development
    Units</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">370</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 40.5pt">Total Units</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black medium double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">4,423</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: justify; vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    operating units includes an aggregate of 107 units classified as held for sale, with such units included in the following portfolios:
    12 units of Golden Pacific, 27 units of ILE, 18 units of Indy-Springfield, 8 units of Peak JV 2, and all 42 units of Peak JV 3.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    the average of the ending average effective rent per occupied unit as of the last day of each month in the three months ended December
    31, 2025.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percent
    occupied is calculated as (i)&nbsp;the number of units occupied as of December 31, 2025 divided by (ii)&nbsp;total number of units,
    expressed as a percentage.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percent
    occupied is calculated as (i)&nbsp;the number of units occupied as of December 31, 2025 divided by (ii)&nbsp;total number of units,
    expressed as a percentage, and excludes 107 units classified as held for sale and an aggregate of 11 down/renovation units.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amira
    at Westly is held through our DST Program (refer to Note 9 of our consolidated financial statements for further information). The
    Amira at Westly DST has been fully subscribed with equity from individual investors.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">District at Parkview, Skytop Apartments and Southern Pines Reserve are held
    through our DST Program.</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(7)</SUP></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">Represents a development project with no units delivered as of December 31,
    2025. Abode Wendell Falls commenced construction in 2024 and Harmony at Clear Creek is anticipated to commence construction in 2026.</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; vertical-align: top"><SUP>(8)</SUP></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">Parkside at Summers Corner represents a development project with units to
    be acquired in tranches as construction is completed. Of the total 100 units that we have committed to acquire, 12 units had been
    acquired as of December 31, 2025.</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is a summary
of our consolidated operational results by reportable segment for the years ended December 31, 2025 and 2024 ($ in thousands, except
average rental rates):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Rental and other property revenues</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 61%; font-size: 10pt; text-align: left">Residential communities</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">37,554</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">16,449</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">128.3</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Scattered single-family homes</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">30,582</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">32,135</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-4.8</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total rental and other property revenues</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">68,136</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">48,584</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">40.2</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Property operating expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Residential communities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,651</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,950</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">139.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Scattered single-family homes</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,534</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,194</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-3.8</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total property operating expenses</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">33,185</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">24,144</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">37.4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net operating income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Residential communities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20,903</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,499</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">120.1</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Scattered single-family homes</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">14,048</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">14,941</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-6.0</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt"><B>Total net operating income</B></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><B>34,951</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><B>24,440</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><B>43.0</B></TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><B>%</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Residential communities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">93.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">95.1</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(160</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">)
                                            bps&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Scattered single-family homes</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">89.3</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">90.2</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(90</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: left">)
                                            bps&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Average occupancy percentage <SUP>(1)(2)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">91.4</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">91.7</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>(30</B></FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">)
                                            bps&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Residential communities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,767</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,815</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-2.6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Scattered single-family homes</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,612</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,556</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3.6</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Average rental rate <SUP>(2)(3)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>$</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>1,694</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>$</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>1,638</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; font-weight: bold"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>3.4</B></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left"><B>%</B></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Represents
                                            the average of the ending occupancy as of the last day of each month in the year presented
                                            for all units in our consolidated portfolio.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            amount presented for 2024 includes Navigator Villas through July 2024. Navigator Villas was
                                            sold in August 2024.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Represents
                                            the average of the ending average effective rent per occupied unit as of the last day of
                                            each month in the year presented.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a summary of our preferred equity
investments as of December&nbsp;31, 2025:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Development<BR>
Investment Name <SUP>(1)</SUP></B></FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Location</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Actual
/<BR> Planned<BR> Number<BR> of Units</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total
Actual /<BR> Estimated<BR> Construction<BR> Cost</B><BR> <B>(in millions)</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cost
to <BR>
Date <BR>
(in <BR>
millions)</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Actual
/<BR>
Estimated<BR>
Construction<BR>
Cost Per Unit</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Actual
/<BR>
Estimated<BR>
Initial<BR>
Occupancy</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Actual
/<BR>
Estimated<BR>
Construction<BR>
Completion</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">%<BR>
Occupied</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Estimated<BR>
Average<BR>
Rent <SUP>(2)</SUP></B></FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="width: 16%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">River
Ford</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brunswick,
GA</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">170</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
<TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">51.6</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
<TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">18.0</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
<TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">303,529</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1Q
2026</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1Q
2027</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&mdash;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
<TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,004</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Sanford
Marketplace</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Sanford,
NC</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">300</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">59.6</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12.7</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">198,667</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4Q
2026</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2Q
2027</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&mdash;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,587</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Canvas
at Wildwood</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Wildwood,
FL</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">224</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">60.3</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17.0</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">269,196</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4Q
2026</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4Q
2027</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,937</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Archer
at RiverBlue <SUP>(3)</SUP></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Asheville,
NC</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">245</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">71.8</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10.8</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">293,061</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1Q
2028</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2Q
2028</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,113</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total
Development Units</B></FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><B>939</B></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; padding-left: 0.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Operating
Investment Name <SUP>(4)</SUP></B></FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Wayford
at Innovation Park</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Charlotte,
NC</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">210</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">91.4</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,313</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total
Operating Units</B></FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>210</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total
Units/Average</FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,149</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,934</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 1%; padding-right: 0.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 99%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt">None of the development investments
    had commenced lease-up as of December 31, 2025.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 0.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt">For development investments, represents the average
    pro forma effective monthly rent per occupied unit for all expected occupied units during the first full quarter of stabilization.
    For the operating investment, represents the average effective monthly rent per occupied unit.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 0.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt">In December 2025, we entered into a joint venture
    agreement and made a commitment to invest capital for preferred equity interests in Archer at RiverBlue. No capital had been funded
    as of December 31, 2025.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 0.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Operating investment represents a stabilized
    operating property.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Target Markets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We focus on Knowledge/Quality
markets with strong job growth, expanding populations and favorable quality of life characteristics. These Knowledge/Quality markets
are typically non-gateway regions, with access to good healthcare, highly-rated school systems, lower crime rates, robust infrastructure,
good affordability and a growing economic base. They are generally anchored by major universities, technology, healthcare, trade, next-generation
high value-add manufacturing or government industries as well as right to work laws, growing populations, and strong household formations.
Currently we have properties in and around Orlando, Dallas-Fort Worth, Seattle, Tucson, Colorado Springs, Charlotte, Atlanta, Tampa,
Jacksonville, Houston and Raleigh and are targeting acquisitions in and around a variety of markets, including Salt Lake City, San Antonio,
Nashville and Huntsville. Within each metropolitan area, we typically focus on first-ring suburban markets, which are areas within close
proximity to downtown amenities, including restaurants and retail shopping.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sunbelt is a substantial
part of our target market. The Sunbelt holds 50% of the nation&#8217;s population (335 million) and is expected to rise to 55% by 2040.<SUP>1</SUP>
Over the past decade, the region accounted for 80% of U.S. population growth (12 million of the total 15 million increase). Over the
next decade, Sunbelt population growth is expected to accelerate by 11 million (+6.7%), whereas non-Sunbelt state population is forecasted
to increase by only 475,000 (+0.3%).<SUP>2</SUP> This large population increase in our target markets is expected to provide for strong
fundamentals into the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm269760d1_posamimg012.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Source: Clarion, April&nbsp;2024.
    There are 27 markets with a population over or near 1 million, and the seven largest cities are Los Angeles, Houston, Atlanta, Dallas,
    Phoenix, San Francisco, and Riverside.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Source: Clarion. Through
    2033, Texas, Florida, and Arizona have been forecasted to grow by 3.5 million, 2.6 million and 1.1 million, respectively.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe our approach of
focusing on Knowledge/Quality markets with employment and income growth should not only contribute to achieving strong rental demand
and occupancy but should also enable us to achieve revenue growth to deliver attractive risk-adjusted returns within our portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Geographically, the majority
of our existing portfolio is positioned in the Sunbelt (see map below). Additional existing markets include high-growth areas of the
West (excluding California) and other markets with similar attractive demographics as warranted. We believe that the diverse balance
of larger and smaller markets within our core footprint, along with a strong current cash flow base and value-add upside, will enable
us to deliver attractive investment returns across a full economic cycle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="tm269760d1_posamimg013.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We select and continuously
evaluate our target markets through an analysis of demographic data at both the market and submarket levels, which may include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8201;<I>Strong Economic
    Drivers</I>. Economy characterized by growth industries and jobs of the future such as healthcare and technology, signaling near-
    and long-term employment growth, relatively low housing affordability and low rent-to-income ratios that allow for future rent increases.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Favorable Business Climate</I>.
    Regulatory conditions that attract, retain, and foster job growth and new business development including lower tax rates and right-to-work
    states.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Robust Infrastructure</I>.
    Growing economic base driven by the presence of technology centers, major colleges and universities, healthcare, trade, next-generation
    high value-add manufacturing, government industries, and modern transportation facilities and networks.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Renter Demographics</I>.
    The presence of a younger, more educated workforce with a high population of renters by choice.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>High Quality of Life</I>.
    Areas with abundant recreation, leisure, cultural, and entertainment options, highly rated school systems that appeal to young parents,
    and plentiful social opportunities including ample recreation and open space, all of which foster population growth and retention.
    Within our target markets, we focus on submarkets where members of our network have established relationships, transaction history,
    market knowledge and potential access to off-market investments, as well as an ability to direct property management and leasing
    operations efficiently.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Network Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe the most important
elements in successful investing in residential real estate are the ability to access attractive, proprietary deal flow, deep local market
knowledge to underwrite appropriately, as well as operational expertise and infrastructure to provide execution of the operating and
value creation strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For this reason, we invest
primarily through controlling positions in joint ventures with members of our network, representing experienced regional owner-operators
across the nation. These relationships provide a wealth of seasoned market knowledge, along with access to a substantial, often proprietary,
transaction pipeline, extensive operating infrastructure, and the ability to execute in our target markets without the cost and logistical
burdens of maintaining our own local infrastructure across a broad footprint. Benefits of our network strategy include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force multiplier sourcing
    effect that provides access to a sizable pool of attractive, off-market investment opportunities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deep intellectual capital
    and track record of success, enabling us to deliver a knowledge-based underwriting of the transaction;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extensive operational infrastructure
    enabling us to deliver execution across multiple investment strategies and markets, without the cost and logistical burdens of maintaining
    our own infrastructure for those markets and strategies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantial capital to
    invest alongside us, ensuring our partners&#8217; interests are aligned with ours, particularly in terms of delivering returns for
    our investors; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elimination of delays establishing
    a robust on-the-ground presence in each new market we enter.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The in-house asset management
team of our Manager and its affiliate works in tandem with our network members to oversee the implementation of each asset&#8217;s business
plan, including budgeting, capital expenditures, tenant improvements and financial performance. We believe that our network partners,
given their significant co-investment in the projects, provide superior management execution versus third-party fee-only management companies.
Notwithstanding the investments of each member of our network, we expect to maintain substantial control over these ventures, including
with respect to strategic decision-making.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Competitive Strengths</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our investment
strategy and operating model distinguishes us from other owners, operators, and acquirors of residential rental real estate in several
important ways.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Our Key Principals.</I></B>
Our team offers significant breadth and depth in real estate operating and investment experience. Our team has successfully sourced,
structured, acquired and managed more than 50 million square feet of residential real estate investments in our target markets, totaling
approximately $15 billion in value, and bring an average of 30 years&#8217; experience across multiple real estate and credit cycles.
We believe this experience will provide a competitive advantage, enabling us to grow the company and generate attractive risk-adjusted
returns for our stockholders. Our principals&#8217; competitive strengths include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Expertise Across Our
    Target Markets</U>. Our principals have significant experience structuring and investing in properties successfully in our target
    markets, through multiple financial and real estate investment cycles, providing a breadth and depth of operating and investment
    experience to help steer our investment strategy wisely;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Expertise Creating Value
    Across Our Investment Strategies and Various Capital Structures</U>. Our principals have substantial experience executing transactions
    and creating value across our value-add and development investment strategies, and across capital structures&#8201;&#8212;&#8201;equity,
    preferred equity, and mezzanine&#8201;&#8212;&#8201;providing substantial flexibility to create value in transactions, subject to
    maintaining our qualification as a REIT;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Expertise in Corporate
    and Portfolio Transactions to Create Value</U>. Our principals have executed large corporate and portfolio transactions, including
    the rollup of assets to create multiple public companies, the creation of multiple asset management platforms, and the purchase of
    distressed assets and/or companies out of bankruptcy, demonstrating a sophisticated structuring capability and an ability to execute
    complex capital markets transactions, which experience will assist us in growing the company and delivering attractive risk-adjusted
    returns to our stockholders; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Expertise in Financing
    and Structuring Transactions</U>.&nbsp;&nbsp;Our investment team has substantial expertise structuring and financing transactions,
    enabling us to evaluate and access the most efficient capital structures for our acquisitions.&nbsp;&nbsp;In addition, our investment
    team has extensive experience structuring development transactions with network partners to capture significant value while minimizing
    inherent risks and/or guarantees associated with such transactions.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Our Network.</I></B>
We invest primarily through controlling positions in joint ventures with members of our network, which allows us to draw on the collective
relationships and market knowledge and experience of significant private owner-operators in the nation who invest alongside us in transactions,
in order to source, underwrite and execute attractive transactions. We believe our network provides us access to a substantial, often
proprietary, transaction pipeline, along with extensive infrastructure and ability to execute across our target markets without the cost
and logistical burdens associated with maintaining our own infrastructure and pipeline in these markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Disciplined &#8220;Broad
and Deep&#8221; Underwriting.</I></B> By leveraging our network, we are able to execute a rigorous underwriting process, which we believe
improves our ability to evaluate risk and create value in our transactions. To begin, our network partners conduct underwriting and due
diligence for our transactions, enabling us to leverage intellectual capital and local experience acquired through their years of experience
in the market. At the same time, our team of investment professionals implements our disciplined underwriting and due diligence process,
with a focus on value relative to other potential opportunities within our target markets. The ability to review investment opportunities
broadly (across markets), as well as deeply (within the target market), greatly improves our ability to source and execute attractive
transactions for our portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Scalable Operating
Model.</I></B> Our relationships enable us to tap into what we believe to be the substantial, often proprietary, transaction flow of
our network, allowing for rapid deployment of available capital. Our extensive network provides us the ability to scale our operations
quickly, enabling us to allocate and reallocate capital across multiple target markets and along multiple strategies, and to invest in
or divest of properties rapidly without the time delay associated with building infrastructure across multiple markets, and without burdening
us with excessive operating and overhead costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Growth Strategies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal business objective
is to generate attractive risk-adjusted investment returns by assembling a portfolio of institutional residential properties including
apartments, build-to-rent communities, single-family homes, and other residential communities located across a diverse group of growth
markets. Our current investment strategy is focused on growing our portfolio of residential communities. By implementing our investment
strategies and our institutional-quality management, we expect to be able to achieve sustainable long-term growth in both our FFO and
NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Value Creation Execution.</I></B>
We acquire residential rental properties with potential for long-term value creation for our stockholders. We utilize the following internal
and external growth strategies to drive growth in FFO and NAV for our investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Income and Appreciation.</B>&nbsp;&nbsp;We
    invest in well-located institutional residential properties with strong and stable cash flows in demographically attractive knowledge
    economy growth markets where we believe there exists significant potential for medium-term capital appreciation through renovation
    or redevelopment, to reposition the asset and drive future rental growth.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><B>Value-Add Renovation.</B> We see significant potential for capital appreciation through renovation
    of existing assets. Our value-add strategy focuses on working with our local experts to reposition lower-quality, less current assets
    and drive rent growth and expand margins, increasing NOI and maximizing our return on investment.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Invest-to Own.</B>&nbsp;&nbsp;We
    selectively invest in the development of build-to rent and other residential properties in target markets where we believe we can
    capture significant development premiums upon completion. We generally make common equity investments or use a preferred equity structure
    which provides income during the development stage and/or the ability to capture development premiums at completion by exercising
    our conversion rights to take ownership.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Institutional Property
    Management / NOI Margin Expansion.</B> We expect to improve margins at our operating properties by deploying institutional management
    approaches across the portfolio &#8211; including professional management, investment in technology platforms, and leveraging economies
    of scale <FONT STYLE="color: #70757a">&#8212;</FONT> to best position the portfolio for optimal rental growth. We seek to address
    operational inefficiencies, revenue management and deferred capital maintenance at scale and to grow underlying cashflow through
    substantial NOI margin expansion at stabilized properties. We will also provide an aggressive asset management presence, working
    alongside our network partners to ensure optimal execution of the asset management plan, enabling us to drive rent growth and values.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Technology-Aided Platform.</B>
    We have implemented a data warehouse, which provides us with real-time visibility into leasing, inventory, maintenance and renovation
    metrics, allowing us to quickly react to changes in current operational performance and monitor trends across our portfolio. Further,
    we believe we will be able to utilize our data warehouse technology as a building block in the design and implementation of a portfolio-wide
    revenue management system to further drive NOI and margin expansion. In addition, we utilize various PropTech solutions to both acquire
    and maximize operational efficiency. Operational PropTech solutions include focus on streamlining value-add initiatives, integrating
    smart-home technology, automating the lease process and providing robust and coordinated maintenance services.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Invest in Institutional
Residential Properties.&nbsp;&nbsp;</I></B>We intend to continue to acquire institutional residential properties targeting the high disposable
income renter by choice, where we believe we can create long-term value growth for our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Focus on Growth Markets.&nbsp;&nbsp;</I></B>We
intend to continue to focus on demographically attractive growth markets, which we define as markets with strong employment drivers in
industries creating high disposable income jobs over the long term. Employment growth is highly correlated with apartment demand; therefore,
we believe that selecting markets with job growth significantly above the national average will provide high potential for increased
rental demand leading to revenue growth and attractive risk-adjusted returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Implement our Live/Work/Play
Initiatives.&nbsp;</I></B>&nbsp;We intend to continue to implement our amenities and attributes to transform the residential community
from a purely functional product (i.e., as solely a place to live), to a lifestyle product (i.e., as a place to live, interact, and socialize).
Our Live/Work/Play initiatives are property specific, and generally consist of attributes that go beyond traditional features, including
highly amenitized common areas, cosmetic and architectural improvements, technology, music and other community-oriented activities to
appeal to our residents&#8217; desire for a &#8220;sense of community&#8221; by creating places to gather, socialize and interact in
an amenity-rich environment. We believe this creates an enhanced perception of value among residents, allowing for premium rental rates
and improved resident retention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Diversify Across Markets,
Strategies and Investment Size.</I></B>&nbsp;&nbsp;We will seek to grow our institutional portfolio of residential properties diversified
by geography and by investment strategy and by size to manage concentration risk, while driving both current income and capital appreciation
throughout the portfolio. Our network enables us to diversify across multiple markets and multiple strategies efficiently, without the
logistical burden and time delay of building operating infrastructure in multiple markets and across multiple investment strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Harvest and Redeploy
Capital Selectively.</I></B> On an opportunistic basis and subject to compliance with REIT restrictions, we intend to sell properties
when we have executed our value creation plans and when we believe the investment has limited additional upside relative to other opportunities.
This allows us to harvest profits and reinvest proceeds to maximize stockholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financing Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to use prudent
amounts of leverage in connection with our operations. As of December 31, 2025, our total indebtedness was approximately $440.8 million.
Once we reach sufficient scale, we generally expect our total indebtedness to be less than 75% of the fair market value of our real estate
investments. However, we are not subject to any limitations on the amount of leverage we may use, and accordingly, the amount of leverage
we use may be significantly less or greater than we currently anticipate. Further, during our ramp-up to scale, we expect that our leverage
will fluctuate and for periods of time will exceed 75% of the fair market value of our real estate investments as appropriate. For purposes
of calculating our leverage, we include our consolidated real estate investments, include our preferred equity and loan investments at
cost, include assets we have classified as held for sale, and include any joint venture level indebtedness in our total indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors will
have the authority to change our financing policies at any time and without stockholder approval. If our board of directors changes our
policies regarding our use of leverage, we expect that it will consider many factors, including the lending standards of lenders in connection
with the financing of residential properties, the leverage ratios of publicly traded REITs with similar investment strategies, the cost
of leverage as compared to expected operating net revenues, and general market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By operating on a leveraged
basis, we expect to have more funds available for real estate investments and other purposes than if we operated without leverage, which
we believe will allow us to acquire more investments than would otherwise be possible, resulting in a larger and more diversified portfolio.
See &#8220;Risk Factors&#8212;Risks Related to Our Business, Properties and Industry&#8212;High levels of debt or increases in interest
rates could increase the amount of any future loan payments, which could reduce the cash available for distribution to stockholders&#8221;
for more information about the risks related to operating on a leveraged basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Approach to Evaluating Potential Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have developed a disciplined
approach to evaluating potential investments that combines our experience with an evaluation structure that emphasizes thorough market
research, local market knowledge, underwriting discipline, and risk management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>National Market Research.</B>
    Our investment team continuously and extensively conducts market research to proactively select our target markets. Our investment
    team is focused on identifying markets that exhibit outsized population and employment growth, among other salient characteristics,
    including a high quality of life, an intellectual capital base, and a commitment to investments in infrastructure. We utilize real-time
    market data, leading third-party research, and the deep transactional knowledge and collective experiences of our network.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Local Market Knowledge.</B>
    Our breadth and depth of professional relationships, particularly within our network, provides us with access to substantial and
    often proprietary coveted off-market opportunities within our target markets. Further, we are able to leverage the local market knowledge
    of our network to fully evaluate not only a particular submarket&#8217;s supply and demand fundamentals, but a property&#8217;s competitive
    position from a neighborhood perspective.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriting Discipline.</B>
    We follow a disciplined double underwriting process to examine and evaluate a potential investment in terms of its income-producing
    capacity and prospects for capital appreciation. Our approach begins with an extensive review of the following: (1)&nbsp;property
    fundamentals, such as location, expense structure, occupancy, construction quality and deferred maintenance; (2)&nbsp;capital markets
    fundamentals, including cap rates, debt markets and future capital flows; and (3)&nbsp;market fundamentals, such as rental rates,
    concession and occupancy levels at comparable properties, along with projected product delivery and absorption rates. We will then
    utilize our double underwriting approach to verify and refine all assumptions provided by leveraging the local market knowledge and
    expertise of members of our network. Only those real estate assets meeting our investment criteria will be accepted for inclusion
    in our portfolio.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk Management.</B>
    Risk management is a fundamental principle in the construction of our portfolio and in the management of each investment. Prior to
    the purchase of any individual asset or portfolio, our investment team will develop a &#8216;360-degree&#8217; asset-level business
    strategy. The business strategy consists of a detailed forecast of the action items to be taken and the capital needed to achieve
    the anticipated returns. We regularly review asset-level business strategies to anticipate changes or opportunities in the market
    during a given phase of a real estate cycle. In addition, we conduct extensive property level diligence leveraging our joint venture
    partners and third-party experts, including reviewing title and performing physical inspections.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When evaluating potential
acquisitions and dispositions, we generally consider a variety of factors, including both market-level factors and property-level factors.
Market-level factors include: income levels and employment growth trends in the relevant market; employment, household growth and net
migration of the relevant market&#8217;s population; and barriers to entry that would limit competition (zoning laws, building permit
availability, supply of undeveloped or developable real estate and local building costs and construction costs). Property-level factors
include: the location, construction quality, condition and design of the property; the current and projected cash flow of the property
and the ability to increase cash flow; the potential for capital appreciation of the property; purchase price relative to the replacement
cost of the property; the potential for rent increases; the potential for economic growth and the tax and regulatory environment of the
community in which the property is located; the occupancy and demand by residents for properties of a similar type in the vicinity (the
overall market and submarket); the prospects for liquidity through sale, financing or refinancing of the property; the benefits of integration
into existing operations; purchase prices and yields of available existing stabilized properties, if any; competition from existing properties
and properties under development and the potential for the construction of new properties in the area; and potential for opportunistic
selling based on demand and price of high quality assets, including condominium conversions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Property Management and Leasing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The day-to-day aspects of
property management and leasing are generally conducted by our joint-venture partners or third-party managers with extensive local experience,
with oversight to be performed by our Manager&#8217;s asset management team. We believe this approach maximizes efficiencies and allows
us to leverage local expertise. With respect to potential tenants, our property managers perform a thorough underwriting process tailored
to the specific property, in accordance with local market practice and local, state and federal regulations. The typical application
and evaluation process includes obtaining appropriate identification, a thorough evaluation of credit history and household income, and
a review of the applicant&#8217;s rental and other payment history, and may include a background check for criminal activity for all
proposed occupants over the age of 18. We also generally require a minimum income-to-rent ratio, and seek tenants with household income
that exceeds the median household income of the market in which the property is located. Many additional factors are also taken into
consideration during the prospective tenant evaluation process, which may include household size and tenure at current job.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Environmental, Social and Governance Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Environmental: Improvements
with the Environment in Mind.</I></B> In keeping with our Environmental Sustainability Policy, we undertake a variety of environmental
sustainability initiatives, including the installation of energy- and water-conserving fixtures at many of our upgraded properties. Our
value-add investment model generates a continually-replenishing opportunity for us to improve the environmental impact of older, less
sustainable properties throughout the U.S., while our ground-up, build-to-rent developments incorporate environmentally sound principles
from inception. Our due diligence process incorporates evaluation of environmental impacts, which are factored into our projections for
acquisition or investment, affording us the functional and financial flexibility to develop or retrofit homes to operate more responsibly
in a changing environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Social: Social Responsibility.</I></B>
Consistent with our Human Rights Policy, we strive to respect and promote all human rights, consistent with the UN Guiding Principles
on Business and Human Rights, the International Covenant on Civil and Political Rights, and the International Covenant on Economic, Social
and Cultural Rights. We maintain a diverse board of directors, both by ethnicity and gender, and remain committed to ensuring the preservation
of human rights in our relationships with our employees, partners and tenants. We are very pleased to report that our most recent engagement
survey showed that 87% of the employees of Bluerock are proud to work for the Bluerock family of companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the creation of our portfolio,
we are especially proud that we are able to address a critical and growing need for quality, well-managed and affordable homes in desirable
communities, striving to demonstrate the possibility of embracing both people and profits. According to a study by the Joint Center for
Housing Studies of Harvard University (March&nbsp;2024), rent-burdened households hit a record high in 2022, as half of all households
spent more than the recommended 30% of income on rent and utilities. Through our focus on the middle-income and rent-burdened renter
with our build-to-rent investment strategy, we are seeking to deliver a supply of affordable, well-maintained, residential housing options,
both for renters by choice as well as by necessity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Governance: Corporate
Governance.</I></B> We have established a governance framework that fosters effective stewardship of investor and stockholder capital,
promotes an ethical and transparent approach to doing business, and encourages board diversity. We are committed to operating our business
under strong and accountable corporate governance practices and have structured our corporate governance in a manner that we believe
aligns our interests with those of our stockholders. Key attributes of our corporate governance structure include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Majority of Board Is
    Independent</I>. Four of the five members of our board of directors are independent for purposes of the NYSE American corporate governance
    listing standards and Rule&nbsp;10A-3 under the Exchange Act.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Board of Directors Will
    Not Be Staggered.</I> Each of our directors will be subject to re-election annually.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Lead Independent Director.</I> Our lead independent
    director structure promotes strong, independent oversight of our management and affairs.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Fully Independent Key
    Board Committees.</I> We have fully independent Audit, Compensation and Nominating and Corporate Governance Committees.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Commitment to Board
    Diversity.</I> Of the five expected members of our board of directors, one is female and four self-identify as an ethnic minority.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Code of Business Conduct
    and Ethics.</I> Our directors, officers and employees are subject to our Code of Business Conduct and Ethics, fostering the highest
    standards of ethics and conduct in all aspects of our business.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Stock Ownership Guidelines.</I>
    To better align the interests of our directors and executive officers with those of our stockholders, we have adopted Stock Ownership
    Guidelines to require executive officers to maintain specified minimum levels of ownership in our common stock, ranging (depending
    on position) from $750,000 to $2.5 million. Our Stock Ownership Guidelines further require our independent directors to own shares
    of our common stock valued at a minimum of three times their annual cash retainer for service on the board of directors.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Anti-Hedging Policy.</I>
    Our insider trading policy expressly prohibits our directors, officers and employees from engaging in certain hedging transactions
    with respect to any of our securities at any time.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Pledging Policy.</I>
    Our Pledging Policy prohibits our directors and executive officers from pledging, or otherwise using as collateral to secure any
    loan or other obligation, any of our securities that he or she is required to hold pursuant to our Stock Ownership Guidelines.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Clawback Policy.</I>
    Our Clawback Policy provides for the possible recoupment from our Manager of Incentive Fees in the event of an accounting restatement
    of our financial statements due to our material noncompliance with any financial reporting requirements under the securities laws
    (other than due to a change in applicable accounting methods, rules&nbsp;or interpretations).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 48px">&nbsp;</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>We Value Stockholder
    Input.</I> We will conduct regular and active stockholder engagement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Regulations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our investments are subject
to various federal, state and local laws, ordinances and regulations, including, among other things, zoning regulations, land use controls,
environmental controls relating to air and water quality, noise pollution and indirect environmental impacts such as increased motor
vehicle activity. We believe that we have all permits and approvals necessary under current law to operate our investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Environmental</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As an owner of real estate,
we are subject to various environmental laws of federal, state and local governments. Compliance with existing laws has not had a material
adverse effect on our financial condition or results of operations, and management does not believe it will have such an impact in the
future. However, we cannot predict the impact of unforeseen environmental contingencies or new or changed laws or regulations on properties
in which we hold an interest, or on properties that may be acquired directly or indirectly in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Human Capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have no employees and
we rely on the employees of our Manager and its affiliates to conduct our operations. In order to attract and retain high performing
individuals, our Manager and its affiliates are committed to partnering with its employees to provide opportunities for their professional
development and promote their well-being. To that end, our Manager or its affiliates have undertaken various initiatives, including the
following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">implementing an Environmental,
    Social, and Corporate Governance Initiative to codify and disclose its commitment to good corporate citizenship, including the appointment
    of an internal corporate responsibility committee in support of its ongoing commitment to sustainability, health and safety, corporate
    social responsibility, corporate governance, and other public policy matters;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing department-specific
    training, access to online training seminars and opportunities to participate in industry conferences;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing annual reviews
    and regular feedback to assist in employee development and providing opportunities for employees to provide suggestions to management
    and safely register complaints;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing family leave, for example, for the birth
    or adoption of a child, as well as sick leave;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">focusing on creating a
    workplace that values employee health and safety;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">committing to the full
    inclusion of all qualified employees and applicants and providing equal employment opportunities to all persons, in accordance with
    the principles and requirements of the Equal Employment Opportunities Commission and the principles and requirements of the Americans
    with Disabilities Act; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognizing the importance
    and contributions of a diverse workforce, with an appreciation for the unique perspectives and insights offered by diverse backgrounds.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are not party to, and
none of our properties are subject to, any material pending legal proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Company Act Limitations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to conduct our
operations so that neither the company, nor the Operating Partnership, nor a subsidiary of the Operating Partnership will be required
to register as an investment company under the Investment Company Act. Section&nbsp;3(a)(1)(A)&nbsp;of the Investment Company Act defines
an investment company as any issuer that is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business
of investing, reinvesting or trading in securities. Section&nbsp;3(a)(1)(C)&nbsp;of the Investment Company Act defines an investment
company as any issuer that is engaged or proposes to engage in the business of investing, reinvesting, owning, holding or trading in
securities and owns or proposes to acquire investment securities having a value exceeding 40% of the value of the issuer&#8217;s total
assets (exclusive of U.S. Government securities and cash items) on an unconsolidated basis, or the &#8220;40% test.&#8221; Excluded from
the term &#8220;investment securities,&#8221; among other things, are U.S. Government securities and securities issued by majority-owned
subsidiaries that are not themselves investment companies and are not relying on the exception from the definition of investment company
set forth in Section&nbsp;3(c)(1)&nbsp;or Section&nbsp;3(c)(7)&nbsp;of the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The company is organized
as a holding company that conducts its businesses primarily through the Operating Partnership and our direct or indirect wholly-owned
or majority-owned subsidiaries. The company and the Operating Partnership do not and will not hold themselves out as investment companies.
Both the company and the Operating Partnership intend to conduct their operations so that they comply with the limits imposed by the
40% test. We expect the focus of our business will involve investments in real estate, buildings, and other assets that can be referred
to as &#8220;sticks and bricks&#8221; and therefore we will not be an investment company under Section&nbsp;3(a)(1)(A)&nbsp;of the Investment
Company Act. The securities issued to our Operating Partnership by any wholly owned or majority-owned subsidiaries that we may form in
the future that are excepted from the definition of &#8220;investment company&#8221; based on Section&nbsp;3(c)(1)&nbsp;or Section&nbsp;3(c)(7)&nbsp;of
the Investment Company Act, together with any other investment securities the Operating Partnership may itself own, will not have a value
in excess of 40% of the value of the Operating Partnership&#8217;s total assets on an unconsolidated basis. We will monitor our holdings
to ensure continuing and ongoing compliance with this test. In addition, we believe neither the company nor the Operating Partnership
nor any direct or indirect majority-owned or wholly-owned subsidiary will be considered an investment company under Section&nbsp;3(a)(1)(A)&nbsp;of
the Investment Company Act because it will not engage primarily or hold itself out as being engaged primarily in the business of investing,
reinvesting or trading in securities. Rather, through the Operating Partnership&#8217;s wholly-owned or majority-owned subsidiaries,
the company and the Operating Partnership will be primarily engaged in the non-investment company businesses of these subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The determination of whether
an entity is a majority-owned subsidiary of its immediate parent company is made by us. The Investment Company Act defines a majority-owned
subsidiary of a person as a company 50% or more of the outstanding voting securities of which are owned by such person. The Investment
Company Act further defines voting securities as any security presently entitling the owner or holder thereof to vote for the election
of directors of a company. We treat companies in which we own at least 50% of the outstanding voting securities as majority-owned subsidiaries
for purposes of the 40% test. We have not requested the SEC to approve our treatment of any company as a majority-owned subsidiary and
the SEC has not done so. If the SEC were to disagree with our treatment of one or more companies as majority-owned subsidiaries, we might
need to adjust our strategy and our assets in order to continue to pass the 40% test. Any such adjustment in our strategy could have
a material adverse effect on us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may in the future organize
special purpose subsidiaries of the Operating Partnership that will rely on Section&nbsp;3(c)(7)&nbsp;for their Investment Company Act
exemption and, therefore, the Operating Partnership&#8217;s interest in each of these subsidiaries would constitute an &#8220;investment
security&#8221; for purposes of determining whether the Operating Partnership satisfies the 40% test. However, we expect that most of
our other majority-owned subsidiaries will not meet the definition of investment company or rely on exemptions under either Section&nbsp;3(c)(1)&nbsp;or
Section&nbsp;3(c)(7)&nbsp;of the Investment Company Act. Consequently, we expect that our interests in these subsidiaries (which we expect
will constitute more than 60% of our assets on an unconsolidated basis) will not constitute investment securities. Consequently, we expect
to be able to conduct our operations so that we are not required to register as an investment company under the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">One or more of our current
or to-be-formed subsidiaries may seek to qualify for an exemption from registration as an investment company under the Investment Company
Act pursuant to Section&nbsp;3(c)(5)(C)&nbsp;of the Investment Company Act, which is available for entities &#8220;primarily engaged
in the business of purchasing or otherwise acquiring mortgages and other liens on and interests in real estate.&#8221; This exemption,
as interpreted by the staff of the SEC, generally requires that at least 55% of a subsidiary&#8217;s portfolio must be comprised of &#8220;qualifying
interests&#8221; and an additional 25% of the subsidiary&#8217;s portfolio be comprised of real estate-related interests, although this
percentage may be reduced to the extent that more than 55% of the subsidiary&#8217;s assets are comprised of qualifying interests (as
such terms have been interpreted by the staff of the SEC under the Investment Company Act), and no more than 20% may be comprised of
assets that are neither qualifying interests nor real estate-related assets. Qualifying Interests for this purpose include mortgage loans
and other assets such as certain &#8220;B&#8221; notes and tier one mezzanine loans, which the SEC staff in various no-action letters
has determined are the functional equivalent of mortgage loans for the purposes of the Investment Company Act. We intend to treat as
real estate-related assets any securities of companies primarily engaged in real estate businesses that are not within the scope of SEC
positions and/or interpretations regarding qualifying interests and that are not, themselves, indirect wholly-owned subsidiaries of the
Operating Partnership. Although we intend to monitor our portfolio periodically and prior to each investment acquisition or disposition,
there can be no assurance that we will be able to maintain this exemption from registration for each of our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we, the Operating
Partnership and/or our subsidiaries may rely upon other exceptions and exemptions, including the exemptions provided by Section&nbsp;3(c)(6)&nbsp;of
the Investment Company Act (which exempts, among other things, parent entities whose primary business is conducted through majority-owned
subsidiaries relying upon the exemption provided by Section&nbsp;3(c)(5)(C), discussed above), from the definition of an investment company
and the registration requirements under the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Qualification for exemption
from registration under the Investment Company Act could limit our ability to make certain investments. For example, these restrictions
could limit the ability of a subsidiary seeking to rely on the exemption provided by Section&nbsp;3(c)(5)(C)&nbsp;of the Investment Company
Act to invest in securities that the SEC has not deemed qualifying interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, there can be no
assurance that the laws and regulations governing the Investment Company Act status of REITs (and/or their subsidiaries), including actions
by the SEC or the SEC staff providing more specific or different guidance regarding these exemptions, will not change in a manner that
adversely affects our operations. For example, on August&nbsp;31, 2011, the SEC issued a concept release requesting comments regarding
a number of matters relating to the exemption provided by Section&nbsp;3(c)(5)(C)&nbsp;of the Investment Company Act, including the nature
of assets that qualify for purposes of the exemption and whether mortgage REITs should be regulated in a manner similar to investment
companies. To the extent that the SEC or the SEC staff provides more specific guidance regarding any of the matters bearing upon such
exceptions, exemptions, or exclusions, or other exemptions from the definition of investment company under the Investment Company Act
upon which we may rely, we may be required to change the way we conduct our business or adjust our strategy or the activities of our
subsidiaries accordingly. Any additional guidance from the SEC staff could provide additional flexibility to us, or it could further
inhibit our ability to pursue the strategies we have chosen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we fail to qualify for
an exemption from registration as an investment company or an exclusion from the definition of an investment company, our ability to
use leverage and other business strategies would be substantially reduced, and our business will be materially and adversely affected
if we fail to qualify for an exemption or exclusion from regulation under the Investment Company Act. If we did become an investment
company, we might be required to revise some of our current policies to comply with the Investment Company Act. This would require us
to incur the expense and delay of holding a stockholder meeting to vote on proposals for such changes. Please see &#8220;Risk Factors&#8212;
Investment Company Risks&#8212;We are not registered as an investment company under the Investment Company Act, and therefore we will
not be subject to the requirements imposed on an investment company by the Investment Company Act which may limit or otherwise affect
our investment choices.&#8221; Please also see &#8220;Risk Factors&#8212;Investment Company Risks&#8212;If the Company or the Operating
Partnership is required to register as an investment company under the Investment Company Act, the additional expenses and operational
limitations associated with such registration may reduce your investment return or impair our ability to conduct our business as planned.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Private Placements By the Operating Partnership</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Operating Partnership
may also offer undivided beneficial or similar interests in certain residential properties, including traditional multifamily apartment
communities, placed into one or more Delaware statutory trust(s)&nbsp;by the Operating Partnership or its affiliates to accredited investors
in private placements exempt from registration under the Securities Act. Such interests may serve as replacement properties for investors
seeking to complete like-kind exchange transactions under Section&nbsp;1031 of the Code. The interests underlying the real properties
subject to such private placements would be leased back by an indirect wholly-owned subsidiary of the Operating Partnership on a long
term basis, which lease agreements would be supported by a demand note from the Operating Partnership. Currently such leases are structured
with a ten year term, but may be longer in the future. Such real properties would be subject to a fair market value purchase option whereby
the Operating Partnership would have the right, but not the obligation, to acquire the interests from investors at a later time in exchange
for OP Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="G_003"></A><B>MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Executive Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The individuals listed as
our executive officers below also serve as officers of our Manager. As executive officers of our Manager, they manage the day-to-day
affairs and carry out the directives of our board of directors in the review, selection and recommendation of investment opportunities
and operating acquired investments and monitoring the performance of those investments to ensure that they are consistent with our investment
objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth certain information
concerning our executive officers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age*</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position(s)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R. Ramin Kamfar </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jordan Ruddy </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryan S. MacDonald </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Investment Officer</FONT></TD></TR>

<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher J. Vohs
    </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer
    and Treasurer</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael DiFranco </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President,
    Operations</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jason Emala </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Legal Officer
    and Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 15, 2026.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>R. Ramin Kamfar, Chief
Executive Officer</I>. Mr.&nbsp;Kamfar serves as Chief Executive Officer of our Manager, and as the Chairman of our board of directors
and as our Chief Executive Officer. Mr.&nbsp;Kamfar served as Chairman of the board of directors and Chief Executive Officer of Bluerock
Residential Growth REIT,&nbsp;Inc. from August&nbsp;2008 to October&nbsp;2022. In addition, Mr.&nbsp;Kamfar has served as Chairman of
the board of trustees of Bluerock Private Real Estate Fund (formerly Bluerock Total Income + Real Estate Fund), a closed-end interval
fund organized by Bluerock, since 2012, and as Chairman of the board of trustees of Bluerock High Income Institutional Credit Fund, a
closed-end interval fund organized by Bluerock, since 2022. Mr.&nbsp;Kamfar has also served as Chairman of the board of directors of
Bluerock Industrial Growth REIT,&nbsp;Inc. and Chief Executive Officer of its external manager, Bluerock Industrial Manager, LLC, since
2021. Mr.&nbsp;Kamfar is the Founder and has also served as the Chairman and Chief Executive Officer of Bluerock since 2002. Mr.&nbsp;Kamfar
has approximately 30 years of experience in various aspects of real estate, private equity, and investment banking. From 1988 to 1993,
Mr.&nbsp;Kamfar worked as an investment banker at Lehman Brothers Inc., New York, New York, where he specialized in mergers and acquisitions
and corporate finance. From 1993 to 2002, Mr.&nbsp;Kamfar built a startup into a leading public company in the &ldquo;fast casual&rdquo;
market now known as Einstein Noah Restaurant Group,&nbsp;Inc. Mr.&nbsp;Kamfar received an M.B.A. degree with distinction in Finance from
The Wharton School of the University of Pennsylvania, and a B.S. degree with distinction in Finance from the University of Maryland,
College Park.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Jordan B. Ruddy, President.</I>
Mr.&nbsp;Ruddy serves as President of our Manager, and as our President. Mr.&nbsp;Ruddy served as Chief Operating Officer and President
of Bluerock Residential Growth REIT,&nbsp;Inc. from August&nbsp;2008 to October&nbsp;2022. In addition, Mr.&nbsp;Ruddy has served as
President of Bluerock Private Real Estate Fund (formerly Bluerock Total Income + Real Estate Fund), as well as co-portfolio manager of
its adviser Bluerock Fund Advisor since October&nbsp;2013, as President of Bluerock High Income Institutional Credit Fund, since 2022,
and as President of Bluerock Industrial Growth REIT,&nbsp;Inc. and its external manager, Bluerock Industrial Manager, LLC since 2021.
Mr.&nbsp;Ruddy joined Bluerock in 2002 and has continuously served in various senior management capacities for it and its affiliates.&nbsp;
Mr.&nbsp;Ruddy has approximately 30&nbsp;years of experience in real estate acquisitions, financings, management and dispositions. Prior
to joining Bluerock, Mr.&nbsp;Ruddy served as a real estate investment banker at Banc of America Securities LLC and Smith Barney Inc.,
as well as Vice President of Amerimar Enterprises, a real estate company specializing in value-added investments nationwide, where he
managed acquisitions, financings, leasing, asset management and dispositions involving over 1.5&nbsp;million square feet of commercial
and multifamily real estate.&nbsp; Mr.&nbsp;Ruddy received an M.B.A. degree in Finance and Real Estate from The Wharton School of the
University of Pennsylvania, and a B.S. degree with high honors in Economics from the London School of Economics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Ryan S. MacDonald, Chief
Investment Officer.&nbsp;</I>&nbsp;Mr.&nbsp;MacDonald serves as Chief Investment Officer of our Manager, and as our Chief Investment
Officer. Mr.&nbsp;MacDonald also currently serves as Co-Chairman of IQHQ,&nbsp;Inc. and on the board of directors for the Townsend Group.
Mr.&nbsp;MacDonald served as the Chief Investment Officer of Bluerock Residential Growth REIT,&nbsp;Inc. from January&nbsp;2021 to October&nbsp;2022,
and as its Chief Acquisitions Officer from October&nbsp;2017 until January&nbsp;2021. In addition, Mr.&nbsp;MacDonald has served as Chief
Investment Officer of the external manager of Bluerock Industrial Growth REIT,&nbsp;Inc., Bluerock Industrial Manager, LLC, since 2021, and as Portfolio Manager of Bluerock Private Real Estate Fund since August 2025.
Mr.&nbsp;MacDonald joined Bluerock in 2008 and has continuously served in various senior investment capacities. To date with Bluerock,
Mr.&nbsp;MacDonald has been involved with real estate transactions with an aggregate value of approximately $11&nbsp;billion.&nbsp; Prior
to joining Bluerock, Mr.&nbsp;MacDonald was an Investment Analyst for PNC Realty Investors. Mr.&nbsp;MacDonald received a B.A. in Economics
from the University of Maryland, College Park.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Christopher J. Vohs, Chief
Financial Officer and Treasurer</I>. &nbsp;Mr.&nbsp;Vohs serves as Chief Financial Officer of our Manager, and as our Chief Financial
Officer. Mr.&nbsp;Vohs served as Chief Financial Officer of Bluerock Residential Growth REIT,&nbsp;Inc. from October&nbsp;2017 to October&nbsp;2022.
In addition, Mr.&nbsp;Vohs has served as Chief Financial Officer and Treasurer of Bluerock Industrial Growth REIT,&nbsp;Inc. and its
external manager, Bluerock Industrial Manager, LLC, since 2021. Mr.&nbsp;Vohs joined Bluerock in July&nbsp;2010 and has continuously
served in various senior accounting and financial capacities for it and its affiliates. Prior to joining Bluerock, Mr.&nbsp;Vohs served
as Corporate Controller for Roberts Realty Investors,&nbsp;Inc., a public multifamily REIT based in Atlanta, Georgia, from March&nbsp;2009
to July&nbsp;2010. From October&nbsp;2004 to March&nbsp;2009, Mr.&nbsp;Vohs worked at Pulte Homes, a nationwide builder of single-family
homes, in various financial roles, including as Internal Audit Manager&nbsp;&amp; Asset Manager and later as Vice President of Finance
for Pulte&#8217;s Orlando and Southeast Florida operations.&nbsp; From January&nbsp;1999 to October&nbsp;2004, Mr.&nbsp;Vohs worked as
an Audit Manager for Deloitte&nbsp;&amp; Touche, an international professional services firm, where he earned his CPA certification.&nbsp;
Mr.&nbsp;Vohs received his B.A. degree in Accounting from Michigan State University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Michael DiFranco, Executive
Vice President, Operations.</I> Mr.&nbsp;DiFranco serves as Executive Vice President, Operations of our Manager, and as our Executive
Vice President, Operations. Mr.&nbsp;DiFranco served as Executive Vice President, Operations of Bluerock Residential Growth REIT,&nbsp;Inc.
from November&nbsp;2018 to October&nbsp;2022, with responsibility for the operational and financial performance of its multi-family housing
portfolio. Previously, from 2005 to 2016, Mr.&nbsp;DiFranco held several roles of increasing responsibilities with Apartment&nbsp;&amp;
Investment Management Company (NYSE: AIV), including serving four years as Senior Vice President of Financial Operations. From 2016 to
2018, Mr.&nbsp;DiFranco served as Senior Vice President of Financial Operations with The Irvine Company Apartment Communities, overseeing
Revenue Management, Business Intelligence and Portfolio Management.&nbsp; Mr.&nbsp;DiFranco received a B.A. in Business from Texas A&amp;M
University, College Station, an M.B.A. from The University of Texas at Austin, and an M.S. in Information Systems from The University
of Colorado, Denver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Jason Emala, Chief Legal
Officer and Secretary.</I> Mr.&nbsp;Emala serves as Chief Legal Officer and Secretary of our Manager, and as our Chief Legal Officer
and Secretary. Mr.&nbsp;Emala has served as Secretary of Bluerock Private Real Estate Fund (formerly Bluerock Total Income + Real Estate
Fund), as well as General Counsel of both Bluerock Capital Markets and Bluerock Asset Management since May&nbsp;2018. In addition, Mr.&nbsp;Emala
has served as Secretary of Bluerock High Income Institutional Credit Fund since 2022, and as Secretary of Bluerock Industrial Growth
REIT,&nbsp;Inc. and its external manager, Bluerock Industrial Manager, LLC and as Chief Legal Officer of its external manager, Bluerock
Industrial Manager, LLC, since 2021. Mr.&nbsp;Emala has served as General Counsel of Bluerock since October&nbsp;2022. Prior to joining
Bluerock in May&nbsp;2018, Mr.&nbsp;Emala held senior legal positions at a number of sponsors/broker-dealers in the alternative investment
space, including Cantor Fitzgerald from June&nbsp;2016 to May&nbsp;2018.&nbsp; Prior to these roles, Mr.&nbsp;Emala was an associate
at international law firms White&nbsp;&amp; Case, LLP and Fried, Frank, Harris, Shriver&nbsp;&amp; Jacobson LLP. Mr.&nbsp;Emala earned
a B.S. in Finance from the University of Maryland, College Park, a J.D., with honors, from the George Washington University Law School
and an LLM in Securities and Financial Regulation from the Georgetown University Law Center.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate under the direction
of our board of directors. Our board of directors is responsible for the management and control of our affairs. Our board of directors
retained our Manager to manage our day-to-day operations and our portfolio of real estate assets, subject to the supervision of our board
of directors. We have five directors, four of whom have been determined to be independent directors as defined by the listing standards
of the NYSE American. The members of our board of directors will each serve for a one-year term expiring at our first annual meeting
of stockholders, and until their respective successors are duly elected and qualify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information presented
below highlights each director&#8217;s specific experience, qualifications, attributes and skills. We believe that all of our directors
have a reputation for integrity, honesty, and adherence to high ethical standards. Each has demonstrated business acumen and an ability
to exercise sound judgment, as well as a commitment of service. In addition to meetings of the various committees of our board of directors,
which committees we describe below, we expect our directors to hold at least four regular board meetings each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will continue to review
the composition of our board of directors in an effort to assemble a group that can best perpetuate the success of our business and represent
the interests of our stockholders through the exercise of sound judgment using its diversity of experience in various areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth certain information concerning the members of our board of directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age*</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 64%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position(s)</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R. Ramin Kamfar </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I. Bobby Majumder </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lead Independent Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elizabeth Harrison </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kamal Jafarnia </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Romano Tio </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 15, 2026.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The background and experience
of Mr.&nbsp;Kamfar is described above in &#8220;Management&#8212;Executive Officers.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>I. Bobby Majumder.</I>
Mr.&nbsp;Majumder has served as an independent member of our board of directors since October&nbsp;2022. Mr.&nbsp;Majumder served as
an independent member of the board of directors of Bluerock Residential from January&nbsp;2009 to October&nbsp;2022. Mr.&nbsp;Majumder
is a partner at the law firm of FBT Gibbons LLP f/k/a Frost Brown Todd, where he is the Co-Chairman of the Energy Industry Group and
serves on the firm&rsquo;s board of directors. Mr.&nbsp;Majumder specializes in corporate and securities transactions with an emphasis
on the representation of underwriters, placement agents and issuers in both public and private offerings, private investment in public
equity (PIPE) transactions and venture capital and private equity funds. Prior to Frost Brown Todd, Mr.&nbsp;Majumder was a partner at
the law firm of Reed Smith from May&nbsp;2019 to September&nbsp;2021, where he served as the Managing Partner of the firm&rsquo;s Dallas
office and firmwide Co-Chair of the firm&rsquo;s India practice. Prior to Reed Smith, Mr.&nbsp;Majumder was a partner at the law firm
of Perkins Coie from March&nbsp;2013 to May&nbsp;2019. Prior to Perkins Coie, Mr.&nbsp;Majumder was a partner in the law firm of K&amp;L
Gates LLP from May&nbsp;2005 to March&nbsp;2013. From January&nbsp;2000 to April&nbsp;2005, Mr.&nbsp;Majumder was a partner at the firm
of Gardere Wynne Sewell LLP. Through his law practice, Mr.&nbsp;Majumder has gained significant experience relating to the acquisition
of a number of types of real property assets including raw land, improved real estate and oil and gas interests. Mr.&nbsp;Majumder also
has served as an independent trustee on the Board of Trustees of Bluerock Private Real Estate Fund (formerly Bluerock Total Income +
Real Estate Fund) since 2012 and as an independent trustee on the Board of Trustees of Bluerock High Income Institutional Credit Fund,
since 2022. Since April&nbsp;2025, Mr.&nbsp;Majumder has also served on the Board of Directors of Fatpipe,&nbsp;Inc. (Nasdaq: FATN).
He is an active member of the Park Cities Rotary Club, a charter member of the Dallas Chapter of The Indus Entrepreneurs and an Associate
Board member of the Cox School of Business at Southern Methodist University. Mr.&nbsp;Majumder is NACD Directorship Certified&reg;. Mr.&nbsp;Majumder
received a J.D. degree in 1993 from Washington and Lee University School of Law and a B.A. degree in 1990 from Trinity University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Elizabeth Harrison.</I>
Ms.&nbsp;Harrison has served as an independent member of our board of directors since October&nbsp;2022. Ms.&nbsp;Harrison served as
an independent member of the board of directors of Bluerock Residential from July&nbsp;2018 to October&nbsp;2022. Ms.&nbsp;Harrison has
over 23 years of branding and marketing experience. Ms.&nbsp;Harrison serves as the CEO and Principal of H&amp;S Communications (&#8220;H&amp;S&#8221;),
a full-service marketing, branding and public relations agency with offices in New York, Miami and Los Angeles, which she co-founded
in 1995. Having organized the sale of H&amp;S to Omnicom Group (NYSE: OMC), a leading global marketing and corporate communications company,
in 2003, where she continued to serve as CEO, Ms.&nbsp;Harrison reacquired H&amp;S from Omnicom Group in 2020. As CEO of H&amp;S, Ms.&nbsp;Harrison
is responsible for the company&#8217;s operations and strategic development, while overseeing communications, partnerships and marketing
for clients that include real estate developers, luxury hotel properties and travel technology companies on a global level. In 2011,
H&amp;S became the complementary sister-agency of Ketchum, a leading global communications consultancy. Ms.&nbsp;Harrison is the co-author
of several books and is frequently invited to share her luxury branding expertise at high-profile conferences and summits, most recently
including Harvard&#8217;s 5th Annual CEO Roundtable: Building Leading Brands and Driving Growth. Ms.&nbsp;Harrison has also served as
a panelist for Step Up Women&#8217;s Network&#8217;s &#8220;View from the Top&#8221; seminar. Ms.&nbsp;Harrison has served on the boards
of Love Heals and the Alison Gertz Foundation for AIDS Education, and also works closely with the Ars Nova Theater Group. Ms.&nbsp;Harrison
received a B.A. degree in 1986 from Sarah Lawrence College.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Kamal Jafarnia.</I> Mr.&nbsp;Jafarnia
has served as an independent member of our board of directors since October&nbsp;2022. Additionally, Mr.&nbsp;Jafarnia served as an independent
member of the board of directors of Bluerock Residential from June&nbsp;2019 to October&nbsp;2022. Mr.&nbsp;Jafarnia currently serves
as Chief Legal Officer and Secretary of Vise Technologies,&nbsp;Inc. (&ldquo;Vise&rdquo;). Prior to Vise, Mr.&nbsp;Jafarnia worked as
General Counsel, Executive Vice President and Secretary of Opto Investments,&nbsp;Inc. (formerly known as Lonsdale Digital Management,&nbsp;Inc.),
and currently serves as a member of its external advisory board. Previously, Mr.&nbsp;Jafarnia served as General Counsel and Chief Compliance
Officer at Artivest Holdings,&nbsp;Inc., which position he held from October&nbsp;2018 until February&nbsp;2021, and as Chief Compliance
Officer of Altegris Advisors LLC, which was the advisor to the Altegris KKR Commitments Fund. Prior to Artivest, Mr.&nbsp;Jafarnia served
as Managing Director for Legal and Business Development at Provasi Capital Partners LP. Prior to that, from October&nbsp;2014 to December&nbsp;2017,
he served as Senior Vice President of W.P. Carey Inc. (NYSE: WPC), as well as Senior Vice President and Chief Compliance Officer of Carey
Credit Advisors,&nbsp;Inc. and as Chief Compliance Officer and General Counsel of Carey Financial, LLC. Prior to joining W. P. Carey
Inc., Mr.&nbsp;Jafarnia served as Counsel to two American Lawyer Global 100 law firms in New York. From March&nbsp;2014 to October&nbsp;2014,
Mr.&nbsp;Jafarnia served as Counsel in the REIT practice group at the law firm of Greenberg Traurig, LLP. From August&nbsp;2012 to March&nbsp;2014,
Mr.&nbsp;Jafarnia served as Counsel in the Financial Services&nbsp;&amp; Products Group and was a member of the REIT practice group of
Alston&nbsp;&amp; Bird, LLP. Between 2006 and 2012, Mr.&nbsp;Jafarnia served as a senior executive, in-house counsel, and Chief Compliance
Officer for several alternative investment program sponsors, including, among others, American Realty Capital, a real estate investment
program sponsor, and its affiliated broker-dealer, Realty Capital Securities, LLC. In addition, Mr.&nbsp;Jafarnia, historically, had
served as a non-executive independent member of the board of directors of Ashford Hospitality Trust,&nbsp;Inc. (NYSE: AHT) from January&nbsp;2013
through January&nbsp;2025. Mr.&nbsp;Jafarnia also has served as an independent trustee on the Board of Trustees of Bluerock Private Real
Estate Fund (formerly Bluerock Total Income + Real Estate Fund) since 2021 and as an independent trustee on the Board of Trustees of
Bluerock High Income Institutional Credit Fund since 2022. Mr.&nbsp;Jafarnia received an LL.M. in Securities and Financial Regulation
in 2011 from Georgetown University Law Center, a J.D. degree in 1992 from Temple University and a B.A. degree in economics and government
in 1988 from the University of Texas at Austin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Romano Tio.</I> Mr.&nbsp;Tio
has served as an independent member of our board of directors since October&nbsp;2022. Additionally, Mr.&nbsp;Tio served as an independent
member of the board of directors of Bluerock Residential from January&nbsp;2009 to October&nbsp;2022. Mr.&nbsp;Tio served as Senior Managing
Director of Greystone, a commercial real estate finance and investment firm, from March&nbsp;2021 to March&nbsp;2023. From June&nbsp;2017
to March&nbsp;2021, Mr.&nbsp;Tio served as Senior Managing Director at Ackman-Ziff, an institutional real estate capital advisory firm.
From May&nbsp;2009 to June&nbsp;2017, Mr.&nbsp;Tio served as Managing Director of RM Capital Management LLC, a boutique real estate investment
and advisory firm. From January&nbsp;2008 to May&nbsp;2009, Mr.&nbsp;Tio served as a Managing Director and co-head of the commercial
real estate efforts of HCP Real Estate Investors, LLC, an affiliate of Harbinger Capital Partners Funds, a $10+ billion private investment
firm specializing in event/distressed strategies. From August&nbsp;2003 until December&nbsp;2007, Mr.&nbsp;Tio was a Managing Director
at Carlton Group Ltd., a boutique real estate investment banking firm where he was involved in over $2.5 billion worth of commercial
real estate transactions. Earlier in his career, Mr.&nbsp;Tio was involved in real estate sales and brokerage for 25 years. Mr.&nbsp;Tio
also has served as an independent trustee of the Board of Trustees of Bluerock Private Real Estate Fund (formerly Bluerock Total Income
+ Real Estate Fund) since 2012 and as an independent trustee on the Board of Trustees of Bluerock High Income Institutional Credit Fund
since 2022. Mr.&nbsp;Tio received a B.S. degree in biochemistry in 1982 from Hofstra University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Committees of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The board of directors has
established three standing committees that perform certain delegated functions of the board: an audit committee, a compensation committee
and a nominating and corporate governance committee. All of our committees consist solely of independent directors. The principal functions
of these committees are briefly described below. Our board of directors may from time to time establish other committees to facilitate
our management. The committee charters are available on our website at <I><U>www.bluerock.com/bluerock-homes-trust/governance-documents</U></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Audit Committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors established
an audit committee, which is comprised of three of our independent directors: I. Bobby Majumder, Kamal Jafarnia and Romano Tio. Mr.&nbsp;Majumder
is the chairman of our audit committee and is designated as the &#8220;audit committee financial expert&#8221; as defined by the applicable
rules&nbsp;promulgated by the SEC and the NYSE American corporate governance listing standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The audit committee meets
on a regular basis, at least quarterly and more frequently as necessary. The audit committee&#8217;s primary functions are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to evaluate and approve
    the audit and non-audit services and fees of our independent registered public accounting firm;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to periodically review
    the auditors&#8217; independence; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to assist our board of
    directors in fulfilling its oversight responsibilities by reviewing the financial information to be provided to the stockholders
    and others, management&#8217;s system of internal controls and procedures, and the audit and financial reporting process.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The audit committee also
reviews and approves certain related party transactions, as described under &#8220;Certain Relationships and Related Party Transactions.&#8221;
The audit committee fulfills these responsibilities primarily by carrying out the activities enumerated in the audit committee charter,
as amended by the audit committee from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Compensation Committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors established
a compensation committee, which is comprised of three of our independent directors: Romano Tio, Elizabeth Harrison and I. Bobby Majumder.
Mr.&nbsp;Tio is the chairman of our compensation committee. Our compensation committee charter, as amended by the compensation committee
from time to time, details the principal functions of the compensation committee. These functions include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and approving
    on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer&#8217;s compensation, if any;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating our Chief Executive
    Officer&#8217;s performance in light of such goals and objectives, and determining and approving the remuneration of our Chief Executive
    Officer, if any, based on such evaluation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and approving
    the compensation, if any, of all of our other executive officers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing our executive
    compensation policies and plans;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing plans and programs
    related to the compensation of our Manager, including fees payable to our Manager pursuant to the Management Agreement;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">implementing and administering
    our incentive compensation equity-based remuneration plans, if any;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assisting management in
    complying with our proxy statement and annual report disclosure requirements;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">producing a report on executive
    compensation to be included in our annual proxy statement; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing, evaluating and
    recommending changes, if appropriate, to the remuneration for directors.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Compensation Committee Interlocks and Insider Participation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our compensation committee
is comprised of three of our independent directors. None of these individuals have at any time served as an officer or employee of the
company. None of our executive officers have served as a director or member of the compensation committee of any entity that has one
or more of its executive officers serving as a member of our board of directors or compensation committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Nominating and Corporate Governance Committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors established
a nominating and corporate governance committee, which is comprised of three of our independent directors: I. Bobby Majumder, Kamal Jafarnia,
and Romano Tio. Mr.&nbsp;Majumder is the chairman of our nominating and corporate governance committee. Our nominating and corporate
governance committee charter, as amended by the nominating and corporate governance committee from time to time, details the principal
functions of the nominating and corporate governance committee. These functions include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying and recommending
    qualified candidates to our full board of directors for election as directors, and recommending nominees for election as directors
    at the annual meeting of stockholders;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing and recommending
    corporate governance guidelines to our board of directors, and implementing and monitoring such guidelines;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and making recommendations
    on matters involving the general operation of our board of directors, including board size and composition, and committee composition
    and structure;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">recommending nominees for
    each committee of our board of directors to our board of directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">annually facilitating the
    assessment of the performance of our board of directors as a whole and of the individual directors, as required by applicable law,
    regulations and the NYSE American corporate governance listing standards; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing the evaluation
    by our board of directors of management.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate Governance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are committed to operating
our business under strong and accountable corporate governance practices and have structured our corporate governance in a manner we
believe closely aligns our interests with those of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Corporate Governance Guidelines</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
adopted Corporate Governance Guidelines to assist the board of directors in guiding our governance. The Corporate Governance Guidelines
will be re-evaluated periodically and at least annually by the nominating and corporate governance committee in light of changing circumstances
in order to ensure that the Corporate Governance Guidelines continue to serve our and our stockholders&#8217; best interests.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Code of Business Conduct and Ethics</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not have a policy
that expressly restricts any of our directors, officers, stockholders or affiliates, including our Manager or Bluerock or their respective
officers and employees, from having a pecuniary interest in an investment in or from conducting, for their own account, business activities
of the type we conduct. However, our Code of Business Conduct and Ethics contains a conflicts of interest policy that prohibits our directors,
officers and personnel, as well as officers and employees of our Manager and its affiliates and of Bluerock who provide services to us,
from engaging in any transaction that involves an actual conflict of interest with us. Notwithstanding the prohibitions in our Code of
Business Conduct and Ethics, after considering the relevant facts and circumstances of any actual conflict of interest, our board of
directors may, on a case-by-case basis and in its sole discretion, waive such conflict of interest for executive officers or directors,
which must be promptly disclosed to stockholders. Waivers for other personnel may be made by our Chief Executive Officer. Waivers of
our Code of Business Conduct and Ethics will be required to be disclosed in accordance with the NYSE American and SEC requirements. A
copy of our&nbsp;Code of Business Conduct and Ethics is available at <I><U>www.bluerock.com/bluerock-homes-trust/governance-documents</U></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Board Leadership Structure</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect our board composition
and our corporate governance guidelines to ensure strong oversight by independent directors. The audit committee, compensation committee
and nominating and corporate governance committee of the board of directors are each composed entirely of independent directors. The
board of directors is led by Mr.&nbsp;Kamfar. As Chairman of our board of directors, Mr.&nbsp;Kamfar is responsible for leading board
meetings and meetings of stockholders, generally setting the agendas for board meetings (subject to the requests of other directors)
and providing information to the other directors in advance of meetings and between meetings. As Chief Executive Officer, Mr.&nbsp;Kamfar
manages our business under the direction of the board of directors and implements our policies as determined by the board of directors.
Pursuant to our Corporate Governance Guidelines, the board of directors does not require the role of the Chairman of the board of directors
and Chief Executive Officer to be separated. However, our Corporate Governance Guidelines requires the appointment of a lead independent
director if the Chairman of the board of directors is not an independent director. Our lead independent director is I. Bobby Majumder.
The role of our lead independent director includes the following duties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">call meetings of the independent directors, as needed;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">develop the agendas for meetings of the independent
    directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">preside at executive sessions of the independent directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">confer regularly with the Chief Executive Officer;
    and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">serve as a liaison between the Chief Executive Officer
    and the independent directors.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Director Independence</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under our Corporate Governance
Guidelines, a majority of the members of our board of directors, and all the members of our audit committee, compensation committee,
and nominating and corporate governance committee, must be &#8220;independent.&#8221; Our Corporate Governance Guidelines define an &#8220;independent&#8221;
director in accordance with the NYSE American Company Guide and under applicable law. In addition, audit and compensation committee members
are subject to the additional independence requirements of applicable SEC rules&nbsp;and NYSE American listing standards. Our Corporate
Governance Guidelines require our board of directors to review the independence of all directors at least annually. A director is not
independent unless our board of directors affirmatively determines that he or she does not have a material relationship with us (either
directly or as a partner, director, member, stockholder or officer of an organization that has a relationship with us).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Board Role in Risk Oversight</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While our Manager will be
responsible for the day-to-day management of risks faced by the company, our board of directors, as a whole and through its committees,
will have responsibility for the oversight of risk management. No less than quarterly, our entire board will review information regarding
the company&#8217;s liquidity, borrowings, operations, legal and regulatory compliance and actual and expected material developments
in our business, as well as the risks associated with each. In addition, each year the board of directors will review our investment
strategies and objectives and their continued viability, and each quarter the directors will review variances in major line items between
our current results and our budget from the prior quarter, review all significant changes to our projections for future periods and discuss
risks related to our property portfolio. The board of directors will also oversee risk management with respect to certain real estate
investments proposed by our Manager and our investment policies and procedures. The audit committee will oversee risk management in the
areas of financial reporting, internal controls and compliance with legal and regulatory requirements. The compensation committee will
review and approve, on an annual basis, the corporate goals and objectives relevant to our Chief Executive Officer&#8217;s compensation,
if any, and evaluate our Chief Executive Officer&#8217;s performance in light of such goals. The compensation committee will further
review and approve, on an annual basis, the compensation, if any, of all of our other officers, and also administer our incentive compensation
equity-based plans, if any. The nominating and corporate governance committee will be responsible for identifying and recommending to
our full board of directors qualified candidates for election as directors, developing and recommending to our board of directors our
Corporate Governance Guidelines, and implementing and monitoring such guidelines. Although the audit committee, compensation committee
and nominating and corporate governance committee will be responsible for evaluating certain risks and overseeing the management of such
risks, the entire board of directors will be regularly informed through reporting by each such committee about such risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Nomination of Directors</I></B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our nominating and corporate
governance committee, which consists of three of our independent directors, has adopted a nominating and corporate governance committee
charter that details the committee&#8217;s principal functions. These functions include identifying and recommending to our full board
of directors qualified candidates for election as directors, and recommending nominees for election as directors at the annual meeting
of stockholders. Our bylaws provide that nominations of individuals for election to the board of directors at an annual meeting of stockholders
may be made only (1)&nbsp;pursuant to our notice of the meeting, (2)&nbsp;by or at the direction of the board of directors or (3)&nbsp;by
a stockholder who is a stockholder of record at the record date set by the board of directors for the purpose of determining stockholders
entitled to vote at the meeting, at the time of giving the advance notice required by our bylaws and at the time of the meeting (and
any postponement or adjournment thereof), who is entitled to vote at the meeting in the election of each individual so nominated and
who has complied with the advance notice procedures of our bylaws. Nominations of individuals for election to the board of directors
at a special meeting may be made only (1)&nbsp;by or at the direction of the board of directors, or (2)&nbsp;provided that the board
of directors has determined that directors will be elected at the meeting, by a stockholder who is a stockholder of record at the record
date set by the board of directors for the purpose of determining stockholders entitled to vote at the meeting, at the time of giving
the advance notice required by our bylaws and at the time of the special meeting (and any postponement or adjournment thereof), who is
entitled to vote at the meeting in the election of each individual so nominated and who has complied with the advance notice provisions
of our bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Board Membership Criteria</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business involves a wide
range of real estate, financing, accounting, management and financial reporting issues. In light of our business and structure, the full
board of directors will annually review the appropriate experience, skills and characteristics required of directors in the context of
the then-current membership of the board of directors, and the nominating and corporate governance committee will consider the experience,
mix of skills, and other qualities of the directors and nominees with respect to all director nominations to ensure appropriate board
composition. This assessment will include, in the context of the perceived needs of the board of directors at that time, issues of knowledge,
experience, judgment and skills, such as an understanding of the real estate and real estate finance industries, accounting or financial
management expertise, or marketing and branding experience. Our nominating and corporate governance committee and board of directors
will seek to nominate directors with diverse backgrounds, experiences and skill sets that complement each other so as to maximize the
collective knowledge, experience, judgment and skills of the entire board of directors. In particular, the nominating and corporate governance
committee and board of directors believe that directors and nominees with the following qualities and experiences can assist in meeting
this goal:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Senior Leadership Experience</I>.
    Directors with experience in significant leadership positions provide the company with perspective in analyzing, shaping and overseeing
    the execution of operational, organizational and strategic issues at a senior level. &nbsp;Further, such persons have a practical
    understanding of balancing operational and strategic goals and risk management.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Business Entrepreneurship
    and Transactional Experience</I>. Directors who have a background in entrepreneurial businesses and growth transactions can provide
    insight into developing and implementing strategies for partnering in joint ventures and/or growing via mergers and acquisitions.
    &nbsp;Further, such directors have a practical understanding of the valuation of transactions and business opportunities and management&#8217;s
    plans for integration with existing operations.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Financial and Accounting
    Experience</I>. An understanding of the financial markets, corporate finance, accounting requirements and regulations and accounting
    and financial reporting processes allows directors to understand, oversee and advise management with respect to the company&#8217;s
    operating and strategic performance, capital structure, financing and investing activities, financial reporting and internal control
    of such activities. &nbsp;The company seeks to have a number of directors who qualify as audit committee financial experts and expects
    all of its directors to be financially knowledgeable.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Real Estate Experience</I>.
    An understanding of real estate issues, particularly with respect to real estate investment trusts, real estate development and residential
    rental properties, brings critical industry-specific knowledge and experience to our board of directors. &nbsp;Education and experience
    in the real estate industry is useful in understanding the company&#8217;s acquisition and development of residential rental properties
    and the competitive landscape of our industry.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Marketing and Branding
    Experience</I>. Directors with extensive marketing, branding and communications experience can offer advice and insights with regard
    to strategic, operational and financial aspects of the company&#8217;s integrated and digital marketing. A background in brand management,
    customer engagement and e-commerce is valuable to the company&#8217;s development and implementation of strategies to strengthen
    our branding and marketing initiatives and build our overall brand position.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The composition of our board
of directors will also reflect our commitment to diversity. We believe that multiple and varied points of view facilitate more balanced,
wide-ranging discussion in the boardroom, and contribute to a more effective decision-making process. Of the five expected members of
our board of directors, one is female, and four self-identify as ethnic minorities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gender
    Diversity</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Women:</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Men:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>80</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ethnic
    Diversity</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Minority:</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>80</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-minority:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other considerations in director
nominations include the ability of the candidate to attend board meetings regularly and to devote an appropriate amount of time in preparation
for those meetings. It also is expected that those nominated to serve as independent directors will be individuals who possess a reputation
and hold positions or affiliations befitting a director of a publicly held company and who are actively engaged in their occupations
or professions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A vacancy in our board of
directors may be filled only by the vote of a majority of the remaining directors, even if the remaining directors do not constitute
a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy
occurred and until a successor is elected and qualifies or until his or her earlier death, resignation or removal. Any director may resign
at any time by delivering his or her resignation to the board of directors. Our charter provides that any or all of our directors may
be removed from office for cause, and then only by the affirmative vote of at least a majority of the votes entitled to be cast generally
in the election of directors. For these purposes, &#8220;cause&#8221; means, with respect to any particular director, conviction of a
felony or final judgment of a court of competent jurisdiction holding that such director caused demonstrable material harm to us through
bad faith or active and deliberate dishonesty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each director will serve
a term beginning on the date of his or her election and ending on the next annual meeting of the stockholders and when his or her successor
is duly elected and qualifies. Under our bylaws, in order to be elected as a director, a director nominee must receive the affirmative
vote of a plurality of all votes cast at a meeting at which a quorum is present. However, because holders of our common stock will have
no right to cumulative voting for the election of directors, at each annual meeting of stockholders, the holders of the outstanding shares
of common stock entitled to cast a majority of all the votes entitled to be cast on the matter will be able to elect all of the directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Director Attendance at Annual Meetings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we will have no
policy with regard to attendance by the members of the board of directors at our annual meetings, we will invite and encourage all members
of the board of directors to attend our annual meetings to foster communication between stockholders and the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Contacting the Board of Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any stockholder who desires
to contact members of the board of directors may do so by writing to: Bluerock Homes Trust,&nbsp;Inc., Board of Directors, 919 Third
Avenue, 40th Floor, New York, New York 10022, Attention: Secretary. Communications received will be distributed by our Secretary to such
member or members of the board of directors as deemed appropriate by our Secretary, depending on the facts and circumstances outlined
in the communication received. For example, if any questions regarding accounting, internal accounting controls and auditing matters
are received, they will be forwarded by our Secretary to the audit committee for review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Stock Ownership Guidelines</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To further align the interests
of our executive officers and directors with the interests of our stockholders, and to promote our commitment to sound corporate governance,
our board of directors has implemented stock ownership guidelines for our executive officers and our independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Stock Ownership Guidelines
provide that, within five years of the later date of adoption of the guidelines or the date an individual first becomes subject to the
guidelines upon becoming a director or executive officer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Chief Executive Officer
    will be required to own shares of our common stock, including restricted stock, valued at a minimum of $2.5 million;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all other executive officers
    will be required to own shares of our common stock, including restricted stock, valued at a minimum of $750,000; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">independent directors will
    be required to own shares of our common stock valued at a minimum of three times their annual cash retainer for service on the board
    of directors.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any shares owned directly
or indirectly (including shares owned in trust and including restricted stock) by the executive officer or director, or his or her spouse
or minor children, will constitute qualifying shares that count toward satisfaction of the Stock Ownership Guidelines, and that any deferred
or restricted stock units, OP Units and LTIP Units (with each such OP Unit and LTIP Unit counting as, and having a value equivalent to,
one share of our common stock) owned by the executive officer or director will also constitute qualifying shares that count toward satisfaction
of the Stock Ownership Guidelines. Any shares underlying stock options will not count toward satisfaction of the Stock Ownership Guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this prospectus,
we expect that all of our directors and executive officers will be in compliance with our Stock Ownership Guidelines or on track to be
compliant within the five-year period specified by the guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Pledging Policy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
adopted a Pledging Policy Regarding Company Securities (the &#8220;Pledging Policy&#8221;). The Pledging Policy is designed to achieve
the following goals:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prohibit any pledging by
    executive officers or directors for the purpose of hedging the pledgor&#8217;s exposure to fluctuations in the company&#8217;s stock
    price;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">strictly limit the amount
    of leverage allowed on executive officer or director loans from third parties for which a portion of their holdings of company equity
    securities have been pledged as collateral, to protect the company and its stockholders from potential risks associated with a forced
    sale by the lender;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">require audit committee
    pre-certification and pre-approval prior to the entry by any executive officer or director into any proposed loan or other arrangement
    requiring the pledging of company securities; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">foster and encourage our
    executive officers and directors to maintain and increase their equity ownership levels well above the levels mandated by the company&#8217;s
    Stock Ownership Guidelines, thereby strengthening the alignment of their economic interests in the company with those of stockholders,
    in part by permitting them, subject to the strict leverage restrictions, pre-approval and ongoing audit committee monitoring and
    oversight addressed above, to pledge a limited amount of their company equity to secure loans. Such limited pledging will offer them
    access to liquidity, for purposes other than to serve as a hedge, and provide them with an alternative to the sale of such company
    equity and the resulting, undesirable reduction in equity ownership and dilution of alignment of interests with stockholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors will
foster and encourage high levels of equity ownership of the company&#8217;s equity securities by our executive officers and directors
in the interest of providing the strongest-possible incentive to align the interests of our executive officers and directors with those
of our stockholders. Our board of directors believes that an absolute prohibition on pledging would run counter to these objectives,
with the unintended and undesirable consequence of leaving our executive officers and directors with no means of accessing legitimate
liquidity needs, other than by the sale of their company securities holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Pledging Policy entirely
prohibits the company&#8217;s executive officers and directors from pledging, or otherwise using as collateral to secure any loan or
other obligation, any company securities that such executive officer or director is required to hold pursuant to the company&#8217;s
Stock Ownership Guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Pledging Policy prohibits
any pledging by executive officers or directors for the purpose of hedging the pledgor&#8217;s exposure to fluctuations in the company&#8217;s
stock price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Pledging Policy strictly
limits pledges by our executive officers and directors, subject to audit committee oversight, to only those company securities they hold
in excess of the Stock Ownership Guidelines applicable to them (such excess, to the extent pledged, the &#8220;Pledged Shares&#8221;).
The Pledging Policy requires executive officers and directors to pre-certify and obtain pre-approval from the audit committee for any
such new pledging arrangement, and require re-certification to the audit committee of compliance with the Pledging Policy with respect
to existing pledging arrangements. In addition, the Pledging Policy requires all pledgors to annually certify to the audit committee
his or her ongoing compliance therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Pledging Policy further
limits the number of permitted Pledged Shares by setting a maximum leverage rate of thirty percent (30%), such that the number of Pledged
Shares cannot exceed, on an annual basis, thirty percent (30%) of the time-weighted value of the lender&#8217;s entire collateral package,
inclusive of the Pledged Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The audit committee monitors
compliance with the Pledging Policy by requiring certain certifications from each executive officer or director with a new or existing
loan secured in part by Pledged Shares. Prior to entering into any such new pledge, an executive officer or director must certify to
the audit committee that the pledge is limited to only such company securities held in excess of the applicable Stock Ownership Guidelines,
and that its sole purpose is not to serve as a hedging arrangement. With respect to previously existing pledge arrangements, promptly
following adoption of the Pledging Policy, each executive officer or director must certify to the audit committee that its existing pledge
arrangement is not for the sole purpose of serving as a hedging arrangement. In addition, within ten (10)&nbsp;days following each annual
meeting of the company&#8217;s stockholders, each pledgor must certify to the audit committee that its Pledged Shares comprised thirty
percent (30%) or less of the time-weighted value of the creditor&#8217;s collateral package, inclusive of the Pledged Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Pledging Policy&#8217;s
restrictions, structuring and certification obligations are intended to mitigate the risks from a forced sale due to a default under
the subject loan or as a result of a decline in the market price of our Class&nbsp;A common stock, should such market price be the valuation
parameter applicable to the lender&#8217;s collateral package. First, even if an event occurred that would enable a lender to exercise
forced sale rights, the fact that the Pledged Shares will be limited to thirty percent (30%) of the time-weighted collateral package
means that the lender should have other sources of collateral with which to cover its loan, and thus may not pursue a forced sale, even
if authorized to do so. Further, to the extent that the subject loan will have covenants tied to the value of its overall collateral
package, valuing the Pledged Shares according to the market price of our Class&nbsp;A common stock mitigates the risk related to even
a precipitous drop in such market price, as such a drop might not result in a significant reduction in the value of the lender&#8217;s
overall collateral package to the point of causing a default, in which case, all else being equal, the lender would not have a forced
sale right at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Pledging Policy simultaneously
fulfills the objectives and strategy of the board of directors to further the alignment of stockholder interests by heavily weighting
the compensation of our executive officers and directors in company equity, while recognizing their legitimate need to access liquidity
from their earned equity if desired, providing them with a method to do so without having to sell their equity to access that liquidity,
thereby reducing their ownership and diluting their alignment with stockholder interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Anti-Hedging Policy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our insider trading policy
expressly prohibits the company&#8217;s directors, officers and employees from engaging in any of the following hedging transactions
with respect to any company securities at any time: short sales (including short sales &#8220;against the box&#8221;); buying or selling
puts or calls; buying financial instruments designed to hedge or offset any decrease in the market value of company securities owned
by the individual directly or indirectly, including prepaid variable forward contracts, equity swaps, collars and exchange funds; and
frequent trading to take advantage of fluctuations in share price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Clawback Policy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our compensation committee
has adopted a policy on the possible recoupment, or &#8220;clawback,&#8221; of Incentive Fees from our Manager. The policy will be invoked
in the event that (a)&nbsp;the company is required to restate its financial statements due to material noncompliance with any financial
reporting requirement under U.S. federal securities laws (whether or not based on fraud or misconduct) and the board of directors or
the compensation committee has not determined that such restatement (i)&nbsp;is required or permitted under GAAP in connection with the
adoption or implementation of a new accounting standard, or (ii)&nbsp;was caused by the company&#8217;s decision to change its accounting
practice, as permitted by applicable law, and (b)&nbsp;the performance measurement period with respect to such Incentive Fees includes
one or more fiscal periods affected by such restatement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In such event, under the
terms of the policy, our board of directors or the compensation committee will determine whether, within three (3)&nbsp;completed fiscal
years preceding the restatement date and any interim period, our Manager received Incentive Fees in excess of the amount to which it
would otherwise have been entitled based on the restated financial statements (such excess amount, &#8220;Excess Compensation&#8221;).
If the board of directors or the compensation committee determines that our Manager received Excess Compensation, the company will be
entitled to recover such Excess Compensation from the Manager, and our board of directors or the compensation committee, in its sole
discretion and subject to applicable law, will take such action as it deems necessary to recover such Excess Compensation. Such actions
may include requiring repayment or return of prior Incentive Fees paid to our Manager, including Incentive Fees not affected by the accounting
restatement, or adjusting the amounts of future fees payable to our Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation of Directors and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Director Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on discussions with
and assistance from Farient Advisors (&#8220;Farient&#8221;), a nationally-known independent executive compensation and benefits consulting
firm, the compensation committee has established a compensation program for our independent directors consisting of annual cash and equity
retainers equal to $50,000 and $75,000, respectively. In addition, the lead independent director and audit committee chairman will each
receive annual retainers of&#8201;$15,000, and the compensation committee chairman and nominating and corporate governance chairman will
each receive annual retainers of&#8201;$10,000. Further, each member of the audit committee will receive annual retainers of&#8201;$7,500,
and each member of the compensation committee and the nominating and corporate governance committee will receive annual retainers of&#8201;
$5,000, respectively. All directors will receive reimbursement of reasonable out-of-pocket expenses incurred in connection with attendance
at meetings of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Executive Officer Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not currently have
any employees. We are externally managed by our Manager pursuant to the Management Agreement, and all of our executive officers are employed
by our Manager or its affiliates. We will not reimburse our Manager for compensation paid to our executive officers. We have not paid,
and do not expect to pay in 2025, any cash or other compensation to our executive officers. Officers are eligible for awards under our
BHM Equity Incentive Plan for Individuals, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Incentive Plans</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
adopted and our stockholders have approved the Bluerock Homes Trust,&nbsp;Inc. Amended and Restated Equity Incentive Plan for Individuals
(the &#8220;BHM Individuals Plan&#8221;) and the Bluerock Homes Trust,&nbsp;Inc. Amended and Restated Equity Incentive Plan for Entities
(the &#8220;BHM Entities Plan&#8221;) to attract and retain independent directors, executive officers and other key employees, including
officers and employees of our Manager and Operating Partnership and their affiliates and other service providers, including our Manager
and its affiliates. Together, we refer to the BHM Individuals Plan and the BHM Entities Plan as the &#8220;BHM Incentive Plans.&#8221;
The BHM Incentive Plans provide for the grant of options to purchase shares of our common stock, stock awards, stock appreciation rights,
performance units, incentive awards and other equity-based awards, and will generally be administered by the compensation committee of
our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion
summarizes the material provisions of the BHM Incentive Plans. The forms of the BHM Incentive Plans are filed as exhibits to our Current
Report on Form&nbsp;8-K filed with the SEC on June&nbsp;12, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Eligibility</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Employees and officers of
our Company and our affiliates (including employees of our Operating Partnership and Manager), and members of our board of directors,
will be eligible to receive grants under the BHM Individuals Plan. In addition, individuals who provide significant services to us or
an affiliate, including individuals who provide services to us or an affiliate by virtue of employment with, or providing services to,
our Operating Partnership or Manager, will be eligible to receive grants under the BHM Individuals Plan. An entity that provides significant
services to us or an affiliate will be eligible to receive grants under the BHM Entities Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Limitation of Awards to Non-Employee Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the BHM Incentive Plans,
no non-employee director may be granted during any calendar year awards with respect to more than 40,000 shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Share Authorization</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate number of shares
of our common stock authorized for issuance under the BHM Incentive Plans is 4,022,109, with (i)&nbsp;1,625,000 shares available for
issuance under the BHM Incentive Plans, and (ii)&nbsp;2,397,109 shares subject to awards granted under the Bluerock Residential Growth
REIT,&nbsp;Inc. Amended and Restated 2014 Equity Incentive Plan for Individuals and the Bluerock Residential Growth REIT,&nbsp;Inc. Amended
and Restated 2014 Equity Incentive Plan for Entities (together, the &#8220;Prior Plans&#8221;) that may become available for issuance
or reissuance, as applicable, under the BHM Incentive Plans if such awards are forfeited, canceled or otherwise terminated (other than
by exercise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with stock
splits, dividends, recapitalizations and certain other events, our board of directors will make equitable adjustments that it deems appropriate
in the aggregate number of shares of our common stock that may be issued under the BHM Incentive Plans, the individual grant limit for
Nonemployee Directors described below, and the terms of outstanding awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any options or stock appreciation
rights terminate, expire or are canceled, forfeited, exchanged or surrendered without having been exercised or are paid in cash without
delivery of common stock or if any stock awards, performance units or other equity-based awards are forfeited, the shares of our common
stock subject to such awards will again be available for purposes of the BHM Incentive Plans. Shares of our common stock tendered or
withheld to satisfy the exercise price of an award or for tax withholding are not available for future grants under the BHM Incentive
Plans. If shares of common stock are issued upon the exercise of a stock appreciation right, the number of shares available for future
awards under the BHM Incentive Plans shall be reduced by the number of shares for which the stock appreciation right was exercised rather
than the number of shares issued to the participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Awards Under the BHM Incentive Plans</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Options</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The BHM Individuals Plan
authorizes the grant of incentive stock options (under Section&nbsp;422 of the Code) and both the BHM Individuals Plan and the BHM Entities
Plan authorize the grant of options that do not qualify as incentive stock options. The exercise price of each option will be determined
by the administrator, provided that the price cannot be less than 100% of the fair market value of the shares of our common stock on
the date on which the option is granted (or 110% of the shares&#8217; fair market value on the grant date in the case of an incentive
stock option granted to an individual who is a &#8220;ten percent stockholder&#8221; under Sections 422 and 424 of the Code). Except
for adjustments to equitably reflect stock splits, stock dividends or similar events, the exercise price of an outstanding option may
not be reduced and no payment may be made to cancel an &#8220;underwater&#8221; option without the approval of our stockholders. The
exercise price for any option is generally payable (i)&nbsp;in cash, (ii)&nbsp;by certified check, (iii)&nbsp;by the surrender of shares
of our common stock (or attestation of ownership of shares of our common stock) with an aggregate fair market value on the date on which
the option is exercised, equal to the exercise price, or (iv)&nbsp;by payment through a broker in accordance with procedures established
by the Federal Reserve Board. The term of an option cannot exceed ten years from the date of grant (or five years in the case of an incentive
stock option granted to an individual who is a &#8220;ten percent stockholder&#8221;). The administrator will prescribe when an option
will become exercisable, but options generally will not become exercisable before the first anniversary of its grant, except in the event
of the death or disability of the holder or a change in control of the company, and further provided that awards for up to five percent
(5%) of the aggregate number of shares of common stock authorized for issuance under the BHM Incentive Plans may be granted or awarded
without regard to the one-year minimum vesting requirement, in the discretion of the administrator. A participant cannot sell or dispose
of more than fifty percent of the shares acquired under an option before the earlier of the first anniversary of the date of the option
exercise or the date the participant is no longer employed by or providing services to us, or the Operating Partnership or our Manager.
Incentive stock options may only be granted under the BHM Individuals Plan to our employees and employees of our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Stock Awards</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The BHM Incentive Plans also
provide for the grant of stock awards. A stock award is an award of shares of our common stock that is subject to vesting requirements,
restrictions on transfer and other restrictions as the administrator determines in its sole discretion on the date of grant, including
the attainment of performance objectives. The restriction period generally will be at least one year, except in the event of the death
or disability of the holder or a change in control of the company, and further provided that awards for up to five percent (5%) of the
aggregate number of shares of common stock authorized for issuance under the BHM Incentive Plans may be granted or awarded without regard
to the one-year minimum vesting requirement, in the discretion of the administrator. A participant may not sell or dispose of more than
fifty percent of the shares acquired under a stock award before the earlier of the first anniversary of the date the stock award vests
or the date the participant is no longer employed by or providing services to us, or the Operating Partnership or our Manager. A participant
who receives a stock award will have all of the rights of a stockholder as to those shares, including, without limitation, voting rights
and the right to receive distributions; provided that if a stock award does not vest solely on the basis of continued employment or service,
dividends will be accumulated and paid only when, and to the extent that, the stock award vests. During the period when stock awards
are non-transferable or forfeitable, (i)&nbsp;a participant is prohibited from selling, transferring, pledging, exchanging, hypothecating
or otherwise disposing of the participant&#8217;s stock award shares, (ii)&nbsp;the company will retain custody of any certificates and
(iii)&nbsp;a participant must deliver a stock power to the company for each stock award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Stock Appreciation Rights</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The BHM Incentive Plans authorize
the grant of stock appreciation rights. A stock appreciation right provides the participant with the right to receive, upon exercise
of the stock appreciation right, a payment in cash, shares of our common stock or a combination of the two. The amount that the participant
will receive upon exercise of the stock appreciation right generally will equal the excess of the fair market value of the shares of
our common stock on the date of exercise over the shares&#8217; fair market value on the date of grant. Stock appreciation rights will
become exercisable in accordance with terms determined by the administrator but generally will not become exercisable before the first
anniversary of the grant, except in the event of the death or disability of the holder or a change in control of the company, and further
provided that awards for up to five percent (5%) of the aggregate number of shares of our common stock authorized for issuance under
the BHM Incentive Plans may be granted or awarded without regard to the one-year minimum vesting requirement, in the discretion of the
administrator. A participant cannot sell or dispose of more than fifty percent of the shares acquired under a stock appreciation right
before the earlier of the first anniversary of the date the stock appreciation right is exercised or the date the participant is no longer
employed by or providing services to us, or the Operating Partnership or our Manager. Stock appreciation rights may be granted in tandem
with an option grant or as independent grants. The term of a stock appreciation right cannot exceed ten years from the date of grant
or five years in the case of a stock appreciation right granted under the BHM Individuals Plan in tandem with an incentive stock option
awarded to an individual who is a &#8220;ten percent stockholder.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Performance Units</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The BHM Incentive Plans also
authorize the grant of performance units. Performance units represent the participant&#8217;s right to receive an amount, based on the
value of a specified number of shares of our common stock, if performance goals or other requirements established by the administrator
are met. The administrator will determine the applicable performance period, the performance goals and such other conditions that apply
to the performance unit. If the performance goals are met, payment will be made with respect to the performance units. Performance units
will become earned or vested in accordance with terms determined by the administrator, but generally will not become earned or vested
before the first anniversary of their grant, except in the event of the death or disability of the holder or a change in control of the
company, and further provided that awards for up to five percent (5%) of the aggregate number of shares of our common stock authorized
for issuance under the BHM Incentive Plans may be granted or awarded without regard to the one-year minimum vesting requirement, in the
discretion of the administrator. Performance units will be paid in cash, shares of our common stock, other equity-based awards (including
LTIP Units), other securities or property or a combination thereof. No more than fifty percent of the shares issued in settlement of
performance units may be sold or disposed of before the first anniversary of the date that the shares were issued or the date that the
participant is no longer employed by or providing services to us, or the Operating Partnership or our Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Incentive Awards</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The BHM Incentive Plans also
authorize us to make incentive awards. An incentive award entitles the participant to receive a payment if certain requirements are met.
The administrator will establish the requirements that must be met before an incentive award is earned and the requirements may be stated
with reference to one or more performance measures or criteria prescribed by the administrator. A performance goal or objective may be
expressed on an absolute basis or relative to the performance of one or more similarly situated companies or a published index and may
be adjusted for unusual or non-recurring events, changes in applicable tax laws or accounting principles. The period in which the performance
will be measured will be at least one year, and the administrator will determine the applicable performance goals and such other conditions
that apply to the incentive award. If the performance goals are met, the incentive award will be paid. Incentive awards will become earned
or vested in accordance with terms determined by the administrator, but generally will not become earned or vested before the first anniversary
of their grant, except in the event of the death or disability of the holder or a change in control of the company, and further provided
that awards for up to five percent (5%) of the aggregate number of shares of our common stock authorized for issuance under the BHM Incentive
Plans may be granted or awarded without regard to the one-year minimum vesting requirement, in the discretion of the administrator. An
incentive award that is earned will be settled in a single payment which may be in cash, our common stock, other equity-based awards
(including LTIP Units), or a combination thereof. No more than fifty percent of the shares issued in settlement of an incentive award
may be sold or disposed of before the first anniversary of the date that the shares are issued or the date that the participant is no
longer employed by or providing services to us, or the Operating Partnership or our Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Other Equity-Based Awards</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The administrator may grant
other types of stock-based awards as other equity-based awards, including LTIP Units, under the BHM Incentive Plans. Other equity-based
awards are payable in cash, shares of our common stock or shares or units of such other equity, or a combination thereof, as determined
by the administrator. The terms and conditions of other equity-based awards are determined by the administrator, and will include a requirement
that performance objectives or other criteria be satisfied. Other equity-based awards generally will not become earned or vested before
the first anniversary of their grant, except in the event of the death or disability of the holder or a change in control of the company,
and further provided that awards for up to five percent (5%) of the aggregate number of shares of our common stock authorized for issuance
under the BHM Incentive Plans may be granted or awarded without regard to the one-year minimum vesting requirement, in the discretion
of the administrator. In addition, a participant may not sell or dispose of more than fifty percent of the shares of our common stock
or other equity interests (including LTIP Units) covered by other equity-based awards before the earlier of the first anniversary of
the date that the shares or interests become vested or the date that the participant is no longer employed by or providing services to
us, or the Operating Partnership or our Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">LTIP Units are a special
class of partnership interest in our Operating Partnership. Each LTIP Unit awarded will be deemed equivalent to an award of one share
of the applicable common stock under the BHM Incentive Plans, reducing their aggregate share authorization for other awards on a one-for-one
basis. We will not receive a tax deduction for the value of any LTIP Units granted to participants. The vesting period for any LTIP Units,
if any, will be determined at the time of issuance. LTIP Units, whether vested or not, will receive the same per-unit distributions as
OP Units, which distributions will generally equal the per share distributions on shares of our common stock. This treatment with respect
to distributions is similar to the expected treatment of our stock awards, which will generally receive full dividends whether vested
or not. Initially, LTIP Units will not have full parity with OP Units with respect to liquidating distributions. Under the terms of the
LTIP Units, our Operating Partnership will revalue its assets upon the occurrence of certain specified events, and any increase in the
Operating Partnership&#8217;s valuation from the time of the last revaluation until such event will be allocated first to the holders
of LTIP Units to equalize the capital accounts of such holders with the capital accounts of holders of OP Units. Upon equalization of
the capital accounts of the holders of LTIP Units with the other holders of OP Units, the LTIP Units will achieve full parity with OP
Units for all purposes, including with respect to liquidating distributions. If such parity is reached, vested LTIP Units may be converted
into an equal number of OP Units at any time, and thereafter enjoy all the rights of OP Units, including redemption/exchange rights.
However, there are circumstances under which such parity would not be reached. Until and unless such parity is reached, the value that
a holder of LTIP Units will realize for a given number of vested LTIP Units will be less than the value of an equal number of shares
of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Dividend Equivalent Rights</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The administrator may grant
dividend equivalent rights in connection with the grant of performance units, other equity-based awards and incentive awards granted
under the BHM Incentive Plans. Dividend equivalent rights may be paid currently or accrued as contingent cash obligations (in which case
they may be deemed to have been reinvested in shares of our common stock or otherwise reinvested) except that if the underlying award
will not vest solely on account of continued employment or service, any dividend equivalents will be accumulated and paid only when and
to the extent that the underlying award vests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Change in Control</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we experience a change
in control, the administrator may, at its discretion, provide that outstanding awards that are not exercised prior to the change in control
will be assumed by the surviving entity, or will be replaced by a comparable substitute award of substantially equal value granted by
the surviving entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any time-based awards so
assumed or replaced with substitute awards in connection with the Change in Control will vest in accordance with their original terms,
except that any such time-based awards or substitute awards granted under the BHM Individuals Plan automatically become vested in full
if&#8201; (A)&nbsp;the holder&#8217;s employment or service with the company, the successor entity, or an affiliate thereof is terminated
(i)&nbsp;involuntarily without cause or following non-renewal of the holder&#8217;s employment agreement or services agreement, (ii)&nbsp;voluntarily
by the holder with good reason, or (iii)&nbsp;on account of the holder&#8217;s death or disability, and (B)&nbsp;the holder remained
in the continuous employ or service of the company, the successor entity, or the applicable affiliate thereof from the date of such change
in control until the date of such termination of employment or service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any performance-based awards
so assumed or replaced with substitute awards in connection with the change in control will be of the same type of award as the original
performance-based awards, and will have a value, as of the date of such change in control, that is substantially equal to the value of
the original performance-based awards. In addition, such assumed or substituted performance-based awards will continue to vest in accordance
with the terms and conditions of the original performance-based awards being assumed or replaced;&nbsp;<I>provided</I>, that the performance
objectives and measures of the original performance-based awards being assumed or replaced shall be adjusted as the administrator determines
is equitably required. Notwithstanding the preceding sentence (and solely with respect to assumed or substitute awards for performance-based
awards originally granted under the BHM Individuals Plan), if&#8201; (A)&nbsp;the holder&#8217;s employment with the company, the successor
entity, or an affiliate thereof is terminated (i)&nbsp;involuntarily without cause, (ii)&nbsp;following non-renewal of the employment
agreement, if any, between the holder and the company, the successor entity or the applicable affiliate thereof&#8201; (if the holder
has an employment agreement requiring accelerated vesting in such case), (iii)&nbsp;voluntarily by the holder with good reason, or (iv)&nbsp;on
account of the holder&#8217;s death or disability, and (B)&nbsp;the holder remained in the continuous employ of the company, the successor
entity or the applicable affiliate thereof from the date of such change in control until the date of such termination of employment,
then the assumed or substituted performance-based awards will automatically become vested with respect to a pro rata number of the shares
or other securities subject to such assumed or substituted performance-based awards based on the extent to which the performance or other
objectives are achieved as of the date of such termination of employment or service. Any portion of any such performance-based awards
that does not become so vested will be forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the date of such change
in control, all outstanding awards under the BHM Incentive Plans that are not assumed or replaced with substitute awards in connection
with the change in control will become fully vested, provided that any performance-based awards will vest at the greater of (A)&nbsp;the
applicable target level and (B)&nbsp;the level of achievement of the performance objectives for the award as determined by the administrator
taking into account performance through the latest date preceding the change in control (but not later than the end of the applicable
performance period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The administrator may also
provide that any awards (or any portion thereof) that become vested in connection with the change in control as set forth above may be
cancelled, in the sole discretion of the administrator, in exchange for a payment, in cash or shares of our common stock or other securities
or consideration received by stockholders in the change in control transaction, in an amount substantially equal to (i)&nbsp;the price
per share of common stock received by stockholders (in the case of vested shares of common stock), (ii)&nbsp;the amount by which the
price per share of our common stock received by stockholders exceeds the option price or Initial Value (in the case of Options and SARs),
and (iii)&nbsp;if applicable, the value of the other securities or property in which a Performance Unit or Other Equity-Based Award is
denominated. However, in the case of Options and SARs, if the option price or Initial Value exceeds the price per share of our common
stock received by stockholders in the change in control transaction, the Option or SAR may be cancelled without any payment to the holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In summary, a change in control
under the BHM Incentive Plans occurs if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a person, entity or affiliated
    group (with certain exceptions) acquires, in a transaction or series of transactions, more than 30% of the total combined voting
    power of our outstanding securities;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">there occurs a merger,
    consolidation, reorganization, or business combination, unless the holders of our voting securities immediately prior to such transaction
    have more than 50% of the combined voting power of the securities in the successor entity or its parent;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we (i)&nbsp;sell or dispose
    of all or substantially all of our assets or (ii)&nbsp;acquire assets or stock of another entity, unless the holders of our voting
    securities immediately prior to such transaction have more than 50% of the combined voting power of the securities in the successor
    entity or its parent; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">during any period of twelve
    consecutive months, individuals who, at the beginning of such period, constitute our board of directors together with any new directors
    (other than individuals who become directors in connection with certain transactions or election contests) cease for any reason to
    constitute a majority of our board of directors.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Code has special rules&nbsp;that
apply to &#8220;parachute payments,&#8221; i.e., compensation or benefits the payment of which is contingent upon a change in control.
If certain individuals receive parachute payments in excess of a safe harbor amount prescribed by the Code, the payor is denied a U.S.
federal income tax deduction for a portion of the payments and the recipient must pay a 20% excise tax, in addition to income tax, on
a portion of the payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we experience a change
in control, benefits provided under the BHM Incentive Plans could be treated as parachute payments. In that event, the BHM Incentive
Plans provide that the benefits under the BHM Incentive Plans, and all other parachute payments provided under other plans and agreements,
will be reduced to the safe harbor amount, i.e., the maximum amount that may be paid without excise tax liability or loss of deduction,
if the reduction allows the participant to receive greater after-tax benefits. The benefits under the BHM Incentive Plans and other plans
and agreements will not be reduced, however, if the participant will receive greater after-tax benefits (taking into account the 20%
excise tax payable by the participant) by receiving the total benefits. The BHM Incentive Plans also provide that these provisions do
not apply to a participant who has an agreement with us providing that the participant cannot receive payments in excess of the safe
harbor amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Clawback Policy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any award granted under the
BHM Incentive Plans, and any payment made with respect to any such award, are subject to the condition that we may require such award
to be returned, and any payment made with respect to such award to be repaid, if such action is required under the terms of any Company
recoupment or &#8220;clawback&#8221; (forfeiture or repayment) policy as in effect on the date the award was granted or if recoupment
is required by any law, rule, requirement or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Amendment; Termination</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors may
amend or terminate the BHM Incentive Plans at any time, provided that no amendment may adversely impair the rights of participants under
outstanding awards. Our stockholders must approve any amendment if such approval is required under applicable law or stock exchange requirements.
Our stockholders also must approve, among other things, any amendment that materially increases the benefits accruing to participants
under the BHM Incentive Plans, materially increases the aggregate number of shares of our common stock that may be issued under the BHM
Incentive Plans (other than on account of stock dividends, stock splits, or other changes in capitalization as described above) or materially
modifies the requirements as to eligibility for participation in the BHM Incentive Plans. For the avoidance of doubt, without the approval
of stockholders, our board of directors may not (except on account of stock dividends, stock splits, or other changes in capitalization)
(a)&nbsp;reduce the option price per share of an outstanding option or the exercise price of a stock appreciation right, (b)&nbsp;cancel
an outstanding option or stock appreciation right when the option price or exercise prices applicable exceeds the fair market value of
our common stock or (c)&nbsp;take any other action that may be treated as a repricing of an option or stock appreciation right under
the rules&nbsp;and regulations of the principal exchange on which the common stock is listed for trading. Unless terminated sooner by
our board of directors or extended with stockholder approval, the BHM Incentive Plans will terminate on the tenth anniversary of the
Distribution Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="G_004"></A><B>OUR MANAGER AND RELATED
AGREEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Manager</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are externally managed
and advised by our Manager, pursuant to a Management Agreement. See &#8220;&#8212;The Management Agreement.&#8221; Our Manager is primarily
responsible for managing our day-to-day business affairs and assets and implementing our investment strategy, subject to the directives
and supervision of our board of directors. Our Manager maintains a contractual as opposed to a fiduciary relationship with us. Our Manager
conducts our operations and manages our portfolio of real estate investments. We have no paid employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table and biographical
descriptions set forth certain information with respect to the individuals who serve as the senior officers of our Manager:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 29%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age*</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position(s)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R. Ramin Kamfar</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jordan Ruddy</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryan S. MacDonald</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Investment Officer</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher J. Vohs</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer
    and Treasurer</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael DiFranco</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President,
    Operations</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jason Emala</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Legal Officer
    and Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 15, 2026.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The background and experience
of Messrs.&nbsp;Kamfar, Ruddy, MacDonald, Vohs, DiFranco and Emala are described above in &#8220;Management &#8212;Executive Officers.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bluerock Real Estate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Manager is an affiliate
of Bluerock Real Estate, L.L.C. (together with its affiliates, &#8220;Bluerock&#8221;), a leading institutional alternative asset manager
based in New York with regional offices across the United States. Bluerock principals have a collective 100+ years of investing experience
with more than $120 billion in real estate and capital markets experience and manage multiple well-recognized real estate private and
public company platforms, including the successful seeding, public listing and operation of Bluerock Residential. Bluerock has over $15&nbsp;billion
in acquired and managed assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Management Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We, the Operating Partnership
and our Manager are parties to a Management Agreement (the &#8220;Management Agreement&#8221;). In connection with the execution of the
Merger Agreement, the Bluerock Residential board of directors received an opinion from Robert A. Stanger&nbsp;&amp; Company,&nbsp;Inc.
that the terms of the Management Agreement are fair, from a financial point of view, to the company, and after consideration of this
opinion and other documents and presentations, the non-management directors authorized the company to enter into the Management Agreement.
The Management Agreement requires our Manager to manage our business affairs in conformity with our investment guidelines and other policies
that are approved and monitored by our board of directors. Our Manager&#8217;s role as Manager is under the supervision and direction
of our board of directors. Our Manager will not manage or advise any other entities and will not actively seek new management or advisory
clients, although it will not be prohibited from doing so by the Management Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Management Services</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Manager is responsible
for, among other things, (i)&nbsp;the selection, purchase and sale of our portfolio investments, (ii)&nbsp;our financing activities,
and (iii)&nbsp;providing us with advisory services. Our Manager is responsible for our day-to-day operations and will perform (or will
cause to be performed) such services and activities relating to our investments and operations as may be appropriate, which may include,
without limitation, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">serving as our consultant
    with respect to the periodic review of the investment guidelines and other parameters for our investments, financing activities and
    operations, any modification to which will be approved by the board of directors (including a majority of the independent directors);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">investigating, analyzing,
    and selecting possible investment opportunities and acquiring, financing, retaining, selling, restructuring, exchanging or disposing
    of investments consistent with our investment guidelines;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with respect to prospective
    investment transactions and financing transactions, conducting negotiations (including negotiation of definitive agreements) on our
    behalf with sellers, purchasers, and brokers and, if applicable, their respective agents and representatives;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">effecting any private placement
    of interest in the Operating Partnership, tenancy-in-common or other interests in investments as may be approved by the board of
    directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">engaging and supervising,
    on our behalf and at our expense, independent contractors that provide investment banking, securities brokerage, mortgage brokerage,
    real estate brokerage, other financial services, due diligence services, underwriting review services, legal and accounting services,
    and all other services (including transfer agent and registrar services) as may be required relating to our operations and actual
    or potential investments, investment transactions or financing transactions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">coordinating and managing
    operations of any joint venture or co-investment interests held by us and conducting all matters with our joint venture or co-investment
    partners;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing executive and
    administrative personnel, office space and office services required in rendering services to us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">administering the day-to-day
    operations and performing and supervising the performance of such other administrative functions necessary to our management as may
    be agreed upon by our Manager and the board of directors, including, without limitation, the collection of revenues and the payment
    of our debts and obligations and maintenance of appropriate computer services to perform such administrative functions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">communicating on our behalf
    with the holders of any of our or the Operating Partnership&#8217;s equity or debt securities as required to satisfy the reporting
    and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">counseling the board of
    directors and us in connection with policy decisions to be made by the board of directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating and recommending
    to the board of directors hedging strategies and engaging in hedging activities on our behalf, consistent with such strategies as
    so modified from time to time, our qualification as a REIT and with our investment guidelines;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">counseling the board of
    directors and us regarding the qualification and maintenance of our qualification as a REIT and monitoring compliance with the various
    REIT qualification tests and other rules&nbsp;set out in the Code and Treasury Regulations thereunder and using commercially reasonable
    efforts to cause us to qualify and continue to qualify for taxation as a REIT;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">counseling us regarding
    the maintenance of our exemption from the status of an investment company required to register under the Investment Company Act,
    monitoring our compliance with the requirements for maintaining such exemption and using commercially reasonable efforts to cause
    us to maintain such exemption from such status;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">furnishing reports and
    statistical and economic research to us regarding our activities and services performed for us by our Manager, including reports
    to the board of directors with respect to potential conflicts of interest involving our Manager or any of its affiliates;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring the operating
    performance of our investments and providing periodic reports with respect thereto to the board of directors, including comparative
    information with respect to such operating performance and budgeted or projected operating results;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">investing and reinvesting
    any of our moneys and securities (including investing in short-term investments pending investment in other investments, payment
    of fees, costs and expenses, or payments of dividends or distributions to our stockholders and the Operating Partnership&#8217;s
    partners), consistent with our qualification as a REIT, and advising us regarding our company&#8217;s capital structure and capital
    raising;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">causing us to retain qualified
    accountants and legal counsel, as applicable, to assist us in developing appropriate accounting procedures and systems, internal
    controls and other compliance procedures and testing systems with respect to financial reporting obligations and compliance with
    the provisions of the Code applicable to REITs and, if applicable, TRSs, and to conduct quarterly compliance reviews with respect
    thereto;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assisting us in qualifying
    to do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assisting us in complying
    with all regulatory requirements applicable to us in respect of our business activities, including preparing or causing to be prepared
    all financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any,
    required under the Exchange Act or the Securities Act, or by the applicable Securities Exchange;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assisting us in taking
    all necessary action to enable us to make required tax filings and reports, including soliciting stockholders for required information
    to the extent required by the provisions of the Code applicable to REITs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">handling and resolving
    all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) in
    which we may be involved or to which we may be subject arising out of our day-to-day operations (other than with our Manager or its
    affiliates), subject to such limitations or parameters as may be imposed from time to time by the board of directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">using commercially reasonable
    efforts to cause expenses incurred by us or on our company&#8217;s behalf to be commercially reasonable or commercially customary
    and within any budgeted parameters or expense guidelines set by the board of directors from time to time;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">serving as our consultant
    with respect to decisions regarding any of its financings, hedging activities, borrowings or joint venture arrangements undertaken
    by us, including (i)&nbsp;assisting us in developing criteria for debt and equity financing that is specifically tailored to our
    investment objectives, and (ii)&nbsp;advising us with respect to obtaining appropriate financing for our investments;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">arranging marketing materials,
    advertising, industry group activities (such as conference participations and industry organization memberships) and other promotional
    efforts designed to promote our business;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">performing such other services
    as may be required from time to time for management and other activities relating to our assets and business as our board of directors
    shall reasonably request or our Manager shall deem appropriate under the particular circumstances; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">using commercially reasonable
    efforts to cause us to comply with all applicable laws.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Liability and Indemnification</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Management
Agreement, our Manager will not assume any responsibility other than to render the services called for thereunder in good faith and will
not be responsible for any action of our board of directors in following or declining to follow its advice or recommendations. Our Manager
maintains a contractual as opposed to a fiduciary relationship with us (however, to the extent that officers of our Manager also serve
as our officers, such officers will owe us duties under Maryland law in their capacity as our officers, which may include the duty to
exercise reasonable care in the performance of such officers&#8217; responsibilities, as well as the duties of loyalty, good faith and
candid disclosure). Under the terms of the Management Agreement, our Manager, its officers, members, managers, directors, personnel,
affiliates and any person providing sub-advisory services to our Manager will not be liable to us, our stockholders, partners, members
or other holders of equity interests of us for acts or omissions performed in accordance with and pursuant to the Management Agreement,
except because of acts or omissions constituting bad faith, willful misconduct, gross negligence, or reckless disregard of their duties
under the Management Agreement as determined by a final non-appealable order of a court of competent jurisdiction, or those incurred
in connection with our Manager&#8217;s proper release of our money or other property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We agree to indemnify and
hold harmless our Manager, its officers, members, managers, directors, personnel, affiliates and any person providing sub-advisory services
to our Manager with respect to all expenses, losses, damages, liabilities, demands, charges and claims in respect of or arising from
acts or omissions of such indemnified party not constituting bad faith, willful misconduct, gross negligence, or reckless disregard of
duties, performed in good faith in accordance with and pursuant to the Management Agreement as determined by a final, non-appealable
order of a court of competent jurisdiction, or those incurred in connection with our Manager&#8217;s proper release of our money or other
property, as set forth in the Management Agreement. Additionally, we agree to advance funds to any of the indemnified parties for legal
fees and other costs and expenses incurred as a result of any claim, suit, action or proceeding for which indemnification is sought,
provided that such indemnified party undertakes to repay the advanced funds to us in the event it is ultimately determined that indemnification
is not appropriate. Our Manager agrees to indemnify and hold harmless us, our directors and officers, personnel, agents and affiliates
with respect to all expenses, losses, damages, liabilities, demands, charges and claims in respect of or arising from acts or omissions
of our Manager constituting bad faith, willful misconduct, gross negligence or reckless disregard of its duties under the Management
Agreement or any claims by our Manager&#8217;s personnel relating to the terms and conditions of their employment by our Manager. Our
Manager carries errors and omissions and other customary insurance naming us and our Operating Partnership as additional insureds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Management Team</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the terms of
the Management Agreement, our Manager will be required to provide us with our management team, including a president, treasurer and secretary,
along with appropriate support personnel, to provide the management services to be provided by our Manager to us. None of the officers
or employees of our Manager or its affiliates will be dedicated exclusively to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Manager will be required
to refrain from any action that, in its sole judgment made in good faith, (1)&nbsp;is not in compliance with the investment guidelines,
(2)&nbsp;would adversely and materially affect our qualification as a REIT or the Operating Partnership as a partnership under the Code
or our status as an entity exempted or excluded from investment company status under the Investment Company Act or (3)&nbsp;would conflict
with or violate any law, rule&nbsp;or regulation of any governmental body or agency having jurisdiction over us or of any securities
exchange on which our securities are listed or our charter or bylaws. If our Manager is ordered to take any action by our board of directors,
our Manager will promptly notify the board of directors if it is our Manager&#8217;s judgment that such action would adversely and materially
affect such status or conflict with or violate any such law, rule&nbsp;or regulation or our charter or bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Term</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The current term of the Management
Agreement expires on October&nbsp;6, 2026 and will be automatically renewed for a one-year term each year on October&nbsp;6, unless earlier
terminated or not renewed as described below. We may decline to renew the Management Agreement upon the affirmative vote of at least
two-thirds of our independent directors that (1)&nbsp;there has been unsatisfactory performance by our Manager that is materially detrimental
to us or (2)&nbsp;the Base Management Fee and Incentive Fee (each as defined below) payable to our Manager are not, taken as a whole,
in accordance with then-current market rates charged by asset management companies rendering services similar to those rendered by our
Manager, subject to our Manager&#8217;s right to prevent such non-renewal by accepting a reduction of the fees agreed to by at least
two-thirds of our independent directors. We must provide 180 days&#8217; notice prior to the end of the term, as renewed, of any such
non-renewal. In the event of such non-renewal, the Termination Fee set forth below would be payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Manager may decline to
renew the Management Agreement upon 180 days&#8217; notice prior to the end of the term, as renewed, in which case no Termination Fee
would be payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Termination for Cause</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also terminate the
Management Agreement at any time, including during the initial term, without the payment of the Termination Fee, upon 30 days&#8217;
prior written notice for cause, which is defined as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Manager, its agents
    or assignees breaches any material provision of the Management Agreement and such breach continues for a period of 30 days after
    written notice thereof, subject to a cure period;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">there is the commencement
    of any proceeding relating to our Manager&#8217;s bankruptcy or insolvency, including an order for relief in an involuntary bankruptcy
    case or our Manager authorizing or filing a voluntary bankruptcy petition;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">there is a change of control
    of our Manager which a majority of our independent directors determines is materially detrimental to us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Manager is unable to
    perform its obligations under the Management Agreement;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Manager is dissolved; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Manager commits fraud
    against us, misappropriates or embezzles funds of ours, or acts, or fails to act, in a manner constituting gross negligence, or acts
    in a manner constituting bad faith or willful misconduct, in the performance of its duties under the Management Agreement, subject
    to a cure period.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Manager may terminate
the Management Agreement upon 60 days&#8217; prior written notice in the event that we default in the performance of any material term,
condition or covenant contained in the Management Agreement and such default continues for a period of 30 days after written notice thereof.
In an event of termination by our Manager for cause, the Termination Fee set forth below would be payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Manager may terminate
the Management Agreement if we become required to register as an investment company under the Investment Company Act, but no Termination
Fee would be payable in such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Termination Fee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event a Termination
Fee is payable, we will pay our Manager a termination fee equal to 3.00 times the sum of the Base Management Fee and Incentive Fee earned,
in each case, by our Manager during the 12-month period immediately preceding such termination, calculated as of the end of the most
recently completed fiscal quarter before the date of non-renewal/termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Internalization</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the determination by
at least two-thirds of our independent directors that, upon an internalization of our management, AFFO (as defined below) per share would
be greater than AFFO per share immediately prior to such internalization, we may internalize, with consideration upon such internalization
being paid by us to our Manager (the &#8220;Internalization Consideration&#8221;) equal to 2.75 times the sum of the Base Management
Fee and Incentive Fee, in each case, earned by our Manager during the 12-month period immediately preceding such internalization, calculated
as of the end of the most recently completed fiscal quarter before the date of the internalization. For the avoidance of doubt, the internalization
may be structured as a contribution of our Manager or our Manager&#8217;s assets to our Operating Partnership in exchange for OP Units
and/or cash, provided that at least 50% of the value of the Internalization Consideration will be satisfied in OP Units, or other tax-efficient
transaction as agreed by our Manager and us.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Assignment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Manager may not assign
the Management Agreement, except to an affiliate, without the consent of a majority of our independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not assign our rights
or responsibilities under the Management Agreement without the prior written consent of our Manager, except in the case of assignment
to another REIT or other organization which is our successor, in which case such successor organization will be bound under the Management
Agreement and by the terms of such assignment in the same manner as we are bound under the Management Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Base Management Fee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay our Manager a
base management fee (the &#8220;Base Management Fee&#8221;) in an amount equal to 1.50% of our new stockholders&#8217; equity, per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of calculating
the Base Management Fee, our new stockholders&#8217; equity means: (1)&nbsp;the sum of (i)&nbsp;the net asset value of the Operating
Partnership (&#8220;Net Asset Value&#8221;) plus (ii)&nbsp;the net proceeds from the issuance of (or equity value assigned to) equity
and equity equivalent securities in any subsequent offering (allocated on a pro rata daily basis for such issuances during the fiscal
quarter of any such issuance) plus (iii)&nbsp;retained earnings at the end of the most recently completed calendar quarter (without taking
into account any non-cash equity compensation expense incurred in current or prior periods), less (2)&nbsp;any amount that the company
has paid to repurchase our common stock issued in any subsequent offering. New stockholders&#8217; equity also excludes (a)&nbsp;any
unrealized gains and losses and other non-cash items (including depreciation and amortization) that have impacted stockholders&#8217;
equity as reported in our financial statements prepared in accordance with GAAP, and (b)&nbsp;one-time events pursuant to changes in
GAAP, and certain non-cash items not otherwise described above, in each case after discussions between our Manager and our independent
directors and approval by a majority of our independent directors. We determined Net Asset Value, for purposes of the foregoing, based
on the midpoint of the range of net asset values utilized by Duff&nbsp;&amp; Phelps in its analysis underlying the opinion it delivered
to the Bluerock Residential board of directors in connection with the execution of the Merger Agreement. Each quarterly installment of
the Base Management Fee will be payable in cash, except as may otherwise be specified by written agreement of the company and the Manager
with respect to payment of all or any portion thereof in C-LTIP Units, calculated pursuant to the formula above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Incentive Fee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay our Manager an
incentive fee (the &#8220;Incentive Fee&#8221;) with respect to each calendar quarter (or part thereof that the Management Agreement
is in effect) in arrears.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Incentive Fee will be
an amount, not less than zero, equal to the difference between (1)&nbsp;the product of (i)&nbsp;20% and (ii)&nbsp;the difference between
(a)&nbsp;the company&#8217;s adjusted funds from operations (&#8220;AFFO&#8221;) for the previous 12-month period and (b)&nbsp;the product
of (A)&nbsp;the product of (x)&nbsp;the weighted average of the price per share of equity securities as derived from the Net Asset Value
and the issue price of equity securities issued in future offerings and transactions, multiplied by (y)&nbsp;the weighted average number
of all shares of our common stock outstanding on a fully-diluted basis (including any restricted stock units, any restricted shares of
our common stock, LTIP Units, and other shares of our common stock underlying awards granted under incentive plans and units in the Operating
Partnership) in the previous 12-month period multiplied by (B)&nbsp;8%, and (2)&nbsp;the sum of any Incentive Fee paid to our Manager
with respect to the first three calendar quarters of such previous 12-month period; provided, however, that no Incentive Fee is payable
with respect to any calendar quarter unless AFFO is greater than zero for the four most recently completed calendar quarters. One half
of each quarterly installment of the Incentive Fee will be payable in C-LTIP Units, calculated pursuant to the formula above.&nbsp; The
remainder of the Incentive Fee will be payable in cash or in C-LTIP Units, at the election of our board of directors, in each case calculated
pursuant to the formula above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following example illustrates
how we would calculate our quarterly Incentive Fee in accordance with the Management Agreement. Our actual results may differ materially
from the following example.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Assume the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AFFO for the 12-month period equals $41,000,000;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">weighted average price per share of equity securities
    is $10.00;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the weighted average number
    of shares of common stock outstanding on a fully diluted basis during the 12-month period is 50,000,000; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incentive Fees paid during the first three calendar
    quarters of such 12-month period are $0.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under these assumptions,
the quarterly Incentive Fee payable to our Manager would be $200,000, as calculated below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 10%; font: 10pt Times New Roman, Times, Serif; vertical-align: top">1.</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 76%; font: 10pt Times New Roman, Times, Serif; text-indent: -8.1pt; padding-left: 8.1pt">AFFO</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">41,000,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">2.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.1pt; padding-left: 8.1pt">Weighted average
    price per share of equity securities of $10.00 multiplied by the weighted average number of shares of common stock outstanding on
    a fully diluted basis of 50,000,000 multiplied by 8%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">40,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">3.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.1pt; padding-left: 8.1pt">Excess of AFFO over
    amount calculated in 2 above</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">4.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.1pt; padding-left: 8.1pt">20% of the amount
    calculated in 3 above</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">200,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">5.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.1pt; padding-left: 8.1pt">Incentive Fee equals
    the amount calculated in 4 above less the Incentive Fees paid during the first three calendar quarters of such previous 12-month
    period</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">6.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.1pt; padding-left: 8.1pt">Quarterly incentive
    fee payable to our Manager</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">200,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Reimbursement of Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will be required to reimburse
our Manager for the following expenses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">acquisition expenses incurred
    in connection with the selection and acquisition of investments;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general and administrative expenses of us, our Operating
    Partnership, and our subsidiaries;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;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&#8217;s-length basis;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the compensation and expenses
    of our directors and the cost of liability insurance to indemnify us and our directors and officers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s partners, as applicable, and proxy materials with respect to any meeting of our stockholders
    or our Operating Partnership&#8217;s partners, as applicable;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs associated with any
    computer software or hardware, electronic equipment or purchased information technology services from third-party vendors that is
    used for us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expenses incurred by managers,
    officers, personnel and agents of our Manager for travel on our behalf and other out-of-pocket expenses incurred by managers, officers,
    personnel and agents of our Manager in connection with the acquisition, development, redevelopment, construction, repositioning,
    leasing, financing, refinancing, sale or other disposition of an investment or establishment of any of our securities offerings,
    or in connection with any financing transaction;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs and expenses incurred
    with respect to market information systems and publications, research publications and materials, and settlement, clearing and custodial
    fees and expenses;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">compensation and expenses
    of our custodian and transfer agent, if any;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the costs of maintaining
    compliance with all federal, state and local rules&nbsp;and regulations or any other regulatory agency;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all taxes and license fees;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all insurance costs incurred
    in connection with the operation of our business except for the costs attributable to the insurance that our Manager elects to carry
    for itself and its personnel costs and expenses incurred in contracting with third parties;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all other costs and expenses
    relating to our business and investment operations, including, without limitation, the costs and expenses of acquiring, owning, protecting,
    maintaining, developing and disposing of investments, including appraisal, reporting, audit and legal fees;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expenses relating to any
    office(s)&nbsp;or office facilities, including, but not limited to, disaster backup recovery sites and facilities, maintained for
    us or our investments separate from the office or offices of our Manager;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expenses connected with
    the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made by the board of directors
    to or on account of holders of our securities or of our subsidiaries, including, without limitation, in connection with any future
    distribution reinvestment plan;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any judgment or settlement
    of pending or threatened proceedings (whether civil, criminal or otherwise) against us or any subsidiary, or against any trustee,
    director, partner, member or officer of us or of any subsidiary in his capacity as such for which we or any subsidiary is required
    to indemnify such trustee, director, partner, member or officer pursuant to the applicable governing document or other instrument
    or agreement, or by any court or governmental agency; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all other expenses actually
    incurred by our Manager (except as described below) which are reasonably necessary for the performance by our Manager of its duties
    and functions under the Management Agreement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we may be required
to pay our pro rata portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead
expenses of our Manager and its affiliates required for our operations, provided that such expenses are in amounts no greater than those
that would be payable to third-party professionals or consultants engaged to perform such services pursuant to agreements negotiated
on an arm&#8217;s-length basis, and excepting only those expenses that are specifically the responsibility of our Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except with respect to the
costs of legal, tax, accounting, consulting, auditing and other similar services rendered for us, which costs will be our expense, our
Manager will be responsible for the expenses related to any and all personnel of our Manager and its affiliates who provide services
to us pursuant to the Management Agreement, including, without limitation, salaries, bonus and other wages, payroll taxes and the cost
of employee benefit plans of such personnel, and costs of insurance with respect to such personnel; <I>provided, however,</I> that our
Manager will not be responsible for any such expenses payable subsequent to the Distribution Date to the extent (and only to such extent)
that such expenses were incurred or otherwise attributable to a time period preceding the Distribution Date. For the avoidance of doubt,
any incentive plan of Bluerock Homes or the Operating Partnership in which any person referred to above participates will not be an expense
of our Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Grants of Equity Compensation to Our Manager</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have implemented the BHM
Incentive Plans, pursuant to which our compensation committee is authorized to approve grants of equity-based awards to our officers,
directors and affiliates (including officers and employees of our Manager and its affiliates).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liquidity of Prior Programs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our sponsor previously sponsored
one REIT, Bluerock Residential, which disclosed in its prospectus the time at which it was anticipated that Bluerock Residential would
provide a liquidity event to its stockholders. &nbsp; Bluerock Residential&#8217;s prospectus for its original offering of common stock
indicated that Bluerock Residential intended to enter into a transaction providing liquidity for its stockholders within four to six
years from the completion of its offering stage, where the offering stage was the period during which Bluerock Residential offered equity
that was not listed on a national securities exchange. If Bluerock Residential did not begin the process of listing its shares of common
stock on a national securities exchange by the end of that period, or did not otherwise complete a liquidity event by such date, its
charter required that it seek stockholder approval of the liquidation of Bluerock Residential, unless a majority of its board of directors,
including a majority of independent directors, determines that liquidation was not then in the best interests of its stockholders. &nbsp;
Bluerock Residential completed its offering stage in September&nbsp;2013.&nbsp; Bluerock Residential listed its Class&nbsp;A common stock
on March&nbsp;28, 2014.&nbsp; In connection with the listing transaction, Bluerock Residential converted the shares of its original common
stock issued in its unlisted offering into 1/3 share each of Class&nbsp;B-1 common stock, Class&nbsp;B-2 common stock and Class&nbsp;B-3
common stock. Bluerock Residential further effectuated two reverse stock splits: the first, a 2.264881 to 1 reverse stock split of its
outstanding shares of Class&nbsp;B-1 common stock, Class&nbsp;B-2 common stock and Class&nbsp;B-3 common stock; and the second, a 1.0045878
to 1 reverse stock split of its outstanding shares of Class&nbsp;B-1 common stock, Class&nbsp;B-2 common stock and Class&nbsp;B-3 common
stock.&nbsp; The Class&nbsp;B common stock was not listed as part of the listing of the Class&nbsp;A common stock; however, the Class&nbsp;B
common stock converted, automatically, to Class&nbsp;A common stock on a schedule of 360 days following the Class&nbsp;A&nbsp;common
stock listing for the Class&nbsp;B-1 common stock, 540 days following the Class&nbsp;A&nbsp;common stock listing for the Class&nbsp;B-2
common stock, and 720 days following the Class&nbsp;A&nbsp;common stock listing for the Class&nbsp;B-3 common stock.&nbsp; This resulted
in the completion of a liquidity event for all purchasers of common stock in Bluerock Residential&#8217;s original common stock offering
approximately 2.5 years following completion of the offering stage thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="xx_001"></A>CERTAIN RELATIONSHIPS
AND RELATED PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Management Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We, the Operating Partnership
and our Manager are parties to the Management Agreement. The Management Agreement requires our Manager to manage our business affairs
in conformity with our investment guidelines and other policies that are approved and monitored by our board of directors. Our Manager&#8217;s
role as Manager will be under the supervision and direction of our board of directors. For more information regarding the Management
Agreement, please refer to the discussion under &#8220;Our Manager and Related Agreements&#8212;Management Agreement.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the year ended December
31, 2025, the company recorded an aggregate base management fee of $10.5 million, of which $0.8 million was, or shall be, paid in C-LTIP
Units, with the remainder of the fee paid in cash. For the year ended December 31, 2024, the company recorded an aggregate base management
fee of $9.1 million, of which $3.6 million was paid in C-LTIP Units, with the remainder of the fee paid in cash. There have been no incentive
fee expenses incurred during the years ended December 31, 2025 and 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the years ended December
31, 2025 and 2024, the company recorded operating expense reimbursements of $4.0 million and $4.4 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 years ended December 31, 2025 and 2024, the company recorded direct expense reimbursements of $0.6 million
and $0.4 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&rsquo;s consolidated statements of operations and comprehensive
income (loss).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below presents
the related party amounts payable to the Manager at December 31, 2025 and 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Amounts payable to the Manager under the
    Management Agreement</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><B>2025</B></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><B>2024</B></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">Base management fee</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,682</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,490</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating and direct expense reimbursements</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,206</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,224</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Offering expense reimbursements</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">97</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">148</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total amounts payable to the Manager</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,985</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,862</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DST Program</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><I>Acquisition Fees</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The company, through consolidated
subsidiaries associated with its DST Program, incurs a one-time acquisition fee for each DST private placement offering. During the years
ended December 31, 2025 and 2024, the company incurred one-time acquisition fees of $5.3 million and $2.1 million, respectively. Refer
to Note 9 to the Consolidated Financial Statements appearing in the company&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926021568/bhm-20251231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form&nbsp;10-K for the year ended December 31, 2025</A>, which is incorporated herein by reference, for further information
on the company&rsquo;s DST Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><I>Asset Management Fees</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The company engaged a related
party as the DST asset manager to provide certain management services and oversee the performance of the property manager. The company
has agreed to pay an asset management fee equal to a stated percentage per annum of the purchase price of each property in the DST Program.
During the years ended December 31, 2025 and 2024, the company incurred asset management fees related to the DST Program of $0.3 million
and $0.04 million, respectively, which are recorded within property management and asset management fees on the company&rsquo;s consolidated
statements of operations and comprehensive income (loss).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below presents
amounts payable to related parties at December 31, 2025 and 2024 (amounts in thousands) related to the company&rsquo;s DST Program. The
company records these payables in due to affiliates on its consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Amounts payable to related parties &ndash; DST Program</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">One-time acquisition fees</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,293</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2,060</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Asset management fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">317</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">35</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Other</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">23</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total amounts payable to related parties &ndash; DST Program</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">5,610</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,118</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>District at Parkview DST</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2025, the company,
through a DST, acquired District at Parkview to be included in its DST Program. The purchase price of District at Parkview, inclusive
of certain adjustments typical in such real estate transactions, was funded by (i) a senior loan secured by the property, (ii) cash funded
by the company, and (iii) cash funded by Bluerock Real Estate Holdings, LLC, an affiliate of the Manager. Refer to Note 3 to the Consolidated
Financial Statements appearing in the company&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926021568/bhm-20251231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form 10-K for the year ended December 31, 2025</A>, which is incorporated herein by reference, for further information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Unconsolidated Real Estate Fund</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The company&rsquo;s investment
in the Marble Fund, which is an unconsolidated real estate fund (refer to Note 7 to the Consolidated Financial Statements appearing in
the company&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926021568/bhm-20251231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form 10-K for the year ended December 31, 2025</A>, which is incorporated herein by reference, for further information), is
accounted for under the equity method as the company considers its degree of influence to be significant. As such, the company&rsquo;s
investment in the Marble Fund is considered a related party investment. The company earns a return on its investment which is recognized
on a one-quarter lag and is recorded in share of net earnings of equity method investment on its consolidated statements of operations
and comprehensive income (loss). At December 31, 2025, the company had $0.2 million of related party amounts payable to the Marble Fund
pertaining to carried interest. The company records these payables in due to affiliates on its consolidated balance sheets. The company
held no investments in unconsolidated real estate funds at December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Leasehold Cost-Sharing Agreement with Bluerock
Real Estate Holdings, LLC</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with a new
lease on the company&#8217;s New York (Manhattan) headquarters, effective May&nbsp;2024, the company and an unaffiliated third-party
landlord entered into a lease for separate corporate space (the &#8220;NY Premises Lease&#8221;) located at 919 Third Avenue, New York,
New York (the &#8220;NY Premises&#8221;). The NY Premises Lease commenced in November&nbsp;2024 when the landlord made the NY Premises
available to the Company to begin its own alterations and improvements. With respect to the NY Premises, the company and Bluerock Real
Estate Holdings, LLC (&#8220;BREH&#8221;), which is an affiliate of the Manager, entered into a leasehold cost-sharing agreement (the
 &#8220;Leasehold Cost-Sharing Agreement&#8221;) to provide for the allocation and sharing between BREH and the company of the costs thereunder,
including costs associated with tenant improvements. BREH and certain of its respective subsidiaries and/or affiliates will share occupancy
of the NY Premises. Under the Leasehold Cost-Sharing Agreement, if there is a change in control of either BREH or the company,&nbsp;the
allocation of costs under the Leasehold Cost-Sharing Agreement shall be modified to thereafter allocate such costs based on the average
of the cost-sharing&nbsp;percentages between BREH and the company over the four most recently-completed calendar quarters immediately
preceding the change in control date (or shall be the average cost-sharing&nbsp;percentages over such shorter period, if the change in
control occurs earlier than the completion of four calendar quarters). Under the NY Premises Lease, the company, through its Operating
Partnership, issued a payment of approximately $450,000 as a security deposit. Payment by BREH of any amounts payable under the Leasehold
Cost-Sharing Agreement to the company will be made in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The table below presents
the related party amounts receivable from BREH at December 31, 2025 and 2024 pursuant to the terms of the Leasehold Cost-Sharing Agreement
(amounts in thousands). The company records these receivables in due from affiliates on its consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Amounts receivable from BREH under the Leasehold Cost-Sharing
    Agreement</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Capital improvement cost reimbursements</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">621</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">925</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Operating and direct expense reimbursements</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">32</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">124</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total amounts receivable from BREH</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">653</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,049</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At December 31, 2025 and
2024, the company had no other receivables due from related parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Harmony at Clear Creek Development</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the Harmony
at Clear Creek land acquisition that occurred on September 30, 2025 (refer to Note 3 to the Consolidated Financial Statements appearing
in the company&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926021568/bhm-20251231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form 10-K for the year ended December 31, 2025</A>, which is incorporated herein by reference, for further information), the
Harmony JV entered into a joint venture agreement with BTR Preferred Investments, LLC (&ldquo;BTR Preferred&rdquo;), an entity that includes
an affiliate of the Manager, in which BTR Preferred committed to fund up to $16.8 million of preferred equity interests in the Harmony
at Clear Creek development. At December 31, 2025, BTR Preferred had not funded any of the committed amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Archer at RiverBlue</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2025, the company
entered into a joint venture agreement with two unaffiliated third parties to develop Archer at RiverBlue (refer to Note 8 to the Consolidated
Financial Statements appearing in the company&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926021568/bhm-20251231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form 10-K for the year ended December 31, 2025</A>, which is incorporated herein by reference, for further information). The
company and one joint venture partner will each hold preferred equity interests in Archer at RiverBlue, and the remaining joint venture
partner will hold the common equity interests. Per the terms of the joint venture agreement, the common equity partner is obligated to
pay a facilitation fee in an amount equal to $570K to Bluerock Enterprise Holdings, LP, an affiliate of the Manager, for consulting services
to be provided to the common equity partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Preferred Equity Investments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2025, the company
sold its preferred equity interests in Indigo Cove and Wayford at Pringle to a joint venture, with such joint venture including an affiliate
of the Manager. Refer to Note 8 to the Consolidated Financial Statements appearing in the company&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926021568/bhm-20251231x10k.htm" STYLE="-sec-extract: exhibit">Annual
Report on Form 10-K for the year ended December 31, 2025</A>, which is incorporated herein by reference, for further information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Selling Commissions and Dealer Manager Fees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The company engaged Bluerock
Capital Markets, LLC, an affiliate of the Manager, as dealer manager for offerings in its DST Program, the offering of its Series A Redeemable
Preferred Stock, and the offering of its Series B Redeemable Preferred Stock. For offerings in its DST Program, the company pays up to
8.65% of the gross offering proceeds from the offerings as selling commissions and dealer manager fees. The dealer manager re-allows
the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers. For its offerings of Series
A Redeemable Preferred Stock and Series B Redeemable Preferred Stock, the company pays up to 10% of the gross offering proceeds from
each such offering as selling commissions and dealer manager fees. The dealer manager re-allows the substantial majority of the selling
commissions and dealer manager fees to participating broker-dealers and incurs costs in excess of the 10%, which costs are borne by the
dealer manager without reimbursement by the company. For the year ended December 31, 2025, the company incurred $3.0&nbsp;million in
selling commissions and discounts and $1.3&nbsp;million in dealer manager fees and discounts related to its offering of Series A Redeemable
Preferred Stock. In addition, the Manager was, or shall be, reimbursed for offering costs of $1.2&nbsp;million in conjunction with the
offering of Series A Redeemable Preferred Stock during the year ended December 31, 2025. The selling commissions, dealer manager fees,
discounts and reimbursements for offering costs were recorded as a reduction to the proceeds of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Related Person Transaction Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
adopted a written Related Person Transaction Policy, for which the audit committee oversees compliance. The purpose of this policy is
to describe the procedures used to identify, review and approve any existing or proposed transaction, arrangement, relationship (or series
of similar transactions, arrangements or relationships) in which (a)&nbsp;we, our Operating Partnership or any of our subsidiaries were,
are or will be a participant, (b)&nbsp;the aggregate amount involved exceeds $120,000, and (c)&nbsp;a&nbsp;related person has or will
have a direct or indirect interest. For purposes of this policy, a related person will be (i)&nbsp;any person who is, or at any time
since the beginning of the current fiscal year was, a director, director nominee, or executive officer of the company, (ii)&nbsp;any
beneficial owner of more than 5% of our stock, or (iii)&nbsp;any immediate family member of any of the foregoing persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under this policy, our audit
committee is responsible for reviewing and approving or ratifying each related person transaction or proposed related person transaction.
In determining whether to approve or ratify a related person transaction, the audit committee is required to consider all relevant facts
and circumstances of the related person transaction available to the audit committee and to approve only those related person transactions
that are in the best interests of the company, as the audit committee determines in good faith. No member of the audit committee will
be permitted to participate in any consideration of a related person transaction with respect to which that member or any of his or her
immediate family is a related person. A copy of the Related Person Transaction Policy is available at <I><U>www.bluerock.com/bluerock-homes-trust/governance-documents</U></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="xx_002"></A><B>POLICIES WITH RESPECT
TO CERTAIN ACTIVITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The following is a discussion
of certain of our investment, financing and other policies. These policies have been determined by our board of directors and may be
amended or revised from time to time by our board of directors without a vote of our stockholders, except as set forth below. Any change
to any of these policies, however, would be made by our board of directors only after a review and analysis of that change, in light
of then-existing business and other circumstances, and then only if our directors believe, in the exercise of their business judgment,
that it is advisable to do so and in our and our stockholders&#8217; best interests.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Investment Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investment in Real Estate or Interests in Real Estate</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We conduct all of our investment
activities through our operating partnership and its affiliates. We own and operate a diversified portfolio of institutional residential
properties including apartments, build-to-rent communities, single-family homes, and other residential communities located in attractive
markets with a focus on the Knowledge/Quality growth markets of the Sunbelt and Western United States, which we expect should have healthy
long-term demand fundamentals for residential rentals. For a discussion of our properties and other strategic objectives, see &ldquo;Our
Business and Properties.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We seek to acquire, recapitalize,
and develop properties in our target markets in accordance with our investment guidelines. Although we intend to focus on the property
types and markets discussed above under &#8220;Our Business and Properties,&#8221; our future investment activities will not be limited
to any geographic area, product type or to a specified percentage of our assets. While we may diversify in terms of property locations,
size and market, we do not have any limit on the amount or percentage of our assets that may be invested in any one property or any one
geographic area. We intend to engage in such future investment activities in a manner that is consistent with our status as a REIT for
U.S. federal income tax purposes. In addition, we intend to purchase or lease income-producing properties for long-term investment. We
may also expand and improve the properties we will own upon completion of this offering or that we may subsequently acquire, and we may
sell such properties, in whole or in part, when circumstances warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may make adjustments based
on, among other things, prevailing real estate market conditions and the availability of attractive investment opportunities. While we
have no current intention of changing our investment policies, we might not forego an attractive investment merely because it does not
fit within our targeted asset class or portfolio composition. We may purchase or invest in any type of real estate that we determine
is in the best interest of our stockholders, subject to the provisions of our charter which limit certain types of investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe the probability
of meeting our investment objectives will be maximized through the careful selection and underwriting of assets. When considering an
investment, we will generally evaluate the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the performance and risk characteristics of that investment;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">how that investment will fit within our target portfolio
    objectives; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the expected returns of that investment on a risk-adjusted
    basis, relative to other investment alternatives.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As such, our actual portfolio
composition may vary substantially from the target portfolio described in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Equity investments in contributed
or acquired properties may be subject to existing mortgage financing and other indebtedness or to new indebtedness we incur when we acquire
or refinance these investments. Debt service on such financing or indebtedness will have a priority over any distributions with respect
to our common stock. We do not place any limitations on (i)&nbsp;the number or amount of mortgages which may be placed on any one piece
of property or (ii)&nbsp;the amount or percentage of assets that will be invested in any specific property, subject to our policy not
to be treated as an investment company under the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At times, we may invest in
unimproved properties. We will consider a property to be an unimproved property if it was not acquired for the purpose of producing rental
or other operating income, has no development or construction in process at the time of acquisition, and no development or construction
is planned to commence within one year of the acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Purchase and Sale of Investments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our policy is to acquire
assets primarily for generation of current income and long-term value appreciation. We intend to hold our properties for an extended
period, and in consideration of the optimal period to enable us to, as appropriate, capitalize on the potential for increased income
and capital appreciation. The period that we will hold our investments will vary depending on the type of asset, interest rates and other
factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Manager will develop
a well-defined exit strategy for each investment. Our Manager will continually re-evaluate the exit strategy of each asset in response
to the performance of the individual asset, market conditions and our overall portfolio objectives, to determine the optimal time to
sell the asset in order to maximize stockholder value and returns. Periodic reviews of each asset will focus on the remaining available
value creation opportunities for the asset and the demand for the asset in the marketplace.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Economic and market conditions
may influence us to hold our investments for different periods of time. We may sell an asset before the end of the expected holding period
if we believe that market conditions and asset positioning have maximized its value to us or the sale of the asset would otherwise be
in the best interests of our stockholders. Due to restrictions placed on dealer sales by REITs, we may, depending on the facts and circumstances,
need to make such sales through a TRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Joint Ventures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also may participate with
third parties in property ownership and development, through joint ventures, partnerships or other types of co-ownership. These types
of investments may permit us to own interests in larger assets without unduly decreasing our diversification and, therefore, provide
us with flexibility in structuring our portfolio. We will not, however, enter into a joint venture or other partnership arrangement to
make an investment that would not otherwise meet our investment policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may enter into joint ventures,
partnerships, tenant-in-common investments, other co-ownership arrangements with real estate developers, owners and other third parties,
including affiliates of our Manager, for the acquisition, development, improvement and operation of properties. A joint venture creates
an alignment of interest with a private source of capital for the benefit of our stockholders, by leveraging our acquisition, development
and management expertise in order to achieve one or more of the following four primary objectives:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increase the return on our invested capital;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">diversify our access to equity capital;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">broaden our invested capital
    into additional projects in order to promote our brand and increase market share; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtain the participation of sophisticated partners
    in our real estate decisions.</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In determining whether to
invest in a particular joint venture, our Manager will evaluate the investment that such joint venture owns or is being formed to own
under the same criteria described elsewhere in this prospectus for our selection of real property investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that any joint
venture with an entity affiliated with our Manager holds interests in more than one property or other investment, the interest in each
may be specially allocated based upon the respective proportion of funds invested by each co-venturer. Entering into joint ventures with
other programs sponsored by affiliates of our Manager will result in conflicts of interest. See &#8220;Risk Factors &#8212; Risks Related
to our Management and Relationships with our Manager.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will establish the terms
with respect to any particular joint venture agreement on a case-by-case basis after our board of directors considers all of the facts
that are relevant, such as the nature and attributes of our other potential joint venture partners, the proposed structure of the joint
venture, the nature of the operations, the liabilities and assets associated with the proposed joint venture and the size of our interest
when compared to the interests owned by other partners in the venture. With respect to any joint venture investment, we expect to consider
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Our ability to manage
    and control the joint venture</I>. We will seek to obtain certain approval rights in joint ventures we do not control. For proposed
    joint ventures in which we are to share control with another entity, we will consider procedures to address decisions in the event
    of an impasse.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Our ability to exit
    a joint venture</I>. We will consider requiring buy/sell rights, redemption rights or forced liquidation rights to allow us to control
    the timing of our exit.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Our ability to control
    transfers of interests held by other partners to the venture</I>. We will consider requiring consent provisions, rights of first
    refusal, and or forced redemption rights in connection with transfers.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investments in Real Estate Mortgages</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we have no current
intention of doing so, we may, at the discretion of our board of directors, invest in mortgages and other types of real estate interests
consistent with our qualification as a REIT. If we choose to invest in mortgages, we would expect to invest in mortgages secured by residential
properties. However, there is no restriction on the proportion of our assets that may be invested in a type of mortgage or any single
mortgage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investments in real estate
mortgages run the risk that one or more borrowers may default under certain mortgages and that the collateral securing certain mortgages
may not be sufficient to enable us to recoup our full investment. We do not presently intend to invest in real estate mortgages. We will
limit any investments in securities so that we do not fall within the definition of an investment company under the Investment Company
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Investments in Securities of or Interests
in Persons Primarily Engaged in Real Estate Activities and Other Issuers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we have no current
intention of doing so, subject to the percentage of ownership limitations, asset tests and gross income tests necessary for REIT qualification,
we may invest, without stockholder approval, in securities of other REITs, other entities engaged in real estate activities or other
issuers, including for the purpose of exercising control over such entities. We may invest in the debt or equity securities of such entities,
including for the purpose of exercising control over such entities. We have no current plans to invest in entities that are not engaged
in real estate activities. While we may attempt to diversify our investments, in terms of property locations, size and market, we do
not have any limit on the amount or percentage of our assets that may be invested in one entity, property or geographic area. In any
event, we do not intend that any such investments in securities will require us to register as an investment company under the Investment
Company Act, and we intend to divest of securities before any registration would be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investments in Other Securities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than as described above,
we do not intend to invest in any additional securities such as bonds, preferred stocks or common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investments in and Originating Real Estate-Related Investments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generally do not intend
to invest in or originate first or second mortgages, subordinated, bridge and other real estate-related loans, debt securities related
to or secured by real estate assets, or common and preferred equity securities, including equity securities of other REITs or real estate
companies. Excluded from this category are joint venture investments in which we exercise some control and generally, with respect to
development projects, preferred equity and subordinated loans with equity participation. Although we do not intend to make such investments,
our charter does not limit the amount of gross offering proceeds that we may apply to loan investments. Our charter also does not place
any limit or restriction on the percentage of our assets that may be invested in any type of loan or in any single loan, or the types
of properties subject to mortgages or other loans in which we could invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financing Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to use prudent
amounts of leverage in connection with our operations. As of December 31, 2025, our total indebtedness was approximately $440.8 million.
Once we reach sufficient scale, we generally expect our total indebtedness to be less than 75% of the fair market value of our real estate
investments. However, we are not subject to any limitations on the amount of leverage we may use, and accordingly, the amount of leverage
we use may be significantly less or greater than we currently anticipate. Further, during our ramp-up to scale, we expect that our leverage
will fluctuate and for periods of time will exceed 75% of the fair market value of our real estate investments as appropriate. For purposes
of calculating our leverage, we include our consolidated real estate investments, include our preferred equity and loan investments at
cost, include assets we have classified as held for sale, and include any joint venture level indebtedness in our total indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors will
have the authority to change our financing policies at any time and without stockholder approval. If our board of directors changes our
policies regarding our use of leverage, we expect that it will consider many factors, including the lending standards of lenders in connection
with the financing of residential properties, the leverage ratios of publicly traded REITs with similar investment strategies, the cost
of leverage as compared to expected operating net revenues, and general market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By operating on a leveraged
basis, we expect to have more funds available for real estate investments and other purposes than if we operated without leverage, which
we believe will allow us to acquire more investments than would otherwise be possible, resulting in a larger and more diversified portfolio.
See &#8220;Risk Factors&#8212;Risks Related to Our Business, Properties and Industry&#8212;High levels of debt or increases in interest
rates could increase the amount of any future loan payments, which could reduce the cash available for distribution to stockholders&#8221;
for more information about the risks related to operating on a leveraged basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Policies Relating to the Investment Company Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to conduct our
operations so that neither we, nor our operating partnership nor the subsidiaries of our operating partnership are required to register
as investment companies under the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;3(a)(1)(A)&nbsp;of
the Investment Company Act defines an investment company as any issuer that is or holds itself out as being engaged primarily in the
business of investing, reinvesting or trading in securities. Section&nbsp;3(a)(1)(C)&nbsp;of the Investment Company Act defines an investment
company as any issuer that is engaged or proposes to engage in the business of investing, reinvesting, owning, holding or trading in
securities and owns or proposes to acquire investment securities having a value exceeding 40% of the value of the issuer&#8217;s total
assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis, which we refer to as the &#8220;40% Test.&#8221;
Excluded from the term &#8220;investment securities,&#8221; among other things, are U.S. government securities and securities issued
by majority-owned subsidiaries that are not themselves investment companies and are not relying on the exception from the definition
of investment company set forth in Section&nbsp;3(c)(1)&nbsp;or Section&nbsp;3(c)(7)&nbsp;of the Investment Company Act. Accordingly,
under Section&nbsp;3(a)(1)&nbsp;of the Investment Company Act, in relevant part, a company is not deemed to be an &#8220;investment company&#8221;
if: (i)&nbsp;it neither is, nor holds itself out as being, engaged primarily, nor proposes to engage primarily, in the business of investing,
reinvesting or trading in securities; and (ii)&nbsp;it neither is engaged nor proposes to engage in the business of investing, reinvesting,
owning, holding or trading in securities and does not own or propose to acquire &#8220;investment securities&#8221; having a value exceeding
40% of the value of its total assets on an unconsolidated basis. We believe that we, our operating partnership and most of the subsidiaries
of our operating partnership will not fall within either definition of investment company as we intend to invest primarily in real property
through our wholly or majority owned subsidiaries, the majority of which we expect will have at least 60% of their assets in real property
or in entities that they manage or co-manage that own real property. As these subsidiaries would be investing either solely or primarily
in real property, they would not be within the definition of &#8220;investment company&#8221; under Section&nbsp;3(a)(1)&nbsp;of the
Investment Company Act. We are organized as a holding company that conducts its business primarily through the operating partnership,
which in turn is a holding company conducting its business through its subsidiaries, both we and our operating partnership intend to
conduct our operations so that they comply with the 40% Test. We will monitor our holdings to ensure continuing and ongoing compliance
with this test. In addition, we believe neither we nor our operating partnership will be considered an investment company under Section&nbsp;3(a)(1)(A)&nbsp;of
the 1940 Act because neither we nor our operating partnership will engage primarily or hold ourself out as being engaged primarily in
the business of investing, reinvesting or trading in securities. Rather, through the operating partnership&#8217;s wholly-owned or majority-owned
subsidiaries, we and the operating partnership will be engaged primarily in the non-investment company businesses of these subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even if the value of investment
securities held by our subsidiaries were to exceed 40%, we expect our subsidiaries to be able to rely on the exclusion from the definition
of &#8220;investment company&#8221; provided by Section&nbsp;3(c)(5)(C)&nbsp;of the Investment Company Act. Section&nbsp;3(c)(5)(C),
as interpreted by the staff of the SEC, requires our subsidiaries to invest at least 55% of its portfolio in &#8220;mortgage and other
liens on and interests in real estate,&#8221; which we refer to as &#8220;qualifying real estate assets&#8221; and maintain at least
80% of its assets in qualifying real estate assets or other real estate-related assets. The remaining 20% of the portfolio can consist
of miscellaneous assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the exclusions
provided by Sections&nbsp;3(c)(5)(C), we will classify the investments made by our subsidiaries based on no-action letters issued by
the SEC staff and other SEC interpretive guidance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consistent with guidance
issued by the SEC, we will treat our subsidiaries&#8217; joint venture investments as qualifying assets that come within the 55% basket
only if we have the right to approve major decisions affecting the joint venture; otherwise, they will be classified as real-estate related
assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that we, or
our operating partnership, were to acquire assets that could make either entity fall within the definition of investment company under
Section&nbsp;3(a)(1)&nbsp;of the Investment Company Act, we believe that we would still qualify for an exclusion from registration pursuant
to Section&nbsp;3(c)(6). Section&nbsp;3(c)(6)&nbsp;excludes from the definition of investment company any company primarily engaged,
directly or through majority owned subsidiaries, in one or more of certain specified businesses. These specified businesses include the
business described in Section&nbsp;3(c)(5)(C)&nbsp;of the Investment Company Act. It also excludes from the definition of investment
company any company primarily engaged, directly or through majority owned subsidiaries, in one or more of such specified businesses from
which at least 25% of such company&#8217;s gross income during its last fiscal year is derived, together with any additional business
or businesses other than investing, reinvesting, owning, holding, or trading in securities. Although the SEC staff has issued little
interpretive guidance with respect to Section&nbsp;3(c)(6), we believe that we and our operating partnership may rely on Section&nbsp;3(c)(6)&nbsp;if
55% of the assets of our operating partnership consist of, and at least 55% of the income of our operating partnership is derived from,
qualifying real estate investment assets owned by wholly-owned or majority owned subsidiaries of our operating partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Finally, to maintain compliance
with the Investment Company Act exceptions, we, our operating company or our subsidiaries may be unable to sell assets we would otherwise
want to sell and may need to sell assets we would otherwise wish to retain. In addition, we, our operating partnership or our subsidiaries
may have to acquire additional income-or loss-generating assets that we might not otherwise have acquired or may have to forego opportunities
to acquire interests in companies that we would otherwise want to acquire and that may be important to our investment strategy. If our
subsidiaries fail to satisfy the requirements of Section&nbsp;3(c)(5)(C)&nbsp;and cannot rely on any other exemption or exclusion under
the Investment Company Act, we could be characterized as an investment company. Our Manager will continually review our investment activity
to attempt to ensure that we will not be regulated as an investment company. Among other things, our Manager will attempt to monitor
the proportion of our portfolio that is placed in investments in securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conflict of Interest Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management will be subject
to various conflicts of interest arising out of our relationship with our Manager and its affiliates. See &#8220;Risk Factors&#8212;Risks
Related to our Management and Relationships with our Manager.&#8221; We are entirely dependent upon our Manager for our day-to-day management
and do not have any independent employees. Our executive officers and our directors serve as officers of Bluerock and its affiliates.
As a result, conflicts of interest may arise between our Manager and its affiliates, on the one hand, and us on the other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not have a policy that
expressly restricts any of our directors, officers, stockholders or affiliates, including our Manager and its officers and employees,
from having a pecuniary interest in an investment in or from conducting, for their own account, business activities of the type we conduct.
However, our code of business conduct and ethics contains a conflicts of interest policy that prohibits our directors, officers and personnel,
as well as employees and officers of our Manager and its affiliates who provide services to us, from engaging in any transaction that
involves an actual conflict of interest with us. Notwithstanding the prohibitions in our code of business conduct and ethics, after considering
the relevant facts and circumstances of any actual conflict of interest, the audit committee of our board of directors or another committee
of our board of directors comprised solely of independent directors may, on a case-by-case basis and in their sole discretion, waive
such conflict of interest. Waivers of our code of business conduct and ethics will be required to be disclosed in accordance with NYSE
American and SEC requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Interested Director and Officer Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the MGCL, a contract
or other transaction between us and a director or between us and any other corporation or other entity in which any of our directors
is a director or has a material financial interest is not void or voidable solely on the grounds of such common directorship or interest.
The common directorship or interest, the presence of such director at the meeting of the board or a committee of the board at which the
contract or transaction is authorized, approved or ratified or the counting of the director&#8217;s vote in favor thereof will not render
the transaction void or voidable if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    fact of the common directorship or interest is disclosed or known to our board of directors or a committee of our board of directors,
    and our board of directors or such committee authorizes, approves or ratifies the transaction or contract by the affirmative vote
    of a majority of disinterested directors, even if the disinterested directors constitute less than a quorum;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    fact of the common directorship or interest is disclosed or known to our stockholders entitled to vote thereon, and the transaction
    is authorized, approved or ratified by a majority of the votes cast by the stockholders entitled to vote, other than the votes of
    shares owned of record or beneficially by the interested director or corporation or other entity; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    transaction or contract is fair and reasonable to us at the time it is authorized, ratified or approved.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have adopted a policy
that requires that all contracts and transactions between us, our operating partnership or any of our subsidiaries, on the one hand,
and any of our directors or executive officers or any entity in which such director or executive officer is a director or has a direct
or indirect material financial interest, on the other hand, must be considered by our audit committee and approved by the affirmative
vote of a majority of our independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lending Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not make loans to
our directors, officers or other employees except in accordance with our code of business conduct and ethics and applicable law. We do
not have a policy limiting our ability to make loans to other persons. Subject to REIT qualification rules, we may consider offering
purchase money financing in connection with the sale of properties when providing that financing will increase the value to be received
by us for the property sold. We may make loans to joint-development projects in which we may participate in the future. We have not engaged
in any lending activities in the past, and we do not intend to do so in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Policies with Respect to Issuance and Underwriting of Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have authority to offer
common stock, preferred stock or options to purchase stock in exchange for property, and we may engage in such activities in the future.
Our board of directors has the power, without further stockholder approval, to amend our charter from time to time to increase or decrease
the number of authorized shares of common stock or preferred stock, or otherwise raise capital, including through the issuance of senior
securities, in any manner and on such terms and for such consideration, it deems appropriate, including in exchange for property. See
 &#8220;Description of Capital Stock.&#8221; We have not engaged in trading, underwriting or agency distribution or sale of securities
of other issuers and do not intend to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reporting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the information
reporting requirements of the Exchange Act. Pursuant to these requirements, we file periodic reports, proxy statements and other information,
including audited financial statements, with the SEC. See &#8220;Additional Information.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="xx_003"></A>SECURITY OWNERSHIP OF
CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth,
as of March 6, 2026, certain information regarding the beneficial ownership of shares of our Class&nbsp;A common stock, shares of our
Class&nbsp;C common stock, and shares of common stock issuable upon redemption of OP Units and LTIP Units, for (1)&nbsp;each person known
to be the beneficial owner of 5% or more of our outstanding shares of common stock, (2)&nbsp;each of our directors and named executive
officers, and (3)&nbsp;all of our directors and named executive officers as a group. Each person named in the table has sole voting and
investment power with respect to all of the shares of common stock shown as beneficially owned by such person, except as otherwise set
forth in the notes to the table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC has defined &#8220;beneficial
ownership&#8221; of a security to mean the possession, directly or indirectly, of voting power and/or investment power over such security.
A stockholder is also deemed to be, as of any date, the beneficial owner of all securities that such stockholder has the right to acquire
within 60 days after that date through (1)&nbsp;the exercise of any option, warrant or right, (2)&nbsp;the conversion of a security,
(3)&nbsp;the power to revoke a trust, discretionary account or similar arrangement or (4)&nbsp;the automatic termination of a trust,
discretionary account or similar arrangement. In computing the number of shares beneficially owned by a person and the percentage ownership
of that person, our shares of common stock subject to options, vesting, or other rights (as set forth above) held by that person that
are exercisable or will become exercisable within 60 days thereafter, are deemed outstanding, while such shares are not deemed outstanding
for purposes of computing percentage ownership of any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Beneficial
    Owner</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
    of Class&nbsp;of<BR>
    Securities Owned</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
    and<BR> Nature of<BR> Beneficial<BR> Ownership</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent
    of<BR>
    Class<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
    of<BR>
    Beneficial<BR>
    Ownership</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent
    of<BR>
    Common<BR>
    Stock<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Directors and Named Executive Officers<SUP>(1)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Named Executive Officers</I></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R. Ramin Kamfar</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;A Common
    Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,719</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,341,907</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.41</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;C Common
    Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,247</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61.81</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OP Units<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">156,214</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.12</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LTIP Units<SUP>(5)(6)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,152,727</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74.17</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jordan Ruddy</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;A Common
    Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,820</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">665,100</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.16</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;C Common
    Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,083</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.76</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OP Units<SUP>(7)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">507,057</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.88</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LTIP Units<SUP>(8)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">155,140</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.76</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryan S. MacDonald</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;C Common
    Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">341</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.02</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">544,441</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.22</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OP Units</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">481,085</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.53</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LTIP Units<SUP>(9)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63,015</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.03</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher J. Vohs</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;A Common
    Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,821</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107,562</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OP Units</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84,412</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.15</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LTIP Units<SUP>(10)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,329</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.37</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael DiFranco</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;A Common
    Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">419</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84,036</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OP Units</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,881</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LTIP Units<SUP>(11)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,736</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.78</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jason Emala</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;A Common
    Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">596</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,867</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LTIP Units<SUP>(12)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,271</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.24</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Independent Directors</I></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I. Bobby Majumder</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;A Common Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,778</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,954</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OP Units</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,356</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LTIP Units</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,820</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.79</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elizabeth Harrison</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OP Units</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,470</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47,290</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LTIP Units</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,820</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.79</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kamal Jafarnia</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OP Units</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,562</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42,382</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LTIP Units</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,820</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.79</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Romano Tio</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;A Common
    Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,211</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54,387</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OP Units</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,356</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LTIP Units</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,820</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.79</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All directors and named executive officers
    as a group (10 persons)<SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,959,926</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.95</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,959,926</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.95</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>5% Stockholders:</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Par Sanda<BR>
    501 N. Birch Rd, Unit 3<BR>
    Fort Lauderdale, FL 33304<SUP>(13)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;A Common Stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">570,749</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.67</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">570,749</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.43</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Radoff Family Foundation<BR>
    2727 Kirby Drive, Unit 29L<BR>
    Houston, TX 77098<SUP>(14)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;A Common Stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">344,800</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.86</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">344,800</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.67</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hedgehog Capital LLC<BR>
    1117 E. Putnam Ave #320<BR>
    Riverside, CT 06878<SUP>(15)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;A Common Stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">337,952</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.69</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">337,952</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.62</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quinn Opportunity Partners LLC<BR>
    2 Boars Head Place, Suite&nbsp;250<BR>
    Charlottesville, VA 22903<SUP>(16)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;A Common Stock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">228,282</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.87</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">228,282</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.77</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">*&#8239;Less than 1%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
address of each beneficial owner listed is 919 Third Avenue, 40th Floor, New York, New York 10022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Numbers
and percentages in the table are based on 3,889,613 vested shares of Class&nbsp;A common stock outstanding, 8,489 shares of Class&nbsp;C
common stock outstanding, 7,365,404 OP Units outstanding, and 1,554,185 vested LTIP Units outstanding, in each case as of March 6, 2026,
and 78,677 unvested LTIP Units outstanding that will vest within 60 days of March 6, 2026, for a total of 12,896,368 shares of vested
Class&nbsp;A Common Stock, Class&nbsp;C Common Stock, OP Units and LTIP Units outstanding. However, numbers and percentages do not include
234,350 remaining unvested LTIP Units outstanding as of March 6, 2026, comprised of (i)&nbsp;205,818 remaining unvested LTIP Units outstanding
as of March 6, 2026 as addressed in footnotes (5)&nbsp;through (13) below, and (ii)&nbsp;28,532 remaining unvested LTIP Units outstanding
as of March 6, 2026 owned by parties other than our directors and named executive officers. Percentages for all named executive officers
and directors as a group is based on the combined total of all 12,896,368 shares of vested Class&nbsp;A Common Stock, Class&nbsp;C Common
Stock, OP Units and LTIP Units outstanding as of March 6, 2026, as each is an equivalent unit of ownership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Percent
of Common Stock for each executive officer, director, and 5% stockholder is calculated using the combined total of all shares of vested
Class&nbsp;A common stock, Class&nbsp;C common stock, OP Units, and LTIP Units, as each is an equivalent unit of ownership, relative
to the combined total of 12,896,368 shares of vested Class&nbsp;A common stock, Class&nbsp;C common stock, OP Units and LTIP Units outstanding
as of March 6, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
addition, for estate planning purposes, certain irrevocable trusts associated with Mr.&nbsp;Kamfar, of which members of Mr.&nbsp;Kamfar&rsquo;s
immediate family are the beneficiaries and of which Mr.&nbsp;Kamfar is neither a trustee nor a beneficiary, hold an aggregate of 4,753,551
OP Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Total
includes 23,064 LTIP Units issued to the Manager as part of an initial staking grant on November&nbsp;3, 2022 (the &ldquo;Initial Staking
Grant&rdquo;), of which 7,688 vested on each of November&nbsp;3, 2023, November&nbsp;3, 2024, and November&nbsp;3, 2025. Total does not
include (i)&nbsp;15,375 remaining unvested LTIP Units issued to the Manager in connection with the Initial Staking Grant, which will
vest ratably on an annual basis on each of November&nbsp;3, 2026 and November&nbsp;3, 2027 (collectively, the &ldquo;Remaining Initial
Staking Grant Vesting Dates&rdquo;). As the indirect controlling person of the Manager, Mr.&nbsp;Kamfar possesses sole voting and investment
power over LTIP Units that are currently held by the Manager and its affiliates under common control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Total
includes 75,607 LTIP Units issued to Mr.&nbsp;Kamfar as part of the Initial Staking Grant, of which 25,203 vested on November&nbsp;3,
2023, 25,202 vested on November&nbsp;3, 2024, and 25,202 vested on November&nbsp;3, 2025. Total does not include 50,404 remaining unvested
LTIP Units issued to Mr.&nbsp;Kamfar in connection with the Initial Staking Grant, which will vest ratably on an annual basis over the
Remaining Initial Staking Grant Vesting Dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7)
 &#8239;&#8239;&#8239;&#8239;&#8239;Total includes an aggregate of 380,390 OP Units held, for estate planning purposes, by irrevocable
trusts associated with Mr.&nbsp;Ruddy and for which beneficial ownership is allocable to Mr. Ruddy. Total does not include an aggregate
of 266,546 OP Units held, for estate planning purposes, </FONT>by irrevocable trusts associated with Mr. Ruddy and for which beneficial
ownership is not allocable to Mr. Ruddy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(8)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Total
includes (i)&nbsp;25,630 LTIP Units issued to Mr.&nbsp;Ruddy as part of the Initial Staking Grant, of which 8,544 vested on November&nbsp;3,
2023, 8,543 vested on November&nbsp;3, 2024, and 8,543 vested on November&nbsp;3, 2025, (ii)&nbsp;34,585 LTIP Units issued to Mr.&nbsp;Ruddy
as part of the annual long term equity incentive grant on May&nbsp;25, 2023 (the &ldquo;2023 Annual Incentive Grant&rdquo;), of which
11,529 vested on May&nbsp;25, 2024, 11,528 vested on April&nbsp;1, 2025, and 11,528 will vest on April 1, 2026, (iii)&nbsp;29,702 LTIP
Units issued to Mr.&nbsp;Ruddy as part of the 2024 annual long term equity incentive grant on April&nbsp;30, 2024 (the &ldquo;2024 Annual
Incentive Grant&rdquo;), of which 14,851 vested on April&nbsp;30, 2025 and 14,851 will vest on April 30, 2026, and (iv) 9,788 LTIP Units
issued to Mr. Ruddy as part of the annual long term equity incentive grant on April&nbsp;23, 2025 (the &ldquo;April&nbsp;23, 2025 Annual
Incentive Grant&rdquo;) which will vest on April 23, 2026. Total does not include (i)&nbsp;17,086 remaining unvested LTIP Units issued
to Mr.&nbsp;Ruddy in connection with the Initial Staking Grant, which will vest ratably over the Remaining Initial Staking Grant Vesting
Dates, (ii)&nbsp;14,850 unvested LTIP Units issued to Mr.&nbsp;Ruddy as part of the 2024 Annual Incentive Grant, which will vest on April&nbsp;30,
2027 (the &ldquo;Remaining 2024 Annual Incentive Grant Vesting Date&rdquo;), or (iii)&nbsp;19,576 unvested LTIP Units issued to Mr.&nbsp;Ruddy
as part of the annual long term equity incentive grant on April&nbsp;23, 2025 (the &ldquo;April&nbsp;23, 2025 Annual Incentive Grant&rdquo;),
which will vest ratably on each of April&nbsp;1, 2027 and April&nbsp;1, 2028 (collectively, the &ldquo;Remaining April&nbsp;23, 2025
Annual Incentive Grant Vesting Dates&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(9)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Total
includes (i)&nbsp;48,696 LTIP Units issued to Mr.&nbsp;MacDonald as part of the Initial Staking Grant, of which 16,232 vested on each
of November&nbsp;3, 2023, November&nbsp;3, 2024, and November&nbsp;3, 2025, (ii)&nbsp;11,424 LTIP Units issued to Mr.&nbsp;MacDonald
as part of the 2024 Annual Incentive Grant, of which 5,712 vested on April&nbsp;30, 2025 and 5,712 will vest on April 30, 2026, and (iii)
2,895 LTIP Units issued to Mr. MacDonald as part of the April 23, 2025 Annual Incentive Grant, which will vest on April 23, 2026. Total
does not include (i)&nbsp;32,464 remaining unvested LTIP Units issued to Mr.&nbsp;MacDonald in connection with the Initial Staking Grant,
which will vest ratably over the Remaining Initial Staking Grant Vesting Dates, (ii)&nbsp;5,712 unvested LTIP Units issued to Mr.&nbsp;MacDonald
as part of the 2024 Annual Incentive Grant, which will vest on the Remaining 2024 Annual Incentive Grant Vesting Date, or (iii)&nbsp;5,790
unvested LTIP Units issued to Mr.&nbsp;MacDonald as part of the April&nbsp;23, 2025 Annual Incentive Grant, which will vest ratably over
the Remaining April&nbsp;23, 2025 Annual Incentive Grant Vesting Dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(10)&#8239;&#8239;&#8239;&#8239;&#8239;Total
includes (i)&nbsp;12,816 LTIP Units issued to Mr.&nbsp;Vohs as part of the Initial Staking Grant, of which 4,272 vested on each of November&nbsp;3,
2023, November&nbsp;3, 2024, and November&nbsp;3, 2025, (ii)&nbsp;3,706 LTIP Units issued to Mr.&nbsp;Vohs as part of the 2023 Annual
Incentive Grant, of which 1,236 vested on May&nbsp;25, 2024, 1,235 vested on April&nbsp;1, 2025, and 1,235 will vest on April 1, 2026,
(iii)&nbsp;3,428 LTIP Units issued to Mr.&nbsp;Vohs as part of the 2024 Annual Incentive Grant, of which 1,714 vested on April&nbsp;30,
2025 and 1,714 will vest on April 30, 2026, and (iv) 1,379 LTIP Units issued to Mr. Vohs as part of the annual long term equity incentive
grant on April&nbsp;1, 2025 (the &ldquo;April&nbsp;1, 2025 Annual Incentive Grant&rdquo;), which will vest on April 1, 2026. Total does
not include (i)&nbsp;8,542 remaining unvested LTIP Units issued to Mr.&nbsp;Vohs in connection with the Initial Staking Grant, which
will vest ratably over the Remaining Initial Staking Grant Vesting Dates, (ii)&nbsp;1,713 unvested LTIP Units issued to Mr.&nbsp;Vohs
as part of the 2024 Annual Incentive Grant, which will vest on the Remaining 2024 Annual Incentive Grant Vesting Date, or (iii)&nbsp;2,757
unvested LTIP Units issued to Mr.&nbsp;Vohs as part of the April&nbsp;1, 2025 Annual Incentive Grant, which will vest ratably on each
of April&nbsp;1, 2027 and April&nbsp;1, 2028 (collectively, the &ldquo;Remaining April&nbsp;1, 2025 Annual Incentive Grant Vesting Dates&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(11)&#8239;&#8239;&#8239;&#8239;&#8239;Total
includes (i)&nbsp;19,223 LTIP Units issued to Mr.&nbsp;DiFranco as part of the Initial Staking Grant, of which 6,408 vested on each of
November&nbsp;3, 2023 and November&nbsp;3, 2024, and 6,407 vested on November&nbsp;3, 2025, (ii)&nbsp;3,706 LTIP Units issued to Mr.&nbsp;DiFranco
as part of the 2023 Annual Incentive Grant, of which 1,236 vested on May&nbsp;25, 2024 and 1,235 vested on April&nbsp;1, 2025, and 1,235
which will vest on April 1, 2026, (iii)&nbsp;3,428 LTIP Units issued to Mr.&nbsp;DiFranco as part of the 2024 Annual Incentive Grant,
of which 1,714 vested on April&nbsp;30, 2025 and 1,714 will vest on April 30, 2026, and (iv) 1,379 LTIP Units issued to Mr. DiFranco
as part of the April&nbsp;1, 2025 Annual Incentive Grant, which will vest on April 1, 2026. Total does not include (i)&nbsp;12,814 remaining
unvested LTIP Units issued to Mr.&nbsp;DiFranco in connection with the Initial Staking Grant, which will vest ratably over the Remaining
Initial Staking Grant Vesting Dates, (ii)&nbsp;1,713 unvested LTIP Units issued to Mr.&nbsp;DiFranco as part of the 2024 Annual Incentive
Grant, which will vest on the Remaining 2024 Annual Incentive Grant Vesting Date, or (iii)&nbsp;2,757 unvested LTIP Units issued to Mr.&nbsp;DiFranco
as part of the April&nbsp;1, 2025 Annual Incentive Grant, which will vest ratably over the Remaining April&nbsp;1, 2025 Annual Incentive
Grant Vesting Dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(12)&#8239;&#8239;&#8239;&#8239;&#8239;Total
includes (i)&nbsp;15,378 LTIP Units issued to Mr.&nbsp;Emala as part of the Initial Staking Grant, of which 5,126 vested on each of November&nbsp;3,
2023, November&nbsp;3, 2024, and November&nbsp;3, 2025, (ii)&nbsp;2,514 LTIP Units issued to Mr.&nbsp;Emala as part of the 2024 Annual
Incentive Grant, of which 1,257 vested on April&nbsp;30, 2025 and 1,257 will vest on April 30, 2026, and (iii) 1,379 LTIP Units issued
to Mr. Emala as part of the April&nbsp;1, 2025 Annual Incentive Grant, which will vest on April 1, 2026. Total does not include (i)&nbsp;10,252
remaining unvested LTIP Units issued to Mr.&nbsp;Emala in connection with the Initial Staking Grant, which will vest ratably over the
Remaining Initial Staking Grant Vesting Dates, (ii)&nbsp;1,256 unvested LTIP Units issued to Mr.&nbsp;Emala as part of the 2024 Annual
Incentive Grant, which will vest on the Remaining 2024 Annual Incentive Grant Vesting Date, or (iii)&nbsp;2,757 unvested LTIP Units issued
to Mr.&nbsp;Emala as part of the April&nbsp;1, 2025 Annual Incentive Grant, which will vest ratably over the Remaining April&nbsp;1,
2025 Annual Incentive Grant Vesting Dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(13)&#8239;&#8239;&#8239;&#8239;&#8239;Based
on the Schedule 13G filed with the SEC on February&nbsp;10, 2026. Includes holdings of a limited liability company of which Par Sanda
is Managing Member and through which Par Sanda may be deemed beneficial owner of 570,749 shares of our Class&nbsp;A common stock. Par
Sanda has sole voting power with respect to 570,749 shares and sole dispositive power with respect to 570,749 shares, and shared voting
and/or dispositive power with respect to no shares, in each case, of our Class&nbsp;A common stock. The percentage of beneficial ownership
has been adjusted to reflect our actual shares of Class&nbsp;A common stock outstanding as of the close of business on March 6, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(14)&#8239;&#8239;&#8239;&#8239;&#8239;Based
on the Schedule 13G filed with the SEC on February&nbsp;13, 2025. The Radoff Family Foundation has sole voting power with respect to
344,800 shares, sole dispositive power with respect to 344,800 shares, and shared voting and/or dispositive power with respect to no
shares, in each case, of our Class&nbsp;A common stock. The percentage of beneficial ownership has been adjusted to reflect our actual
shares of Class&nbsp;A common stock outstanding as of the close of business on March 6, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(15)&#8239;&#8239;&#8239;&#8239;&#8239;Based
on the Ownership Statement reflecting beneficial ownership information as of December&nbsp;31, 2025 as provided to the company by Hedgehog
Capital LLC in February 2026. Hedgehog Capital LLC has sole voting power with respect to 337,952 shares, sole dispositive power with
respect to 337,952 shares, and shared voting and/or dispositive power with respect to no shares, in each case, of our Class&nbsp;A common
stock. The percentage of beneficial ownership has been adjusted to reflect our actual shares of Class&nbsp;A common stock outstanding
as of the close of business on March 6, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(16)&#8239;&#8239;&#8239;&#8239;&#8239;Based
on the Schedule 13F filed with the SEC on February 13, 2026. Quinn Opportunity Partners LLC has shared voting power with respect to 228,282
shares, shared dispositive power with respect to 228,282 shares, and sole voting and/or dispositive power with respect to no shares,
in each case, of our Class&nbsp;A common stock. The percentage of beneficial ownership has been adjusted to reflect our actual shares
of Class&nbsp;A common stock outstanding as of the close of business on March 6, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="xx_004"></A><B>DESCRIPTION OF CAPITAL
STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The following summary
of the terms of our capital stock does not purport to be complete and is subject to and qualified in its entirety by reference to Maryland
law, including the MGCL, and our charter and bylaws. The form of our bylaws and charter are filed as exhibits to the registration statement
of which this prospectus is a part. See the section entitled &#8220;Additional Information.&#8221;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our charter provides that
we may issue up to 1,000,000,000 shares of stock, consisting of 750,000,000 shares of common stock, $0.01 par value per share, of which
562,500,000 shares are classified as Class&nbsp;A common stock, $0.01 par value per share, and 187,500,000 shares are classified as Class&nbsp;C
common stock, $0.01 par value per share, and 250,000,000 shares of preferred stock, $0.01 par value per share, of which 30,000,000 shares
have been classified as shares of Series&nbsp;A Redeemable Preferred Stock and 14,000,000 shares have been classified as shares of Series&nbsp;B
Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this prospectus,
3,889,613 shares of our Class&nbsp;A common stock are issued and outstanding, 8,489 shares of our Class&nbsp;C common stock are issued
and outstanding, 6,457,733 shares of our Series&nbsp;A Redeemable Preferred Stock are issued and outstanding, and 81,360 shares of our
Series&nbsp;B Redeemable Preferred Stock are issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the preferential
rights of any class or series of preferred stock then outstanding, our charter authorizes our board of directors, with the approval of
a majority of the directors and without any action by stockholders, to amend our charter from time to time to increase or decrease the
aggregate number of authorized shares of stock or the number of shares of stock of any class or series that we have authority to issue.
Under Maryland law, our stockholders generally are not liable for our debts or obligations solely as a result of their status as stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Distributions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the preferential
rights, if any, of holders of any class or series of our stock other than our common stock and to the provisions of our charter regarding
the restrictions on the ownership and transfer of stock, the holders of our common stock are entitled to receive distributions authorized
by our board of directors and declared by us out of legally available funds after payment of, or provision for, full cumulative distributions
on and any required redemptions of shares of any series of preferred stock then outstanding, and, upon our liquidation or dissolution,
are entitled to share ratably in the distributable assets of our company remaining after satisfaction of the prior preferential rights
of any preferred stock and the satisfaction of all of our debts and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Voting Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the restrictions
on ownership and transfer of stock to be contained in our charter and except as may otherwise be specified in our charter, each share
of our Class&nbsp;A common stock will have one vote per share and each share of our Class&nbsp;C common stock will have up to 50 votes
per share on all matters voted on by common stockholders, including the election of directors. Because stockholders will not have cumulative
voting rights, holders of the outstanding shares of common stock entitled to cast a majority of all the votes entitled to be cast on
the matter will be able to elect our entire board of directors. Generally, the affirmative vote of a majority of all votes cast will
be necessary to take stockholder action, except that a plurality of all the votes cast at a meeting at which a quorum is present will
be sufficient to elect a director, except as set forth in the next paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Maryland law, a Maryland
corporation generally cannot dissolve, amend its charter, merge, consolidate, convert into another form of business entity, sell all
or substantially all of its assets, engage in a statutory share exchange unless declared advisable by the corporation&#8217;s board of
directors and approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast
on the matter. However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not
less than a majority of all of the votes entitled to be cast on the matter. Our charter provides for a majority vote in these situations.
Our charter further provides that any or all of our directors may be removed from office at any time, but only for cause, and then only
by the affirmative vote of at least a majority of the votes entitled to be cast generally in the election of directors. For these purposes,
 &#8220;cause&#8221; will mean, with respect to any particular director, conviction of a felony or final judgment of a court of competent
jurisdiction holding that such director caused demonstrable material harm to us through bad faith or active and deliberate dishonesty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Other Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of our common stock
will not have preference, conversion, exchange, sinking fund, or redemption rights or preemptive rights to subscribe for any of our securities,
and generally will have no appraisal rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Power to Increase or Decrease Authorized
Shares of Common Stock, Reclassify Unissued Shares of Common Stock and Issue Additional Shares of Common Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the preferential
rights of any class or series of preferred stock, our charter authorizes our board of directors, with the approval of a majority of the
directors and without any action by stockholders, to amend our charter from time to time to increase or decrease the aggregate number
of authorized shares of stock or the number of shares of stock of any class or series that we have authority to issue. In addition, our
charter authorizes our board of directors to authorize the issuance from time to time of shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our charter also contains
a provision permitting our board of directors, by resolution and without approval of the stockholders, to classify or reclassify any
unissued common stock into one or more classes or series of stock and establish the preferences, conversion or other rights, voting powers,
restrictions, limitations as to dividends or other distributions, qualifications, or terms or conditions of redemption of any such stock,
subject to certain restrictions, including the express terms of any class or series of stock outstanding at the time. We believe that
the power to classify or reclassify unissued shares of stock and thereafter issue the classified or reclassified shares will provide
us with increased flexibility in structuring possible future financings and acquisitions and in meeting other needs that might arise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The transfer agent and registrar
for our Class&nbsp;A common stock, Class&nbsp;C common stock, Series&nbsp;A Redeemable Preferred Stock and Series&nbsp;B Redeemable Preferred
Stock is Computershare Trust Company, N.A. (&#8220;CTC&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Listing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Class&nbsp;A common stock
is listed on the NYSE American under the symbol &#8220;BHM.&#8221; Our shares of Series&nbsp;A Redeemable Preferred Stock and Series&nbsp;B
Redeemable Preferred Stock are not listed on an exchange and we do not intend to apply to have any such shares listed on an exchange
in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restrictions on Ownership and Transfer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order for us to maintain
our qualification as a REIT under the U.S. federal income tax laws, we must meet several requirements concerning the ownership of our
outstanding capital stock. Specifically, no more than 50% in value of our outstanding shares of capital stock may be owned, directly
or indirectly, by five or fewer individuals (as defined in the U.S. federal income tax laws to include specified private foundations,
employee benefit plans and trusts, and charitable trusts) during the last half of any taxable year, other than our first REIT taxable
year. Moreover, our outstanding shares of capital stock must be beneficially owned by 100 or more persons during at least 335 days of
a taxable year of 12 months or during a proportionate part of a shorter taxable year, other than our first REIT taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because we expect our board
of directors to believe it is essential for our company to continue to qualify as a REIT and for other corporate purposes, our charter,
subject to the exceptions described below, provides that no person may own, or be deemed to own by virtue of the attribution provisions
of the U.S. federal income tax laws, more than 9.8% of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the total value of the aggregate of the outstanding
    shares of our capital stock; or</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the total value or number
    (whichever is more restrictive) of the aggregate of the outstanding shares of our common stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, the articles supplementary
establishing each of the Series&nbsp;A Redeemable Preferred Stock and the Series&nbsp;B Redeemable Preferred Stock (respectively) provide
that generally, no person may own, or be deemed to own by virtue of the attribution provisions of the Code, more than 9.8% in value or
in number of shares, whichever is more restrictive, of the aggregate of the outstanding shares of Series&nbsp;A Redeemable Preferred
Stock or Series&nbsp;B Redeemable Preferred Stock (as applicable). We refer to these limitations regarding the ownership of our stock
collectively as the &#8220;9.8% Ownership Limitation.&#8221; Further, our charter provides for certain circumstances where our board
of directors may exempt (prospectively or retroactively) a person from the 9.8% Ownership Limitation and establish or increase an excepted
holder limit for such person. Subject to certain conditions, our board of directors may also increase the 9.8%&nbsp;Ownership Limitation
for one or more persons and decrease the 9.8% Ownership Limitation for all other persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June&nbsp;28, 2023, pursuant to Section&nbsp;6.1.8 of Article&nbsp;VI of our charter, our board of directors adopted resolutions decreasing
the 9.8% Ownership Limitation from 9.8% to 8.75% (in value or in number of shares, whichever is more restrictive) for all stockholders
of the company that are not Excepted Holders (as defined in our charter) (collectively, the &ldquo;Decreased Ownership Limits&rdquo;),
in connection with an exemption granted by our board of directors, pursuant to Section&nbsp;6.1.7 of our charter, to Par Sanda and Sand
Capital Associates, LLC, a Florida limited liability company (together, the &ldquo;Sand Group&rdquo;) from the 9.8% Ownership Limitation
and establishing an Excepted Holder Limit (as defined in our charter) for the Sand Group, subject to certain limitations and conditions
(collectively, the &ldquo;Original Exemption&rdquo;). The Decreased Ownership Limits and the Original Exemption were to terminate no
later than December&nbsp;28, 2024 (the &ldquo;Revocation Date&rdquo;). </FONT>On November&nbsp;5, 2024, pursuant to our charter, our
board of directors adopted resolutions to modify and extend the Original Exemption (the &ldquo;Modified Exemption&rdquo;) such that the
Revocation Date would be no later than December&nbsp;31, 2025 (the &ldquo;Extended Revocation Date&rdquo;); provided, however, that the
Modified Exemption was conditioned on the same terms as the Original Exemption, with the exception of the Extended Revocation Date.&nbsp;
Pursuant to our charter, our board of directors has adopted further resolutions to extend the Decreased Ownership Limits such that, as
of the date of this prospectus, the Decreased Ownership Limits remain in effect, and will continue in effect until the first to occur
of (a) the date on which all stockholders of the company are in compliance with the 9.8% Ownership Limitation, or (b) the date on which
our board of directors approves the termination of the Decreased Ownership Limits. Upon such occurrence, we will issue a Form 8-K to
disclose the termination of the Decreased Ownership Limits.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To assist us in qualifying
and preserving our status as a REIT, among other purposes, our charter also contains limitations on the ownership and transfer of shares
of capital stock that would:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">result in our capital stock
    being beneficially owned by fewer than 100 persons, determined without reference to any rules&nbsp;of attribution;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">result in our company being
    &#8220;closely held&#8221; under the U.S. federal income tax laws; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cause our company to own,
    actually or constructively, 9.8% or more of the ownership interests in a tenant of our real property, under the U.S. federal income
    tax laws or otherwise fail to qualify as a REIT.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any attempted transfer of
our stock, which, if effective, would result in our stock being beneficially owned by fewer than 100 persons, will be null and void,
with the intended transferee acquiring no rights in such shares of stock. If any transfer of our stock occurs which, if effective, would
result in any person owning shares in violation of the other limitations described above (including the 9.8% Ownership Limitation), then
that number of shares the ownership of which otherwise would cause such person to violate such limitations, rounded up to the nearest
whole share, will automatically result in such shares being designated as shares-in-trust and transferred automatically to a trust effective
on the close of business on the business day before the purported transfer of such shares. We will designate the trustee, but it will
not be affiliated with our company. The beneficiary of the trust will be one or more charitable organizations that are named by our company.
If the transfer to the trust would not be effective for any reason to prevent a violation of the limitations on ownership and transfer,
then the transfer of that number of shares that otherwise would cause the violation will be null and void, with the intended transferee
acquiring no rights in such shares.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shares-in-trust will remain
shares of issued and outstanding capital stock and will be entitled to the same rights and privileges as all other stock of the same
class or series, but the intended transferee will acquire no rights in those shares. The trustee will receive all dividends and other
distributions on the shares-in-trust and will hold such dividends or other distributions in trust for the benefit of the beneficiary.
Any dividend or other distribution paid prior to our discovery that shares of stock have been transferred to the trustee will be paid
by the recipient to the trustee upon demand. Any dividend or other distribution authorized but unpaid will be paid when due to the trustee.
The trustee will vote all shares-in-trust and, subject to Maryland law, effective as of the date that the shares-in-trust were transferred
to the trustee, the trustee will have the authority to rescind as void any vote cast by the proposed transferee prior to our discovery
that the shares have been transferred to the trust and to recast the vote in accordance with the desires of the trustee acting for the
benefit of the beneficiary. However, if we have already taken irreversible corporate action, then the trustee will not have the authority
to rescind and recast the vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As soon as reasonably practicable
after receiving notice from us that shares of our stock have been transferred to the trust (and no later than 20 days after receiving
notice in the case of shares of Series&nbsp;B Redeemable Preferred Stock that are listed or admitted to trading on a national securities
exchange), the trustee will sell the shares to a person designated by the trustee whose ownership of the shares will not violate the
above ownership limitations. Upon the sale, the interest of the beneficiary in the shares sold will terminate and the trustee will distribute
the net proceeds of the sale to the record holder of the shares that are designated as shares-in-trust (the &#8220;Prohibited Owner&#8221;),
and to the beneficiary as follows. The Prohibited Owner generally will receive from the trust the lesser of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the price paid by the Prohibited
    Owner paid for the shares of capital stock that were designated as shares-in-trust or, if the Prohibited Owner did not give value
    for the shares in connection with the event causing the shares to be held in trust, the market price per share on the date of the
    event causing the shares to be held in trust; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the price per share received
    by the trustee from the sale or other disposition of such shares-in-trust, net of any commissions and other expenses of sale.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trustee may reduce the
amount payable to the Prohibited Owner by the amount of dividends and other distributions that have been paid to the Prohibited Owner
and are owed by the Prohibited Owner to the trustee. The trust will distribute to the beneficiary any amounts received by the trust in
excess of the amounts to be paid to the Prohibited Owner. If, prior to our discovery that shares of our stock have been transferred to
the trust, the shares are sold by the proposed transferee, then the shares will be deemed to have been sold on behalf of the trust and,
to the extent that the Prohibited Owner received an amount for the shares that exceeds the amount the Prohibited Owner was entitled to
receive, the excess shall be paid to the trustee upon demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the shares-in-trust
will be deemed to have been offered for sale to us, or our designee, at a price per share equal to the lesser of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the price per share in
    the transaction that created such shares-in-trust or, in the case of a gift or devise, the market price per share on the date of
    such gift or devise; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the market price per share
    on the date that we, or our designee, accepts such offer.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may reduce the amount
payable to the Prohibited Owner by the amount of dividends and other distributions that have been paid to the Prohibited Owner and are
owed by the Prohibited Owner to the trustee. We may pay the amount of such reduction to the trustee for the benefit of the beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;Market price&#8221;
on any date means the closing price for our stock on such date. The &#8220;closing price&#8221; refers to the last sale price for such
shares, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way,
for such shares, in either case as reported in the principal consolidated transaction reporting system as reported by the primary securities
exchange or market on which our stock is then listed or quoted for trading. If our stock is not so listed or admitted to trading, the
 &#8220;closing price&#8221; will mean the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in
the principal automated quotation system that may then be in use or, if such shares are not quoted by any such system, the average of
the closing bid and asked prices as furnished by a professional market maker making a market in such shares selected by the board of
directors or, in the event that no trading price is available for such shares, the fair market value of shares, as determined by our
board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you acquire or attempt
or intend to acquire shares of our capital stock in violation of the foregoing restrictions, or if you owned common or preferred stock
that was transferred to a trust, then we will require you to give us immediate written notice of such event or, in the case of a proposed
or attempted transaction, at least 15 days prior written notice, and to provide us with such other information as we may request in order
to determine the effect, if any, of such transfer on our status as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you own, directly or indirectly,
5% or more, or such lower percentages as required under the U.S. federal income tax laws or the regulations promulgated thereunder, of
the outstanding shares of our stock, then you must, upon request following the end of each taxable year, provide to us a written statement
or affidavit stating your name and address, the number of shares of capital stock owned directly or indirectly, and a description of
how such shares are held. In addition, each direct or indirect stockholder must provide to us such additional information as we may request
in order to determine the effect, if any, of such ownership on our qualification as a REIT and to ensure compliance with the 9.8% Ownership
Limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 9.8% Ownership Limitation
generally will not apply to the acquisition of shares of capital stock by an underwriter, placement agent or initial purchaser in a Rule144A
transaction that participates in a public offering, private placement or other private offering of such shares. In addition, our board
of directors, upon receipt of a ruling from the IRS or an opinion of counsel and upon such other conditions as our board of directors
may direct, including the receipt of certain representations and undertakings required by our charter, may exempt (prospectively or retroactively)
a person from the ownership limit and establish or increase an excepted holder limit for such person. The 9.8% Ownership Limitation will
continue to apply until our board of directors determines that it is no longer in the best interests of our company to attempt to continue
to qualify as a REIT or that compliance is no longer required for REIT qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All certificates, if any,
representing our common or preferred stock, will bear a legend referring to the restrictions described above or a legend that we will
furnish a full statement about these restrictions on request and without charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ownership limit in our
charter may have the effect of delaying, deferring or preventing a takeover or other transaction or change in control of our company
that might involve a premium price for your shares or otherwise be in your interest as a stockholder. The restrictions on ownership and
transfer of our stock described above could delay, defer or prevent a transaction or a change in control that might involve a premium
price for our common stock or otherwise be in the best interests of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Class&nbsp;C Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Class&nbsp;C common stock
will be equivalent in all material respects to, and rank on parity with, our common stock, except that each share of Class&nbsp;C common
stock will entitle the holder thereof to up to 50 votes. A holder of Class&nbsp;C common stock will not be entitled to a number of votes
in excess of the number of its direct and indirect economic interests in the Operating Partnership. Therefore, no holder of Class&nbsp;C
common stock will have a number of votes in respect of its shares of Class&nbsp;C common stock that exceeds the number of shares of Class&nbsp;C
common stock, C-LTIP Units, LTIP Units, C-OP Units and OP Units beneficially owned by such holder. In order to implement this limitation,
the number of votes (&#8220;Class&nbsp;C Votes&#8221;) per share of Class&nbsp;C common stock beneficially owned by a holder will equal
the lesser of: (x)&nbsp;50 and (y)&nbsp;the quotient of (A)&nbsp;the sum of (1)&nbsp;the number of shares of Class&nbsp;C common stock
beneficially owned by such holder <I>plus</I> (2)&nbsp;the number of C-LTIP Units beneficially owned by such holder <I>plus</I> (3)&nbsp;the
number of LTIP Units beneficially owned by such holder <I>plus</I> (4)&nbsp;the number of C-OP Units beneficially owned by such holder
<I>plus</I> (5)&nbsp;the number of OP Units beneficially owned by such holder (each of a share of Class&nbsp;C common stock, a C-LTIP
Unit, a LTIP Unit, a C-OP Unit and an OP Unit, a &#8220;Class&nbsp;C Interest&#8221;) <I>divided by</I> (B)&nbsp;the number of shares
of Class&nbsp;C common stock beneficially owned by such holder. If any Class&nbsp;C Interest is beneficially owned by more than one holder
of Class&nbsp;C common stock and would, in the absence of this sentence, increase the number of Class&nbsp;C Votes of more than one such
holder of Class&nbsp;C common stock by virtue of clause (y)&nbsp;of the immediately preceding sentence, then such Class&nbsp;C Interest
will only increase the number of Class&nbsp;C Votes of the ultimate beneficial owner of such Class&nbsp;C Interest that is also such
a holder of Class&nbsp;C common stock, and not any other holder of Class&nbsp;C common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shares of our Class&nbsp;C
common stock may be converted, or automatically convert, in certain circumstances to shares of our Class&nbsp;A common stock on a one-for-one
basis. Subject to the preferential rights, if any, of holders of any class or series of our stock other than our common stock and to
the provisions of our charter regarding the restrictions on the ownership and transfer of stock, the holders of our Class&nbsp;C common
stock will be entitled to receive distributions authorized by our board of directors and declared by us out of legally available funds
after payment of, or provision for, full cumulative distributions on and any required redemptions of shares of any series of preferred
stock then outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our charter authorizes our
board of directors, without further stockholder action, to provide for the issuance of up to 250,000,000 shares of preferred stock, in
one or more classes or series, with such terms, preferences, conversion or other rights, voting powers, restrictions, limitations as
to dividends or other distributions, qualifications and terms or conditions of redemption, as our board of directors may approve, subject
to certain restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any preferred stock is
publicly offered, the terms and conditions of such preferred stock, including any convertible preferred stock, will be set forth in articles
supplementary and described in a prospectus relating to the issuance of such preferred stock, if such preferred stock is registered.
Because our board of directors will have the power to establish the preferences and rights of each class or series of preferred stock,
it may afford the holders of any series or class of preferred stock preferences, powers, and rights senior to the rights of holders of
common stock or other preferred stock, subject to certain restrictions. If we ever authorize, create and issue additional preferred stock
with a distribution preference over common stock or preferred stock, payment of any distribution preferences of new outstanding preferred
stock would reduce the amount of funds available for the payment of distributions on the common stock and junior preferred stock. Further,
holders of preferred stock are normally entitled to receive a preference payment if we liquidate, dissolve, or wind up before any payment
is made to the common stockholders, likely reducing the amount common stockholders and junior preferred stockholders, if any, would otherwise
receive upon such an occurrence. In addition, under certain circumstances, the issuance of additional preferred stock may delay, prevent,
render more difficult or tend to discourage the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a merger tender offer, or proxy contest;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the assumption of control by a holder of a large block
    of our securities; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the removal of incumbent management.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also, subject to certain
restrictions, our board of directors, without stockholder approval, may issue additional preferred stock with voting and conversion rights
that could adversely affect the holders of common stock or preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6.0% Series&nbsp;A Redeemable Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a brief
description of the terms of our Series&nbsp;A Redeemable Preferred Stock. The description of our Series&nbsp;A Redeemable Preferred Stock
contained herein does not purport to be complete and is qualified in its entirety by reference to the Articles Supplementary classifying
shares of our preferred stock as shares of Series&nbsp;A Redeemable Preferred Stock (the &#8220;Series&nbsp;A Articles Supplementary&#8221;),
which have been filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Rank</I>. &nbsp;Our Series&nbsp;A
Redeemable Preferred Stock ranks, with respect to dividend rights and rights upon our liquidation, winding-up or dissolution:</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">senior to all classes or
    series of our common stock, and to any other class or series of our capital stock issued in the future unless the terms of that capital
    stock expressly provide that it ranks senior to, or on parity with, the Series&nbsp;A Redeemable Preferred Stock;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on parity with any class
    or series of our capital stock, the terms of which expressly provide that it will rank on parity with the Series&nbsp;A Redeemable
    Preferred Stock, including the Series&nbsp;B Redeemable Preferred Stock; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">junior to any other class
    or series of our capital stock, the terms of which expressly provide that it will rank senior to the Series&nbsp;A Redeemable Preferred
    Stock, none of which exists on the date hereof, and subject to payment of or provision for our debts and other liabilities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors in the Series&nbsp;A
Redeemable Preferred Stock should note that holders of our Series&nbsp;A Redeemable Preferred Stock do not have a right to receive a
return of capital prior to holders of our common stock upon the individual sale of a property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Stated Value</I>. &nbsp;Each
share of Series&nbsp;A Redeemable Preferred Stock has an initial &#8220;Stated Value&#8221; of $25.00, subject to appropriate adjustment
in relation to certain events as set forth in the Series&nbsp;A Articles Supplementary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Dividends</I>. &nbsp;Subject
to the preferential rights of the holders of any class or series of our capital stock ranking senior to our Series&nbsp;A Redeemable
Preferred Stock, if any such class or series is authorized in the future, the holders of Series&nbsp;A Redeemable Preferred Stock are
entitled to receive, when and as authorized by our board of directors and declared by us out of legally available funds, cumulative cash
dividends on each share of Series&nbsp;A Redeemable Preferred Stock at an annual rate of 6.0% of the Stated Value (each, a &#8220;Series&nbsp;A
Regular Dividend&#8221;). In addition, for each month for which the board of directors authorizes a Series&nbsp;A Regular Dividend, holders
of shares of the Series&nbsp;A Redeemable Preferred Stock will be entitled to receive an enhanced special dividend, which will be aggregated
with the Series&nbsp;A Regular Dividend so as to effect a dividend rate of the average one month Term Secured Overnight Financing Rate
(&#8220;SOFR&#8221;) plus 2.0%, subject to a 6.5% minimum and 8.5% maximum annual rate, calculated and paid monthly(each, a &#8220;Series&nbsp;A
Enhanced Dividend,&#8221; and together with the Series&nbsp;A Regular Dividend, a &#8220;Series&nbsp;A Cash Dividend&#8221;). We expect
Series&nbsp;A Cash Dividends will be authorized and declared on a quarterly basis, payable monthly on the 5th day of the month to holders
of record as of the close of business on the 25th day of the prior month (or if such payment date or record date is not a business day,
on the immediately preceding business day, with the same force and effect as if made on such date), unless our results of operations,
our general financing conditions, general economic conditions, applicable provisions of Maryland law or other factors make it imprudent
to do so. The initial Series&nbsp;A Cash Dividend payable on each share of Series&nbsp;A Redeemable Preferred Stock will begin accruing
on, and will be cumulative from, the date of original issuance of such share of Series&nbsp;A Redeemable Preferred Stock. Each subsequent
Series&nbsp;A Cash Dividend will begin accruing on, and will be cumulative from, the end of the most recent Series&nbsp;A Cash Dividend
Period for which a Series&nbsp;A Cash Dividend has been paid on each such share of Series&nbsp;A Redeemable Preferred Stock. A &#8220;Series&nbsp;A
Cash Dividend Period&#8221; will be 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&nbsp;A Cash Dividend Period (other than the initial Series&nbsp;A Cash
Dividend Period and the Series&nbsp;A Cash Dividend Period during which any shares of Series&nbsp;A Redeemable Preferred Stock shall
be redeemed or otherwise acquired by us). For the avoidance of doubt, any Series&nbsp;A Cash Dividend may vary among holders of Series&nbsp;A
Redeemable Preferred Stock and may be prorated with respect to any shares of Series&nbsp;A Redeemable Preferred Stock that were outstanding
less than the total number of days in the Series&nbsp;A Cash Dividend Period immediately preceding the applicable dividend payment date,
with the amount of any such prorated dividend being computed on the basis of the actual number of days in such Series&nbsp;A Cash Dividend
Period during which such shares of Series&nbsp;A Redeemable Preferred Stock were outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The timing and amount of
dividends on the Series&nbsp;A Redeemable Preferred Stock will be determined by our board of directors, in its sole discretion, and may
vary from time to time. All such dividends will accrue and be paid on the basis of a 360-day year consisting of twelve 30-day months.
Dividends on the Series&nbsp;A Redeemable Preferred Stock will accrue whether or not (i)&nbsp;we have earnings, (ii)&nbsp;there are funds
legally available for the payment of such dividends and (iii)&nbsp;such dividends are authorized by our board of directors or declared
by us. Accrued dividends on the Series&nbsp;A Redeemable Preferred Stock will not bear interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of shares of our
Series&nbsp;A Redeemable Preferred Stock are not entitled to any dividend in excess of full dividends on shares of our Series&nbsp;A
Redeemable Preferred Stock. Unless full dividends on shares of our Series&nbsp;A Redeemable Preferred Stock for all past dividend periods
have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof in full is set apart for
payment, we will not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">declare and pay or declare
    and set apart for payment dividends or declare and make any other distribution of cash or other property (other than dividends or
    distributions paid in shares of stock ranking junior to the Series&nbsp;A Redeemable Preferred Stock as to the dividend rights or
    rights on our liquidation, winding-up or dissolution, and options, warrants or rights to purchase such shares), directly or indirectly,
    on or with respect to any shares of our common stock or any class or series of our stock ranking junior to or on parity with the
    Series&nbsp;A Redeemable Preferred Stock as to dividend rights or rights on our liquidation, winding-up or dissolution for any period;
    or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">except by conversion into
    or exchange for shares of stock ranking junior to the Series&nbsp;A Redeemable Preferred Stock as to dividend rights or rights on
    our liquidation, winding-up or dissolution, or options, warrants or rights to purchase such shares, redeem, purchase or otherwise
    acquire (other than a redemption, purchase or other acquisition of common stock made for purposes of an employee incentive or benefit
    plan) for any consideration, or pay or make available any monies for a sinking fund for the redemption of, any common stock or any
    class or series of our stock ranking junior to or on parity with the Series&nbsp;A Redeemable Preferred Stock as to dividend rights
    or rights on our liquidation, winding-up or dissolution.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent necessary to
preserve our status as a REIT, the foregoing sentence, however, will not prohibit declaring or paying or setting apart for payment any
dividend or other distribution on our common stock or any class or series of our stock ranking junior to or on parity with the Series&nbsp;A
Redeemable Preferred Stock as to dividend rights or rights on our liquidation, winding-up or dissolution for any period.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of shares of our
Series&nbsp;A Redeemable Preferred Stock are not eligible to participate in any future distribution reinvestment plan for the company&#8217;s
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Redemption at Option of
Holders</I>. Holders will have the right to require the company to redeem shares of Series&nbsp;A Redeemable Preferred Stock at a redemption
price equal to the Stated Value, initially $25.00 per share, less a redemption fee, plus an amount equal to any accrued but unpaid cash
dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The redemption fee will be
equal to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning on the date of
    original issuance of the shares to be redeemed: 12%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning one year from
    the date of original issuance of the shares to be redeemed: 9%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning two years from
    the date of original issuance of the shares to be redeemed: 6%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning three years from
    the date of original issuance of the shares to be redeemed: 3%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning four years from
    the date of original issuance of the shares to be redeemed: 0%.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a holder of shares of
Series&nbsp;A Redeemable Preferred Stock causes the company to redeem such shares of Series&nbsp;A Redeemable Preferred Stock, we have
the right, in our sole discretion, to pay the redemption price in cash or in equal value of shares of our Class&nbsp;A common stock,
based on the closing price per share of our Class&nbsp;A common stock for the single trading day prior to the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to redeem shares
of Series&nbsp;A Redeemable Preferred Stock in cash may be limited to the extent that we do not have sufficient funds available to fund
such cash redemption. Further, our obligation to redeem any of the shares of Series&nbsp;A Redeemable Preferred Stock submitted for redemption
in cash may be restricted by Maryland law. No redemptions of shares of Series&nbsp;A Redeemable Preferred Stock will be made in cash
at such time as the terms and provisions of any agreement to which we are a party prohibits such redemption or provides that such redemption
would constitute a breach thereof or a default thereunder. The company further reserves the right to suspend such optional redemptions
once it has issued a redemption notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Optional Redemption Following
Death or Qualifying Disability of a Holder</I>. &nbsp; Subject to restrictions, we will redeem shares of Series&nbsp;A Redeemable Preferred
Stock held by a natural person upon his or her death or upon his or her suffering a qualifying disability, including shares held through
a revocable grantor trust, or an IRA or other retirement or profit-sharing plan, at the written request of (a)&nbsp;in the case of the
death of a holder, the holder&#8217;s estate, the recipient of such shares through bequest or inheritance, or, in the case of a revocable
grantor trust, the trustee of such trust, who will have the sole ability to request redemption on behalf of the trust, or (b)&nbsp;in
the case of the disability of a holder, the holder or the holder&#8217;s legal representative. Only shares of Series&nbsp;A Redeemable
Preferred Stock that have been outstanding for at least one (1)&nbsp;year prior to redemption are eligible for redemption by the company.
If spouses are joint registered holders of shares of Series&nbsp;A Redeemable Preferred Stock, the written request to redeem such shares
may be made upon the death or qualifying disability of either spouse. We must receive such written request within one year after the
death or qualifying disability of the holder, but no sooner than one (1)&nbsp;year after the date of original issuance of such shares.
If the holder is not a natural person, such as a trust (other than a revocable grantor trust) or a partnership, corporation or similar
legal entity, the right of redemption upon the death or qualifying disability of a beneficiary of such trust or the holder of an ownership
interest in such partnership, corporation or similar legal entity will also be subject to the approval of company management in its sole
discretion. Beginning one (1)&nbsp;year from the date of original issuance of the shares of Series&nbsp;A Redeemable Preferred Stock
to be redeemed, we will redeem such shares at a redemption price equal to 95% of the Stated Value, initially $25.00 per share, and beginning
two (2)&nbsp;years from the date of original issuance of the shares of Series&nbsp;A Redeemable Preferred Stock to be redeemed, we will
redeem such shares at a redemption price equal to 100% of the Stated Value, in each case, plus an amount equal to any accrued but unpaid
cash dividends thereon, if any, to and including the date of redemption. Upon any such redemption request, we have the right, in our
sole discretion, to pay the redemption price in cash or in equal value of shares of our Class&nbsp;A common stock, based on the closing
price per share of our Class&nbsp;A common stock for the single trading day prior to the date of redemption. Our ability to redeem shares
of Series&nbsp;A Redeemable Preferred Stock in cash may be limited to the extent that we do not have sufficient funds available to fund
such cash redemption. Further, our obligation to redeem any of the shares of Series&nbsp;A Redeemable Preferred Stock submitted for redemption
in cash may be restricted by Maryland law. No redemptions of shares of Series&nbsp;A Redeemable Preferred Stock will be made in cash
at such time as the terms and provisions of any agreement to which we are a party prohibits such redemption or provides that such redemption
would constitute a breach thereof or a default thereunder. The company further reserves the right to suspend such optional redemptions
once it has issued a redemption notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Optional Redemption by
the Company</I>. &nbsp; Beginning two years from the date of original issuance of the shares of Series&nbsp;A Redeemable Preferred Stock
to be redeemed, we will have the right to redeem any or all shares of our Series&nbsp;A Redeemable Preferred Stock. We will redeem such
shares of Series&nbsp;A Redeemable Preferred Stock at a redemption price equal to 100% of the Stated Value per share of Series&nbsp;A
Redeemable Preferred Stock, plus an amount equal to any accrued but unpaid cash dividends. We have the right, in our sole discretion,
to pay the redemption price in cash or in equal value of shares of our common stock, based on the closing price per share of our common
stock for the single trading day prior to the date of the redemption, in exchange for the Series&nbsp;A Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may exercise our redemption
right by delivering a written notice thereof to all, but not less than all, of the holders of record of the shares of Series&nbsp;A Redeemable
Preferred Stock to be redeemed. Each such notice will state, among other things, the date on which the redemption by us will occur, which
date will be no less than seven (7)&nbsp;days following the notice date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any such redemption may be
made conditional on such factors as may be determined by our board of directors and as set forth in the notice of redemption. The company
reserves the right to suspend voluntary redemptions once it has issued a redemption notice.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Change of Control Redemption
by the Company.</I>&nbsp;&nbsp; Upon the occurrence of a Change of Control (as defined below), we will be required to redeem all outstanding
shares of the Series&nbsp;A Redeemable Preferred Stock in whole within 60 days after the first date on which such Change of Control occurred,
in cash at a redemption price of&#8201; $25.00 per share, plus an amount equal to all accrued but unpaid cash dividends, if any, to and
including the redemption date; provided, however, that if the Maryland law solvency tests prohibit us from paying the full redemption
price in cash, then we will pay such portion as would otherwise violate the solvency tests in shares of our Class&nbsp;A common stock
to holders of the Series&nbsp;A Redeemable Preferred Stock on a pro rata basis, based on the closing price per share of our Class&nbsp;A
common stock for the single trading day prior to the date of redemption. Further, our obligation to redeem any of the shares of Series&nbsp;A
Redeemable Preferred Stock in cash may be restricted by Maryland law. No redemptions of shares of Series&nbsp;A Redeemable Preferred
Stock will be made in cash at such time as the terms and provisions of any agreement to which we are a party prohibits such redemption
or provides that such redemption would constitute a breach thereof or a default thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will mail to you, if you
are a record holder of the Series&nbsp;A Redeemable Preferred Stock, a notice of redemption no fewer than seven days before the redemption
date. We will send the notice to your address shown on our stock transfer books. A failure to give notice of redemption or any defect
in the notice or in its mailing will not affect the validity of the redemption of any Series&nbsp;A Redeemable Preferred Stock except
as to the holder to whom notice was defective or not given; provided, that notice given to the last address of record will be deemed
to be valid notice. Each notice will state the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the redemption date;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the redemption price;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of shares of
    Series&nbsp;A Redeemable Preferred Stock to be redeemed;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC&#8217;s procedures
    for book entry transfer of Series&nbsp;A Redeemable Preferred Stock for payment of the redemption price;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that dividends on the shares
    of Series&nbsp;A Redeemable Preferred Stock to be redeemed will cease to accrue on such redemption date;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that payment of the redemption
    price and an amount equal to any accrued but unpaid dividends will be made upon book entry transfer of such Series&nbsp;A Redeemable
    Preferred Stock in compliance with DTC&#8217;s procedures; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that the Series&nbsp;A
    Redeemable Preferred Stock is being redeemed pursuant to our mandatory redemption in connection with the occurrence of a Change of
    Control and a brief description of the transaction or transactions constituting such Change of Control.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we (i)&nbsp;have given
a notice of redemption, (ii)&nbsp;have set apart sufficient funds for the redemption in trust for the benefit of the holders of the Series&nbsp;A
Redeemable Preferred Stock called for redemption and (iii)&nbsp;have given irrevocable instructions to pay the redemption price, then
from and after the redemption date, those shares of Series&nbsp;A Redeemable Preferred Stock will be treated as no longer being outstanding,
no further dividends will accrue and all other rights of the holders of those shares of Series&nbsp;A Redeemable Preferred Stock will
terminate. The holders of those shares of Series&nbsp;A Redeemable Preferred Stock will retain their right to receive the redemption
price for their shares and an amount equal to all accrued but unpaid cash dividends, if any, to and including the redemption date, without
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of Series&nbsp;A
Redeemable Preferred Stock at the close of business on a dividend record date will be entitled to receive the dividend payable with respect
to the Series&nbsp;A Redeemable Preferred Stock on the corresponding payment date notwithstanding the redemption of the Series&nbsp;A
Redeemable Preferred Stock between such record date and the corresponding payment date or our default in the payment of the dividend
due. Except as provided above, we will make no payment or allowance for unpaid cash dividends, whether or not in arrears, on Series&nbsp;A
Redeemable Preferred Stock for which redemption notice has been given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the Series&nbsp;A
Redeemable Preferred Stock, &#8220;Change of Control&#8221; is when, after the original issuance of the Series&nbsp;A Redeemable Preferred
Stock, any of the following has occurred and is continuing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a &#8220;person&#8221;
    or &#8220;group&#8221; within the meaning of Section&nbsp;13(d)&nbsp;of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
    Act&#8221;), other than our company, its subsidiaries, and its and their employee benefit plans, has become the direct or indirect
    &#8220;beneficial owner,&#8221; as defined in Rule&nbsp;13d-3 under the Exchange Act, of our common equity representing more than
    50% of the total voting power of all outstanding shares of our common equity that are entitled to vote generally in the election
    of directors (&#8220;Voting Stock&#8221;); provided, that notwithstanding the foregoing, such a transaction will not be deemed to
    involve a Change of Control if&#8201; (A)&nbsp;(i)&nbsp;we become a direct or indirect wholly-owned subsidiary of a holding company
    and (ii)&nbsp;the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are
    substantially the same as the holders of our Voting Stock immediately prior to that transaction, or (B)&nbsp;immediately prior to
    such transaction, such person or group, together with its or their related entities, including, without limitation, any trust established
    for the benefit of such person or any member of such group or any family member thereof (collectively, an &#8220;Ownership Group&#8221;),
    owned sufficient interests in the Operating Partnership such that the exercise by all or any members of such Ownership Group of the
    Common Unit Redemption Right (as defined in Section&nbsp;8.04(a)&nbsp;of the Second Amended and Restated Agreement of Limited Partnership
    of the Operating Partnership, as amended) with respect to such interests would result in all or any members of such Ownership Group
    (individually or collectively) becoming the direct or indirect beneficial owner of our common equity representing more than 50% of
    the total voting power of all outstanding shares of Voting Stock;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">consummation of any share
    exchange, consolidation or merger of our company or any other transaction or series of transactions pursuant to which our common
    stock will be converted into cash, securities or other property, (1)&nbsp;other than any such transaction where the shares of our
    common stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of
    the common stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving
    effect to such transaction, and (2)&nbsp;expressly excluding any such transaction preceded by our company&#8217;s acquisition of
    the capital stock of another company for cash, securities or other property, whether directly or indirectly through one of our subsidiaries,
    as a precursor to such transaction; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing Directors cease to constitute at least a
    majority of our board of directors.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the Series&nbsp;A
Redeemable Preferred Stock, &#8220;Continuing Director&#8221; means a director who either was a member of our board of directors on October&nbsp;6,
2022 or becomes a member of our board of directors subsequent to that date and whose appointment, election or nomination for election
by our stockholders was duly approved by a majority of the Continuing Directors on our board of directors at the time of such approval,
either by a specific vote or by approval of the proxy statement issued by our company on behalf of our board of directors in which such
individual is named as nominee for director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Series&nbsp;A Safeguard
Policy. </I>On February&nbsp;6, 2025, we implemented a new Series&nbsp;A Redeemable Preferred Stock Redemption Safeguard Policy (the
 &#8220;Series&nbsp;A Safeguard Policy&#8221;) with respect to our Series&nbsp;A Redeemable Preferred Stock. The Series&nbsp;A Safeguard
Policy is applicable in the event of any redemption of shares of Series&nbsp;A Redeemable Preferred Stock in shares of our Class&nbsp;A
common stock rather than in cash (each, a &#8220;Series&nbsp;A Preferred Redemption in Common Stock&#8221;). The Series&nbsp;A Safeguard
Policy provides that if, within 10 business days of any such Series&nbsp;A Preferred Redemption in Common Stock, any such shares of Class&nbsp;A
common stock are sold at a loss&nbsp;(i.e. a lower price than the Aggregate Redemption Value), the holder can apply to us for a cash
payment to the holder in an amount equal to the difference between (i)&nbsp;the Aggregate Redemption Value of the Class&nbsp;A common
stock so issued, and (ii)&nbsp;the Aggregate Sale Price at which such shares of Class&nbsp;A common stock were sold, subject to certain
conditions and requirements as set forth in the Series&nbsp;A Safeguard Policy. The Series&nbsp;A Safeguard Policy applies both retroactively,
and on a go-forward basis, to holders of our Series&nbsp;A Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Liquidation Preference</I>.
Upon any voluntary or involuntary liquidation, dissolution or winding-up of our affairs, before any distribution or payment is made to
holders of our common stock or any other class or series of capital stock ranking junior to our shares of Series&nbsp;A Redeemable Preferred
Stock, the holders of shares of Series&nbsp;A Redeemable Preferred Stock will be entitled to be paid out of our assets legally available
for distribution to our stockholders, after payment or provision for our debts and other liabilities, a liquidation preference equal
to the Stated Value per share, plus an amount equal to any accrued but unpaid cash dividends (whether or not authorized or declared)
to and including the date of payment, pari passu with the holders of shares of any other class or series of our capital stock ranking
on parity with the Series&nbsp;A Redeemable Preferred Stock as to the liquidation preference and accrued but unpaid dividends they are
entitled to receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After payment of the full
amount of the liquidating distributions to which they are entitled, the holders of shares of our Series&nbsp;A Redeemable Preferred Stock
will have no right or claim to any of our remaining assets. Our consolidation or merger with or into another entity, the consolidation
or merger of another entity with or into us, a statutory share exchange by us or a sale, lease, transfer or conveyance of all or substantially
all of our property or business will not be deemed to constitute a liquidation, dissolution or winding-up of our affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In determining whether a
distribution (other than upon voluntary or involuntary liquidation), by dividend, redemption or other acquisition of shares of our stock
or otherwise, is permitted under the MGCL, amounts that would be needed, if we were to be dissolved at the time of distribution, to satisfy
the preferential rights upon dissolution of holders of the Series&nbsp;A Redeemable Preferred Stock will not be added to our total liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Voting Rights</I>. &nbsp;
Our Series&nbsp;A Redeemable Preferred Stock generally has no voting rights, except as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">So long as any shares of
Series&nbsp;A Redeemable Preferred Stock remain outstanding, the holders of shares of Series&nbsp;A Redeemable Preferred Stock will have
the exclusive right to vote on any amendment, alteration or repeal of our charter, including the terms of the Series&nbsp;A Redeemable
Preferred Stock, that would alter only the contract rights, as expressly set forth in our charter, of the Series&nbsp;A Redeemable Preferred
Stock, and the holders of any other classes or series of our capital stock will not be entitled to vote on such an amendment, alteration
or repeal, with any such amendment requiring the affirmative vote or consent of holders of two-thirds of the Series&nbsp;A Redeemable
Preferred Stock issued and outstanding at the time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, holders of shares
of Series&nbsp;A Redeemable Preferred Stock and of any Parity Voting Preferred Stock (which, as of the date of this prospectus, includes
the Series&nbsp;B Redeemable Preferred Stock), voting together as a single class, will also have the exclusive right to vote on any amendment,
alteration or repeal of our charter, including the terms of the Series&nbsp;A Redeemable Preferred Stock, that would alter only the contract
rights, as expressly set forth in our charter, of the Series&nbsp;A Redeemable Preferred Stock and such Parity Voting Preferred Stock,
with any such action requiring the affirmative vote or consent of holders of shares of Series&nbsp;A Redeemable Preferred Stock and such
Parity Voting Preferred Stock entitled to cast two-thirds of all votes entitled to be cast on the matter, with each holder of Series&nbsp;A
Redeemable Preferred Stock and such Parity Voting Preferred Stock entitled to one vote for each $25.00 in liquidation preference. The
holders of any other classes or series of our capital stock will not be entitled to vote on such an amendment, alteration or repeal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, so long as any shares
of Series&nbsp;A Redeemable Preferred Stock remain outstanding, the holders of shares of Series&nbsp;A Redeemable Preferred Stock will
also have the right to vote on (a)&nbsp;the authorization, creation or issuance, or increase in the number of authorized or issued shares,
of any class or series of our capital stock ranking senior to the Series&nbsp;A Redeemable Preferred Stock with respect to dividend rights
and rights upon our liquidation, dissolution or winding up (any such senior stock, the &#8220;Senior Stock&#8221;), (b)&nbsp;the reclassification
of any authorized shares of our capital stock into Senior Stock, or (c)&nbsp;the creation, authorization or issuance of any obligation
or security convertible into, or evidencing the right to purchase, Senior Stock. Any such action will require the affirmative vote or
consent of holders of (i)&nbsp;Series&nbsp;A Redeemable Preferred Stock, and (ii)&nbsp;any Parity Voting Preferred Stock, entitled to
cast a majority of all votes entitled to be cast collectively by such holders, voting together as a single class, with each holder thereof
entitled to one vote for each $25.00 in liquidation preference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of shares of Series&nbsp;A
Redeemable Preferred Stock will not be entitled to vote with respect to any increase in the total number of authorized shares of our
common stock or preferred stock, any issuance or increase in the number of authorized shares of Series&nbsp;A Redeemable Preferred Stock
or the creation or issuance of any other class or series of capital stock, or any increase in the number of authorized shares of any
class or series of capital stock, in each case ranking on parity with or junior to the Series&nbsp;A Redeemable Preferred Stock with
respect to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as described above,
holders of shares of Series&nbsp;A Redeemable Preferred Stock will not have any voting rights with respect to, and the consent of the
holders of shares of Series&nbsp;A Redeemable Preferred Stock is not required for, the taking of any corporate action, regardless of
the effect that such corporate action may have upon the powers, preferences, voting power or other rights or privileges of the Series&nbsp;A
Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Liquidity Events.</I>
The purchase of shares of our Series&nbsp;A Redeemable Preferred Stock is intended to be a long term investment. There is currently no
public trading market for shares of our Series&nbsp;A Redeemable Preferred Stock, and one may never exist. As a result, our shares of
Series&nbsp;A Redeemable Preferred Stock should be considered as having only limited liquidity and may be illiquid. If you sell your
stock, any such sales may be made at a loss. Further, except as necessary for us to maintain our qualification as a REIT as described
in &#8220;--Restrictions on Ownership and Transfer&#8221; above, we may not redeem the Series&nbsp;A Redeemable Preferred Stock prior
to the date that is two years following the date of original issuance of the shares of Series&nbsp;A Redeemable Preferred Stock to be
redeemed. On and after such date, we will have the right, but not the obligation, to redeem any or all outstanding shares of Series&nbsp;A
Redeemable Preferred Stock, at any time or from time to time, at a redemption price calculated and payable as described under &#8220;&#8212;6.0%
Series&nbsp;A Redeemable Preferred Stock -- Optional Redemption by the Company,&#8221; above, plus an amount equal to all accrued and
unpaid dividends on such Series&nbsp;A Redeemable Preferred Stock to and including the Redemption Date. There can be no assurance that
we will ever exercise our option to redeem any shares of Series&nbsp;A Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Exchange Listing</I>.&#8239;&#8239;&#8239;We
do not plan on making an application to list the shares of our Series&nbsp;A Redeemable Preferred Stock on the NYSE American, any other
national securities exchange or any other nationally recognized trading system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Series&nbsp;B Redeemable Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a brief
description of the terms of our Series&nbsp;B Redeemable Preferred Stock. The description of our Series&nbsp;B Redeemable Preferred Stock
contained herein does not purport to be complete and is qualified in its entirety by reference to the Articles Supplementary classifying
shares of our preferred stock as shares of Series&nbsp;B Redeemable Preferred Stock (the &#8220;Series&nbsp;B Articles Supplementary&#8221;),
which have been filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Rank</I>. &nbsp;Our Series&nbsp;B
Redeemable Preferred Stock ranks, with respect to dividend rights and rights upon our liquidation, winding-up or dissolution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">senior to all classes or
    series of our common stock, and to any other class or series of our capital stock issued in the future unless the terms of that capital
    stock expressly provide that it ranks senior to, or on parity with, the Series&nbsp;B Redeemable Preferred Stock;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on parity with any class
    or series of our capital stock, the terms of which expressly provide that it will rank on parity with the Series&nbsp;B Redeemable
    Preferred Stock, including the Series&nbsp;A Redeemable Preferred Stock; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">junior to any other class
    or series of our capital stock, the terms of which expressly provide that it will rank senior to the Series&nbsp;B Redeemable Preferred
    Stock, none of which exists on the date hereof, and subject to payment of or provision for our debts and other liabilities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors in the Series&nbsp;B
Redeemable Preferred Stock should note that holders of our Series&nbsp;B Redeemable Preferred Stock do not have a right to receive a
return of capital prior to holders of our common stock upon the individual sale of a property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Stated Value</I>. &nbsp;Each
share of Series&nbsp;B Redeemable Preferred Stock has an initial &#8220;Stated Value&#8221; of $25.00, subject to appropriate adjustment
in relation to certain events as set forth in the Series&nbsp;B Articles Supplementary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Dividends</I>. &nbsp;Subject
to the preferential rights of the holders of any class or series of our capital stock ranking senior to our Series&nbsp;B Redeemable
Preferred Stock, if any such class or series is authorized in the future, the holders of Series&nbsp;B Redeemable Preferred Stock are
entitled to receive, when and as authorized by our board of directors and declared by us out of legally available funds, cumulative cash
dividends on each share of Series&nbsp;B Redeemable Preferred Stock at an annual rate of 7.5% of the Stated Value (each, a &#8220;Series&nbsp;B
Dividend&#8221;). We expect Series&nbsp;B Dividends will be authorized and declared on a quarterly basis, payable monthly on the 5th
day of the month (the &#8220;Series&nbsp;B Dividend Payment Date&#8221;) to holders of record as of the close of business on the 25th
day of the prior month (the &#8220;Series&nbsp;B Dividend Record Date&#8221;) (or if such payment date or record date is not a business
day, on the immediately preceding business day, with the same force and effect as if made on such date), unless our results of operations,
our general financing conditions, general economic conditions, applicable provisions of Maryland law or other factors make it imprudent
to do so. The initial Series&nbsp;B Dividend payable on each share of Series&nbsp;B Redeemable Preferred Stock will begin accruing on,
and will be cumulative from, the date of original issuance of such share of Series&nbsp;B Redeemable Preferred Stock. Each subsequent
Series&nbsp;B Dividend will begin accruing on, and will be cumulative from, the end of the most recent Series&nbsp;B Dividend Period
for which a Series&nbsp;B Dividend has been paid on each such share of Series&nbsp;B Redeemable Preferred Stock. A &#8220;Series&nbsp;B
Dividend Period&#8221; will be 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&nbsp;B Dividend Period (other than the initial Series&nbsp;B Dividend Period
and the Series&nbsp;B Dividend Period during which any shares of Series&nbsp;B Redeemable Preferred Stock shall be redeemed or otherwise
acquired by us). For the avoidance of doubt, any Series&nbsp;B Dividend may vary among holders of Series&nbsp;B Redeemable Preferred
Stock and may be prorated with respect to any shares of Series&nbsp;B Redeemable Preferred Stock that were outstanding less than the
total number of days in the Series&nbsp;B Dividend Period immediately preceding the applicable Series&nbsp;B Dividend Payment Date, with
the amount of any such prorated dividend being computed on the basis of the actual number of days in such Series&nbsp;B Dividend Period
during which such shares of Series&nbsp;B Redeemable Preferred Stock were outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the preferential
rights of the holders of any class or series of our capital stock ranking senior to our Series&nbsp;B Redeemable Preferred Stock, if
any such class or series is authorized in the future, holders of each share of Series&nbsp;B Redeemable Preferred Stock will also be
entitled to receive, if authorized by our board of directors and declared by us for any Series&nbsp;B Dividend Period, out of funds legally
available for the payment of dividends, special cash dividends on such share of Series&nbsp;B Redeemable Preferred Stock in amounts determined
by the board of directors (each, an &#8220;Additional Series&nbsp;B Dividend&#8221;). Each Additional Series&nbsp;B Dividend will be
payable on the Series&nbsp;B Dividend Payment Date immediately following the applicable Series&nbsp;B Dividend Period. For the avoidance
of doubt, any Additional Series&nbsp;B Dividend may vary among holders of Series&nbsp;B Redeemable Preferred Stock and may be prorated
with respect to any shares of Series&nbsp;B Redeemable Preferred Stock that were outstanding less than the total number of days in the
Series&nbsp;B Dividend Period immediately preceding the applicable Series&nbsp;B Dividend Payment Date, with the amount of any such prorated
dividend being computed on the basis of the actual number of days in such Series&nbsp;B Dividend Period during which such shares of Series&nbsp;B
Redeemable Preferred Stock were outstanding. Each Additional Series&nbsp;B Dividend will be payable to holders of record of the Series&nbsp;B
Redeemable Preferred Stock as they appear in our stock records at the close of business on the Series&nbsp;B Dividend Record Date for
the applicable Series&nbsp;B Dividend Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The timing and amount of
dividends on the Series&nbsp;B Redeemable Preferred Stock will be determined by our board of directors, in its sole discretion, and may
vary from time to time. All such dividends will accrue and be paid on the basis of a 360-day year consisting of twelve 30-day months.
Dividends on the Series&nbsp;B Redeemable Preferred Stock will accrue whether or not (i)&nbsp;we have earnings, (ii)&nbsp;there are funds
legally available for the payment of such dividends and (iii)&nbsp;such dividends are authorized by our board of directors or declared
by us. Accrued dividends on the Series&nbsp;B Redeemable Preferred Stock will not bear interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of shares of our
Series&nbsp;B Redeemable Preferred Stock are not entitled to any dividend in excess of full dividends on shares of our Series&nbsp;B
Redeemable Preferred Stock. Unless full dividends on shares of our Series&nbsp;B Redeemable Preferred Stock and Series&nbsp;A Redeemable
Preferred Stock for all past dividend periods have been or contemporaneously are declared and paid or declared and a sum sufficient for
the payment thereof in full is set apart for payment, we will not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">declare and pay or declare
    and set apart for payment dividends or declare and make any other distribution of cash or other property (other than dividends or
    distributions paid in shares of stock ranking junior to the Series&nbsp;B Redeemable Preferred Stock as to the dividend rights or
    rights on our liquidation, winding-up or dissolution, and options, warrants or rights to purchase such shares), directly or indirectly,
    on or with respect to any shares of our common stock or any class or series of our stock ranking junior to or on parity with the
    Series&nbsp;B Redeemable Preferred Stock as to dividend rights or rights on our liquidation, winding-up or dissolution for any period;
    or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">except by conversion into
    or exchange for shares of stock ranking junior to the Series&nbsp;B Redeemable Preferred Stock as to dividend rights or rights on
    our liquidation, winding-up or dissolution, or options, warrants or rights to purchase such shares, redeem, purchase or otherwise
    acquire (other than a redemption, purchase or other acquisition of common stock made for purposes of an employee incentive or benefit
    plan) for any consideration, or pay or make available any monies for a sinking fund for the redemption of, any common stock or any
    class or series of our stock ranking junior to or on parity with the Series&nbsp;B Redeemable Preferred Stock as to dividend rights
    or rights on our liquidation, winding-up or dissolution.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent necessary to
preserve our status as a REIT, the foregoing sentence, however, will not prohibit declaring or paying or setting apart for payment any
dividend or other distribution on our common stock or any class or series of our stock ranking junior to or on parity with the Series&nbsp;B
Redeemable Preferred Stock as to dividend rights or rights on our liquidation, winding-up or dissolution for any period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of shares of our
Series&nbsp;B Redeemable Preferred Stock are not eligible to participate in any future distribution reinvestment plan for the company&#8217;s
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Redemption at Option of
Holders</I>. Holders will have the right to require the company to redeem shares of Series&nbsp;B Redeemable Preferred Stock at a redemption
price equal to the Stated Value, initially $25.00 per share, less a redemption fee, plus an amount equal to any accrued but unpaid cash
dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The redemption fee will be
equal to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning on the date of
    original issuance of the shares to be redeemed: 12%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning one year from
    the date of original issuance of the shares to be redeemed: 9%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning two years from
    the date of original issuance of the shares to be redeemed: 6%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning three years from
    the date of original issuance of the shares to be redeemed: 3%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning four years from
    the date of original issuance of the shares to be redeemed: 0%.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a holder of shares of
Series&nbsp;B Redeemable Preferred Stock causes the company to redeem such shares of Series&nbsp;B Redeemable Preferred Stock, we have
the right, in our sole discretion, to pay the redemption price in cash or in equal value of shares of our Class&nbsp;A common stock,
based on the closing price per share of our Class&nbsp;A common stock for the single trading day prior to the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to redeem shares
of Series&nbsp;B Redeemable Preferred Stock in cash may be limited to the extent that we do not have sufficient funds available to fund
such cash redemption. Further, our obligation to redeem any of the shares of Series&nbsp;B Redeemable Preferred Stock submitted for redemption
in cash may be restricted by Maryland law. No redemptions of shares of Series&nbsp;B Redeemable Preferred Stock will be made in cash
at such time as the terms and provisions of any agreement to which we are a party prohibits such redemption or provides that such redemption
would constitute a breach thereof or a default thereunder. The company further reserves the right to suspend such optional redemptions
once it has issued a redemption notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Optional Redemption Following
Death or Qualifying Disability of a Holder</I>. &nbsp; Subject to restrictions, we will redeem shares of Series&nbsp;B Redeemable Preferred
Stock held by a natural person upon his or her death or upon his or her suffering a qualifying disability, including shares held through
a revocable grantor trust, or an IRA or other retirement or profit-sharing plan, at the written request of (a)&nbsp;in the case of the
death of a holder, the holder&#8217;s estate, the recipient of such shares through bequest or inheritance, or, in the case of a revocable
grantor trust, the trustee of such trust, who will have the sole ability to request redemption on behalf of the trust, or (b)&nbsp;in
the case of the disability of a holder, the holder or the holder&#8217;s legal representative. Only shares of Series&nbsp;B Redeemable
Preferred Stock that have been outstanding for at least one (1)&nbsp;year prior to redemption are eligible for redemption by the company.
If spouses are joint registered holders of shares of Series&nbsp;B Redeemable Preferred Stock, the written request to redeem such shares
may be made upon the death or qualifying disability of either spouse. We must receive such written request within one year after the
death or qualifying disability of the holder, but no sooner than one (1)&nbsp;year after the date of original issuance of such shares.
If the holder is not a natural person, such as a trust (other than a revocable grantor trust) or a partnership, corporation or similar
legal entity, the right of redemption upon the death or qualifying disability of a beneficiary of such trust or the holder of an ownership
interest in such partnership, corporation or similar legal entity will also be subject to the approval of company management in its sole
discretion. Beginning one (1)&nbsp;year from the date of original issuance of the shares of Series&nbsp;B Redeemable Preferred Stock
to be redeemed, we will redeem such shares at a redemption price equal to 95% of the Stated Value, initially $25.00 per share, and beginning
two (2)&nbsp;years from the date of original issuance of the shares of Series&nbsp;B Redeemable Preferred Stock to be redeemed, we will
redeem such shares at a redemption price equal to 100% of the Stated Value, in each case, plus an amount equal to any accrued but unpaid
cash dividends thereon, if any, to and including the date of redemption. Upon any such redemption request, we have the right, in our
sole discretion, to pay the redemption price in cash or in equal value of shares of our Class&nbsp;A common stock, based on the closing
price per share of our Class&nbsp;A common stock for the single trading day prior to the date of redemption. Our ability to redeem shares
of Series&nbsp;B Redeemable Preferred Stock in cash may be limited to the extent that we do not have sufficient funds available to fund
such cash redemption. Further, our obligation to redeem any of the shares of Series&nbsp;B Redeemable Preferred Stock submitted for redemption
in cash may be restricted by Maryland law. No redemptions of shares of Series&nbsp;B Redeemable Preferred Stock will be made in cash
at such time as the terms and provisions of any agreement to which we are a party prohibits such redemption or provides that such redemption
would constitute a breach thereof or a default thereunder. The company further reserves the right to suspend such optional redemptions
once it has issued a redemption notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Optional Redemption by
the Company</I>. &nbsp; Beginning two years from the date of original issuance of the shares of Series&nbsp;B Redeemable Preferred Stock
to be redeemed, we will have the right to redeem any or all shares of our Series&nbsp;B Redeemable Preferred Stock. We will redeem such
shares of Series&nbsp;B Redeemable Preferred Stock at a redemption price equal to 100% of the Stated Value per share of Series&nbsp;B
Redeemable Preferred Stock, plus an amount equal to any accrued but unpaid cash dividends. We have the right, in our sole discretion,
to pay the redemption price in cash or in equal value of shares of our common stock, based on the closing price per share of our common
stock for the single trading day prior to the date of the redemption, in exchange for the Series&nbsp;B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may exercise our redemption
right by delivering a written notice thereof to all, but not less than all, of the holders of record of the shares of Series&nbsp;B Redeemable
Preferred Stock to be redeemed. Each such notice will state, among other things, the date on which the redemption by us will occur, which
date will be no less than seven (7)&nbsp;days following the notice date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any such redemption may be
made conditional on such factors as may be determined by our board of directors and as set forth in the notice of redemption. The company
reserves the right to suspend voluntary redemptions once it has issued a redemption notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Change of Control Redemption
by the Company.</I>&nbsp;&nbsp; Upon the occurrence of a Change of Control (as defined below), we will be required to redeem all outstanding
shares of the Series&nbsp;B Redeemable Preferred Stock in whole within 60 days after the first date on which such Change of Control occurred,
in cash at a redemption price of&#8201; $25.00 per share, plus an amount equal to all accrued but unpaid cash dividends, if any, to and
including the redemption date; provided, however, that if the Maryland law solvency tests prohibit us from paying the full redemption
price in cash, then we will pay such portion as would otherwise violate the solvency tests in shares of our Class&nbsp;A common stock
to holders of the Series&nbsp;B Redeemable Preferred Stock on a pro rata basis, based on the closing price per share of our Class&nbsp;A
common stock for the single trading day prior to the date of redemption. Further, our obligation to redeem any of the shares of Series&nbsp;B
Redeemable Preferred Stock in cash may be restricted by Maryland law. No redemptions of shares of Series&nbsp;B Redeemable Preferred
Stock will be made in cash at such time as the terms and provisions of any agreement to which we are a party prohibits such redemption
or provides that such redemption would constitute a breach thereof or a default thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will mail to you, if you
are a record holder of the Series&nbsp;B Redeemable Preferred Stock, a notice of redemption no fewer than seven days before the redemption
date. We will send the notice to your address shown on our stock transfer books. A failure to give notice of redemption or any defect
in the notice or in its mailing will not affect the validity of the redemption of any Series&nbsp;B Redeemable Preferred Stock except
as to the holder to whom notice was defective or not given; provided, that notice given to the last address of record will be deemed
to be valid notice. Each notice will state the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the redemption date;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the redemption price;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of shares of
    Series&nbsp;B Redeemable Preferred Stock to be redeemed;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC&#8217;s procedures
    for book entry transfer of Series&nbsp;B Redeemable Preferred Stock for payment of the redemption price;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that dividends on the shares
    of Series&nbsp;B Redeemable Preferred Stock to be redeemed will cease to accrue on such redemption date;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that payment of the redemption
    price and an amount equal to any accrued but unpaid dividends will be made upon book entry transfer of such Series&nbsp;B Redeemable
    Preferred Stock in compliance with DTC&#8217;s procedures; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that the Series&nbsp;B
    Redeemable Preferred Stock is being redeemed pursuant to our mandatory redemption in connection with the occurrence of a Change of
    Control and a brief description of the transaction or transactions constituting such Change of Control.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we (i)&nbsp;have given
a notice of redemption, (ii)&nbsp;have set apart sufficient funds for the redemption in trust for the benefit of the holders of the Series&nbsp;B
Redeemable Preferred Stock called for redemption and (iii)&nbsp;have given irrevocable instructions to pay the redemption price, then
from and after the redemption date, those shares of Series&nbsp;B Redeemable Preferred Stock will be treated as no longer being outstanding,
no further dividends will accrue and all other rights of the holders of those shares of Series&nbsp;B Redeemable Preferred Stock will
terminate. The holders of those shares of Series&nbsp;B Redeemable Preferred Stock will retain their right to receive the redemption
price for their shares and an amount equal to all accrued but unpaid cash dividends, if any, to and including the redemption date, without
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of Series&nbsp;B
Redeemable Preferred Stock at the close of business on a dividend record date will be entitled to receive the dividend payable with respect
to the Series&nbsp;B Redeemable Preferred Stock on the corresponding payment date notwithstanding the redemption of the Series&nbsp;B
Redeemable Preferred Stock between such record date and the corresponding payment date or our default in the payment of the dividend
due. Except as provided above, we will make no payment or allowance for unpaid cash dividends, whether or not in arrears, on Series&nbsp;B
Redeemable Preferred Stock for which redemption notice has been given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the Series&nbsp;B
Redeemable Preferred Stock, &#8220;Change of Control&#8221; is when, after the original issuance of the Series&nbsp;B Redeemable Preferred
Stock, any of the following has occurred and is continuing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a &#8220;person&#8221;
    or &#8220;group&#8221; within the meaning of Section&nbsp;13(d)&nbsp;of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
    Act&#8221;), other than our company, its subsidiaries, and its and their employee benefit plans, has become the direct or indirect
    &#8220;beneficial owner,&#8221; as defined in Rule&nbsp;13d-3 under the Exchange Act, of our common equity representing more than
    50% of the total voting power of all outstanding shares of our common equity that are entitled to vote generally in the election
    of directors (&#8220;Voting Stock&#8221;); provided, that notwithstanding the foregoing, such a transaction will not be deemed to
    involve a Change of Control if&#8201; (A)&nbsp;(i)&nbsp;we become a direct or indirect wholly-owned subsidiary of a holding company
    and (ii)&nbsp;the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are
    substantially the same as the holders of our Voting Stock immediately prior to that transaction, or (B)&nbsp;immediately prior to
    such transaction, such person or group, together with its or their related entities, including, without limitation, any trust established
    for the benefit of such person or any member of such group or any family member thereof (collectively, an &#8220;Ownership Group&#8221;),
    owned sufficient interests in the Operating Partnership such that the exercise by all or any members of such Ownership Group of the
    Common Unit Redemption Right (as defined in Section&nbsp;8.04(a)&nbsp;of the Second Amended and Restated Agreement of Limited Partnership
    of the Operating Partnership, as amended) with respect to such interests would result in all or any members of such Ownership Group
    (individually or collectively) becoming the direct or indirect beneficial owner of our common equity representing more than 50% of
    the total voting power of all outstanding shares of Voting Stock;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">consummation of any share
    exchange, consolidation or merger of our company or any other transaction or series of transactions pursuant to which our common
    stock will be converted into cash, securities or other property, (1)&nbsp;other than any such transaction where the shares of our
    common stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of
    the common stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving
    effect to such transaction, and (2)&nbsp;expressly excluding any such transaction preceded by our company&#8217;s acquisition of
    the capital stock of another company for cash, securities or other property, whether directly or indirectly through one of our subsidiaries,
    as a precursor to such transaction; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing Directors cease to constitute at least a
    majority of our board of directors.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the Series&nbsp;B
Redeemable Preferred Stock, &#8220;Continuing Director&#8221; means a director who either was a member of our board of directors on October&nbsp;6,
2022 or becomes a member of our board of directors subsequent to that date and whose appointment, election or nomination for election
by our stockholders was duly approved by a majority of the Continuing Directors on our board of directors at the time of such approval,
either by a specific vote or by approval of the proxy statement issued by our company on behalf of our board of directors in which such
individual is named as nominee for director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Series&nbsp;B Safeguard
Policy. </I>Our board of directors has adopted the Series&nbsp;B Redeemable Preferred Stock Redemption Safeguard Policy (the &#8220;Series&nbsp;B
Safeguard Policy&#8221;) with respect to our Series&nbsp;B Redeemable Preferred Stock. The Series&nbsp;B Safeguard Policy is applicable
in the event of any redemption of shares of Series&nbsp;B Redeemable Preferred Stock in shares of our Class&nbsp;A common stock rather
than in cash (each, a &#8220;Series&nbsp;B Preferred Redemption in Common Stock&#8221;). The Series&nbsp;B Safeguard Policy provides
that if, within 10 business days of any such Series&nbsp;B Preferred Redemption in Common Stock, any such shares of Class&nbsp;A common
stock are sold at a loss (i.e. a lower price than the Series&nbsp;B Aggregate Redemption Value), the holder can apply to us for a cash
payment to the holder in an amount equal to the difference between (i)&nbsp;the Series&nbsp;B Aggregate Redemption Value of the Class&nbsp;A
common stock so issued, and (ii)&nbsp;the Series&nbsp;B Aggregate Sale Price at which such shares of Class&nbsp;A common stock were sold,
subject to certain conditions and requirements as set forth in the Series&nbsp;B Safeguard Policy. The Series&nbsp;B Safeguard Policy
applies both retroactively, and on a go-forward basis, to holders of our Series&nbsp;B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Liquidation Preference</I>.
Upon any voluntary or involuntary liquidation, dissolution or winding-up of our affairs, before any distribution or payment is made to
holders of our common stock or any other class or series of capital stock ranking junior to our shares of Series&nbsp;B Redeemable Preferred
Stock, the holders of shares of Series&nbsp;B Redeemable Preferred Stock will be entitled to be paid out of our assets legally available
for distribution to our stockholders, after payment or provision for our debts and other liabilities, a liquidation preference equal
to the Stated Value per share, plus an amount equal to any accrued but unpaid cash dividends (whether or not authorized or declared)
to and including the date of payment, pari passu with the holders of shares of any other class or series of our capital stock ranking
on parity with the Series&nbsp;B Redeemable Preferred Stock, including the Series&nbsp;A Redeemable Preferred Stock, as to the liquidation
preference and accrued but unpaid dividends they are entitled to receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After payment of the full
amount of the liquidating distributions to which they are entitled, the holders of shares of our Series&nbsp;B Redeemable Preferred Stock
will have no right or claim to any of our remaining assets. Our consolidation or merger with or into another entity, the consolidation
or merger of another entity with or into us, a statutory share exchange by us or a sale, lease, transfer or conveyance of all or substantially
all of our property or business will not be deemed to constitute a liquidation, dissolution or winding-up of our affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In determining whether a
distribution (other than upon voluntary or involuntary liquidation), by dividend, redemption or other acquisition of shares of our stock
or otherwise, is permitted under the MGCL, amounts that would be needed, if we were to be dissolved at the time of distribution, to satisfy
the preferential rights upon dissolution of holders of the Series&nbsp;B Redeemable Preferred Stock will not be added to our total liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Voting Rights</I>. &nbsp;
Our Series&nbsp;B Redeemable Preferred Stock generally has no voting rights, except as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">So long as any shares of
Series&nbsp;B Redeemable Preferred Stock remain outstanding, the holders of shares of Series&nbsp;B Redeemable Preferred Stock will have
the exclusive right to vote on any amendment, alteration or repeal of our charter, including the terms of the Series&nbsp;B Redeemable
Preferred Stock, that would alter only the contract rights, as expressly set forth in our charter, of the Series&nbsp;B Redeemable Preferred
Stock, and the holders of any other classes or series of our capital stock will not be entitled to vote on such an amendment, alteration
or repeal, with any such amendment requiring the affirmative vote or consent of holders of two-thirds of the Series&nbsp;B Redeemable
Preferred Stock issued and outstanding at the time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, holders of shares
of Series&nbsp;B Redeemable Preferred Stock and of any Parity Voting Preferred Stock (which, as of the date of this prospectus, includes
the Series&nbsp;A Redeemable Preferred Stock), voting together as a single class, will also have the exclusive right to vote on any amendment,
alteration or repeal of our charter, including the terms of the Series&nbsp;B Redeemable Preferred Stock, that would alter only the contract
rights, as expressly set forth in our charter, of the Series&nbsp;B Redeemable Preferred Stock and such Parity Voting Preferred Stock,
with any such action requiring the affirmative vote or consent of holders of shares of Series&nbsp;B Redeemable Preferred Stock and such
Parity Voting Preferred Stock entitled to cast two-thirds of all votes entitled to be cast on the matter, with each holder of Series&nbsp;B
Redeemable Preferred Stock and such Parity Voting Preferred Stock entitled to one vote for each $25.00 in liquidation preference. The
holders of any other classes or series of our capital stock will not be entitled to vote on such an amendment, alteration or repeal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, so long as any shares
of Series&nbsp;B Redeemable Preferred Stock remain outstanding, the holders of shares of Series&nbsp;B Redeemable Preferred Stock will
also have the right to vote on (a)&nbsp;the authorization, creation or issuance, or increase in the number of authorized or issued shares,
of any class or series of our capital stock ranking senior to the Series&nbsp;B Redeemable Preferred Stock with respect to dividend rights
and rights upon our liquidation, dissolution or winding up (any such senior stock, the &#8220;Senior Stock&#8221;), (b)&nbsp;the reclassification
of any authorized shares of our capital stock into Senior Stock, or (c)&nbsp;the creation, authorization or issuance of any obligation
or security convertible into, or evidencing the right to purchase, Senior Stock. Any such action will require the affirmative vote or
consent of holders of (i)&nbsp;Series&nbsp;B Redeemable Preferred Stock, and (ii)&nbsp;any Parity Voting Preferred Stock, entitled to
cast a majority of all votes entitled to be cast collectively by such holders, voting together as a single class, with each holder thereof
entitled to one vote for each $25.00 in liquidation preference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of shares of Series&nbsp;B
Redeemable Preferred Stock will not be entitled to vote with respect to any increase in the total number of authorized shares of our
common stock or preferred stock, any issuance or increase in the number of authorized shares of Series&nbsp;B Redeemable Preferred Stock
or the creation or issuance of any other class or series of capital stock, or any increase in the number of authorized shares of any
class or series of capital stock, in each case ranking on parity with or junior to the Series&nbsp;B Redeemable Preferred Stock with
respect to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as described above,
holders of shares of Series&nbsp;B Redeemable Preferred Stock will not have any voting rights with respect to, and the consent of the
holders of shares of Series&nbsp;B Redeemable Preferred Stock is not required for, the taking of any corporate action, regardless of
the effect that such corporate action may have upon the powers, preferences, voting power or other rights or privileges of the Series&nbsp;B
Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Liquidity Events.</I>
The purchase of shares of our Series&nbsp;B Redeemable Preferred Stock is intended to be a long term investment. There is currently no
public trading market for shares of our Series&nbsp;B Redeemable Preferred Stock, and one may never exist. As a result, our shares of
Series&nbsp;B Redeemable Preferred Stock should be considered as having only limited liquidity and may be illiquid. If you sell your
stock, any such sales may be made at a loss. Further, except as necessary for us to maintain our qualification as a REIT as described
in &#8220;--Restrictions on Ownership and Transfer&#8221; above, we may not redeem the Series&nbsp;B Redeemable Preferred Stock prior
to the date that is two years following the date of original issuance of the shares of Series&nbsp;B Redeemable Preferred Stock to be
redeemed. On and after such date, we will have the right, but not the obligation, to redeem any or all outstanding shares of Series&nbsp;B
Redeemable Preferred Stock, at any time or from time to time, at a redemption price calculated and payable as described under &#8220;&#8212;Series&nbsp;B
Redeemable Preferred Stock -- Optional Redemption by the Company,&#8221; above, plus an amount equal to all accrued and unpaid dividends
on such Series&nbsp;B Redeemable Preferred Stock to and including the Redemption Date. There can be no assurance that we will ever exercise
our option to redeem any shares of Series&nbsp;B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Exchange Listing</I>.&#8239;&#8239;&#8239;We
do not plan on making an application to list the shares of our Series&nbsp;B Redeemable Preferred Stock on the NYSE American, any other
national securities exchange or any other nationally recognized trading system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Meetings, Special Voting Requirements and
Access To Records</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An annual meeting of our
stockholders will be held each year on the date and at the time and place set by our board of directors for the purpose of electing directors
and for the transaction of such other business as may properly come before the meeting. Special meetings of stockholders may be called
in the manner provided in the bylaws, including by the president, the chief executive officer, the chairman of the board, or our board
of directors, and, subject to certain procedural requirements set forth in our bylaws, must be called by the secretary to act on any
matter that may properly be considered at a meeting of stockholders upon written request of stockholders entitled to cast at least a
majority of all the votes entitled to be cast on such matter at such meeting. Subject to the restrictions on ownership and transfer of
stock contained in our charter and except as may otherwise be specified in our charter, at any meeting of the stockholders, each outstanding
share of common stock entitles the owner of record thereof on the applicable record date to one vote on all matters submitted to a vote
of stockholders. Our charter provides that each share of our Class&nbsp;C common stock will have up to 50 votes per share on all matters
voted on by common stockholders, including the election of directors. In general, the presence in person or by proxy of the holders of
outstanding shares of our common stock entitled to cast a majority of all the votes entitled to be cast on any matter will constitute
a quorum. Generally, the affirmative vote of a majority of all votes cast on a matter is necessary to take stockholder action, except
that a plurality of all votes cast at a meeting at which a quorum is present is required to elect a director and except for the matters
described in the next paragraph, which must be approved by the affirmative vote of stockholders entitled to cast a majority of all the
votes entitled to be cast on the matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the MGCL and our charter,
stockholders are generally entitled to vote on (i)&nbsp;the amendment of our charter, (ii)&nbsp;our dissolution, (iii)&nbsp;our merger
into another entity, our consolidation, our conversion, a statutory share exchange or the sale or other disposition of all or substantially
all of our assets, and (iv)&nbsp;the removal of any of our directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While the stockholders do
not have the ability to vote to replace the Manager or to select a new manager, stockholders do have the ability, only for cause and
only by the affirmative vote of stockholders entitled to cast at least a majority of all the votes entitled to be cast generally in the
election of directors, to remove a director from our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Maryland law, during
usual business hours, stockholders are entitled to inspect and copy our bylaws, minutes of stockholder proceedings, annual statements
of affairs, and voting trust agreements. Stockholders may also request in writing or by electronic transmission statements of the amount
of stock and securities issued by us during the period specified by the requesting stockholder, which period may not be longer than 12
months prior to the date of the stockholder&#8217;s request. Statements of stock and securities will only include the number of shares
or amount of each class of stock or other securities issued during the period, the consideration received per share or unit which may
be aggregated as to all issuances for the same consideration per share or unit, and the value of any consideration other than money as
set in a resolution of the board of directors, in conformity with Maryland law, and will not include any personal identifying information
concerning the holders of the shares. In addition, during usual business hours, one or more persons that together have held at least
5% of the outstanding stock of any class for at least six months have the right to inspect and copy our books of account and our stock
ledger and may request a list of stockholders in writing or by electronic submission. Requests to inspect and/or copy our corporate records
must be made in writing to our address at 919 Third Avenue, 40<SUP>th</SUP> Floor, New York, New York 10022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to make regular
cash distributions to our stockholders, typically on a monthly basis. Our board of directors will determine the amount of distributions
to be distributed to our stockholders. The board&#8217;s determination will be based on a number of factors, including funds available
from operations, our capital expenditure requirements and the annual distribution requirements necessary to maintain our REIT qualification
under the Code. As a result, our distribution rate and payment frequency may vary from time to time. However, to qualify as a REIT for
U.S. federal income tax purposes, we must make distributions equal to at least 90% of our REIT taxable income (determined without regard
to the dividends paid deduction and excluding net capital gain) each year. Especially during the early stages of our operations, some
or all of our cash distributions are expected to be paid from sources other than cash flows from operating activities, such as cash flows
from financing activities, which may include borrowings, net proceeds from shares sold in this offering or our common stock offering,
proceeds from the issuance of additional shares pursuant to any future distribution reinvestment plan for our common stock, cash resulting
from a waiver or deferral of fees or expense reimbursements otherwise payable to the Manager or its affiliates, cash resulting from the
Manager or its affiliates paying certain of our expenses, proceeds from the sales of assets, and from our cash balances. There is no
limit on distributions that may be paid from any of these sources, however, our Manager and its affiliates are under no obligation to
defer or waive fees in order to support our distributions. Our charter does not prohibit our use of such sources to fund distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay U.S. federal
income tax on our taxable income, including net capital gain, that we do not distribute to stockholders. Furthermore, if we fail to distribute
with respect to each year, at least the sum of 85% of our REIT ordinary income for such year, 95% of our REIT capital gain income for
such year, and any undistributed taxable income from prior periods, we will incur a 4% nondeductible excise tax on the excess of such
required distribution over the amounts we actually distribute. See &#8220;Material U.S. Federal Income Tax Considerations&#8212;Distribution
Requirements.&#8221; Distributions will be authorized at the discretion of our board of directors, and will depend on, among other things,
current and projected cash requirements, tax considerations and other factors deemed relevant by our board. Our board&#8217;s discretion
will be directed, in substantial part, by its obligation to cause us to comply with the REIT requirements. Because we may receive income
from interest or rents at various times during our fiscal year, and because our board may take various factors into consideration in
setting distributions, distributions may not reflect our income earned in any particular distribution period and may be made in advance
of actual receipt of funds in an attempt to make distributions relatively uniform. We are authorized to borrow money, issue new securities
or sell assets in order to make distributions. There are no restrictions on the ability of our Operating Partnership to transfer funds
to us. The use of sources other than cash flows from operating activities to fund distributions and the ultimate repayment of any liabilities
incurred, as well as the payment of distributions in excess of our funds from operations, or &#8220;FFO,&#8221; could adversely impact
our ability to pay distributions in future periods, decrease the amount of cash we have available for operations and new investments
and potentially reduce your overall return and adversely impact and dilute the value of your investment in shares of our Series&nbsp;B
Redeemable Preferred Stock, which would be reflected when we establish an estimated per share value of each class of our Series&nbsp;B
Redeemable Preferred Stock. For a discussion of various risks relating to the payment and source of distributions, see &#8220;Risk Factors&#8212;Risks
Related to This Offering&#8212; Dividend payments on the Series&nbsp;B Redeemable Preferred Stock are not guaranteed&#8221; and &#8220;&#8212;We
may have difficulty completely funding our distributions with funds provided by cash flows from operating activities; therefore, we may
use cash flows from financing activities, which may include borrowings and net proceeds from shares sold in this offering or our common
stock offering, proceeds from the issuance of additional shares under any future common stock distribution reinvestment plan, cash resulting
from a waiver or deferral of fees by the Manager, or other sources to fund distributions to our stockholders. The use of these sources
to pay distributions and the ultimate repayment of any liabilities incurred could adversely impact our ability to pay distributions in
future periods, decrease the amount of cash we have available for operations and new investments and/or potentially impact the value
or result in dilution of your investment by creating future liabilities, reducing the return on your investment or otherwise.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Amounts available for distributions
will be affected by our expenses, including any fees paid and distributions made to the Manager and any of its affiliates. The amounts
available for distributions will also be affected by any distributions made to the holders of OP Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurances
that the current distribution rate or amount per share will be maintained. In the near-term, we expect that we may need to continue to
rely on sources other than cash flows from operations, as determined on a GAAP basis, to pay cash distributions, which if insufficient
could negatively impact our ability to pay cash distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Business Combinations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the MGCL, certain business
combinations between a Maryland corporation and an interested stockholder or the interested stockholder&#8217;s affiliate are prohibited
for five years after the most recent date on which the stockholder becomes an interested stockholder. For this purpose, the term &#8220;business
combinations&#8221; includes mergers, consolidations, share exchanges, or, in circumstances specified in the statute, asset transfers
and issuances or reclassifications of equity securities. An &#8220;interested stockholder&#8221; is defined for this purpose as: (i)&nbsp;any
person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation&#8217;s outstanding voting stock
after the date on which the corporation has 100 or more beneficial owners of its stock; or (ii)&nbsp;an affiliate or associate of the
corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly,
of 10% or more of the voting power of the then outstanding stock of the corporation after the date on which the corporation has 100 or
more beneficial owners of its stock. A person is not an interested stockholder under the MGCL if the board of directors approved in advance
the transaction by which the person otherwise would become an interested stockholder. However, in approving the transaction, the board
of directors may provide that its approval is subject to compliance, at or after the time of the approval, with any terms and conditions
determined by the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After the five-year prohibition,
any such business combination between the corporation and an interested stockholder generally must be recommended by the board of directors
of the corporation and approved by the affirmative vote of at least: (i)&nbsp;80% of the votes entitled to be cast by holders of outstanding
voting stock of the corporation and (ii)&nbsp;two-thirds of the votes entitled to be cast by holders of voting stock of the corporation
other than voting stock held by the interested stockholder or its affiliate with whom the business combination is to be effected, or
held by an affiliate or associate of the interested stockholder, voting together as a single voting group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These super majority vote
requirements do not apply if the corporation&#8217;s common stockholders receive a minimum price, as defined under the MGCL, for their
shares of common stock in the form of cash or other consideration in the same form as previously paid by the interested stockholder for
its shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of these provisions
of the MGCL will apply, however, to business combinations that are approved or exempted by the board of directors of the corporation
prior to the time that the interested stockholder becomes an interested stockholder. Pursuant to the business combination statute, our
board of directors has exempted any business combination involving us and any person, provided that such business combination is first
approved by our board of directors. Consequently, the five-year prohibition and the super majority vote requirements will not apply to
business combinations between us and any person that are first approved by our board of directors. As a result, any such person may be
able to enter into business combinations with us that may not be in the best interest of our stockholders, without compliance with the
super majority vote requirements and other provisions of the statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Should our board of directors
opt into the business combination statute or fail to first approve a business combination, it may discourage others from trying to acquire
control of us and increase the difficulty of consummating any offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Control Share Acquisitions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MGCL provides that a
holder of control shares of a Maryland corporation acquired in a control share acquisition have no voting rights with respect to such
shares except to the extent approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled
to be cast on the matter. Shares of common stock owned by the acquirer, by officers or by employees who are directors of the corporation
are not entitled to vote on the matter. &#8220;Control shares&#8221; are voting shares of stock which, if aggregated with all other shares
of stock owned by the acquirer or with respect to which the acquirer has the right to vote or to direct the voting of, other than solely
by virtue of a revocable proxy, would entitle the acquirer to exercise voting power in electing directors within one of the following
ranges of voting powers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One-tenth or more but less
    than one-third;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One-third or more but less
    than a majority; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A majority or more of all
    voting power.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Control shares do not include
shares of stock the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval or shares
acquired directly from the corporation. Except as otherwise specified in the statute, a &#8220;control share acquisition&#8221; means
the acquisition of issued and outstanding control shares. Once a person who has made or proposes to make a control share acquisition
has undertaken to pay expenses and has satisfied other required conditions, the person may compel our board of directors to call a special
meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares of stock. If no request for a
meeting is made, the corporation may itself present the question at any stockholders meeting. If voting rights are not approved for the
control shares at the meeting or if the acquiring person does not deliver an &#8220;acquiring person statement&#8221; for the control
shares as required by the statute, the corporation may redeem any or all of the control shares for their fair value, except for control
shares for which voting rights have previously been approved. Fair value is to be determined for this purpose without regard to the absence
of voting rights for the control shares, and is to be determined as of the date of any meeting of stockholders at which the voting rights
for control shares are considered and not approved, or, if no such meeting is held, as of the date of the last control share acquisition
by the acquirer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If voting rights for control
shares are approved at a stockholders&#8217; meeting and the acquirer becomes entitled to vote a majority of the shares of stock entitled
to vote, all other stockholders may exercise appraisal rights. The fair value of the shares of stock as determined for purposes of these
appraisal rights may not be less than the highest price per share paid in the control share acquisition. Some of the limitations and
restrictions otherwise applicable to the exercise of dissenters&#8217; rights do not apply in the context of a control share acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The control share acquisition
statute does not apply to shares of stock acquired in a merger, consolidation or statutory share exchange if the corporation is a party
to the transaction or to acquisitions approved or exempted by the charter or bylaws of the corporation. As permitted by the MGCL, we
have provided in our bylaws that the control share provisions of the MGCL will not apply to any acquisition by any person of shares of
our stock, but our board of directors retains the discretion to change this provision in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Subtitle 8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subtitle 8 of Title 3 of
the Maryland General Corporation Law, which we refer to as &#8220;Subtitle 8,&#8221; permits the board of directors of a Maryland corporation
with a class of equity securities registered under the Exchange Act and at least three independent directors to elect to be subject,
by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any contrary provision in its charter
or bylaws, to any or all of five provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A classified board;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A two-thirds vote requirement
    for removing a director;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A requirement that the
    number of directors be fixed only by vote of the directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A requirement that a vacancy
    on the board be filled only by the affirmative vote of a majority of remaining directors and, if the board is classified, for the
    remainder of the full term of the class of directors in which the vacancy occurred; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A majority requirement
    for the calling of a stockholder-requested special meeting of stockholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Subtitle 8, we
have elected that vacancies on our board of directors be filled only by the remaining directors and for the remainder of the full term
of the directorship in which the vacancy occurred. Through provisions in our charter and bylaws unrelated to Subtitle 8, we vest in our
board of directors the exclusive power to fix the number of directorships and require, unless called by the president, the chief executive
officer, the chairman of the board or our board of directors, the request of stockholders entitled to cast at least a majority of the
votes entitled to be cast on any matter that may properly be considered at a meeting of stockholders to call a special meeting to act
on such matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forum for Certain Litigation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our bylaws provide that the
Circuit Court for Baltimore City, Maryland (or, if that Court does not have jurisdiction, the United States District Court for the District
of Maryland, Northern Division), will be the sole and exclusive forum for (i)&nbsp;any derivative action or proceeding brought on our
behalf, (ii)&nbsp;any action asserting a claim of breach of any duty owed by any director or officer or employee of the company to us
or to our stockholders, (iii)&nbsp;any action asserting a claim against the company or any director or officer or other employee thereof
arising pursuant to any provision of the MGCL or our charter or bylaws, or (iv)&nbsp;any action asserting a claim that is governed by
the internal affairs doctrine. This choice of forum provision will not apply to claims arising under the Securities Act or the Exchange
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="xx_005"></A><B>IMPORTANT PROVISIONS OF
MARYLAND LAW AND OUR CHARTER AND BYLAWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary
of some important provisions of Maryland law, our charter and our bylaws in effect as of the date of this prospectus, copies of which
are filed as an exhibit to the registration statement to which this prospectus relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Charter and Bylaws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stockholder rights and related
matters are governed by the MGCL and our charter and bylaws. Provisions of our charter and bylaws, which are summarized below, may make
it more difficult to change the composition of our board of directors and may discourage or make more difficult any attempt by a person
or group to obtain control of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors consists
of five directors. Our charter and bylaws provide that the number of directors constituting our board of directors may be increased or
decreased only by a majority vote of our board of directors, provided that the number of directors may not be decreased to fewer than
the minimum number required under the MGCL (which is one).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the terms of any
class or series of preferred stock then outstanding, any vacancy on our board of directors may be filled only by the vote of a majority
of the remaining directors, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will
serve for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is duly elected and
qualifies or until his or her earlier death, resignation or removal. Any director may resign at any time by delivering his or her resignation
to the board of directors and may be removed only for cause (as defined in our charter), and then only by our stockholders entitled to
cast at least a majority of the votes entitled to be cast generally in the election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each director will serve
a term beginning on the date of his or her election and ending on the next annual meeting of the stockholders and when his or her successor
is duly elected and qualifies. Because holders of common stock will have no right to cumulative voting for the election of directors,
at each annual meeting of stockholders, the holders of the shares of common stock with a majority of the voting power of the common stock
will be able to elect all of the directors. Because stockholders will not have cumulative voting rights, the holders of the outstanding
shares of common stock entitled to cast a majority of all the votes entitled to be cast on the matter will be able to elect our entire
board of directors. Directors will be elected by a majority of the votes cast in an uncontested election and by a plurality of the votes
cast in a contested election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Removal of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any director may be removed
only for cause, and then only by an affirmative vote of our stockholders entitled to cast at least a majority of the votes entitled to
be cast generally in the election of directors. For these purposes, &#8220;cause&#8221; will mean, with respect to any particular director,
conviction of a felony or final judgment of a court of competent jurisdiction holding that such director caused demonstrable material
harm to us through bad faith or active and deliberate dishonesty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Combinations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the MGCL, certain &#8220;business
combinations&#8221; (including a merger, consolidation, share exchange or, in certain circumstances, an asset transfer or issuance or
reclassification of equity securities) between a Maryland corporation and an interested stockholder (defined as any person who beneficially
owns, directly or indirectly, 10% or more of the voting power of the corporation&#8217;s then outstanding voting stock after the date
on which the corporation had 100 or more beneficial owners of its stock or an affiliate or associate of the corporation who, at any time
within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting
power of the then-outstanding stock of the corporation after the date on which the corporation had 100 or more beneficial owners of its
stock) or an affiliate of such an interested stockholder are prohibited for five years after the most recent date on which the interested
stockholder becomes an interested stockholder. A person is not an interested stockholder under the statute if, prior to the more recent
time at which the person would otherwise have become an interested stockholder, the board of directors approved in advance the transaction
by which the person otherwise would have become an interested stockholder. However, in approving a transaction, the board of directors
may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by
the board. After the five-year prohibition, any such business combination must be recommended by the board of directors of such corporation
and approved by the affirmative vote of at least (1)&nbsp;80% of the votes entitled to be cast by holders of outstanding shares of voting
stock of the corporation, voting together as a single voting group, and (2)&nbsp;two-thirds of the votes entitled to be cast by holders
of voting stock of the corporation other than voting stock held by the interested stockholder with whom (or with whose affiliate) the
business combination is to be effected or held by an affiliate or associate of the interested stockholder, voting together as a single
group, unless an exemption under the MGCL applies. These provisions of the MGCL do not apply, however, to business combinations that
are approved or exempted by a board of directors prior to the time that the interested stockholder becomes an interested stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the statute,
our board of directors has exempted any business combination involving us and any person, provided that the business combination is first
approved by our board of directors, in which case, the five-year prohibition and the super-majority vote requirements will not apply
to business combinations between us and any person. However, such resolution can be altered or repealed, in whole or in part, at any
time by our board of directors. As a result, any person may be able to enter into business combinations with us that may not be in the
best interest of our stockholders without compliance by our company with the super-majority vote requirements and the other provisions
of the statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Control Share Acquisitions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MGCL provides that a
holder of &#8220;control shares&#8221; of a Maryland corporation acquired in a &#8220;control share acquisition&#8221; has no voting
rights with respect to such shares except to the extent approved at a special meeting by the affirmative vote of stockholders entitled
to cast two-thirds of the votes entitled to be cast on the matter, excluding shares of stock in a corporation in respect of which any
of the following persons is entitled to exercise or direct the exercise of the voting power of shares of stock of the corporation in
the election of directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a person who makes or proposes to make a control share
    acquisition;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an officer of the corporation; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an employee of the corporation who is also a director
    of the corporation.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;Control shares&#8221;
are voting shares of stock which, if aggregated with all other such shares of stock previously acquired by the acquiror or in respect
of which the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would
entitle the acquiror directly or indirectly to exercise or direct the exercise of the voting power in electing directors within one of
the following ranges of voting power:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">one-tenth or more, but less than one-third;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">one-third or more, but less than a majority; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a majority or more of all voting power.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Control shares do not include
shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval or shares acquired
directly from the corporation. A &#8220;control share acquisition&#8221; means the acquisition, directly or indirectly, by a person,
of ownership of, or the power to direct the exercise of voting power with respect to, issued and outstanding control shares, subject
to certain exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A person who has made or
proposes to make a control share acquisition, upon satisfaction of certain conditions (including an undertaking to pay expenses), may
compel our board of directors to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights
of the shares. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If voting rights are not
approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then, subject
to certain conditions and limitations, the corporation may redeem any or all of the control shares (except those for which voting rights
have previously been approved) for fair value determined without regard to the absence of voting rights for the control shares, as of
the date of any meeting of stockholders at which the voting rights of such shares are considered and not approved, or, if no such meeting
is held, as of the date of the last control share acquisition by the acquiror. If voting rights for control shares are approved at a
stockholders meeting and the acquiror becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may
exercise appraisal rights. The fair value of the shares as determined for purposes of such appraisal rights may not be less than the
highest price per share paid by the acquiror in the control share acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The control share acquisition
statute does not apply to (1)&nbsp;shares acquired in a merger, consolidation or share exchange if the corporation is a party to the
transaction, or (2)&nbsp;acquisitions approved or exempted by the charter or bylaws of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our bylaws contain a provision
exempting from the control share acquisition statute any and all acquisitions by any person of our stock. We cannot assure you that such
provision will not be amended or eliminated at any time in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Subtitle 8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subtitle 8 of Title 3 of
the MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent
directors to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding
any contrary provision in the charter or bylaws, to any or all of the following five provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a classified board;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a two-thirds vote requirement for removing a director;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a requirement that the number of directors be fixed
    only by vote of the directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a requirement that a vacancy
    on the board be filled only by the affirmative vote of a majority of remaining directors and for the remainder of the full term of
    the directorship in which the vacancy occurred; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a majority requirement for the calling of a stockholder-requested
    special meeting of stockholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have elected to be subject
to the provisions of Subtitle 8 that require that vacancies on our board of directors may be filled only by the remaining directors and
that any director elected by the board of directors shall serve for the remainder of the full term of the directorship in which the vacancy
occurred. Through provisions in our charter and bylaws unrelated to Subtitle 8, we have vested in our board of directors the exclusive
power to fix the number of directorships and require, unless called by the president, the chief executive officer, the chairman of the
board or our board of directors, the request of stockholders entitled to cast at least a majority of the votes entitled to be cast on
any matter that may properly be considered at a meeting of stockholders to call a special meeting to act on such matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stockholders</B>&#8217; <B>Meetings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An annual meeting of our
stockholders will be held each year on the date and at the time and place, if any, set by our board of directors for the purpose of electing
directors and for the transaction of such other business as may properly come before the meeting. A special meeting of our stockholders
may be called in the manner to be provided in the bylaws, including by the president, the chief executive officer, the chairman of the
board, or our board of directors, and, subject to certain procedural requirements to be set forth in our bylaws, must be called by the
secretary to act on any matter that may properly be considered at a meeting of stockholders upon written request of stockholders entitled
to cast at least a majority of all the votes entitled to be cast on such matter at such meeting. Subject to the restrictions on ownership
and transfer of stock contained in our charter and the terms of any class or series of any series of preferred stock then outstanding
and except as may otherwise be specified in our charter, at any meeting of the stockholders, each outstanding share of common stock will
entitle the owner of record thereof on the applicable record date to cast one vote on all matters voted on by common stockholders, including
the election of directors and each outstanding share of Class&nbsp;C common stock will entitle the owner of record thereof on the applicable
record date to cast up to fifty votes per share on each matter on which holders of common stock are entitled to vote. In general, the
presence in person or by proxy of a majority of our outstanding shares of common stock entitled to vote will constitute a quorum, and
any matter approved by our stockholders by the vote required under the MGCL, our charter or our bylaws, as applicable, will be binding
on all of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Amendments to Our Charter and Bylaws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except for those amendments
permitted to be made without stockholder approval under Maryland law or our charter, our charter generally may be amended only if the
amendment is declared advisable by our board of directors and approved by the affirmative vote of stockholders entitled to cast a majority
of all of the votes entitled to be cast on the matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors has the exclusive power
to adopt, alter or repeal any provision of our bylaws and to make new bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exclusive Forum</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our bylaws provide that,
unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that court
does not have jurisdiction, the U.S. District Court for the District of Maryland, Northern Division, will be the sole and exclusive forum
for (a)&nbsp;any derivative action or proceeding brought on our behalf, (b)&nbsp;any action asserting a claim of breach of any duty owed
by any of our directors, officers or other employees to us or to our stockholders, (c)&nbsp;any action asserting a claim against us or
any of our directors, officers or other employees arising pursuant to any provision of the MGCL or our charter or bylaws, or (d)&nbsp;any
action asserting a claim against us or any of our directors, officers or other employees that is governed by the internal affairs doctrine.
Section&nbsp;27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any liability or duty created
by the Exchange Act or the rules&nbsp;and regulations thereunder. As a result, the foregoing exclusive forum provision will not apply
to suits brought to enforce any liability or duty created by the Exchange Act, and the company does not intend for the exclusive forum
provision to apply to such Exchange Act claims. The foregoing exclusive forum provision could apply, however, to a suit that asserts
claims under the Securities Act, inasmuch as Section&nbsp;22 of the Securities Act creates concurrent jurisdiction for federal and state
courts over all suits brought to enforce any liability or duty created by the Securities Act. That said, there is uncertainty as to whether
a court would enforce such an exclusive forum provision with respect to such claims under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transactions Outside the Ordinary Course of Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the MGCL, a Maryland
corporation generally is not entitled to dissolve, amend its charter, merge or consolidate with, or convert into another entity, sell
all or substantially all of its assets or engage in a statutory share exchange unless the action is declared advisable by the board of
directors and approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast
on the matter, unless a greater or lesser&nbsp;percentage (but not less than a majority of all of the votes entitled to be cast on the
matter) is specified in the corporation&#8217;s charter. Our charter provides for a majority vote in these situations. Our Operating
Partnership has a perpetual existence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Advance Notice of Director Nominations and New Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our bylaws provide that with
respect to an annual meeting of stockholders, nominations of individuals for election to the board of directors and the proposal of business
to be considered by stockholders may be made only (1)&nbsp;pursuant to our notice of the meeting, (2)&nbsp;by or at the direction of
the board of directors, or (3)&nbsp;by any stockholder who is a stockholder of record at the record date for the meeting set by the board
of directors for the purpose of determining stockholders entitled to vote at the annual meeting, at the time of giving the advance notice
required by our bylaws and at the time of the meeting (and any adjournment or postponement thereof), who is entitled to vote at the meeting
in the election of each individual so nominated or on such other business and who has complied with the advance notice procedures of
the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to special meetings
of stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of individuals
for election to the board of directors at a special meeting may be made only (1)&nbsp;by or at the direction of the board of directors,
or (2)&nbsp;provided that the special meeting has been called in accordance with our bylaws for the purpose of electing directors, by
any stockholder who is a stockholder of record at the record date for the meeting set by the board of directors for the purpose of determining
stockholders entitled to vote at the special meeting, at the time of giving the advance notice required by our bylaws and at the time
of the meeting (and any adjournment or postponement thereof), who is entitled to vote at the meeting in the election of each individual
so nominated and who has complied with the advance notice provisions of the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The advance notice procedures
of our bylaws provide that, to be timely, a stockholder&#8217;s notice with respect to director nominations or other proposals for an
annual meeting must be delivered to our corporate secretary at our principal executive office not earlier than the 150th day nor later
than 5:00&nbsp;p.m., Eastern Time, on the 120th&nbsp;day prior to the first anniversary of the date of the proxy statement for our preceding
year&#8217;s annual meeting. In the event that the date of the annual meeting is advanced or delayed by more than 30&nbsp;days from the
first anniversary of the date of the preceding year&#8217;s annual meeting, to be timely, a stockholder&#8217;s notice must be delivered
not earlier than the 150th day prior to the date of the annual meeting and not later than 5:00&nbsp;p.m., Eastern Time, on the later
of the 120th day prior to the date of the annual meeting or the tenth day following the day on which public announcement of the date
of such meeting is first made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REIT Qualification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our charter provides that
our board of directors may revoke or otherwise terminate our REIT election, without approval of our stockholders, if it determines that
it is no longer in our best interests to continue to qualify as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Effects of Certain Provisions of Maryland Law and of Our Charter
and Bylaws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our charter and bylaws contain
certain provisions that could make it more difficult to acquire control of the company by means of a tender offer, a proxy contest or
otherwise. These provisions are expected to discourage certain types of coercive takeover practices and inadequate takeover bids and
to encourage persons seeking to acquire control of the company to negotiate first with our board of directors. We believe that these
provisions increase the likelihood that proposals initially will be on more attractive terms than would be the case in their absence
and facilitate negotiations that may result in improvement of the terms of an initial offer that might involve a premium price for our
capital stock or otherwise be in the best interest of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indemnification and Limitation of Directors</B>&#8217; <B>and Officers</B>&#8217;
<B>Liability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MGCL permits us to include
in our charter a provision eliminating the liability of our directors and officers to us and our stockholders for money damages, except
for liability resulting from (1)&nbsp;actual receipt of an improper benefit or profit in money, property or services, or (2)&nbsp;active
and deliberate dishonesty established by a final judgment and which is material to the cause of action. Our charter contains such a provision
eliminating such liability to the maximum extent permitted by Maryland law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MGCL requires a corporation
(unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the
merits or otherwise, in the defense of any proceeding to which he or she is made or threatened to be made a party by reason of his or
her service in that capacity and permits a corporation to indemnify its present and former directors and officers, among others, against
judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to or in
which they may be made or threatened to be made a party or witness by reason of their service in those or other capacities unless it
is established that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the act or omission of
    the director or officer was material to the matter giving rise to the proceeding and (1)&nbsp;was committed in bad faith or (2)&nbsp;was
    the result of active and deliberate dishonesty;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the director or officer
    actually received an improper personal benefit in money, property or services; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the case of any criminal
    proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, the SEC takes the
position that indemnification against liabilities arising under the&nbsp;Securities Act&nbsp;is against public policy and unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into indemnification
agreements with our current directors and executive officers that provide for indemnification to the maximum extent permitted by Maryland
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sabari_001"></A><B>THE OPERATING PARTNERSHIP
AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>A summary of the material
terms and provisions of the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, which we refer
to as the &#8220;partnership agreement,&#8221; is set forth below. The following summary does not purport to be complete and is subject
to and qualified in its entirety by reference to Maryland law and the partnership agreement. For more detail, please refer to the partnership
agreement itself, a copy of which will be filed as an exhibit to the registration statement on Form&nbsp;S-11 of which this prospectus
is a part. For purposes of this section, references to &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us,&#8221; &#8220;our company&#8221;
and the &#8220;general partner&#8221; refer to Bluerock Homes Trust,&nbsp;Inc., in our capacity as the general partner of our Operating
Partnership. See the section entitled &#8220;Additional Information.&#8221;</I></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Operating Partnership
was formed as a Delaware limited partnership on August&nbsp;8, 2008. Substantially all of our assets are held by, and substantially all
of our operations are conducted through, our Operating Partnership. We, as general partner, and the limited partners entered into that
certain Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership (the &#8220;partnership agreement&#8221;).
Pursuant to the partnership agreement, we are the sole general partner of the Operating Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As the sole general partner
of our Operating Partnership, we have full, exclusive and complete responsibility and discretion in the management and control of our
Operating Partnership, including the ability to cause our Operating Partnership to enter into certain major transactions, including acquisitions,
dispositions, and refinancings, select tenants for our properties, enter into leases for our properties, make distributions to partners,
and cause changes in our Operating Partnership&#8217;s business activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">As
of </FONT>December 31<FONT STYLE="background-color: white">, 2025, </FONT>limited partners other than us owned approximately 69.36% of
our Operating Partnership. The limited partners of our Operating Partnership have no authority in their capacity as limited partners
to transact business for, or participate in the management activities or decisions of, our Operating Partnership except as required by
applicable law. Consequently, we, by virtue of our position as the sole general partner, control the assets and business of our Operating
Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the partnership agreement,
the limited partners of our Operating Partnership expressly acknowledge that we, as general partner, are acting for the benefit of our
Operating Partnership, the limited partners and our stockholders, collectively. Except as further described below, neither we nor our
board of directors are under any obligation to give priority to the separate interests of the limited partners in deciding whether to
cause our Operating Partnership to take or decline to take any actions. In particular, we are under no obligation to consider any tax
consequences to limited partners when making decisions for the benefit of our Operating Partnership. If there is a conflict between the
interests of our stockholders, on the one hand, and the interests of the limited partners, on the other, we endeavor in good faith to
resolve the conflict in a manner not adverse to either our stockholders or the limited partners; provided, however, that for so long
as we own a controlling interest in our Operating Partnership, we agree to resolve any conflict that cannot be resolved in a manner not
adverse to either our stockholders or the limited partners in favor of our stockholders. We are not liable under the partnership agreement
to our Operating Partnership or to any limited partner for monetary damages for losses sustained, liabilities incurred, or benefits not
derived by limited partners in connection with such decisions so long as we have acted in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Organization and Capital Contributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are considered an umbrella
partnership real estate investment trust (an &#8220;UPREIT&#8221;). An UPREIT is a structure that allows REITs the ability to acquire
real property from sellers on a tax-deferred basis (to the sellers), as sellers can generally defer taxable gain that otherwise would
be required to be recognized by them upon the disposition of their property when such property is exchanged for interests in an operating
partnership. Such sellers may also desire to achieve diversity in their investment and other benefits afforded to stockholders in a REIT.
We believe that our Operating Partnership has been, and will continue to be, treated as a partnership for U.S. federal income tax purposes.
As a result, our proportionate share of the assets and income of our Operating Partnership are be deemed to be our own assets and income
for purposes of satisfying the asset and gross income tests for qualification as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are obligated to contribute
the net proceeds of any future offering of shares as additional capital to our Operating Partnership and will be deemed to have made
additional capital contributions in the amount of the gross offering proceeds we receive. If we contribute additional capital to our
Operating Partnership, we will receive additional OP Units and our percentage interest will be increased on a proportionate basis based
upon the amount of such additional capital contributions and the value of our Operating Partnership at the time of such contributions.
Conversely, the percentage interests of the limited partners will be decreased on a proportionate basis in the event of additional capital
contributions by us. The partnership agreement provides that if our Operating Partnership requires additional funds at any time in excess
of funds available to our Operating Partnership from cash flow, borrowings by our Operating Partnership or capital contributions, we
may borrow such funds from a financial institution or other lenders and lend such funds to our Operating Partnership on the same terms
and conditions as are applicable to our borrowing of such funds. In addition, if we contribute additional capital to our Operating Partnership,
we will revalue the property of our Operating Partnership to its fair market value (as determined by us) and the capital accounts of
the partners will be adjusted to reflect the manner in which the unrealized gain or loss inherent in such property (that has not been
reflected in the capital accounts previously) would be allocated among the partners under the terms of the partnership agreement, if
there were a taxable disposition of such property for its fair market value (as determined by us) on the date of the revaluation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Classes of Partnership Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to our discretion
as general partner to create additional classes of limited partnership interests, our Operating Partnership has two classes of limited
partnership interests. These classes will be the OP Units and the LTIP Units. See &#8220;&#8212;LTIP Units&#8221; below. Certain OP Units
will be designated as &#8220;C-OP Units&#8221; and certain LTIP Units will be designated as &#8220;C-LTIP Units.&#8221; In calculating
the percentage interests of our Operating Partnership&#8217;s limited partners, holders of LTIP Units will be treated as holders of OP
Units and LTIP Units will be treated as OP Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that our Operating
Partnership will issue OP Units to limited partners, including us, in exchange for capital contributions of cash or property, including
in connection with the contribution of the net proceeds of this offering and any future offering of our shares, as described above, and
that our Operating Partnership will issue LTIP Units, pursuant to the BHM Incentive Plans, to persons (including our Manager, directors
and employees) or entities who provide services to us. In addition, our Operating Partnership will issue C-LTIP Units to our Manager
pursuant to the Management Agreement. Each quarterly installment of the base management fee under the Management Agreement will be payable
in cash, except as may otherwise be specified by written agreement of the company and the Manager with respect to payment of all or any
portion thereof in C-LTIP Units. One half of each quarterly installment of the incentive fee under the Management Agreement will be payable
in C-LTIP Units, and the remainder of the incentive fee will be payable in cash or in C-LTIP Units, at the election of our board of directors.
Additional C-LTIP Units will also be issuable to our executive officers or other service providers at the discretion of our board of
directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As general partner, we may
cause our Operating Partnership to issue additional OP Units or LTIP Units for any consideration, or we may cause the creation of a new
class of limited partnership interests, at our sole and absolute discretion. As general partner, we may elect to issue LTIP Units subject
to vesting agreements, which may provide that a recipient&#8217;s rights in such LTIP Units vest over time, vest based upon our company&#8217;s
performance or vest based upon any other conditions that we determine. The only difference between vested and unvested LTIP Units is
that unvested LTIP Units may not be converted into OP Units. Taking these differences into account, when we refer to &#8220;Partnership
Units,&#8221; we are referring to OP Units and vested and unvested LTIP Units collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Amendments to the Partnership Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Amendments to the partnership
agreement may be proposed by us, as general partner, or by limited partners holding 66 2/3% or more of all of the outstanding OP Units
and LTIP Units held by limited partners other than us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, the partnership
agreement will not be able to be amended, modified, or terminated without our approval and the written consent of limited partners holding
more than 66&nbsp;2/3% of all of the outstanding Partnership Units held by limited partners other than us if such actions would adversely
affect the rights, privileges and protections afforded to the limited partners under the partnership agreement. As general partner, we
will have the power to unilaterally make certain amendments to the partnership agreement without obtaining the consent of the limited
partners, as may be necessary to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">add to our obligations
    as general partner or surrender any right or power granted to us as general partner for the benefit of the limited partners;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reflect the issuance of
    additional Partnership Units or the admission, substitution, termination or withdrawal of partners in accordance with the terms of
    the partnership agreement;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">set forth or amend the
    designations, rights, powers, duties, and preferences of the holders of any additional Partnership Units issued by our Operating
    Partnership;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reflect a change of an
    inconsequential nature that does not adversely affect the limited partners in any material respect, or cure any ambiguity, correct
    or supplement any provisions of the partnership agreement not inconsistent with law or with other provisions of the partnership agreement,
    or make other changes concerning matters under the partnership agreement that will not otherwise be inconsistent with the partnership
    agreement or law;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reflect changes that are
    reasonably necessary for us to maintain our qualification as a REIT;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">modify the manner in which capital accounts are computed;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">include provisions referenced
    in future U.S. federal income tax guidance relating to compensatory partnership interests that we determine are reasonably necessary
    in respect of such guidance; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">satisfy any requirements, conditions or guidelines
    of federal or state law.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Amendments that would, among
other things, convert a limited partner&#8217;s interest into a general partner&#8217;s interest, modify the limited liability of a limited
partner, adversely alter a partner&#8217;s right to receive any distributions or allocations of profits or losses or adversely alter
or modify the redemption rights, or alter the protections of the limited partners in connection with the transactions described in &#8220;&#8212;Restrictions
on Mergers, Sales, Transfers and Other Significant Transactions&#8221; must be approved by each limited partner that would be adversely
affected by such amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we, as general
partner, will not be permitted to do any of the following except as expressly authorized in the partnership agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">without the written consent
    of limited partners holding more than 66 2/3% of all of the outstanding Partnership Units held by limited partners other than us,
    take any action in contravention of an express prohibition or limitation contained in the partnership agreement;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter into or conduct any
    business other than in connection with our role as general partner of our Operating Partnership and our operation as a REIT;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">acquire an interest in real or personal property other
    than through our Operating Partnership; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">except as described in
    &#8220;&#8212;Restrictions on Mergers, Sales, Transfers and Other Significant Transactions,&#8221; withdraw from our Operating Partnership
    or transfer any portion of our general partnership interest.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restrictions on Mergers, Sales, Transfers and Other Significant
Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not be able to voluntarily
withdraw from our Operating Partnership or transfer or assign our general partnership interest in our Operating Partnership or engage
in any merger, consolidation or other combination, or sale of all, or substantially all, of our assets in a transaction which results
in a change of control of the company (as general partner) unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we receive the consent of limited partners holding
    more than 50% of the Partnership Units held by the limited partners (other than those held by us or our subsidiaries);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as a result of such a transaction,
    all limited partners (other than us or our subsidiaries) holding Partnership Units will receive for each Partnership Unit an amount
    of cash, securities or other property equal in value to the amount of cash, securities or other property they would have received
    if their Partnership Units had been converted into shares of our common stock immediately prior to such transaction, provided that,
    if, in connection with the transaction, a purchase, tender or exchange offer shall have been made to, and accepted by, the holders
    of more than 50% of the outstanding shares of our common stock, each holder of OP Units (other than us or our subsidiaries) shall
    be given the option to exchange such OP Units for the greatest amount of cash, securities or other property that a limited partner
    would have received had it (A)&nbsp;exercised its redemption right (described below) and (B)&nbsp;sold, tendered or exchanged pursuant
    to the offer shares of our common stock received upon exercise of the redemption right immediately prior to the expiration of the
    offer; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we are the surviving entity
    in the transaction and either (A)&nbsp;our stockholders do not receive cash, securities or other property in the transaction or (B)&nbsp;all
    limited partners (other than us or our subsidiaries) receive for each Partnership Unit an amount of cash, securities or other property
    having a value that is no less than the greatest amount of cash, securities or other property received in the transaction by our
    stockholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will be able to merge
or consolidate with another entity, if immediately after such merger or consolidation, (i)&nbsp;substantially all of the assets of the
successor or surviving entity, other than OP Units held by us, are contributed, directly or indirectly, to our Operating Partnership
as a capital contribution in exchange for OP Units with a fair market value equal to the value of the assets so contributed as determined
by the survivor in good faith and (ii)&nbsp;the survivor in such merger or consolidation expressly agrees to assume all of our obligations
under our partnership agreement and such partnership agreement is amended after any such merger or consolidation so as to arrive at a
new method of calculating the amounts payable upon exercise of conversion or redemption rights that approximates the existing method
for such calculation as closely as reasonably possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also will be able to (i)&nbsp;transfer
all or any portion of our general partnership interest to (A)&nbsp;a wholly owned subsidiary or (B)&nbsp;a parent company, and following
such transfer may withdraw as the general partner and (ii)&nbsp;engage in a transaction required by law or by the rules&nbsp;of any national
securities exchange on which shares of our common stock are listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Limited partners may not
transfer their Partnership Units without our consent, as our Operating Partnership&#8217;s general partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Issuance of Additional Limited Partnership Interests</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As the sole general partner
of our Operating Partnership, we will be authorized, without the consent of the limited partners, to cause our Operating Partnership
to issue additional limited partnership interests to us, to other limited partners or to other persons for such consideration and on
such terms and conditions as we deem appropriate. If additional limited partnership interests are issued to us, then, unless the additional
limited partnership interests are issued in connection with a contribution of property to our Operating Partnership, we will be required
to (1)&nbsp;issue additional shares of our common stock and contribute to our Operating Partnership the entire proceeds received by us
from such issuance or (2)&nbsp;issue additional limited partnership interests to all limited partners in proportion to their respective
interests in our Operating Partnership. In addition, we will be able to cause our Operating Partnership to issue to us additional limited
partnership interests in different series or classes, which may be senior to the existing Partnership Units, in connection with an offering
of our securities having substantially similar rights, in which the proceeds thereof are contributed to our Operating Partnership. Consideration
for additional limited partnership interests may be cash or other property or assets. No person, including any partner or assignee, will
have any preemptive, preferential or similar rights with respect to additional capital contributions to our Operating Partnership or
the issuance or sale of any partnership interests therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Operating Partnership
may issue limited partnership interests that are OP Units, limited partnership interests that are preferred as to distributions and upon
liquidation to our OP Units, LTIP Units, and other types of units with such rights and obligations as may be established by us, as the
sole general partner of our Operating Partnership, from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the partnership
agreement, any holders of OP Units, other than us or our subsidiaries, will receive redemption rights, which will enable them to cause
our Operating Partnership to redeem their OP Units in exchange for cash or, at our option, shares of our common stock. The cash redemption
amount per share of common stock will be based on the market price of our common stock at the time of redemption, multiplied by the conversion
ratio set forth in our partnership agreement. Alternatively, we may elect to purchase the OP Units by issuing shares of our common stock
for OP Units, based on the conversion ratio set forth in our partnership agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The conversion ratio will
initially be one to one (1:1), but will be adjusted based on certain events including: (i)&nbsp;any distribution in shares of our common
stock to holders of our outstanding common stock, (ii)&nbsp;any subdivision of our outstanding common stock, or (iii)&nbsp;any reverse
split of the outstanding shares of our common stock into a smaller number of shares. Notwithstanding the foregoing, a limited partner
will not be entitled to exercise its redemption rights if the delivery of shares of our common stock to the redeeming limited partner
would:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">result in any person owning,
    directly or indirectly, shares of our common stock in excess of the stock ownership limits in our charter;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">result in our common stock
    being beneficially owned by fewer than 100 persons (determined without reference to any rules&nbsp;of attribution);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">result in our being &#8220;closely
    held&#8221; within the meaning of Section&nbsp;856(h)&nbsp;of the Code;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cause us to own, actually
    or constructively, 10% or more of the ownership interests in a tenant (other than a TRS) of ours, our Operating Partnership&#8217;s
    or a subsidiary partnership&#8217;s real property, within the meaning of Section&nbsp;856(d)(2)(B)&nbsp;of the Code;</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cause us to fail to qualify as a REIT under the Code;
    or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cause the acquisition of
    our common stock by such redeeming limited partner to be &#8220;integrated&#8221; with any other distribution of common stock for
    purposes of complying with the registration provisions of the Securities Act.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may, in our sole and absolute discretion, waive
certain of these restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the foregoing,
limited partners of our Operating Partnership holding OP Units will be able to exercise their redemption rights (x)&nbsp;at any time,
with respect to OP Units held by such limited partners at the time of the Separation and Distribution, and (y)&nbsp;after one year following
the date of issuance of their OP Units, with respect to OP Units acquired by limited partners after the Separation and Distribution.
However, a limited partner will not be permitted to deliver more than two notices of redemption during each calendar year (subject to
the terms of any agreement between us, as general partner, and a limited partner) and will not be permitted to exercise its redemption
right for less than 1,000 OP Units (unless such limited partner holds less than 1,000 OP Units, in which case, it must exercise its redemption
right for all of its OP Units). In the event a limited partner of our Operating Partnership exercises its redemption rights, and we elect
to redeem the OP Units by the issuance of shares of our common stock, we expect to issue unregistered shares, or shares that will be
registered after completion of our first underwritten public offering, if any, in connection with any such redemption transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exculpation and Indemnification of the General Partner</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The partnership agreement
provides for the indemnification of us as the general partner, and of our officers, directors and employees and any other persons we
may designate from and against any and all claims that relate to the operations of our Operating Partnership as set forth in the partnership
agreement in which any such indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the act or omission of
    the indemnitee was material to the matter giving rise to the proceeding and either was committed in bad faith or was the result of
    active and deliberate dishonesty;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the indemnitee actually
    received an improper personal benefit in money, property or services; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the case of any criminal
    proceeding, the indemnitee had reasonable cause to believe that the act or omission was unlawful.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Similarly, the partnership
agreement provides that we are not liable to our Operating Partnership or any partner for monetary damages for losses sustained or liabilities
incurred as a result of errors in judgment or mistakes of fact or law or of any act or omission if any such party acted in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the partnership
agreement provides that any such indemnification of any such indemnitee shall be made only out of the assets of our Operating Partnership.
Our Operating Partnership must also pay or reimburse the reasonable expenses of any such indemnitee in advance of a final disposition
of the proceeding upon its receipt of a written affirmation by the indemnitee of the indemnitee&#8217;s good faith belief that the standard
of conduct necessary for indemnification has been met and a written undertaking by or on behalf of the indemnitee to repay any amounts
paid or advanced if it is ultimately determined that the indemnitee did not meet the standard of conduct for indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the partnership
agreement, the limited partners of our Operating Partnership expressly acknowledge that as the general partner of our Operating Partnership,
we are acting for the benefit of our Operating Partnership, the limited partners and our stockholders collectively, and that in such
capacity we are under no obligation to consider the separate interests of the limited partners (including, without limitation, the tax
consequences to some or all of the limited partners) in deciding whether to cause our Operating Partnership to take, or decline to take,
any actions. The partnership agreement provides that in the event of a conflict between the interests of our stockholders on the one
hand, and the limited partners of our Operating Partnership on the other hand, we as the general partner will endeavor in good faith
to resolve the conflict in a manner not adverse to either our stockholders or the limited partners; provided, however, that so long as
we own a controlling interest in our Operating Partnership, any such conflict that we, in our capacity as the general partner, in our
sole and absolute discretion, determine cannot be resolved in a manner not adverse to either our stockholders or the limited partners
of our Operating Partnership will be resolved in favor of our stockholders, and that we will not be liable for monetary damages for losses
sustained, liabilities incurred or benefits not derived by the limited partners in connection with such decisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No Removal of the General Partner</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may not be removed as general partner by the
limited partners with or without cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the terms of
our partnership agreement, one year after the Distribution and subject to certain further conditions as set forth in the partnership
agreement, we will be obligated to file a registration statement covering the issuance or resale of shares of common stock received by
limited partners who held their Partnership Units as of the date of the partnership agreement (including their transferees and assigns)
upon such limited partners&#8217; redemption of their OP Units, under which we will agree:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to use our commercially
    reasonable efforts to have the registration statement declared effective;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to register or qualify
    such shares under the securities or blue sky laws of such jurisdictions within the United States as required by law;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to list our shares of common
    stock issued pursuant to the exercise of redemption rights on any securities exchange or national market system upon which our shares
    of common stock are then listed; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to indemnify limited partners
    exercising redemption rights against all losses caused by any untrue statement of a material fact contained in the registration statement,
    preliminary prospectus or prospectus or caused by any omission to state a material fact required to be stated or necessary to make
    the statements therein not misleading, except insofar as such losses are caused by any untrue statement or omission based upon information
    furnished to us by such limited partners.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a condition to our obligations with respect
to such registration, each limited partner will agree:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that it will not offer
    or sell shares of common stock that are issued upon redemption of its OP Units until such shares have been included in an effective
    registration statement;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that, if we determine in
    good faith that registration of shares for resale would require the disclosure of important information that we have a business purpose
    for preserving as confidential, the registration rights of each limited partner will be suspended until we notify such limited partners
    that suspension of their registration rights is no longer necessary (so long as we do not suspend their rights for more than 180
    days in any 12-month period); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that if we propose an underwritten
    public offering, it will agree not to effect any offer, sale or distribution of our shares of common stock during the period commencing
    on the tenth day prior to the expected effective date of a registration statement filed with respect to the public offering or commencement
    date of a proposed offering and ending on the date specified by the managing underwriter for such offering; and to indemnify us and
    each of our officers, directors and controlling persons against all losses caused by any untrue statement or omission contained in
    (or omitted from) any registration statement based upon information furnished to us by such limited partner.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to certain exceptions,
our Operating Partnership will pay all expenses in connection with the exercise of registration rights under our partnership agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>LTIP Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, LTIP Units will
receive the same per-unit distributions as the OP Units. When issued, each LTIP Unit will have a capital account balance of zero and,
therefore, will not have full parity with OP Units with respect to liquidating distributions. However, our partnership agreement provides
that our Operating Partnership&#8217;s assets will be revalued upon the occurrence of certain events and any resulting increase in valuation
will be allocated first to the LTIP Unitholders to equalize the capital accounts of such holders with the capital account of the general
partner&#8217;s OP Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon equalization of the
capital accounts of the LTIP Unitholders with the average per-unit capital account of the general partner&#8217;s OP Units, the LTIP
Units will achieve full parity with OP Units for all purposes, including with respect to liquidating distributions. If such parity is
reached, vested LTIP Units may be converted into an equal number of OP Units at any time, and thereafter enjoy all the rights of OP Units.
If a sale or revaluation of assets occurs at a time when our Operating Partnership&#8217;s assets have appreciated sufficiently since
the last revaluation, the LTIP Units would achieve full parity with the OP Units upon such sale or revaluation. In the absence of sufficient
appreciation in the value of our Operating Partnership&#8217;s assets at the time of a sale or revaluation, full parity would not be
reached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consequently, an LTIP Unit
may never become convertible because the value of our Operating Partnership&#8217;s assets may not appreciate sufficiently between revaluations
to equalize capital accounts. Until and unless parity is reached, the value for a given number of vested LTIP Units will be less than
the value of an equal number of shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our partnership agreement
will require that our Operating Partnership be operated in a manner that will (1)&nbsp;enable us to satisfy the requirements for qualification
as a REIT for tax purposes and avoid any U.S. federal income or excise tax liability imposed by the Code (other than any U.S. federal
income tax liability associated with our retained capital gains), and (2)&nbsp;ensure that our Operating Partnership will not be classified
as a &#8220;publicly traded partnership&#8221; for purposes of Section&nbsp;7704 of the Code, which classification could result in our
Operating Partnership being taxed as a corporation, rather than as a partnership, for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rights, Obligations and Powers of the General Partner</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As our Operating Partnership&#8217;s
general partner, generally we will have complete and exclusive discretion to manage and control our Operating Partnership&#8217;s business
and to make all decisions affecting its assets. This authority generally will include, among other things, the authority to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">acquire, purchase, own, operate, lease and dispose
    of any real property and any other property;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">construct buildings and make other improvements on
    owned or leased properties;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">authorize, issue, sell, redeem or otherwise purchase
    any OP Units or any securities of the Operating Partnership;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">borrow or lend money;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make or revoke any tax election;</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintain insurance coverage in amounts and types as
    we determine is necessary;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">retain employees or other service providers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">form or acquire interests in joint ventures; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">merge, consolidate or combine our Operating Partnership
    with another entity.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the administrative
and operating costs and expenses incurred by our Operating Partnership, our Operating Partnership generally will pay all of our administrative
costs and expenses, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all expenses relating to our continuity of existence
    and our subsidiaries&#8217; operations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all expenses relating to offerings and registration
    of securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all expenses associated
    with the preparation and filing of any of our periodic or other reports and communications under U.S. federal, state or local laws
    or regulations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all expenses associated
    with our compliance with laws, rules&nbsp;and regulations promulgated by any regulatory body; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all of our other operating
    or administrative costs incurred in the ordinary course of business on behalf of our Operating Partnership.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These expenses, however,
do not include any of our administrative and operating costs and expenses incurred that are attributable to properties or interests in
subsidiaries that are owned by us directly rather than by our Operating Partnership or its subsidiaries, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fiduciary Responsibilities of the General Partner</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our directors and officers
will have duties under applicable Maryland law to manage us in a manner consistent with the best interests of our stockholders. At the
same time, we, as the general partner of our Operating Partnership, will have fiduciary duties to manage our Operating Partnership in
a manner beneficial to our Operating Partnership and its partners. Our duties, as general partner to our Operating Partnership and its
limited partners, therefore, may come into conflict with the duties of our directors and officers to our stockholders. In the event that
a conflict of interest exists between the interests of our stockholders, on the one hand, and our Operating Partnership&#8217;s limited
partners, on the other, we will endeavor in good faith to resolve the conflict in a manner not adverse to either our stockholders or
such limited partners. However, any such conflict that we determine cannot be resolved in a manner not adverse to either our stockholders
or such limited partners shall be resolved in favor of our stockholders. The limited partners of our Operating Partnership will acknowledge
expressly that in the event of such a determination by us, as the general partner of our Operating Partnership, we will not be liable
to such limited partners for losses sustained or benefits not realized in connection with, or as a result of, such a determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Distributions; Allocations of Profits and Losses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our partnership agreement
provides that our Operating Partnership will distribute cash from operations at times and in amounts determined by us, as the sole general
partner of our Operating Partnership, in our sole discretion, to the partners, in accordance with their respective percentage interests
in our Operating Partnership. We will cause our Operating Partnership to distribute annually to us amounts sufficient to allow us to
satisfy the annual distribution requirements necessary for us to maintain our qualification as a REIT, currently 90%, of our REIT taxable
income (determined without regard to the deduction for dividends paid and excluding net capital gains). We generally intend to cause
our Operating Partnership to distribute annually to us an amount equal to at least 100% of our taxable income, which we will then distribute
to our stockholders. To the extent that we distribute at least 90% our REIT taxable income (determined without regard to the deduction
for dividends paid and excluding net capital gains), but less than 100% of our taxable income, we will be subject to U.S. federal income
tax on such undistributed amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon liquidation of our Operating
Partnership, after payment of, or adequate provision for, debts and obligations of our Operating Partnership, including any partner loans,
any remaining assets of our Operating Partnership will be distributed to all partners with positive capital accounts in accordance with
their respective positive capital account balances. If any partner has a deficit balance in its capital account (after giving effect
to all contributions, distributions and allocations for all taxable years, including the year during which such liquidation occurs),
such partner shall have no obligation to make any contribution to the capital of our Operating Partnership with respect to such deficit,
and such deficit shall not be considered a debt owed to our Operating Partnership or to any other person for any purpose whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Income, expenses, gains and
losses of our Operating Partnership will generally be allocated among the partners in a manner consistent with the distribution of cash
described in &#8220;&#8212;Distributions; Allocations of Profits and Losses&#8221; above. Upon the occurrence of certain specified events,
as described in &#8220;&#8212;LTIP Units&#8221; above, our Operating Partnership will revalue its assets and any net increase in valuation
will be allocated first to the LTIP Units to equalize the capital accounts of such holders with the capital accounts of OP Units. All
of the foregoing allocations are subject to compliance with the provisions of Sections 704(b)&nbsp;and 704(c)&nbsp;of the Code and the
Treasury Regulations thereunder. To the extent that Treasury Regulations promulgated pursuant to Section&nbsp;704(c)&nbsp;of the Code
permit, we, as the general partner, will have the authority to elect the method to be used by our Operating Partnership for allocating
items with respect to contributed property acquired in connection with any future offering for which fair market value differs from the
adjusted tax basis at the time of contribution, and such election will be binding on all partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Term and Termination</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Operating Partnership will continue indefinitely,
or until sooner dissolved upon:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our bankruptcy, dissolution,
    removal or withdrawal (unless the limited partners elect to continue the partnership);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the passage of 90 days
    after the sale or other disposition of all, or substantially all, of the assets of the partnership;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the redemption of all limited
    partnership interests (other than those held by us or our subsidiaries) unless we decide to continue the partnership by the admission
    of one or more limited partners; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an election by us in our capacity as the general partner.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our partnership agreement
provides that we, as the sole general partner of our Operating Partnership, will be the &#8220;partnership representative&#8221; of our
Operating Partnership and, as such, will have authority to handle tax audits and to make tax elections under the Code on behalf of our
Operating Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sabari_002"></A><B>MATERIAL U.S. FEDERAL
INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This section summarizes the
material U.S. federal income tax considerations that you, as a holder of our Series&nbsp;B Redeemable Preferred Stock, may consider relevant
in connection with the purchase, ownership and disposition of our Series&nbsp;B Redeemable Preferred Stock. Paul Hastings L.L.P. has
acted as our special tax counsel, has reviewed this summary, and is of the opinion that the discussion contained herein is accurate in
all material respects. Because this section is a summary, it does not address all aspects of taxation that may be relevant to particular
stockholders in light of their personal investment or tax circumstances, or to certain types of stockholders that are subject to special
treatment under the U.S. federal income tax laws, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons acting as nominees
    or otherwise not as beneficial owners;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">dealers, brokers, or traders
    in securities or currencies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance companies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt entities and
    organizations (except to the limited extent discussed in &#8220;&#8212;Taxation of Holders of Our Series&nbsp;B Redeemable Preferred
    Stock&#8212;Taxation of Tax-Exempt Stockholders&#8221; below);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial institutions
    or broker-dealers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">non-U.S. individuals and
    foreign corporations (except to the limited extent discussed in &#8220;&#8212;Taxation of Holders of Our Series&nbsp;B Redeemable
    Preferred Stock&#8212;Taxation of Non-U.S. Stockholders&#8221; below);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">former citizens or former
    long-term residents of the United States;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons who mark-to-market
    our Series&nbsp;B Redeemable Preferred Stock;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">subchapter S corporations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. stockholders (as defined
    below) whose functional currency is not the U.S. dollar;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated investment companies
    and REITs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">trusts and estates;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">holders who receive our
    Series&nbsp;B Redeemable Preferred Stock through the exercise of employee stock options or otherwise as compensation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons holding our Series&nbsp;B
    Redeemable Preferred Stock as part of a &#8220;straddle,&#8221; &#8220;appreciated financial position,&#8221; &#8220;hedge,&#8221;
    &#8220;conversion transaction,&#8221; &#8220;synthetic security&#8221; or other integrated investment or risk reduction transaction;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons subject to the
    alternative minimum tax provisions of the Code;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pass-through entities (such
    as entities treated as partnerships for U.S. federal income tax purposes);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons subject to special
    tax accounting rules&nbsp;as a result of their use of applicable financial statements (within the meaning of Section&nbsp;451(b)(3)&nbsp;of
    the Code); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons holding our Series&nbsp;B
    Redeemable Preferred Stock through a partnership or similar pass-through entity.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This summary assumes that stockholders hold our
Series&nbsp;B Redeemable Preferred Stock as a capital asset for U.S. federal income tax purposes, which generally means property held
for investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a partnership, including
any entity that is treated as a partnership for U.S. federal income tax purposes, holds our Series&nbsp;B Redeemable Preferred Stock,
the U.S. federal income tax treatment of the partner in the partnership will generally depend on the status of the partner and the activities
of the partnership. If you are a partner in a partnership that will hold our Series&nbsp;B Redeemable Preferred Stock, you should consult
your tax advisor regarding the U.S. federal income tax consequences of acquiring, holding and disposing of our Series&nbsp;B Redeemable
Preferred Stock by the partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The statements in this section
are not intended to be, and should not be construed as, tax advice. The statements in this section are based on the Code, final, temporary
and proposed Treasury Regulations, the legislative history of the Code, current administrative interpretations and practices of the IRS,
and court decisions. The reference to IRS interpretations and practices includes the IRS practices and policies endorsed in private letter
rulings, which are not binding on the IRS except with respect to the taxpayer that receives the ruling. In each case, these sources are
relied upon as they exist on the date of this discussion. Future legislation, Treasury Regulations, administrative interpretations and
court decisions could change the current law or adversely affect existing interpretations of current law on which the information in
this section is based. Any such change could apply retroactively. We have not received any rulings from the IRS concerning our qualification
as a REIT. Accordingly, even if there is no change in the applicable law, no assurance can be provided that the statements made in the
following discussion, which do not bind the IRS or the courts, will not be challenged by the IRS or will be sustained by a court if so
challenged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WE URGE YOU TO CONSULT
YOUR TAX ADVISOR REGARDING THE SPECIFIC TAX CONSEQUENCES TO YOU OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR SERIES B REDEEMABLE
PREFERRED STOCK AND OF OUR ELECTION TO BE TAXED AS A REIT. WE URGE YOU TO CONSULT WITH YOUR TAX ADVISOR REGARDING THE U.S. FEDERAL, STATE,
LOCAL, FOREIGN, AND OTHER TAX CONSEQUENCES OF SUCH PURCHASE, OWNERSHIP, DISPOSITION AND ELECTION, AND REGARDING POTENTIAL CHANGES IN
APPLICABLE TAX LAWS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Taxation of Our Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>REIT Qualification</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were organized on December&nbsp;16,
2021 as a Maryland corporation. We have elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable
year ended December&nbsp;31, 2022. We believe that, commencing with such taxable year, we have been organized and have operated in a
manner so as to qualify for taxation as a REIT under the U.S. federal income tax laws and we intend to continue to operate in such a
manner, but no assurance can be given that we will be operate in such a manner so as to qualify or remain qualified as a REIT. This section
discusses the laws governing the U.S. federal income tax treatment of a REIT and its stockholders. These laws are highly technical and
complex.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with this offering,
we have received an opinion from Paul Hastings L.L.P. to the effect that, we qualified to be taxed as a REIT pursuant to Sections 856
through 860 of the Code for our taxable years ended December&nbsp;31, 2022 through December&nbsp;31, 2024, and our organization and current
and proposed method of operation will enable us to qualify as a REIT under the Code for our taxable years ending December&nbsp;31, 2025,
and thereafter. Paul Hastings L.L.P.&#8217;s opinion is based upon customary assumptions, representations and undertakings made by us
and Bluerock Residential (in the case of Bluerock Residential, as of the date of the Distribution) as to factual matters, and is conditioned
upon certain representations made by us as to factual matters, including representations regarding the nature of our and Bluerock Residential&#8217;s
assets and the conduct of our and Bluerock Residential&#8217;s business. Paul Hastings L.L.P&#8217;s opinion is not binding upon the
IRS or any court, and speaks as of the date issued. In addition, Paul Hastings L.L.P.&#8217;s opinion is based on U.S. federal income
tax law governing qualification as a REIT, which is subject to change either prospectively or retroactively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our qualification and taxation
as a REIT depends upon our ability to meet, on a continuing basis, through actual annual and quarterly operating results, certain qualification
tests set forth in the U.S. federal income tax laws. Those qualification tests involve the percentage of income that we earn from specified
sources, the percentage of our assets that fall within specified categories, the diversity of ownership of our stock and the percentage
of our earnings that we distribute. Paul Hastings L.L.P. will not review our compliance with those tests on a continuing basis. Accordingly,
no assurance can be given that our actual results of operations for any particular taxable year will satisfy such requirements. While
we intend to operate so that we will maintain our qualification as a REIT, given the highly complex nature of the rules&nbsp;governing
REITs, the ongoing importance of factual determinations and the possibility of future changes in our circumstances, no assurance can
be given by tax counsel or by us that we will qualify as a REIT for any particular year. Paul Hastings L.L.P.&#8217;s opinion will not
foreclose the possibility that we may have to use one or more of the REIT savings provisions described below, which could require us
to pay an excise or penalty tax (which could be material) in order for us to maintain our REIT qualification. For a discussion of the
tax consequences of our failure to qualify as a REIT, see &#8220;&#8212; Failure to Qualify.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Taxation of REITs in
General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we maintain our qualification
as a REIT, we generally will not be subject to U.S. federal income tax on the taxable income that we distribute to our stockholders.
The benefit of that tax treatment is that it avoids the &#8220;double taxation,&#8221; or taxation at both the corporate and stockholder
levels, that generally results from owning stock in a corporation to its stockholders. However, even if we maintain our qualification
as a REIT, we will be subject to U.S. federal tax in the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will pay U.S. federal
    income tax on any taxable income, including net capital gain, that we do not distribute to stockholders during, or within a specified
    time period after, the calendar year in which the income is earned.</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will pay income tax
    at the highest U.S. federal corporate income tax rate on:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">net income from the sale
    or other disposition of property acquired through foreclosure (&#8220;foreclosure property&#8221;) that we hold primarily for sale
    to customers in the ordinary course of business, and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other non-qualifying income
    from foreclosure property.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will pay a 100% tax
    on our net income from sales or other dispositions of property, other than foreclosure property, that we hold primarily for sale
    to customers in the ordinary course of business.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we fail to satisfy one
    or both of the 75% gross income test or the 95% gross income test, as described below under &#8220;&#8212; Gross Income Tests,&#8221;
    and nonetheless continue to qualify as a REIT because we meet other requirements, we will pay a 100% tax on the gross income attributable
    to the greater of the amount by which we fail the 75% gross income test or the 95% gross income test, in either case, multiplied
    by a fraction intended to reflect our profitability.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we fail to distribute
    during a calendar year at least the sum of (1)&nbsp;85% of our REIT ordinary income for the year, (2)&nbsp;95% of our REIT capital
    gain net income for the year, and (3)&nbsp;any undistributed taxable income required to be distributed from earlier periods, we will
    pay a 4% nondeductible excise tax on the excess of the required distribution over the amount we actually distributed.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may elect to retain
    and pay income tax on our net long-term capital gain. In that case, a stockholder would be taxed on its proportionate share of our
    undistributed long-term capital gain (to the extent that we made a timely designation of such gain to the stockholder) and would
    receive a credit or refund for its proportionate share of the tax we paid.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will be subject to a
    100% excise tax on some payments we receive (or on certain expenses deducted by our TRSs or on income imputed to our TRSs for services
    rendered to or on behalf of us), if arrangements among us, our tenants, and our TRSs do not reflect arm&#8217;s-length terms.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we fail to satisfy any
    of the asset tests, other than a&nbsp;<I>de minimis&nbsp;</I>failure of the 5% asset test, the 10% vote test or the 10% value test,
    as described below under &#8220;&#8212; Asset Tests,&#8221; as long as the failure was due to reasonable cause and not to willful
    neglect, we file a description of each asset that caused such failure with the IRS, and we dispose of the assets causing the failure
    or otherwise comply with the asset tests within six months after the last day of the quarter in which we identify such failure, we
    will pay a tax equal to the greater of $50,000 or the highest U.S. federal corporate income tax rate then applicable to U.S. corporations
    (currently 21%) on the net income from the nonqualifying assets during the period in which we failed to satisfy the asset tests.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we fail to satisfy one
    or more requirements for REIT qualification, other than the gross income tests and the asset tests, and such failure is due to reasonable
    cause and not to willful neglect, we will be required to pay a penalty of $50,000 for each such failure.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we acquire any asset
    from a C corporation, or a corporation that generally is subject to full corporate-level tax, in a merger or other transaction in
    which we acquire a basis in the asset that is determined by reference either to the C corporation&#8217;s basis in the asset or to
    another asset, we will pay tax at the highest applicable regular U.S. federal corporate income tax rate applicable if we recognize
    gain on the sale or disposition of the asset during the 5-year period after we acquire the asset provided no election is made for
    the transaction to be taxable on a current basis. The amount of gain on which we will pay tax is the lesser of:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount of gain that
    we recognize at the time of the sale or disposition, and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount of gain that
    we would have recognized if we had sold the asset at the time we acquired it.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may be required to pay
    monetary penalties to the IRS in certain circumstances, including if we fail to meet record-keeping requirements intended to monitor
    our compliance with rules&nbsp;relating to the composition of a REIT&#8217;s stockholders, as described below in &#8220;&#8212; Recordkeeping
    Requirements.&#8221;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The earnings of any lower-tier
    entities that are subchapter C corporations, including our TRSs will be subject to U.S. federal corporate income tax.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, notwithstanding
our qualification as a REIT, we may also have to pay certain state and local income taxes because not all states and localities treat
REITs in the same manner that they are treated for U.S. federal income tax purposes. Moreover, as further described below, our TRSs will
be subject to U.S. federal, state and local corporate income tax on their taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Requirements for Qualification as a REIT</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A REIT is a corporation,
trust, or association that meets each of the following requirements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is managed by one or
    more trustees or directors.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its beneficial ownership
    is evidenced by transferable shares, or by transferable certificates of beneficial interest.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It would be taxable as
    a domestic corporation, but for the REIT provisions of the U.S. federal income tax laws.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is neither a financial
    institution nor an insurance company subject to special provisions of the U.S. federal income tax laws.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At least 100 persons are
    beneficial owners of its shares or ownership certificates.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not more than 50% in value
    of its outstanding shares or ownership certificates is owned, directly or indirectly, by five or fewer individuals, which the Code
    defines to include certain entities, during the last half of any taxable year.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It elects to be a REIT,
    or has made such election for a previous taxable year, and satisfies all relevant filing and other administrative requirements established
    by the IRS that must be met to elect and maintain REIT status.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It meets certain other
    qualification tests, described below, regarding the nature of its income and assets and the distribution of its income.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It uses a calendar year
    for U.S. federal income tax purposes and complies with the recordkeeping requirements of the U.S. federal income tax laws.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It has not been a party
    to a spin-off transaction that is tax-deferred under section 355 of the Code during the applicable period.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We must meet requirements
1 through 4, 8 and 9 during our entire taxable year and must meet requirement 5 during at least 335 days of a taxable year of 12 months,
or during a proportionate part of a taxable year of less than 12 months. Requirements 5 and 6 will apply to us beginning with our 2023
taxable year. If we comply with all the requirements for ascertaining the ownership of our outstanding shares in a taxable year and have
no reason to know that we violated requirement 6, we will be deemed to have satisfied requirement 6 for that taxable year. For purposes
of determining stock ownership under requirement 6, an &#8220;individual&#8221; generally includes a supplemental unemployment compensation
benefits plan, a private foundation, or a portion of a trust permanently set aside or used exclusively for charitable purposes. An &#8220;individual,&#8221;
however, generally does not include a trust that is a qualified employee pension or profit sharing trust under the U.S. federal income
tax laws, and beneficiaries of such a trust will be treated as holding our stock in proportion to their actuarial interests in the trust
for purposes of requirement 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our charter provides restrictions
regarding the transfer and ownership of shares of our outstanding capital stock. See &#8220;Description of Capital Stock &#8212; Restrictions
on Ownership and Transfer.&#8221; We believe that we have issued sufficient stock with sufficient diversity of ownership to allow us
to satisfy requirements 5 and 6 above. The restrictions in our charter are intended (among other things) to assist us in continuing to
satisfy requirements 5 and 6 above. These restrictions, however, may not ensure that we will, in all cases, be able to satisfy such stock
ownership requirements. If we fail to satisfy these stock ownership requirements, we may fail to remain qualified as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Effect of Subsidiary Entities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Qualified REIT Subsidiaries</I></B><I>.</I>
A corporation that is a &#8220;qualified REIT subsidiary&#8221; is not treated as a corporation separate from its parent REIT. All assets,
liabilities, and items of income, deduction, and credit of a &#8220;qualified REIT subsidiary&#8221; are treated as assets, liabilities,
and items of income, deduction, and credit of the REIT. A &#8220;qualified REIT subsidiary&#8221; is a corporation, other than a TRS,
all of the stock of which is owned by the REIT. Thus, in applying the requirements described herein, any &#8220;qualified REIT subsidiary&#8221;
that we own will be ignored, and all assets, liabilities, and items of income, deduction, and credit of such subsidiary will be treated
as our assets, liabilities, and items of income, deduction, and credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Other Disregarded Entities
and Partnerships.</I></B> An unincorporated domestic entity, such as a partnership or limited liability company that has a single owner
for U.S. federal income tax purposes, generally is not treated as an entity separate from its owner for U.S. federal income tax purposes.
An unincorporated domestic entity with two or more owners for U.S. federal income tax purposes is generally treated as a partnership
for U.S. federal income tax purposes. In the case of a REIT that is a partner in a partnership that has other partners, the REIT is treated
as owning its proportionate share of the assets of the partnership and as earning its allocable share of the gross income of the partnership
for purposes of the applicable REIT qualification tests. Our proportionate share for purposes of the 10% value test (see &#8220;&#8212;
Asset Tests&#8221;) is based on our proportionate interest in the equity interests and certain debt securities issued by the partnership.
For all of the other asset and income tests, our proportionate share is based on our proportionate interest in the capital interests
in the partnership. Our proportionate share of the assets, liabilities, and items of income of any partnership, joint venture, or limited
liability company that is treated as a partnership for U.S. federal income tax purposes in which we acquire an equity interest, directly
or indirectly, will be treated as our assets and gross income for purposes of applying the various REIT qualification requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have control of our Operating
Partnership and intend to control any subsidiary partnerships and limited liability companies, and we intend to operate them in a manner
consistent with the requirements for our qualification as a REIT. We may from time to time be a limited partner or non-managing member
in some of our partnerships and limited liability companies. If a partnership or limited liability company in which we own an interest
takes or expects to take actions that could jeopardize our qualification as a REIT or require us to pay tax, we may be forced to dispose
of our interest in such entity. In addition, it is possible that a partnership or limited liability company could take an action which
could cause us to fail a gross income or asset test, and that we would not become aware of such action in time to dispose of our interest
in the partnership or limited liability company or take other corrective action on a timely basis. In that case, we could fail to qualify
as a REIT unless we were able to qualify for a statutory REIT &#8220;savings&#8221; provision, which could require us to pay a significant
penalty tax to maintain our REIT qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Taxable REIT Subsidiaries.</I></B>
A REIT may own up to 100% of the stock of one or more TRSs. A TRS is a fully taxable corporation that may earn income that would not
be qualifying income if earned directly by the parent REIT. The subsidiary and the REIT must jointly elect to treat the subsidiary as
a TRS. A corporation (other than a REIT) of which a TRS directly or indirectly owns more than 35% of the voting power or value of the
outstanding securities will automatically be treated as a TRS. We will not be treated as holding the assets of a TRS or as receiving
any income that the TRS earns. Rather, the stock issued by a TRS to us will be an asset in our hands, and we will treat the distributions
paid to us from such TRS, if any, as income to the extent of the TRS&#8217;s earnings and profits. This treatment may affect our compliance
with the gross income and asset tests. Because we will not include the assets and income of TRSs in determining our compliance with the
REIT requirements, we may use such entities to undertake activities indirectly, such as earning fee income, that the REIT rules&nbsp;might
otherwise preclude us from doing directly or through pass-through subsidiaries. Overall, no more than 20% (25% for 2026 and future tax
years) of the value of a REIT&#8217;s assets may consist of stock or securities of one or more TRSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A TRS pays income tax at
regular corporate rates on any income that it earns. In addition, the TRS rules&nbsp;limit the deductibility of interest paid or accrued
by a TRS to its parent REIT to assure that the TRS is subject to an appropriate level of U.S. federal income taxation. For example, deductions
are disallowed for business interest expense (even if paid to third parties) in excess of the sum of a taxpayer&#8217;s business interest
income and 30% of the adjusted taxable income of the business, which is its taxable income computed without regard to business interest
income or expense, net operating losses (&#8220;NOLs&#8221;) or the pass-through income deduction. Such limitations may also impact the
amount of U.S. federal income tax paid by a TRS. Further, the TRS rules&nbsp;impose a 100% excise tax on certain transactions between
a TRS and its parent REIT, such as intercompany loans, or the REIT&#8217;s tenants that are not conducted on an arm&#8217;s-length basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A TRS may not directly or
indirectly operate or manage any healthcare facilities or lodging facilities or provide rights to any brand name under which any healthcare
facility or lodging facility is operated. A TRS is not considered to operate or manage a &#8220;qualified healthcare property&#8221;
or &#8220;qualified lodging facility&#8221; solely because the TRS directly or indirectly possesses a license, permit, or similar instrument
enabling it to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Rent that we receive from
a TRS will qualify as &#8220;rents from real property&#8221; as long as (1)&nbsp;at least 90% of the leased space in the property is
leased to persons other than TRSs and related-party tenants, and (2)&nbsp;the amount paid by the TRS to rent space at the property is
substantially comparable to rents paid by other tenants of the property for comparable space, as described in further detail below under
 &#8220;&#8212; Gross Income Tests &#8212; Rents from Real Property.&#8221; If we lease space to a TRS in the future, we will seek to
comply with these requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Gross Income Tests.</I></B>
We must satisfy two gross income tests annually to maintain our qualification as a REIT. First, at least 75% of our gross income for
each taxable year must consist of defined types of income that we derive, directly or indirectly, from investments relating to real property
or mortgages on real property or qualified temporary investment income. Qualifying income for purposes of the 75% gross income test generally
includes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">rents from real property;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">interest on debt secured
    by mortgages on real property, or on interests in real property;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">dividends or other distributions
    on, and gain from the sale of, shares in other REITs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">gain from the sale of a
    real estate asset (excluding gain from the sale of a debt instrument issued by a &#8220;publicly offered REIT&#8221; (i.e., a REIT
    required to file periodic and annual reports with the SEC under the Exchange Act) to the extent not secured by real property or an
    interest in real property) not held for sale to customers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">income and gain derived
    from foreclosure property;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">amounts (other than amounts
    the determination of which depends in whole or in part on the income or profits of any person) received or accrued as consideration
    for entering into agreements to make loans secured by mortgages on real property or interests in real property or to purchase or
    lease real property (including interests in real property and interests in mortgages on real property); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">income derived from the
    temporary investment of new capital that is attributable to the issuance of our stock or a public offering of our debt with a maturity
    date of at least five years and that we receive during the one-year period beginning on the date on which we received such new capital.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Second, in general, at least
95% of our gross income for each taxable year must consist of income that is qualifying income for purposes of the 75% gross income test,
other types of interest and dividends, gain from the sale or disposition of shares or securities, or any combination of these. Cancellation
of indebtedness income (&#8220;COD income&#8221;) and gross income from our sale of property that we hold primarily for sale to customers
in the ordinary course of business are excluded from both the numerator and the denominator in both gross income tests, but are subject
to a special tax at a rate of 100%. In addition, income and gain from certain &#8220;hedging transactions&#8221; that we enter into to
hedge indebtedness incurred, or to be incurred, to acquire or carry real estate assets, and that are clearly and timely identified as
such will be excluded from both the numerator and the denominator for purposes of the 75% and 95% gross income tests. Finally, certain
foreign currency gains will be excluded from gross income for purposes of one or both of the gross income tests. See &#8220;&#8212; Foreign
Currency Gain.&#8221; The following paragraphs discuss the specific application of the gross income tests to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Rents from Real Property.</I></B>
Rent that we receive, including as a result of our ownership of preferred or common equity interests in a partnership that owns rental
properties, from our real property will qualify as &#8220;rents from real property,&#8221; which is qualifying income for purposes of
the 75% and 95% gross income tests, only if the following conditions are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First, the rent must not
    be based, in whole or in part, on the income or profits of any person, but may be based on a fixed percentage or percentages of receipts
    or sales.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second, neither we nor
    a direct or indirect owner of 10% or more of our stock may own, actually or constructively, 10% or more of a tenant from whom we
    receive rent, other than a TRS.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third, if the rent attributable
    to personal property leased in connection with a lease of real property is 15% or less of the total rent received under the lease,
    then the rent attributable to personal property will qualify as rents from real property. The allocation of rent between real and
    personal property is based on the relative fair market values of the real and personal property. However, if the 15% threshold is
    exceeded, the rent attributable to personal property will not qualify as rents from real property.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fourth, we generally must
    not operate or manage our real property or furnish or render services to our tenants, other than through an &#8220;independent contractor&#8221;
    who is adequately compensated and from whom we do not derive revenue. However, we need not provide services through an &#8220;independent
    contractor,&#8221; but instead may provide services directly to our tenants, if the services are &#8220;usually or customarily rendered&#8221;
    in connection with the rental of space for occupancy only and are not considered to be provided for the tenants&#8217; convenience.
    In addition, we may provide a minimal amount of &#8220;noncustomary&#8221; services to the tenants of a property, other than through
    an independent contractor, as long as our income from the services (valued at not less than 150% of our direct cost of performing
    such services) does not exceed 1% of our income from the related property. Furthermore, we may own up to 100% of the stock of a TRS
    which may provide customary and noncustomary services to our tenants without tainting our rental income from the related properties.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a portion of the rent
that we receive from a property does not qualify as &#8220;rents from real property&#8221; because the rent attributable to personal
property exceeds 15% of the total rent for a taxable year, the portion of the rent that is attributable to personal property will not
be qualifying income for purposes of either the 75% or 95% gross income test. Thus, if such rent attributable to personal property, plus
any other income that is nonqualifying income for purposes of the 95% gross income test, during a taxable year exceeds 5% of our gross
income during the year, we would lose our REIT qualification. If, however, the rent from a particular property does not qualify as &#8220;rents
from real property&#8221; because either (1)&nbsp;the rent is considered based on the income or profits of the related tenant, (2)&nbsp;the
tenant either is a related party tenant or fails to qualify for the exceptions to the related party tenant rule&nbsp;for qualifying TRSs,
or (3)&nbsp;we furnish noncustomary services to the tenants of the property, or manage or operate the property, other than through a
qualifying independent contractor or a TRS, none of the rent from that property would qualify as &#8220;rents from real property.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to lease, through
our Operating Partnership and its subsidiaries, substantially all our properties to tenants that are individuals. Our leases will typically
have a term of at least one year and require the tenant to pay fixed rent. We do not anticipate leasing significant amounts of personal
property pursuant to our leases. Moreover, we do not intend to perform any services other than customary ones for our tenants, unless
such services are provided through independent contractors or a TRS. Accordingly, we believe that our leases will generally produce rent
that qualifies as &#8220;rents from real property&#8221; for purposes of the 75% and 95% gross income tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the rent,
the tenants may be required to pay certain additional charges. To the extent that such additional charges represent reimbursements of
amounts that we are obligated to pay to third parties, such charges generally will qualify as &#8220;rents from real property.&#8221;
To the extent that such additional charges represent penalties for nonpayment or late payment of such amounts, such charges should qualify
as &#8220;rents from real property.&#8221; However, to the extent that late charges do not qualify as &#8220;rents from real property,&#8221;
they instead will be treated as interest that qualifies for the 95% gross income test.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Interest.</I></B> The
term &#8220;interest&#8221; generally does not include any amount received or accrued, directly or indirectly, if the determination of
such amount depends, in whole or in part, on the income or profits of any person. However, interest generally includes the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an amount that is based
    on a fixed percentage or percentages of receipts or sales; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an amount that is based
    on the income or profits of a debtor, as long as the debtor derives substantially all of its income from the real property securing
    the debt from leasing substantially all of its interest in the property, and only to the extent that the amounts received by the
    debtor would be qualifying &#8220;rents from real property&#8221; if received directly by a REIT.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a loan contains a provision
that entitles a REIT to a percentage of the borrower&#8217;s gain upon the sale of the real property securing the loan or a percentage
of the appreciation in the property&#8217;s value as of a specific date, income attributable to that loan provision will be treated as
gain from the sale of the property securing the loan, which generally is qualifying income for purposes of both gross income tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may originate or invest
in mortgage debt and/or mezzanine loans. Interest on debt secured by a mortgage on real property or on interests in real property generally
is qualifying income for purposes of the 75% gross income test. Other than to the extent described below, if a loan is secured by real
property and other property and the highest principal amount of a loan outstanding during a taxable year exceeds the fair market value
of the real property securing the loan as of the date the REIT agreed to originate or acquire the loan (or, if there has been a &#8220;significant
modification&#8221; to the loan since its origination or acquisition by the REIT, then as of the date of that &#8220;significant modification&#8221;),
a portion of the interest income from such loan will not be qualifying income for purposes of the 75% gross income test, but will be
qualifying income for purposes of the 95% gross income test. The portion of the interest income that will not be qualifying income for
purposes of the 75% gross income test will be equal to the interest income attributable to the portion of the principal amount of the
loan that is not secured by real property, that is, the amount by which the loan exceeds the value of the real estate that is security
for the loan. However, in the case of a loan that is secured by both real property and personal property, if the fair market value of
such personal property does not exceed 15% of the total fair market value of all property securing the loan, then the personal property
securing the loan will be treated as real property for purposes of determining the interest on such loan is qualifying income for purposes
of the 75% gross income test.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mezzanine loans are loans
secured by equity interests in an entity that directly or indirectly owns real property, rather than by a direct mortgage of the real
property. IRS Revenue Procedure 2003-65 provides a safe harbor pursuant to which a mezzanine loan, if it meets each of the requirements
contained in the Revenue Procedure, will be treated by the IRS as a real estate asset for purposes of the REIT asset tests described
below, and interest derived from it will be treated as qualifying income for both the 75% and 95% gross income test. Although the Revenue
Procedure provides a safe harbor on which taxpayers may rely, it does not prescribe rules&nbsp;of substantive tax law. Moreover, we anticipate
that any mezzanine loans we may originate or acquire may not meet all of the requirements for reliance on this safe harbor. To the extent
that any mezzanine loans that we originate do not qualify for the safe harbor described above, the interest income from the loans will
be qualifying income for purposes of the 95% gross income test, but there is a risk that such interest income will not be qualifying
income for purposes of the 75% gross income test. We intend to invest in any mortgage debt and mezzanine loans in a manner that will
enable us to continue to satisfy the REIT gross income and asset tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Dividends</I>.</B>
Our share of any dividends received from any corporation (including any TRS, but excluding any REIT) in which we own an equity interest
will qualify for purposes of the 95% gross income test but not for purposes of the 75% gross income test. Our share of any dividends
received from any other REIT in which we own an equity interest, if any, will be qualifying income for purposes of both gross income
tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Fee Income.</I></B>
Fee income generally will not be qualifying income for purposes of both the 75% and 95% gross income tests. Any fees earned by a TRS
will not be included for purposes of the gross income tests, but will be subject to U.S. federal corporate income tax, as described above.
In addition, we will be subject to a 100% excise tax on any fees earned by a TRS for services provided to us if such fees were pursuant
to an agreement determined by the IRS to be not on an arm&#8217;s-length basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Foreclosure Property.</I></B>
We will be subject to tax at the maximum U.S. federal corporate income tax rate (currently 21%) on any income from foreclosure property,
which includes certain foreign currency gains and related deductions, other than income that otherwise would be qualifying income for
purposes of the 75% gross income test, less expenses directly connected with the production of that income. However, gross income from
foreclosure property will qualify under the 75% and 95% gross income tests. Gain from the sale of foreclosure property is not subject
to the 100% tax on prohibited transactions, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Foreclosure property is any
real property, including interests in real property, and any personal property incident to such real property:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that is acquired by a REIT
    as the result of the REIT having bid on such property at foreclosure, or having otherwise reduced such property to ownership or possession
    by agreement or process of law, after there was a default or when default was imminent on a lease of such property or on indebtedness
    that such property secured;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for which the related loan
    was acquired by the REIT at a time when the default was not imminent or anticipated; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for which the REIT makes
    a proper election to treat the property as foreclosure property.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A REIT will not be considered
to have foreclosed on a property where the REIT takes control of the property as a mortgagee-in-possession and cannot receive any profit
or sustain any loss except as a creditor of the mortgagor. Property generally ceases to be foreclosure property at the end of the third
taxable year (or, with respect to qualified healthcare property, the second taxable year) following the taxable year in which the REIT
acquired the property, or longer if an extension is granted by the Secretary of the U.S. Treasury. However, this grace period terminates
and foreclosure property ceases to be foreclosure property on the first day:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on which a lease is entered
    into for the property that, by its terms, will give rise to income that does not qualify for purposes of the 75% gross income test,
    or any amount is received or accrued, directly or indirectly, pursuant to a lease entered into on or after such day that will give
    rise to income that does not qualify for purposes of the 75% gross income test;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on which any construction
    takes place on the property, other than completion of a building or any other improvement, where more than 10% of the construction
    was completed before default became imminent; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">which is more than 90 days
    after the day on which the REIT acquired the property and the property is used in a trade or business which is conducted by the REIT,
    other than through an independent contractor from whom the REIT itself does not derive or receive any income or through a TRS.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Hedging Transactions.</I></B>
From time to time, we or our Operating Partnership may enter into hedging transactions with respect to one or more of our assets or liabilities.
Our hedging activities may include entering into interest rate swaps, caps, and floors, options to purchase such items, and futures and
forward contracts. Income and gain from &#8220;hedging transactions&#8221; will be excluded from gross income for purposes of both the
75% and 95% gross income tests provided we satisfy the identification requirements discussed below. A &#8220;hedging transaction&#8221;
means either (1)&nbsp;any transaction entered into in the normal course of our or our Operating Partnership&#8217;s trade or business
primarily to manage the risk of interest rate changes, price changes, or currency fluctuations with respect to borrowings made or to
be made, or ordinary obligations incurred or to be incurred, to acquire or carry real estate assets, (2)&nbsp;any transaction entered
into primarily to manage the risk of currency fluctuations with respect to any item of income or gain that would be qualifying income
under the 75% or 95% gross income test (or any property which generates such income or gain), and (3)&nbsp;any transaction entered into
to &#8220;offset&#8221; transactions described in clauses (1)&nbsp;or (2)&nbsp;if a portion of the hedged indebtedness is extinguished
or the related property is disposed of. We are required to clearly identify any such hedging transaction before the close of the day
on which it was acquired, originated, or entered into and to satisfy other identification requirements. We intend to structure any hedging
transactions in a manner that does not jeopardize our qualification as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>COD Income.</I></B>
From time-to-time, we and our subsidiaries may recognize COD income in connection with repurchasing debt at a discount. COD income is
excluded from gross income for purposes of both the 95% gross income test and the 75% gross income test.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Foreign Currency Gain.</I></B>
Certain foreign currency gains will be excluded from gross income for purposes of one or both of the gross income tests. &#8220;Real
estate foreign exchange gain&#8221; will be excluded from gross income for purposes of the 75% and 95% gross income tests. Real estate
foreign exchange gain generally includes foreign currency gain attributable to any item of income or gain that is qualifying income for
purposes of the 75% gross income test, foreign currency gain attributable to the acquisition or ownership of (or becoming or being the
obligor under) obligations secured by mortgages on real property or an interest in real property and certain foreign currency gain attributable
to certain &#8220;qualified business units&#8221; of a REIT. &#8220;Passive foreign exchange gain&#8221; will be excluded from gross
income for purposes of the 95% gross income test. Passive foreign exchange gain generally includes real estate foreign exchange gain
as described above, and also includes foreign currency gain attributable to any item of income or gain that is qualifying income for
purposes of the 95% gross income test and foreign currency gain attributable to the acquisition or ownership of (or becoming or being
the obligor under) obligations. These exclusions for real estate foreign exchange gain and passive foreign exchange gain do not apply
to any certain foreign currency gain derived from dealing, or engaging in substantial and regular trading, in securities. Such gain is
treated as nonqualifying income for purposes of both the 75% and 95% gross income tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>F<B>ailure to Satisfy
Gross Income Tests.</B></I> If we fail to satisfy one or both of the gross income tests for any taxable year, we nevertheless may qualify
as a REIT for that year if we qualify for relief under certain provisions of the U.S. federal income tax laws. Those relief provisions
are available if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our failure to meet those
    tests is due to reasonable cause and not to willful neglect; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">following such failure
    for any taxable year, we file a schedule of the sources of our income in accordance with regulations prescribed by the Secretary
    of the U.S. Treasury.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot predict, however,
whether in all circumstances we would qualify for the relief provisions. In addition, as discussed above in &#8220;&#8212; Taxation of
Our Company,&#8221; even if the relief provisions apply, we would incur a 100% tax on the gross income attributable to the greater of
the amount by which we fail the 75% gross income test or the 95% gross income test multiplied, in either case, by a fraction intended
to reflect our profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Asset Tests</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To maintain our qualification
as a REIT, we also must satisfy the following asset tests at the end of each quarter of each taxable year. First, at least 75% of the
value of our total assets must consist of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cash or cash items, including
    certain receivables and money market funds and, in certain circumstances, foreign currencies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">government securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">interests in real property,
    including leaseholds, options to acquire real property and leaseholds and personal property, to the extent such personal property
    is leased in connection with real property and rents attributable to such personal property are treated as &#8220;rents from real
    property&#8221;;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">interests in mortgage loans
    secured by real property;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">stock in other REITs and
    debt instruments issued by &#8220;publicly offered REITs&#8221;; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">investments in stock or
    debt instruments during the one-year period following our receipt of new capital that we raise through equity offerings or public
    offerings of debt with at least a five-year term.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Second, of our investments
not included in the 75% asset class, the value of our interest in any one issuer&#8217;s securities may not exceed 5% of the value of
our total assets (the &#8220;5% asset test&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Third, of our investments
not included in the 75% asset class, we may not own more than 10% of the voting power of any one issuer&#8217;s outstanding securities
or 10% of the value of any one issuer&#8217;s outstanding securities (respectively, the &#8220;10% vote test&#8221; and the &#8220;10%
value test&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fourth, no more than 20%
(25% for 2026 and future tax years) of the value of our total assets may consist of the securities of one or more TRSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fifth, no more than 25% of
the value of our total assets may consist of the securities of TRSs and other non-TRS taxable subsidiaries and other assets that are
not qualifying assets for purposes of the 75% asset test (the &#8220;25% securities test&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sixth, no more than 25% of
the value of our total assets may be represented by debt instruments issued by &#8220;publicly offered REITs&#8221; to the extent not
secured by real property or interests in real property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the 5% asset
test, the 10% vote test, the 10% value test and the 25% securities test, the term &#8220;securities&#8221; does not include shares in
another REIT, debt of &#8220;publicly offered REITs&#8221;, equity or debt securities of a qualified REIT subsidiary or a TRS, mortgage
loans that constitute real estate assets, or equity interests in a partnership. The term &#8220;securities,&#8221; however, generally
includes debt securities issued by a partnership or another REIT (other than a &#8220;publicly offered REIT&#8221;), except that for
purposes of the 10% value test, the term &#8220;securities&#8221; does not include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Straight debt&#8221;
    securities, which is defined as a written unconditional promise to pay on demand or on a specified date a sum certain in money if
    (1)&nbsp;the debt is not convertible, directly or indirectly, into equity, and (2)&nbsp;the interest rate and interest payment dates
    are not contingent on profits, the borrower&#8217;s discretion, or similar factors. &#8220;Straight debt&#8221; securities do not
    include any securities issued by a partnership or a corporation in which we or any controlled TRS (i.e., a TRS in which we own directly
    or indirectly more than 50% of the voting power or value of the stock) hold non-&#8220;straight debt&#8221; securities that have
    an aggregate value of more than 1% of the issuer&#8217;s outstanding securities. However, &#8220;straight debt&#8221; securities
    include debt subject to the following contingencies:</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a contingency relating
    to the time of payment of interest or principal, as long as either (1)&nbsp;there is no change to the effective yield of the debt
    obligation, other than a change to the annual yield that does not exceed the greater of 0.25% or 5% of the annual yield, or (2)&nbsp;neither
    the aggregate issue price nor the aggregate face amount of the issuer&#8217;s debt obligations held by us exceeds $1 million and
    no more than 12 months of unaccrued interest on the debt obligations can be required to be prepaid; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a contingency relating
    to the time or amount of payment upon a default or prepayment of a debt obligation, as long as the contingency is consistent with
    customary commercial practice.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any loan to an individual
    or an estate;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any &#8220;Section&nbsp;467
    rental agreement,&#8221; other than an agreement with a related party tenant;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any obligation to pay &#8220;rents
    from real property&#8221;;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain securities issued
    by governmental entities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any security issued by
    a REIT;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any debt instrument issued
    by an entity treated as a partnership for U.S. federal income tax purposes in which we are a partner to the extent of our proportionate
    interest in the equity and debt securities of the partnership; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any debt instrument issued
    by an entity treated as a partnership for U.S. federal income tax purposes not described in the preceding bullet points if at least
    75% of the partnership&#8217;s gross income, excluding income from prohibited transactions, is qualifying income for purposes of
    the 75% gross income test described above in &#8220;&#8212; Gross Income Tests.&#8221;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the 10% value
test, our proportionate share of the assets of a partnership is our proportionate interest in any securities issued by the partnership,
without regard to the securities described in the last two bullet points above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As described above, Revenue
Procedure 2003-65 provides a safe harbor pursuant to which certain mezzanine loans secured by a first priority security interest in ownership
interests in a partnership or limited liability company will be treated as qualifying assets for purposes of the 75% asset test (and
therefore, are not subject to the 5% asset test, the 10% vote test and the 10% value test). See &#8220;&#8212; Gross Income Tests.&#8221;
Although we anticipate that our mezzanine loans typically will not qualify for that safe harbor, we believe our mezzanine loans should
be treated as qualifying assets for the 75% asset test or should be excluded from the definition of securities for purposes of the 10%
vote test and the 10% value test. We intend to make mezzanine loans only to the extent that such loans will not cause us to fail the
asset tests described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will monitor the status
of our assets for purposes of the various asset tests and will manage our portfolio in order to comply at all times with such tests.
However, there is no assurance that we will not inadvertently fail to comply with such tests. If we fail to satisfy the asset tests at
the end of a calendar quarter, we will not lose our REIT qualification if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we satisfied the asset
    tests at the end of the preceding calendar quarter; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the discrepancy between
    the value of our assets and the asset test requirements arose from changes in the market values of our assets and was not wholly
    or partly caused by the acquisition of one or more non-qualifying assets.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we did not satisfy the
condition described in the second item, above, we still could avoid disqualification by eliminating any discrepancy within 30 days after
the close of the calendar quarter in which it arose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we violate the 5% asset
test, the 10% vote test or the 10% value test described above at the end of any quarter of each taxable year, we will not lose our REIT
qualification if (1)&nbsp;the failure is&nbsp;<I>de minimis&nbsp;</I>(up to the lesser of 1% of the value of our assets or $10 million)
and (2)&nbsp;we dispose of assets causing the failure or otherwise comply with the asset tests within six months after the last day of
the quarter in which we identify such failure. In the event of a failure of any of the asset tests (other than&nbsp;<I>de minimis&nbsp;</I>failures
described in the preceding sentence), as long as the failure was due to reasonable cause and not to willful neglect, we will not lose
our REIT qualification if we (1)&nbsp;dispose of assets causing the failure or otherwise comply with the asset tests within six months
after the last day of the quarter in which we identify the failure, (2)&nbsp;file a description of each asset causing the failure with
the IRS and (3)&nbsp;pay a tax equal to the greater of $50,000 or 21% of the net income from the assets causing the failure during the
period in which we failed to satisfy the asset tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently, we believe that
our assets satisfy the foregoing asset test requirements. However, we will not obtain independent appraisals to support our conclusions
as to the value of our assets. Moreover, the values of some assets may not be susceptible to a precise determination. As a result, there
can be no assurance that the IRS will not contend that our ownership of assets violates one or more of the asset tests applicable to
REITs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Distribution Requirements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each taxable year, in order
to maintain our qualification as a REIT, we must distribute dividends, other than capital gain dividends and deemed distributions of
retained capital gain, to our stockholders in an aggregate amount at least equal to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the sum of:</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90% of our &#8220;REIT
    taxable income,&#8221; computed without regard to the dividends paid deduction and our net capital gain or loss, and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90% of our after-tax net
    income, if any, from foreclosure property; minus</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the excess of the sum of
    certain items of non-cash income over 5% of our REIT taxable income computed without regard to the dividends paid deduction and our
    net capital gain.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We must pay such distributions
in the taxable year to which they relate, or in the following taxable year if either we (1)&nbsp;declare the distribution before we timely
file our U.S. federal income tax return for the year, pay the distribution on or before the first regular dividend payment date after
such declaration and elect in our tax return to have a specified dollar amount of such distribution treated as if paid during the prior
year or (2)&nbsp;declare the distribution in October, November&nbsp;or December&nbsp;of the taxable year, payable to stockholders of
record on a specified day in any such month, and we actually pay the dividend before the end of January&nbsp;of the following year. The
distributions under clause (1)&nbsp;are taxable to the stockholders in the year in which paid, and the distributions in clause (2)&nbsp;are
treated as paid on December&nbsp;31st of the prior taxable year to the extent of our earnings and profits. In both instances, these distributions
relate to our prior taxable year for purposes of the 90% distribution requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, to the extent we
are not a &#8220;publicly offered REIT,&#8221; in order for our distributions to be counted as satisfying the annual distribution requirement
for REITs and to provide us with the REIT-level tax deduction, such distributions must not be &#8220;preferential dividends.&#8221; A
dividend is not a preferential dividend if that distribution is (1)&nbsp;pro rata among all outstanding shares within a particular class
and (2)&nbsp;in accordance with the preferences among different classes of shares as set forth in our organizational documents. However,
the preferential dividend rule&nbsp;does not apply to &#8220;publicly offered REITs.&#8221; Currently, we are a &#8220;publicly offered
REIT.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay U.S. federal
income tax on taxable income, including net capital gain, that we do not distribute to stockholders. Furthermore, if we fail to distribute
during a calendar year, or by the end of January&nbsp;following the calendar year in the case of distributions with declaration and record
dates falling in the last three months of the calendar year, at least the sum of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85% of our REIT ordinary
    income for such year,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95% of our REIT capital
    gain net income for such year, and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any undistributed taxable
    income (ordinary and capital gain) from all prior periods,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">then, we will incur a 4% nondeductible excise
tax on the excess of such required distribution over the amounts we actually distribute. In making this calculation, the amount that
a REIT is treated as having &#8220;actually distributed&#8221; during the current taxable year is both the amount distributed during
the current year and the amount by which the distributions during the prior year exceeded its taxable income and capital gain for that
prior year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may elect to retain and
pay income tax on the net long-term capital gain we receive in a taxable year. If we so elect, we will be treated as having distributed
any such retained amount for purposes of the 4% nondeductible excise tax described above. We intend to make timely distributions sufficient
to satisfy the annual distribution requirements, and to avoid U.S. federal corporate income tax and the 4% nondeductible excise tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is possible that, from
time to time, we may experience timing differences between the actual receipt of income and actual payment of deductible expenses and
the inclusion of that income and deduction of such expenses in arriving at our REIT taxable income. Additionally, we may not deduct recognized
capital losses from our &#8220;REIT taxable income.&#8221; Further, from time to time, we may be allocated a share of net capital gain
attributable to the sale of depreciated property that exceeds our allocable share of cash attributable to that sale. We generally will
be required to recognize certain amounts as income no later than the time such amounts are reflected on certain financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a taxpayer&#8217;s
net interest expense deduction may be limited to 30% of the sum of adjusted taxable income, business interest and certain other amounts.
Adjusted taxable income does not include items of income or expense not allocable to a trade or business, business interest or expense,
the deduction for qualified business income. and NOLs. For partnerships, the interest deduction limit is applied at the partnership level,
subject to certain adjustments to the partners for unused deduction limitation at the partnership level. Disallowed interest expense
is carried forward indefinitely (subject to special rules&nbsp;for partnerships). A &#8220;real property trade or business&#8221; may
elect out of this interest limit so long as it uses a 40-year recovery period for nonresidential real property, a 30-year recovery period
for residential real property and a 20-year recovery period for related improvements. For this purpose, a real property trade or business
is any real property development, redevelopment, construction, reconstruction, acquisition, conversion, rental, operating, management,
leasing or brokerage trade or business. We believe this definition encompasses our business and thus will allow us the option of electing
out of the limits on interest deductibility should we determine it is prudent to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Taxpayers that do not use
the real property trade or business exception to the business interest deduction limits may use 39-year and 27.5-year straight line recovery
periods for nonresidential real property and residential rental property, respectively, and a general 15-year recovery period for tenant
improvements. Also, taxpayers may expense 100% of certain new or used tangible property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the NOL deduction
is generally limited to 80% of taxable income (before the deduction). REITs may indefinitely carryforward (but not carryback) NOLs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the foregoing,
we may have less cash than is necessary to distribute taxable income sufficient to avoid U.S. federal corporate income tax and the excise
tax imposed on certain undistributed income or even to meet the 90% distribution requirement. In such a situation, we may need to borrow
funds or, if possible, pay taxable dividends in the form of common stock or debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under certain circumstances,
we may be able to correct a failure to meet the distribution requirement for a year by paying &#8220;deficiency dividends&#8221; to our
stockholders in a later year. We may include such deficiency dividends in our deduction for dividends paid for the earlier year. Although
we may be able to avoid income tax on amounts distributed as deficiency dividends, we will be required to pay interest to the IRS based
upon the amount of any deduction we take for deficiency dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Prohibited Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A REIT will incur a 100%
tax on the net income (including foreign currency gain) derived from any sale or other disposition of property, other than foreclosure
property, that the REIT holds primarily for sale to customers in the ordinary course of a trade or business. We believe that none of
our properties will be held primarily for sale to customers and that any sales of any of our properties have not been and will not be
in the ordinary course of our business. However, there can be no assurance that the IRS would not disagree with that belief. Whether
a REIT holds a property &#8220;primarily for sale to customers in the ordinary course of a trade or business&#8221; depends, however,
on the facts and circumstances in effect from time to time, including those related to a particular property. A safe harbor to the characterization
of the sale of property that is a real estate asset by a REIT as a prohibited transaction and the 100% prohibited transaction tax is
available if the following requirements are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the REIT has held the property
    for not less than two years;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the aggregate expenditures
    made by the REIT, or any partner of the REIT, during the two-year period preceding the date of the sale that are includable in the
    adjusted basis of the property do not exceed 30% of the net selling price of the property;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">either (1)&nbsp;during
    the year in question, the REIT did not make more than seven sales of property other than foreclosure property or sales to which Section&nbsp;1033
    of the Code applies, (2)&nbsp;the aggregate adjusted bases of all such properties sold by the REIT during the year did not exceed
    10% of the aggregate bases of all of the assets of the REIT at the beginning of the year, (3)&nbsp;the aggregate fair market value
    of all such properties sold by the REIT during the year did not exceed 10% of the aggregate fair market value of all of the assets
    of the REIT at the beginning of the year, (4)&nbsp;(i)&nbsp;the aggregate adjusted bases of all such property sold by the REIT during
    the year did not exceed 20% of the aggregate adjusted basis of all property of the REIT at the beginning of the year and (ii)&nbsp;the
    average annual percentage of properties sold by the REIT compared to all the REIT&#8217;s properties (measured by adjusted bases)
    in the current and two prior years did not exceed 10% or (5)&nbsp;(i)&nbsp;the aggregate fair market value of all such property sold
    by the REIT during the year did not exceed 20% of the aggregate fair market value of all property of the REIT at the beginning of
    the year and (ii)&nbsp;the average annual percentage of properties sold by the REIT compared to all the REIT&#8217;s properties (measured
    by fair market value) in the current and two prior years did not exceed 10%;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the case of property
    consisting of land or improvements (except for property acquired through foreclosure or lease termination), the REIT has held the
    property for at least two years for the production of rental income; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the REIT has made more
    than seven sales of non-foreclosure property during the taxable year, substantially all of the marketing and development expenditures
    with respect to the property were made through an independent contractor from whom the REIT derives no income or a TRS.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will attempt to comply
with the terms of the safe-harbor provisions in the U.S. federal income tax laws prescribing when a property sale will not be characterized
as a prohibited transaction. We cannot assure you, however, that we can comply with the safe-harbor provisions or that we will avoid
owning property that may be characterized as property that we hold &#8220;primarily for sale to customers in the ordinary course of a
trade or business.&#8221; The 100% tax will not apply to gains from the sale of property that is held through a TRS or other taxable
corporation, although such income will be taxed to the corporation at regular U.S. federal corporate income tax rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Recordkeeping Requirements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We must maintain certain
records in order to maintain our qualification as a REIT. In addition, to avoid a monetary penalty, we must request on an annual basis
information from our stockholders designed to disclose the actual ownership of our outstanding stock. We intend to comply with these
requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Failure to Qualify</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we fail to satisfy one
or more requirements for REIT qualification, other than the gross income tests and the asset tests, we could avoid disqualification if
our failure is due to reasonable cause and not to willful neglect and we pay a penalty of $50,000 for each such failure. In addition,
there are relief provisions for a failure of the gross income tests and asset tests, as described in &#8220;&#8212; Gross Income Tests&#8221;
and &#8220;&#8212; Asset Tests.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we fail to qualify as
a REIT in any taxable year, and no relief provision applies, we would be subject to U.S. federal income tax, and any applicable alternative
minimum tax on our taxable income at regular U.S. federal corporate income tax rates, plus potential penalties and/or interest. In calculating
our taxable income in a year in which we fail to qualify as a REIT, we would not be able to deduct amounts paid out to stockholders.
In such a case, we would not be required to distribute any amounts to stockholders in that year. In such event, to the extent of our
current and accumulated earnings and profits, distributions to stockholders generally would be taxable as ordinary dividend income. Subject
to certain limitations of the U.S. federal income tax laws, corporate stockholders may be eligible for the dividends received deduction
and non-corporate U.S. stockholders may be eligible for the reduced U.S. federal income tax rate of up to 20% on such dividends. Unless
we qualified for relief under specific statutory provisions, we also would be disqualified from taxation as a REIT for the four taxable
years following the year during which we ceased to qualify as a REIT. We cannot predict whether in all circumstances we would qualify
for such statutory relief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Taxation of Holders of Our Series&nbsp;B Redeemable
Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Taxation of Taxable U.S. Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This section is a summary
of the rules&nbsp;governing the U.S. federal income taxation of U.S. stockholders and is for general information only. <B>We urge you
to consult your tax advisors to determine the impact of U.S. federal, state and local income tax laws on the purchase, ownership and
disposition of our Series&nbsp;B Redeemable Preferred Stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used herein, the term
 &#8220;U.S. stockholder&#8221; means a beneficial owner of our Series&nbsp;B Redeemable Preferred Stock that for U.S. federal income
tax purposes is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a citizen or resident of
    the United States;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a corporation (including
    an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United
    States, any of its states or the District of Columbia;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an estate whose income
    is subject to U.S. federal income taxation regardless of its source; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any trust if (1)&nbsp;a
    court is able to exercise primary supervision over the administration of such trust and one or more United States persons (as defined
    in Section&nbsp;7701(a)(30) of the Code) have the authority to control all substantial decisions of the trust or (2)&nbsp;it has
    a valid election in place to be treated as a U.S. person.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a partnership, entity
or arrangement treated as a partnership for U.S. federal income tax purposes holds our Series&nbsp;B Redeemable Preferred Stock, the
U.S. federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities
of the partnership. If you are a partner in a partnership holding our Series&nbsp;B Redeemable Preferred Stock, you should consult your
tax advisor regarding the consequences of the ownership and disposition of our Series&nbsp;B Redeemable Preferred Stock by the partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For any taxable year for
which we qualify for taxation as a REIT, amounts distributed to, and gains realized by, taxable U.S. stockholders with respect to our
Series&nbsp;B Redeemable Preferred Stock generally will be taxed as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Distributions on Our
Series&nbsp;B Redeemable Preferred Stock.</I></B> As long as we maintain our qualification as a REIT, a taxable U.S. stockholder must
generally take into account, as ordinary income, distributions made out of our current or accumulated earnings and profits that we do
not designate as capital gain dividends or retained long-term capital gain. For purposes of determining whether a distribution is made
out of our current or accumulated earnings and profits, our earnings and profits will be allocated first to our preferred stock dividends,
if any, and then to our common stock dividends. Individuals, trusts and estates generally may deduct 20% of the &#8220;qualified REIT
dividends&#8221; (i.e., REIT dividends other than capital gain dividends and portions of REIT dividends designated as &#8220;qualified
dividend income,&#8221; which in each case are already eligible for capital gain tax rates) they receive. The deduction for qualified
REIT dividends is not subject to the wage and property basis limits that apply to other types of &#8220;qualified business income.&#8221;
However, to qualify for this deduction, the U.S. stockholder receiving such dividends must hold the dividend-paying REIT stock for at
least 46 days (taking into account certain special holding period rules) of the 91-day period beginning 45 days before the stock becomes
ex-dividend and cannot be under an obligation to make related payments with respect to a position in substantially similar or related
property. The 20% deduction for qualified REIT dividends results in a maximum 29.6% U.S. federal income tax rate on ordinary REIT dividends,
not including the 3.8% Medicare tax, discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. stockholder will not
qualify for the dividends received deduction generally available to corporations. Additionally, because we are not generally subject
to U.S. federal income tax on the portion of our REIT taxable income distributed to our stockholders (see &#8220;---Taxation of Our Company&#8221;
above), our dividends generally will not be eligible for the 20% U.S. federal income tax rate on &#8220;qualified dividend income&#8221;
(generally, dividends paid by domestic C corporations and certain qualified foreign corporations to U.S. stockholders that are taxed
at individual rates). As a result, our ordinary REIT dividends will be taxed at the higher tax rate applicable to ordinary income. The
maximum income tax rate for qualified dividend income received by U.S. stockholders taxed at individual rates is currently 20%, plus
the 3.8% Medicare tax on net investment income, if applicable. By contrast, the maximum U.S. federal income tax rates on ordinary income
and REIT dividend income are currently 37% and 29.6%, respectively, plus the 3.8% Medicare tax on net investment income, if applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, the 20% U.S. federal
income tax rate for qualified dividend income will apply to our ordinary REIT dividends, if any, that are (1)&nbsp;attributable to dividends
received by us from non-REIT corporations, such as any TRS we may form and (2)&nbsp;attributable to income upon which we have paid U.S.
federal corporate income tax (e.g., to the extent that we distribute less than 100% of our taxable income). In general, to qualify for
the reduced tax rate on qualified dividend income, a stockholder must hold our capital stock for more than 60 days during the 121-day
period beginning on the date that is 60 days before the date on which our capital stock becomes ex-dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Individuals, trusts and estates
whose income exceeds certain thresholds are also subject to an additional 3.8% Medicare tax on dividends received from us. U.S. stockholders
are urged to consult their tax advisors regarding the implications of the additional Medicare tax resulting from an investment in our
capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. stockholder generally
will recognize distributions that we designate as capital gain dividends as long-term capital gain without regard to how long the U.S.
stockholder has held our Series&nbsp;B Redeemable Preferred Stock. We generally will designate our capital gain dividends as either 20%
or 25% U.S. federal income tax rate distributions. See &#8220;&#8212;Capital Gains and Losses.&#8221; A corporate U.S. stockholder, however,
may be required to treat up to 20% of certain capital gain dividends as ordinary income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may elect to retain and
pay income tax on the net long-term capital gain that we recognize in a taxable year. In that case, to the extent that we designate such
amount in a timely notice to such stockholder, a U.S. stockholder would be taxed on its proportionate share of our undistributed long-term
capital gain. The U.S. stockholder would receive a credit for its proportionate share of the tax we paid. The U.S. stockholder would
increase the basis in its stock by the amount of its proportionate share of our undistributed long-term capital gain, minus its share
of the tax we paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. stockholder will not
incur tax on a distribution in excess of our current and accumulated earnings and profits if the distribution does not exceed the adjusted
basis of the U.S. stockholder&#8217;s capital stock. Instead, the distribution will reduce the U.S. stockholder&#8217;s adjusted basis
in such stock. If a U.S. stockholder receives a distribution in excess of both our current and accumulated earnings and profits and the
U.S. stockholder&#8217;s adjusted basis in his or her stock, the U.S. stockholder will recognize the distribution as long-term capital
gain, or short-term capital gain if the stock has been held for one year or less, assuming the stock is a capital asset in the hands
of the U.S. stockholder. In addition, if we declare a distribution in October, November, or December&nbsp;of any year that is payable
to a U.S. stockholder of record on a specified date in any such month, such distribution will be treated as both paid by us and received
by the U.S. stockholder on December&nbsp;31 of such year, to the extent of our earnings and profits, provided that we actually pay the
distribution during January&nbsp;of the following calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. stockholders may not
include in their individual income tax returns any of our net operating losses or capital losses. Instead, these losses are generally
carried over by us for potential offset against our future income. Taxable distributions from us and gain from the disposition of our
Series&nbsp;B Redeemable Preferred Stock will not be treated as passive activity income and, therefore, stockholders generally will not
be able to apply any &#8220;passive activity losses,&#8221; such as losses from certain types of limited partnerships in which the U.S.
stockholder is a limited partner, against such income or gain. In addition, taxable distributions from us and gain from the disposition
of our Series&nbsp;B Redeemable Preferred Stock generally will be treated as investment income for purposes of the investment interest
limitations. We will notify U.S. stockholders after the close of our taxable year as to the portions of the distributions attributable
to that year that constitute ordinary income, return of capital and capital gain and &#8220;qualified REIT dividends.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Dispositions of Series&nbsp;B
Redeemable Preferred Stock.</I></B> A U.S. stockholder who is not a dealer in securities must generally treat any gain or loss realized
upon a taxable disposition of our Series&nbsp;B Redeemable Preferred Stock as long-term capital gain or loss if the U.S. stockholder
has held our Series&nbsp;B Redeemable Preferred Stock for more than one year, and otherwise as short-term capital gain or loss. In general,
a U.S. stockholder will realize gain or loss in an amount equal to the difference between the sum of the fair market value of any property
and the amount of cash received in such disposition, and the U.S. stockholder&#8217;s adjusted tax basis. A stockholder&#8217;s adjusted
tax basis generally will equal the U.S. stockholder&#8217;s acquisition cost, increased by the excess of net capital gains deemed distributed
to the U.S. stockholder (discussed above) less tax deemed paid on such gains, and reduced by any returns of capital. However, a U.S.
stockholder must treat any loss upon a sale or exchange of Series&nbsp;B Redeemable Preferred Stock held by such stockholder for six
months or less as a long-term capital loss to the extent of capital gain dividends and any other actual or deemed distributions from
us that such U.S. stockholder treats as long-term capital gain. All or a portion of any loss that a U.S. stockholder realizes upon a
taxable disposition of shares of our Series&nbsp;B Redeemable Preferred Stock may be disallowed if the U.S. stockholder purchases substantially
identical stock within 30 days before or after the disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Redemptions.</I></B>
As described in &#8220;Description of Capital Stock&#8212;Series&nbsp;B Redeemable Preferred Stock&#8212;&#8201;Optional Redemption by
the Company&#8221; and &#8220;&#8212;&#8201;Optional Redemption Following Death or Qualifying Disability of a Holder,&#8221; we have
the option to pay the redemption price, in whole or in part, in cash or shares of our Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we elect to pay the entire
redemption price in our Class&nbsp;A common stock, U.S. stockholders will not recognize gain or loss, except to the extent they receive
cash in lieu of fractional shares. A U.S. stockholder&#8217;s tax basis in our Class&nbsp;A common stock received will be equal to its
adjusted tax basis in the Series&nbsp;B Redeemable Preferred Stock being redeemed less any portion allocable to cash received in lieu
of a fractional share. Cash received in lieu of a fractional share generally will be treated as a payment in a taxable exchange for such
fractional share, and gain or loss will be recognized on the receipt of cash in an amount equal to the difference between the amount
of cash received and the adjusted tax basis allocable to the fractional share deemed exchanged. This gain or loss will be long-term capital
gain or loss if the U.S. stockholder has held our Series&nbsp;B Redeemable Preferred Stock for more than one year at the time of conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we elect to pay the redemption
price partly in our Class&nbsp;A common stock and partly in cash, U.S. stockholders will recognize no loss on the redemption. If a U.S.
stockholder realizes gain on the redemption, the stockholder will be required to recognize that gain in an amount equal to the lesser
of (1)&nbsp;the gain realized and (2)&nbsp;the amount of cash received, excluding cash attributable to a fractional share. Cash received
in lieu of fractional shares will be treated as described in the paragraph above. U.S. stockholders will realize gain to the extent the
sum of the cash and the fair market value of our Class&nbsp;A common stock received exceeds their adjusted tax basis in the Series&nbsp;B
Redeemable Preferred Stock. A U.S. stockholder&#8217;s aggregate basis in our Class&nbsp;A common stock received (including any fractional
share interest) will be equal to the stockholder&#8217;s adjusted tax basis in the Series&nbsp;B Redeemable Preferred Stock, decreased
by the amount of cash received (excluding cash attributable to a fractional share) and increased by the amount of gain recognized on
the redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we elect to pay the entire
redemption price in cash, such redemption of our Series&nbsp;B Redeemable Preferred Stock will be treated under Section&nbsp;302 of the
Code as a distribution that is taxable as dividend income (to the extent of our current or accumulated earnings and profits), unless
the redemption satisfies certain tests set forth in Section&nbsp;302(b)&nbsp;of the Code enabling the redemption to be treated as sale
of our Series&nbsp;B Redeemable Preferred Stock (in which case the redemption will be treated in the same manner as a sale described
above in &#8220;&#8212; Dispositions of Series&nbsp;B Redeemable Preferred Stock&#8221;). The redemption will satisfy such tests if it
(i)&nbsp;is &#8220;substantially disproportionate&#8221; with respect to the holder&#8217;s interest in our stock, (ii)&nbsp;results
in a &#8220;complete termination&#8221; of the holder&#8217;s interest in all our classes of stock, or (iii)&nbsp;is &#8220;not essentially
equivalent to a dividend&#8221; with respect to the holder, all within the meaning of Section&nbsp;302(b)&nbsp;of the Code. In determining
whether any of these tests have been met, stock considered to be owned by the holder by reason of certain constructive ownership rules&nbsp;set
forth in the Code, as well as stock actually owned, generally must be taken into account. Because the determination as to whether any
of the three alternative tests of Section&nbsp;302(b)&nbsp;of the Code described above will be satisfied with respect to any particular
holder of our Series&nbsp;B Redeemable Preferred Stock depends upon the facts and circumstances at the time that the determination must
be made, prospective investors are advised to consult their tax advisors to determine such tax treatment. If a cash redemption of our
Series&nbsp;B Redeemable Preferred Stock does not meet any of the three tests described above, the redemption proceeds will be treated
as a distribution, as described above under &#8220;&#8212;Distributions on Our Series&nbsp;B Redeemable Preferred Stock.&#8221;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stockholders should consult
with their tax advisors regarding the taxation of any particular redemption of our Series&nbsp;B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Capital Gains and Losses.</I></B>
A taxpayer generally must hold a capital asset for more than one year for gain or loss derived from its sale or exchange to be treated
as long-term capital gain or loss. The highest marginal U.S. federal individual income tax rate currently is 37%. The maximum U.S. federal
income tax rate on long-term capital gain applicable to U.S. taxpayers taxed at individual rates is 20%. The maximum U.S. federal income
tax rate on long-term capital gain from the sale or exchange of &#8220;Section&nbsp;1250 property,&#8221; or depreciable real property,
is 25%, to the extent that such gain would have been treated as ordinary income if the property were &#8220;Section&nbsp;1245 property.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to distributions
that we designate as capital gain dividends, and any retained capital gain that we are deemed to distribute, we generally may designate
whether such a distribution is taxable at the 20% rate or the 25% rate to our U.S. stockholders taxed at individual rates. Thus, the
tax rate differential between capital gain and ordinary income for those taxpayers may be significant. In addition, the characterization
of income as capital gain or ordinary income may affect the deductibility of capital losses. A non-corporate taxpayer may deduct capital
losses not offset by capital gains against its ordinary income only up to a maximum annual amount of $3,000 ($1,500 for married individuals
filing separate returns). A non-corporate taxpayer may carry forward unused capital losses indefinitely. A corporate taxpayer must pay
tax on its net capital gain at ordinary U.S. federal corporate income tax rates. A corporate taxpayer may deduct capital losses only
to the extent of capital gains, with unused losses being carried back three years and forward five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Medicare Tax.</I></B>
Certain U.S. stockholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay
a 3.8% Medicare tax. The Medicare tax applies to, among other things, dividends and other income derived from certain trades or business
and net gains from the sale or other disposition of property, such as our Series&nbsp;B Redeemable Preferred Stock, subject to certain
exceptions. Our dividends and any gain from the disposition of our Series&nbsp;B Redeemable Preferred Stock generally are the type of
gain that is subject to the Medicare tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>FATCA Withholding.</I></B>
Under the Foreign Account Tax Compliance Act, or FATCA, a U.S. withholding tax at a 30% rate will be imposed on dividends paid to certain
U.S. stockholders who own our shares through foreign accounts or foreign intermediaries if certain disclosure requirements related to
U.S. accounts or ownership are not satisfied. We will not pay any additional amounts in respect of any amounts withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Taxation of Tax-Exempt Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This section is a summary
of rules&nbsp;governing the U.S. federal income taxation of U.S. stockholders that are tax-exempt entities and is for general information
only. <B>We urge tax-exempt stockholders to consult their tax advisors to determine the impact of U.S. federal, state and local income
tax laws on the purchase, ownership and disposition of our Series&nbsp;B Redeemable Preferred Stock, including any reporting requirements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Tax-exempt entities, including
qualified employee pension and profit sharing trusts, and individual retirement accounts, generally are exempt from U.S. federal income
taxation. However, they are subject to taxation on their unrelated business taxable income, or UBTI. Although many investments in real
estate generate UBTI, the IRS has issued a ruling that dividend distributions from a REIT to an exempt employee pension trust do not
constitute UBTI so long as the exempt employee pension trust does not otherwise use the shares of the REIT in an unrelated trade or business
of the pension trust. Based on that ruling, amounts that we distribute to tax-exempt stockholders generally should not constitute UBTI.
However, if a tax-exempt stockholder were to finance (or be deemed to finance) its acquisition of our Series&nbsp;B Redeemable Preferred
Stock with debt, a portion of the income that it receives from us would constitute UBTI pursuant to the &#8220;debt-financed property&#8221;
rules. Moreover, social clubs, voluntary employee benefit associations, supplemental unemployment benefit trusts and qualified group
legal services plans that are exempt from taxation under special provisions of the U.S. federal income tax laws are subject to different
UBTI rules, which generally will require them to characterize distributions that they receive from us as UBTI. Finally, in certain circumstances,
a qualified employee pension or profit sharing trust that owns more than 10% of our stock must treat a percentage of the dividends that
it receives from us as UBTI. Such percentage is equal to the gross income we derive from an unrelated trade or business, determined as
if we were a pension trust, divided by our total gross income for the year in which we pay the dividends. That rule&nbsp;applies to a
pension trust holding more than 10% of our stock only if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the percentage of our dividends
    that the tax-exempt trust must treat as UBTI is at least 5%;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we qualify as a REIT by
    reason of the modification of the rule&nbsp;requiring that no more than 50% of our stock be owned by five or fewer individuals that
    allows the beneficiaries of the pension trust to be treated as holding our stock in proportion to their actuarial interests in the
    pension trust; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">either:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">o</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">one pension trust owns
    more than 25% of the value of our capital stock; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">o</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a group of pension trusts
    individually holding more than 10% of the value of our capital stock collectively owns more than 50% of the value of our capital
    stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Taxation of Non-U.S. Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This section is a summary
of the rules&nbsp;governing the U.S. federal income taxation of non-U.S. stockholders. As used herein, the term &#8220;non-U.S. stockholder&#8221;
means a beneficial owner of our Series&nbsp;B Redeemable Preferred Stock that is not a U.S. stockholder, a partnership (or entity treated
as a partnership for U.S. federal income tax purposes) or a tax-exempt stockholder. The rules&nbsp;governing U.S. federal income taxation
of non-U.S. stockholders are complex, and this summary is for general information only. <B>We urge non-U.S. stockholders to consult their
tax advisors to determine the impact of U.S. federal, state and local income tax laws on the purchase, ownership and disposition of our
Series&nbsp;B Redeemable Preferred Stock, including any reporting requirements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Distributions.</I></B>
A non-U.S. stockholder that receives a distribution that is not attributable to gain from our sale or exchange of a &#8220;United States
real property interest,&#8221; or USRPI, as defined below, and that we do not designate as a capital gain dividend or retained capital
gain, will recognize ordinary income to the extent that we pay such distribution out of our current or accumulated earnings and profits.
A withholding tax equal to 30% of the gross amount of the distribution ordinarily will apply to such distribution unless an applicable
tax treaty reduces or eliminates the tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, if a distribution
is treated as effectively connected with the non-U.S. stockholder&#8217;s conduct of a U.S. trade or business, the non-U.S. stockholder
generally will be subject to U.S. federal income tax on the distribution at graduated rates, in the same manner as U.S. stockholders
are taxed with respect to such distribution, and a non-U.S. stockholder that is a corporation also may be subject to a 30% branch profits
tax with respect to that distribution. The branch profits tax may be reduced by an applicable tax treaty. We plan to withhold U.S. federal
income tax at the rate of 30% on the gross amount of any such distribution paid to a non-U.S. stockholder unless either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a lower treaty rate applies
    and the non-U.S. stockholder provides us with an IRS Form&nbsp;W-8BEN or W-8BEN-E, as applicable, evidencing eligibility for that
    reduced rate;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the non-U.S. stockholder
    provides us with an IRS Form&nbsp;W-8ECI claiming that the distribution is effectively connected income; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the distribution is treated
    as attributable to a sale of a USRPI under FIRPTA (discussed below).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A non-U.S. stockholder will
not incur tax on a distribution in excess of our current and accumulated earnings and profits if the excess portion of such distribution
does not exceed the adjusted basis of its Series&nbsp;B Redeemable Preferred Stock. Instead, the excess portion of such distribution
will reduce the non-U.S. stockholder&#8217;s adjusted basis in such stock. A non-U.S. stockholder will be subject to tax on a distribution
that exceeds both our current and accumulated earnings and profits and the adjusted basis of its Series&nbsp;B Redeemable Preferred Stock,
if the non-U.S. stockholder otherwise would be subject to tax on gain from the sale or disposition of its Series&nbsp;B Redeemable Preferred
Stock, as described below. We must withhold 15% of any distribution that exceeds our current and accumulated earnings and profits. Consequently,
although we intend to withhold at a rate of 30% on the entire amount of any distribution, to the extent that we do not do so, we will
withhold at a rate of 15% on any portion of a distribution not subject to withholding at a rate of 30%. Because we generally cannot determine
at the time we make a distribution whether the distribution will exceed our current and accumulated earnings and profits, we normally
will withhold tax on the entire amount of any distribution at the same rate as we would withhold on a dividend. However, by filing a
U.S. tax return, a non-U.S. stockholder may claim a refund of amounts that we withhold if we later determine that a distribution in fact
exceeded our current and accumulated earnings and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For any year in which we
qualify as a REIT, a non-U.S. stockholder may incur tax on distributions that are attributable to gain from our sale or exchange of a
USRPI under FIRPTA. A USRPI includes certain interests in real property, and shares in corporations at least 50% of whose assets consist
of interests in real property. Under FIRPTA, subject to the exceptions discussed below for (1)&nbsp;distributions on a class of stock
that is regularly traded on an established securities market to a less-than-10% holder of such stock and (2)&nbsp;distributions to &#8220;qualified
shareholders&#8221; and &#8220;qualified foreign pension funds,&#8221; a non-U.S. stockholder is taxed on distributions attributable
to gain from sales of USRPIs as if such gain were effectively connected with a U.S. business of the non-U.S. stockholder. A non-U.S.
stockholder thus would be taxed on such a distribution at the normal U.S. federal capital gains rates applicable to U.S. stockholders,
subject to applicable alternative minimum tax and a special alternative minimum tax in the case of a nonresident alien individual. A
corporate non-U.S. stockholder not entitled to treaty relief or exemption also may be subject to the 30% branch profits tax on such a
distribution. Unless the exception described in the next paragraph applies, we must withhold 21% of any distribution that we could designate
as a capital gain dividend. A non-U.S. stockholder may receive a credit against its tax liability for the amount we withhold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, if our Series&nbsp;B
Redeemable Preferred Stock is regularly traded on an established securities market in the United States, capital gain distributions that
are attributable to our sale of on such class of our capital stock that are attributable to our sale of a USRPI will be treated as ordinary
dividends rather than as gain from the sale of a USRPI, as long as the non-U.S. stockholder did not own more than 10% of the applicable
class of our capital stock at any time during the one-year period preceding the distribution or the non-U.S. stockholder was treated
as a &#8220;qualified shareholder&#8221; and &#8220;qualified foreign pension fund.&#8221; In such a case, non-U.S. stockholders generally
will be subject to withholding tax on such capital gain distributions in the same manner as they are subject to withholding tax on ordinary
dividends. Our Series&nbsp;B Redeemable Preferred Stock will not be regularly traded on an established securities market in the United
States following this offering. If our Series&nbsp;B Redeemable Preferred Stock is not regularly traded on an established securities
market in the United States or the non-U.S. stockholder owned more than 10% of our Series&nbsp;B Redeemable Preferred Stock at any time
during the one-year period preceding the distribution, capital gain distributions that are attributable to our sale of USRPIs will be
subject to tax under FIRPTA, as described above. In that case, we must withhold 21% of any distribution that we could designate as a
capital gain dividend. A non-U.S. stockholder may receive a credit against its tax liability for the amount we withhold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, if a non-U.S. stockholder
disposes of our Series&nbsp;B Redeemable Preferred Stock during the 30-day period preceding a dividend payment, and such non-U.S. stockholder
(or a person related to such non-U.S. stockholder) acquires or enters into a contract or option to acquire our Series&nbsp;B Redeemable
Preferred Stock within 61 days of the first day of the 30-day period described above, and any portion of such dividend payment would,
but for the disposition, be treated as a USRPI capital gain to such non-U.S. stockholder, then such non-U.S. stockholder will be treated
as having USRPI capital gain in an amount that, but for the disposition, would have been treated as USRPI capital gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although the law is not clear
on the matter, it appears that amounts we designate as retained capital gains in respect of our capital stock held by U.S. stockholders
generally should be treated with respect to non-U.S. stockholders in the same manner as actual distributions by us of capital gain dividends.
Under this approach, a non-U.S. stockholder would be able to offset as a credit against its U.S. federal income tax liability resulting
from its proportionate share of the tax paid by us on such retained capital gains, and to receive from the IRS a refund to the extent
of the non-U.S. stockholder&#8217;s proportionate share of such tax paid by us exceeds its actual U.S. federal income tax liability,
provided that the non-U.S. stockholder furnishes required information to the IRS on a timely basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Qualified Shareholders</I>.</B>
Subject to the exception discussed below, any distribution to a &#8220;qualified shareholder&#8221; who holds our capital stock directly
or indirectly (through one or more partnerships) will not be subject to U.S. federal income tax as income effectively connected with
a U.S. trade or business and thus will not be subject to FIRPTA withholding as described above. However, while a &#8220;qualified shareholder&#8221;
will not be subject to FIRPTA withholding on our distributions, non-United States persons who hold interests in the &#8220;qualified
shareholder&#8221; (other than interests solely as a creditor) and hold more than 10% of our capital stock, either through the &#8220;qualified
shareholder&#8221; or otherwise, will still be subject to FIRPTA withholding. REIT distributions received by a &#8220;qualified shareholder&#8221;
that are exempt from FIRPTA withholding may still be subject to regular U.S. federal withholding tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A &#8220;qualified shareholder&#8221;
is a foreign person that (1)&nbsp;is either eligible for the benefits of a comprehensive income tax treaty that includes an exchange
of information program and whose principal class of interests is listed and regularly traded on one or more recognized stock exchanges
(as defined in such comprehensive income tax treaty), or is a foreign partnership that is created or organized under foreign law as a
limited partnership in a jurisdiction that has an agreement for the exchange of information with respect to taxes with the United States
and has a class of limited partnership units representing greater than 50% of the value of all of the partnership&#8217;s units and is
regularly traded on the NYSE or NASDAQ markets, (2)&nbsp;is a &#8220;qualified collective investment vehicle&#8221; (as defined below)
and (3)&nbsp;maintains records of the identity of each person who, at any time during the foreign person&#8217;s taxable year, is the
direct owner of 5% or more the class of interests or units (as applicable) described in (1), above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A &#8220;qualified collective
investment vehicle&#8221; is a foreign person that (1)&nbsp;would be eligible for a reduced rate of withholding under the comprehensive
income tax treaty described above, even if such entity owns more than 10% of the stock of the REIT, (2)&nbsp;is publicly traded, is treated
as a partnership under the Code, is a withholding foreign partnership and would be treated as &#8220;United States real property holding
corporation,&#8221; or a USRPHC, under FIRPTA if it were a domestic corporation or (3)&nbsp;is designated as such by the Secretary of
the U.S. Treasury and is either (a)&nbsp;&#8220;fiscally transparent&#8221; within the meaning of Section&nbsp;894 of the Code or (b)&nbsp;required
to include dividends in its gross income, but is entitled to a deduction for distributions to its investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Qualified Foreign Pension
Funds</I>.</B> Any distribution to a &#8220;qualified foreign pension fund&#8221; or an entity all of the interests of which are held
by one or more &#8220;qualified foreign pension funds&#8221; who holds our capital stock directly or indirectly (through one or more
partnerships) generally will not be subject to U.S. federal income tax as income effectively connected with the conduct of a U.S. trade
or business and thus will not be subject to FIRPTA withholding as described above. REIT distributions received by a &#8220;qualified
foreign pension fund&#8221; that are exempt from FIRPTA withholding may still be subject to regular U.S. federal withholding tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A &#8220;qualified foreign
pension fund&#8221; is any trust, corporation or other organization or arrangement (1)&nbsp;which is created or organized under the laws
of a country other than the United States or a political subdivision thereof, (2)&nbsp;which is established to provide retirement or
pension benefits to participants or beneficiaries that are current or former employees (or persons designated by such employees) of one
or more employers in consideration for services rendered, (3)&nbsp;which does not have a single participant or beneficiary with a right
to more than 5% of its assets or income, taking in account certain attribution rules, (4)&nbsp;which is subject to government regulation
and provides annual information reporting about its beneficiaries to the relevant tax or other governmental authorities in the country
in which it is established or operates and (5)&nbsp;with respect to which, under the laws of the country in which it is established or
operates, and subject to a de minimis exception, (a)&nbsp;contributions to such organization or arrangement that would otherwise be subject
to tax under such laws are deductible or excluded from the gross income of such entity or taxed at a reduced rate or (b)&nbsp;taxation
of any investment income of such organization or arrangement is deferred or such income is taxed a reduced rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>FATCA</I>.</B> Under
FATCA, a U.S. withholding tax at a 30% rate will be imposed on dividends paid to certain non-U.S. stockholders if certain disclosure
requirements related to U.S. accounts or ownership are not satisfied. If payment of withholding taxes is required, non-U.S. stockholders
that are otherwise eligible for an exemption from, or reduction of, U.S. withholding taxes with respect to such dividends will be required
to seek a refund from the IRS to obtain the benefit of such exemption or reduction. We will not pay any additional amounts in respect
of any amounts withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Dispositions.</I></B>
Subject to the discussion below regarding dispositions by &#8220;qualified shareholders&#8221; and &#8220;qualified foreign pension funds,&#8221;
non-U.S. stockholders could incur tax under FIRPTA with respect to gain realized upon a disposition of our Series&nbsp;B Redeemable Preferred
Stock if we are a United States real property holding corporation, or USRPHC, during a specified testing period. If at least 50% of a
REIT&#8217;s assets are USRPIs, then the REIT will be a USRPHC. We anticipate that we will be a USRPHC based on our investment strategy.
However, even if we are a USRPHC, a non-U.S. stockholder generally would not incur tax under FIRPTA on gain from the sale of our Series&nbsp;B
Redeemable Preferred Stock if we are a &#8220;domestically controlled qualified investment entity.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A &#8220;domestically controlled
qualified investment entity&#8221; includes a REIT in which, at all times during a specified testing period, less than 50% in value of
its shares are held directly or indirectly by non-U.S. stockholders. We cannot assure that this test has been or will be met. Further,
final Treasury regulations that are effective as of April&nbsp;25, 2024 (the &#8220;Final Regulations&#8221;) modify prior tax guidance
relating to the manner in which we determine whether we are a domestically controlled qualified investment entity. The Final Regulations
provide a look-through rule&nbsp;for our shareholders that are non-publicly&nbsp;traded partnerships, non-public&nbsp;REITs,&nbsp;non-public&nbsp;regulated
investment companies, or&nbsp;non-public domestic C corporations owned more than 50% directly or indirectly by foreign persons (&#8220;foreign-controlled
domestic corporations&#8221;) and treat &#8220;qualified foreign pension funds&#8221; as foreign persons. The look-through rule&nbsp;in
the Final Regulations applicable to foreign-controlled domestic corporations will not apply to a REIT for a period of up to ten years
if it is able to satisfy certain requirements, including not undergoing a significant change in its ownership and not acquiring a significant
amount of new USRPIs, in each case since April&nbsp;24, 2024, the date the Final Regulations were issued. If a REIT fails to satisfy
such requirements during the&nbsp;ten-year&nbsp;period, then the look-through rule&nbsp;in the Final Regulations applicable to foreign-controlled
domestic corporations will apply to such REIT beginning on the day immediately following the date of such failure. While we cannot predict
when we will commence being subject to such look-through rule&nbsp;in the Final Regulations, we may not be able to satisfy the applicable
requirements for the duration of the&nbsp;ten-year&nbsp;period. Prospective investors are urged to consult with their tax advisors regarding
the application and impact of these rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If our Series&nbsp;B Redeemable
Preferred Stock is regularly traded on an established securities market, an additional exception to the tax under FIRPTA will be available
with respect to a non-U.S. stockholder&#8217;s disposition of such stock, even if we do not qualify as a domestically controlled qualified
investment entity at the time the non-U.S. stockholder sells such stock. Under this additional exception, the gain from such a sale by
a non-U.S. stockholder will not be subject to tax under FIRPTA if (1)&nbsp;the applicable class of our capital stock is treated as being
regularly traded on an established securities market under applicable Treasury Regulations and (2)&nbsp;the non-U.S. stockholder owned,
actually or constructively, 10% or less of that class of our Series&nbsp;B Redeemable Preferred Stock at all times during a specified
testing period. Following this offering, our Series&nbsp;B Redeemable Preferred Stock will not be regularly traded on an established
securities market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a sale of our
capital stock by a &#8220;qualified shareholder&#8221; or a &#8220;qualified foreign pension fund&#8221; who holds our capital stock
directly or indirectly (through one or more partnerships) will not be subject to U.S. federal income tax under FIRPTA. However, while
a &#8220;qualified shareholder&#8221; will not be subject to FIRPTA withholding on a sale of our capital stock, non-United States persons
who hold interests in the &#8220;qualified shareholder&#8221; (other than interests solely as a creditor) and hold more than 10% of our
capital stock, either through the &#8220;qualified shareholder&#8221; or otherwise, will still be subject to FIRPTA withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the gain on the sale of
our Series&nbsp;B Redeemable Preferred Stock were taxed under FIRPTA, a non-U.S. stockholder would be taxed on that gain in the same
manner as U.S. stockholders, subject to applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident
alien individuals. In addition, distributions that are subject to tax under FIRPTA also may be subject to a 30% branch profits tax when
made to a non-U.S. stockholder treated as a corporation (under U.S. federal income tax principles) that is not otherwise entitled to
treaty exemption. Finally, if we are not a domestically controlled qualified investment entity at the time our capital stock is sold
and the non-U.S. stockholder does not qualify for the exemptions described in the preceding paragraph, under FIRPTA the purchaser of
our capital stock also may be required to withhold 15% of the purchase price and remit this amount to the IRS on behalf of the selling
non-U.S. stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to individual
non-U.S. stockholders, even if not subject to FIRPTA, capital gains recognized from the sale of our capital stock will be taxable to
such non-U.S. stockholder if he or she is a non-resident alien individual who is present in the United States for 183 days or more during
the taxable year and some other conditions apply, in which case the non-resident alien individual may be subject to a U.S. federal income
tax on his or her U.S. source capital gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Redemptions.</I></B>
As described in &#8220;Description of Capital Stock&#8212;Series&nbsp;B Redeemable Preferred Stock&#8212;&#8201;Optional Redemption by
the Company&#8221; and &#8220;&#8212;&#8201;Optional Redemption Following Death or Qualifying Disability of a Holder,&#8221; we have
the option to pay the redemption price, in whole or in part, in cash or shares of our Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we elect to pay the entire
redemption price in our Class&nbsp;A common stock, so long our Series&nbsp;B Redeemable Preferred Stock does not constitute a USRPI under
FIRPTA, the tax consequences to a&nbsp;non-U.S.&nbsp;stockholder will generally be the same as those described above for a U.S. stockholder.
If our Series&nbsp;B Redeemable Preferred Stock does constitute a USRPI, the redemption of our Series&nbsp;B Redeemable Preferred Stock
for our common stock may be a taxable exchange for a&nbsp;non-U.S.&nbsp;stockholder. However, even if our Series&nbsp;B Redeemable Preferred
Stock does constitute a USRPI, provided our Class&nbsp;A common stock also constitutes a USRPI, a&nbsp;non-U.S.&nbsp;stockholder generally
will not recognize gain or loss upon the redemption of our Series&nbsp;B Redeemable Preferred Stock for our Class&nbsp;A common stock
so long as certain FIRPTA-related reporting requirements are satisfied, except with respect to any cash attributable to a fractional
share. If our Series&nbsp;B Redeemable Preferred Stock does constitute a USRPI and such requirements are not satisfied, however, the
redemption will be treated as a taxable exchange of our Series&nbsp;B Redeemable Preferred Stock for our common stock. Such a deemed
taxable exchange would be subject to tax under FIRPTA at the rate of tax, including any applicable capital gains rates, that would apply
to a U.S. stockholder of the same type (e.g., an individual or a corporation, as the case may be) on the excess, if any, of the fair
market value of such&nbsp;non-U.S.&nbsp;stockholder&#8217;s Class&nbsp;A common stock received over s11,238uch&nbsp;non-U.S.&nbsp;stockholder&#8217;s
adjusted basis in its Series&nbsp;B Redeemable Preferred Stock. Collection of such tax will be enforced by a refundable withholding tax
at a rate of 15% of the value of the common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we elect to pay the redemption
price partly in our Class&nbsp;A common stock and partly in cash, so long our Series&nbsp;B Redeemable Preferred Stock does not constitute
a USRPI under FIRPTA, the tax consequences to a&nbsp;non-U.S.&nbsp;stockholder will generally be the same as those described above for
a U.S. stockholder. If our Series&nbsp;B Redeemable Preferred Stock does constitute a USRPI, our Class&nbsp;A common stock also constitutes
a USRPI, and non-U.S. stockholder realizes gain on the redemption our Series&nbsp;B Redeemable Preferred Stock, such non-U.S. stockholder
will be required to recognize gain in an amount equal to the lesser of&#8201; (1)&nbsp;the gain realized and (2)&nbsp;the amount of cash
received, except with respect to any cash attributable to a fractional share and so long as certain FIRPTA-related reporting requirements
are satisfied. However, such non-U.S. stockholders will recognize no loss on the redemption. If our Class&nbsp;A common stock does not
constitute a USRPI, the redemption will be treated as a taxable exchange of our Series&nbsp;B Redeemable Preferred Stock for our Class&nbsp;A
common stock, as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we elect to pay the entire
redemption price in cash, such redemption of our Series&nbsp;B Redeemable Preferred Stock by a non-U.S. stockholder whose income derived
from the investment in shares of our Series&nbsp;B Redeemable Preferred Stock is not effectively connected with the conduct of a trade
or business in the U.S. will be treated under Section&nbsp;302 of the Code as a distribution that is taxable as dividend income (to the
extent of our current or accumulated earnings and profits), unless the redemption satisfies certain tests set forth in Section&nbsp;302(b)&nbsp;of
the Code enabling the redemption to be treated as sale of our Series&nbsp;B Redeemable Preferred Stock (in which case the redemption
will be treated in the same manner as a sale described above in &#8220;Dispositions&#8221;). The redemption will satisfy such tests if
it (i)&nbsp;is &#8220;substantially disproportionate&#8221; with respect to the holder&#8217;s interest in our stock, (ii)&nbsp;results
in a &#8220;complete termination&#8221; of the holder&#8217;s interest in all our classes of stock, or (iii)&nbsp;is &#8220;not essentially
equivalent to a dividend&#8221; with respect to the holder, all within the meaning of Section&nbsp;302(b)&nbsp;of the Code. In determining
whether any of these tests have been met, stock considered to be owned by the holder by reason of certain constructive ownership rules&nbsp;set
forth in the Code, as well as stock actually owned, generally must be taken into account. Because the determination as to whether any
of the three alternative tests of Section&nbsp;302(b)&nbsp;of the Code described above will be satisfied with respect to any particular
holder of our Series&nbsp;B Redeemable Preferred Stock depends upon the facts and circumstances at the time that the determination must
be made, prospective investors are advised to consult their tax advisors to determine such tax treatment. If a redemption of our Series&nbsp;B
Redeemable Preferred Stock for cash does not meet any of the three tests described above, the redemption proceeds will be treated as
a distribution, as described above under &#8220;&#8212;Distributions.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-U.S. stockholders should
consult with their tax advisors regarding the taxation of any particular redemption of our Series&nbsp;B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Information Reporting Requirements
and Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will report to our stockholders
and to the IRS the amount of distributions we pay during each calendar year, and the amount of tax we withhold, if any. Under the backup
withholding rules, a stockholder may be subject to backup withholding at a rate of 24% with respect to distributions unless the stockholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is a corporation or qualifies
    for certain other exempt categories and, when required, demonstrates this fact; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provides a taxpayer identification
    number, certifies as to no loss of exemption from backup withholding, and otherwise complies with the applicable requirements of
    the backup withholding rules.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A stockholder who does not
provide us with its correct taxpayer identification number also may be subject to penalties imposed by the IRS. Any amount paid as backup
withholding will be creditable against the stockholder&#8217;s income tax liability. In addition, we may be required to withhold a portion
of capital gain distributions to any stockholders who fail to certify their non-foreign status to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Backup withholding will generally
not apply to payments of dividends made by us or our paying agents, in their capacities as such, to a non-U.S. stockholder provided that
the non-U.S. stockholder furnishes to us or our paying agent the required certification as to its non-U.S. status, such as providing
a valid IRS Form&nbsp;W-8BEN, W-8BEN-E or W-8ECI, or certain other requirements are met. Notwithstanding the foregoing, backup withholding
may apply if either we or our paying agent has actual knowledge, or reason to know, that the holder is a United States person that is
not an exempt recipient. Payments of the proceeds from a disposition or a redemption effected outside the United States by a non-U.S.
stockholder made by or through a foreign office of a broker generally will not be subject to information reporting or backup withholding.
However, information reporting (but not backup withholding) generally will apply to such a payment if the broker has certain connections
with the United States unless the broker has documentary evidence in its records that the beneficial owner is a non-U.S. stockholder
and specified conditions are met or an exemption is otherwise established. Payment of the proceeds from a disposition by a non-U.S. stockholder
of Series&nbsp;B Redeemable Preferred Stock made by or through the U.S. office of a broker is generally subject to information reporting
and backup withholding unless the non-U.S. stockholder certifies under penalties of perjury that it is not a United States person and
satisfies certain other requirements, or otherwise establishes an exemption from information reporting and backup withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Backup withholding is not
an additional tax. Any amounts withheld under the backup withholding rules&nbsp;may be refunded or credited against the stockholder&#8217;s
U.S. federal income tax liability if certain required information is furnished to the IRS. Stockholders should consult their tax advisors
regarding application of backup withholding to them and the availability of, and procedure for obtaining an exemption from, backup withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Statements of Share Ownership</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required to demand
annual written statements from the record holders of designated percentages of our Series&nbsp;B Redeemable Preferred Stock disclosing
the actual owners of the shares of Series&nbsp;B Redeemable Preferred Stock. Any record stockholder who, upon our request, does not provide
us with required information concerning actual ownership of the shares of Series&nbsp;B Redeemable Preferred Stock is required to include
specified information relating to his shares of Series&nbsp;B Redeemable Preferred Stock in his U.S. federal income tax return. We also
must maintain, within the Internal Revenue District in which we are required to file our U.S. federal income tax return, permanent records
showing the information we have received about the actual ownership of our Series&nbsp;B Redeemable Preferred Stock and a list of those
persons failing or refusing to comply with our demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Tax Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Tax Aspects of Our Investments
in Our Operating Partnership and Subsidiary Partnerships</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our Operating
Partnership currently is, and at the conclusion of this offering, will be, properly classified as a partnership for U.S. federal income
tax purposes and not as an association or as a publicly traded partnership taxable as a corporation. The following discussion summarizes
certain U.S. federal income tax considerations applicable to our direct or indirect investments in our Operating Partnership as a partnership
for U.S. federal income tax purposes and any subsidiary partnerships or limited liability companies that we form or acquire, or each
individually a Partnership and, collectively, the Partnerships. The discussion does not cover state or local tax laws or any U.S. federal
tax laws other than income tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Classification as Partnerships</I></B>.
We will include in our income our distributive share of each Partnership&#8217;s income and deduct our distributive share of each Partnership&#8217;s
losses only if such Partnership is classified for U.S. federal income tax purposes as a partnership (or an entity that is disregarded
for U.S. federal income tax purposes if the entity is treated as having only one owner or member for U.S. federal income tax purposes)
rather than as a corporation or an association taxable as a corporation. An unincorporated entity with at least two owners or members
will be classified as a partnership, rather than as a corporation, for U.S. federal income tax purposes if it:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is treated as a partnership
    under the Treasury Regulations relating to entity classification, or the check-the-box regulations; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is not a &#8220;publicly
    traded partnership.&#8221;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the check-the-box regulations,
an unincorporated entity with at least two owners or members may elect to be classified either as an association taxable as a corporation
or as a partnership. If such an entity does not make an election, it will generally be treated as a partnership (or an entity that is
disregarded for U.S. federal income tax purposes if the entity is treated as having only one owner or member for U.S. federal income
tax purposes) for U.S. federal income tax purposes. Our Operating Partnership intends to be classified as a partnership for U.S. federal
income tax purposes following the admission of additional partners and will not elect to be treated as an association taxable as a corporation
under the check-the-box regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A publicly traded partnership
is a partnership whose interests are traded on an established securities market or are readily tradable on a secondary market or the
substantial equivalent thereof. A publicly traded partnership will not, however, be treated as a corporation for any taxable year if,
for each taxable year beginning after December&nbsp;31, 1987 in which it was classified as a publicly traded partnership, 90% or more
of the partnership&#8217;s gross income for such year consists of certain passive-type income, including real property rents, gains from
the sale or other disposition of real property, interest and dividends, or the 90% passive income exception. Treasury Regulations provide
limited safe harbors from the definition of a publicly traded partnership. Pursuant to one of those safe harbors, or the private placement
exclusion, interests in a partnership will not be treated as readily tradable on a secondary market or the substantial equivalent thereof
if (1)&nbsp;all interests in the partnership were issued in a transaction or transactions that were not required to be registered under
the Securities Act and (2)&nbsp;the partnership does not have more than 100 partners at any time during the partnership&#8217;s taxable
year. In determining the number of partners in a partnership, a person owning an interest in a partnership, grantor trust or S corporation
that owns an interest in the partnership is treated as a partner in such partnership only if (1)&nbsp;substantially all of the value
of the owner&#8217;s interest in the entity is attributable to the entity&#8217;s direct or indirect interest in the partnership and
(2)&nbsp;a principal purpose of the use of the entity is to permit the partnership to satisfy the 100-partner limitation. We believe
that our Operating Partnership and any other Partnership in which we own an interest will qualify for the private placement exception.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not requested, and
do not intend to request, a ruling from the IRS that our Operating Partnership will be classified as a partnership for U.S. federal income
tax purposes. If for any reason our Operating Partnership were taxable as a corporation, rather than as a partnership, for U.S. federal
income tax purposes, we likely would not be able to qualify as a REIT unless we qualified for certain relief provisions. See &#8220;&#8212;Gross
Income Tests&#8221; and &#8220;&#8212;Asset Tests.&#8221; In addition, any change in a Partnership&#8217;s status for tax purposes might
be treated as a taxable event, in which case we might incur tax liability without any related cash distribution. Further, items of income
and deduction of such Partnership would not pass through to its partners, and its partners would be treated as stockholders for tax purposes.
Consequently, such Partnership would be required to pay tax at U.S. federal corporate income tax rates on its net income, and distributions
to its partners would constitute dividends that would not be deductible in computing such Partnership&#8217;s taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Income Taxation of the Partnerships
and their Partners</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Partners, Not the Partnerships,
Subject to Tax</I></B>. A partnership is generally not a taxable entity for U.S. federal income tax purposes. Rather, we are required
to take into account our allocable share of each Partnership&#8217;s income, gains, losses, deductions and credits for any taxable year
of such Partnership ending within or with our taxable year, without regard to whether we have received or will receive any distribution
from such Partnership. However, as discussed below, the tax liability for adjustments to a partnership&#8217;s tax returns made as a
result of an audit by the IRS will be imposed on the partnership itself in certain circumstances absent an election to the contrary (if
available).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Partnership Allocations</I>.</B>
Although a partnership agreement generally will determine the allocation of income and losses among partners, such allocations will be
disregarded for tax purposes if they do not comply with the provisions of the U.S. federal income tax laws governing partnership allocations.
If an allocation is not recognized for U.S. federal income tax purposes, the item subject to the allocation will be reallocated in accordance
with the partners&#8217; interests in the partnership, which will be determined by taking into account all of the facts and circumstances
relating to the economic arrangement of the partners with respect to such item. Each Partnership&#8217;s allocations of taxable income,
gain and loss are intended to comply with the requirements of the U.S. federal income tax laws governing partnership allocations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Tax Allocations with
Respect to Partnership Properties</I>.</B> Income, gain, loss and deduction attributable to appreciated or depreciated property that
is contributed to a partnership in exchange for an interest in the partnership must be allocated in a manner such that the contributing
partner is charged with, or benefits from, respectively, the unrealized gain or unrealized loss associated with the property at the time
of the contribution, or the 704(c)&nbsp;Allocations. The amount of the unrealized gain or unrealized loss, or built-in gain or built-in
loss, respectively, is generally equal to the difference between the fair market value of the contributed property at the time of contribution
and the adjusted tax basis of such property at the time of contribution, or a book-tax difference. Any property purchased for cash initially
will have an adjusted tax basis equal to its fair market value, resulting in no book-tax difference. A book-tax difference generally
is decreased on an annual basis as a result of depreciation deductions to the contributing partner for book purposes but not for tax
purposes. The 704(c)&nbsp;Allocations are solely for U.S. federal income tax purposes and do not affect the book capital accounts or
other economic or legal arrangements among the partners. In the future, our Operating Partnership may acquire property that may have
a built-in gain or a built-in loss in exchange for OP Units. Our Operating Partnership will have a carryover, rather than a fair market
value, adjusted tax basis in such contributed assets equal to the adjusted tax basis of the contributors in such assets, resulting in
a book-tax difference. As a result of that book-tax difference, we will have a lower adjusted tax basis with respect to that portion
of our Operating Partnership&#8217;s assets than we would have with respect to assets having a tax basis equal to fair market value at
the time of acquisition. This could result in lower depreciation deductions with respect to the portion of our Operating Partnership&#8217;s
assets attributable to such contributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The U.S. Treasury Department
has issued regulations requiring partnerships to use a &#8220;reasonable method&#8221; for allocating items with respect to which there
is a book-tax difference and outlining several reasonable allocation methods. Under certain available methods, the carryover basis of
contributed properties in the hands of our Operating Partnership (1)&nbsp;could cause us to be allocated lower amounts of depreciation
deductions for tax purposes than would be allocated to us if all contributed properties were to have a tax basis equal to their fair
market value at the time of the contribution and (2)&nbsp;in the event of a sale of such properties, could cause us to be allocated taxable
gain in excess of the economic or book gain allocated to us as a result of such sale, with a corresponding benefit to the contributing
partners. An allocation described in (2)&nbsp;above might cause us to recognize taxable income in excess of cash proceeds in the event
of a sale or other disposition of property, which may adversely affect our ability to comply with the REIT distribution requirements
and may result in a greater portion of our distributions being taxed as dividends. We have not yet decided what method our Operating
Partnership will use to account for book-tax differences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Sale of a Partnership&#8217;s
Property</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, any gain realized
by a Partnership on the sale of property held by the Partnership for more than one year will be long-term capital gain, except for any
portion of such gain that is treated as depreciation or cost recovery recapture. Under Section&nbsp;704(c)&nbsp;of the Code, any gain
or loss recognized by a Partnership on the disposition of contributed properties will be allocated first to the partners of the Partnership
who contributed such properties to the extent of their built-in gain or built-in loss on those properties for U.S. federal income tax
purposes. The partners&#8217; built-in gain or built-in loss on such contributed properties will equal the difference between the partners&#8217;
proportionate share of the book value of those properties and the partners&#8217; tax basis allocable to those properties at the time
of the contribution as reduced for any decrease in the &#8220;book-tax difference.&#8221; See &#8220;&#8212;Income Taxation of the Partnerships
and their Partners&#8212;Tax Allocations with Respect to Partnership Properties.&#8221; Any remaining gain or loss recognized by the
Partnership on the disposition of the contributed properties, and any gain or loss recognized by the Partnership on the disposition of
the other properties, will be allocated among the partners in accordance with their respective percentage interests in the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our share of any gain realized
by a Partnership on the sale of any property held by the Partnership as inventory or other property held primarily for sale to customers
in the ordinary course of the Partnership&#8217;s trade or business will be treated as income from a prohibited transaction that is subject
to a 100% penalty tax. Such prohibited transaction income may have an adverse effect upon our ability to satisfy the income tests for
REIT qualification. See &#8220;&#8212;Gross Income Tests.&#8221; We do not presently intend to acquire or hold or to allow any Partnership
to acquire or hold any property that represents inventory or other property held primarily for sale to customers in the ordinary course
of our or such Partnership&#8217;s trade or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Partnership Audit Rules</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Bipartisan Budget
Act of 2015, any audit adjustments to items of income, gain, loss, deduction or credit of a partnership (and any partner&#8217;s distributive
share thereof) are now determined, and taxes, interest or penalties attributable thereto are assessed and collected, at the partnership
level. Although it is not entirely clear how these new rules&nbsp;will be implemented, it is possible that they could result in partnerships
in which we directly or indirectly invest being required to pay additional taxes, interest and penalties as a result of an audit adjustment,
and we, as a direct or indirect partner of those partnerships, could be required to bear the economic burden of those taxes, interest
and penalties even though we, as a REIT, may not otherwise have been required to pay additional corporate-level taxes as a result of
the related audit adjustment. The changes created by these new rules&nbsp;are sweeping and in many respects dependent on the promulgation
of future regulations or other guidance by the U.S. Treasury Department. Investors are urged to consult their tax advisors with respect
to these changes and their potential impact on their investment in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>Legislative or Other Actions
Affecting REITs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The present U.S. federal
income tax treatment of REITs may be modified, possibly with retroactive effect, by legislative, judicial or administrative action at
any time, which could affect the U.S. federal income tax treatment of an investment in our securities. The REIT rules&nbsp;are constantly
under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department, which may result in statutory
changes as well as revisions to regulations and interpretations. Additionally, several of the tax considerations described herein are
currently under review and are subject to change. Prospective securityholders are urged to consult with their tax advisors regarding
the effect of potential changes to the U.S. federal tax laws on an investment in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B><I>State and Local Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and/or you may be subject
to taxation by various states and localities, including those in which we or a stockholder transacts business, owns property or resides.
The state and local tax treatment may differ from the federal income tax treatment described above. Consequently, you should consult
your tax advisors regarding the effect of state and local tax laws upon an investment in our Series&nbsp;B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sabari_003"></A><B>ERISA CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary
of certain considerations associated with the acquisition and holding of our Series&nbsp;B Redeemable Preferred Stock by an employee
benefit plan (as defined in Section&nbsp;3(3)&nbsp;of the Employee Retirement Income Security Act of 1974, as amended, or ERISA) that
is subject to Title I of ERISA, a plan described in, and subject to, Section&nbsp;4975 of the Code, including an individual retirement
account, or IRA, or a Keogh plan, a plan subject to provisions under applicable federal, state, local, non-U.S. or other laws or regulations
that are similar to the provisions of Title&nbsp;I of ERISA or Section&nbsp;4975 of the Code, which we refer to as &#8220;Similar Laws,&#8221;
and any entity whose underlying assets include &#8220;plan assets&#8221; by reason of any such employee benefit or retirement plan&#8217;s
investment in such entity (each of which we refer to as a &#8220;Plan&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General Fiduciary Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ERISA and the Code impose
certain duties on persons who are fiduciaries of a Plan subject to Title&nbsp;I of ERISA or Section&nbsp;4975 of the Code (an &#8220;ERISA
Plan&#8221;) and prohibit certain transactions involving the assets of an ERISA Plan with its fiduciaries or other interested parties.
In general, under ERISA and the Code, any person who exercises any discretionary authority or control over the administration of such
an ERISA Plan or the management or disposition of the assets of such an ERISA Plan, or who renders investment advice for a fee or other
compensation (direct or indirect) to such an ERISA Plan, is generally considered to be a fiduciary of the ERISA Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Plans that are governmental
plans (as defined in Section&nbsp;3(32) of ERISA), certain church plans (as defined in Section&nbsp;3(33) of ERISA or Section&nbsp;4975(g)(3)&nbsp;of
the Code) and non-U.S. plans (as described in Section&nbsp;4(b)(4)&nbsp;of ERISA) are not subject to the requirements of ERISA or Section&nbsp;4975
of the Code but may be subject to similar prohibitions under Similar Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In considering the acquisition,
holding and, to the extent relevant, disposition of our Series&nbsp;B Redeemable Preferred Stock by an ERISA Plan, a fiduciary should
determine whether the investment is in accordance with the documents and instruments governing the Plan, whether the investment is consistent
with the Plan&#8217;s needs for liquidity to satisfy minimum and other distribution requirements and whether the investment is in accordance
with the applicable provisions of ERISA, the Code or any Similar Law relating to a fiduciary&#8217;s duties to the Plan including, without
limitation, the prudence, diversification, delegation of control and prohibited transaction provisions of ERISA, the Code and any other
applicable Similar Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Prohibited Transaction Issues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;406 of ERISA
and Section&nbsp;4975 of the Code (which also applies to IRAs that are subject to ERISA) prohibit ERISA Plans from engaging in specified
transactions involving plan assets with persons or entities who are &#8220;parties in interest,&#8221; within the meaning of ERISA, or
 &#8220;disqualified persons,&#8221; within the meaning of Section&nbsp;4975 of the Code, unless an exemption is available. A party in
interest or disqualified person who engages in a non-exempt prohibited transaction may be subject to excise taxes and other penalties
and liabilities under ERISA and the Code, and may cause the disqualification of an IRA and the immediate taxation of the IRA&#8217;s
assets. In addition, the fiduciary of an ERISA Plan that engages in such a non-exempt prohibited transaction may be subject to penalties
and liabilities under ERISA and the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whether or not our underlying
assets are deemed to include &#8220;plan assets,&#8221; as described below, the acquisition and/or holding of shares of our Series&nbsp;B
Redeemable Preferred Stock by an ERISA Plan with respect to which we or the initial purchaser is considered a party in interest or a
disqualified person may constitute or result in a direct or indirect prohibited transaction under Section&nbsp;406 of ERISA and/or Section&nbsp;4975
of the Code, unless the investment is acquired and is held in accordance with an applicable statutory, class or individual prohibited
transaction exemption. In this regard, the Department of Labor (the &#8220;DOL&#8221;) has issued prohibited transaction class exemptions,
or &#8220;PTCEs,&#8221; that may apply to the acquisition and holding of our Series&nbsp;B Redeemable Preferred Stock. These class exemptions
include, without limitation, PTCE&nbsp;84-14 relating to transactions determined by independent qualified professional asset managers,
PTCE&nbsp;90-1 relating to insurance company pooled separate accounts, PTCE&nbsp;91-38 relating to bank collective investment funds,
PTCE&nbsp;95-60 relating to life insurance company general accounts and PTCE&nbsp;96-23 relating to transactions determined by in-house
asset managers. In addition, Section&nbsp;408(b)(17) of ERISA and Section&nbsp;4975(d)(20) of the Code provide an exemption from the
prohibited transaction provisions of ERISA and the Code for certain transactions, provided that neither the issuer of the securities
nor any of its affiliates (directly or indirectly) have or exercise any discretionary authority or control, or render any investment
advice, with respect to the assets of any ERISA Plan involved in the transaction, and provided further that the ERISA Plan pays no more
than adequate consideration in connection with the transaction. There can be no assurance that all of the conditions of any such exemptions
will be satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Plan Asset Issues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The DOL Plan Asset Regulations,
promulgated under ERISA by the DOL, generally provide that when an ERISA Plan acquires an equity interest in an entity that is neither
a &#8220;publicly-offered security&#8221; nor a security issued by an investment company registered under the Investment Company Act,
the ERISA Plan&#8217;s assets include both the equity interest and an undivided interest in each of the underlying assets of the entity
unless it is established that either: (1)&nbsp;less than 25% of the total value of each class of equity interest in the entity is held
by &#8220;benefit plan investors&#8221; as defined in Section&nbsp;3(42) of ERISA (the &#8220;insignificant participation test&#8221;),
or (2)&nbsp;the entity is an &#8220;operating company,&#8221; as defined in the DOL Plan Asset Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the DOL Plan
Asset Regulations, a &#8220;publicly-offered security&#8221; is a security that is (a)&nbsp;&#8220;freely transferable,&#8221; (b)&nbsp;part
of a class of securities that is &#8220;widely held,&#8221; and (c)&nbsp;(x)&nbsp;sold to the Plan as part of an offering of securities
to the public pursuant to an effective registration statement under the Securities Act of 1933 and the class of securities to which such
security is a part is registered under the Securities Exchange Act of 1934 within 120&nbsp;days after the end of the fiscal year of the
issuer during which the offering of such securities to the public has occurred, or (y)&nbsp;is part of a class of securities that is
registered under Section&nbsp;12 of the Exchange Act. Our Series&nbsp;B Redeemable Preferred Stock will not qualify as a &#8220;publicly-offered
security&#8221; unless and until such time as we register our Series&nbsp;B Redeemable Preferred Stock under Section&nbsp;12 of the Exchange
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the &#8220;insignificant
participation test,&#8221; the DOL Plan Asset Regulations provide that equity participation in an entity by benefit plan investors is
not significant if their aggregate interest is less than 25% of the value of each class of equity securities in the entity, disregarding,
for purposes of such determination, any interests held by persons and their affiliates (other than Controlling Persons), who have discretionary
authority or control with respect to the assets of the entity or who provide investment advice for a fee with respect to such assets.
We do not intend to limit or monitor benefit plan investors&#8217; investments in our Series&nbsp;B Redeemable Preferred Stock and so
there can be no assurance that our Series&nbsp;B Redeemable Preferred Stock will satisfy the &#8220;insignificant participation test.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As noted above, the assets
of a benefit plan investor do not include the underlying assets of the entity when the benefit plan investor acquires an equity interest
in an &#8220;operating company.&#8221; Under the DOL Plan Asset Regulations, an entity is an &#8220;operating company&#8221; if it is
primarily engaged, either directly or through a majority-owned subsidiary or subsidiaries, in the production or sale of a product or
services other than the investment of capital. The term &#8220;operating company&#8221; includes, among other things, a &#8220;real estate
operating company&#8221; or a REOC. In general, an entity may qualify as a REOC if: (1)&nbsp;at least 50% of its assets valued at cost
(other than short-term investments pending long-term commitment or distribution to investors) are invested in real estate which is managed
or developed and with respect to which the entity has the right to substantially participate directly in the management or development
activities, and (2)&nbsp;such entity is engaged directly in real estate management or development activities in the ordinary course of
its business. It is unclear whether we qualify as a REOC for purposes of the DOL Plan Asset Regulations and at this time we do not intend
to rely on that exception.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Plan Asset Consequences</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If our assets were deemed
to be &#8220;plan assets&#8221; under ERISA, this would result, among other things, in (i)&nbsp;the application of the prudence and other
fiduciary responsibility standards of ERISA to investments made by us, and (ii)&nbsp;the possibility that certain transactions in which
we might seek to engage could constitute &#8220;prohibited transactions&#8221; under ERISA and the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Representation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, by acceptance
of the shares of our Series&nbsp;B Redeemable Preferred Stock each purchaser or subsequent transferee of such shares of Series&nbsp;B
Redeemable Preferred Stock will be deemed to have represented and warranted either that (i)&nbsp;no portion of such purchaser&#8217;s
or transferee&#8217;s assets used to acquire such shares constitutes assets of any benefit plan investor or (ii)&nbsp;the purchase of
our Series&nbsp;B Redeemable Preferred Stock by such purchaser or transferee will not constitute a non-exempt prohibited transaction
under Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code or similar violation under any applicable Similar Laws. Each purchaser
or subsequent transferee of our shares of Series&nbsp;B Redeemable Preferred Stock also will be deemed to have represented or warranted
that the shares will not be transferred to any benefit plan investor or Controlling Person until each outstanding share of Series&nbsp;B
Redeemable Preferred Stock and class of our capital stock qualifies as a &#8220;publicly-offered security&#8221; or we qualify for another
exception to the DOL Plan Asset Regulations (other than the exception for satisfying the insignificant participation test).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing discussion
is general in nature, is not intended to be all-inclusive, and is based on laws in effect on the date of this prospectus. Such discussion
should not be construed as legal advice. Due to the complexity of these rules&nbsp;and the penalties that may be imposed upon persons
involved in non-exempt prohibited transactions, it is particularly important that fiduciaries, or other persons considering purchasing
shares of our Series&nbsp;B Redeemable Preferred Stock on behalf of, or with the assets of, any Plan consult with counsel regarding the
potential applicability of ERISA, Section&nbsp;4975 of the Code and Similar Laws to such investment and whether an exemption would be
applicable to the purchase of shares of our Series&nbsp;B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The foregoing discussion
is general in nature and is not intended to be all-inclusive. Due to the complexity of these rules&nbsp;and the penalties that may be
imposed upon persons involved in non-exempt prohibited transactions, it is particularly important that fiduciaries, or other persons
considering purchasing our Series&nbsp;B Redeemable Preferred Stock on behalf of, or with the assets of, any Plan, consult with their
counsel regarding the potential applicability of ERISA, Section&nbsp;4975 of the Code and any Similar Laws to such investment and whether
an exemption would be applicable to the purchase and holding of our Series&nbsp;B Redeemable Preferred Stock. The acquisition, holding
and, to the extent relevant, disposition of our Series&nbsp;B Redeemable Preferred Stock by or to any Plan is in no respect a representation
by us or any of our affiliates or representatives that such an investment meets all relevant legal requirements with respect to investments
by such Plans generally or any particular Plan, or that such an investment is appropriate for Plans generally or any particular Plan.
Purchasers of our Series&nbsp;B Redeemable Preferred Stock have the exclusive responsibility for ensuring that their purchase and holding
of our Series&nbsp;B Redeemable Preferred Stock complies with the fiduciary responsibility rules&nbsp;of ERISA and does not violate the
prohibited transaction rules&nbsp;of ERISA, the Code or applicable Similar Laws.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sabari_004"></A><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are offering a maximum
of 14,000,000 shares of our Series&nbsp;B Redeemable Preferred Stock in the offering through an affiliate of Bluerock, Bluerock Capital
Markets, LLC, our dealer manager, on a &#8220;best efforts&#8221; basis, which means that the dealer manager is only required to use
its good faith efforts and reasonable diligence to sell the Series&nbsp;B Redeemable Preferred Stock and has no firm commitment or obligation
to purchase any specific number or dollar amount of the Series&nbsp;B Redeemable Preferred Stock. Each share of Series&nbsp;B Redeemable
Preferred Stock will be sold at a public offering price of&#8201;$25.00 per share. Selling commissions will not be payable in connection
with advisory transactions, and may be reduced or waived at the discretion of a participating broker-dealer. To the extent a participating
broker-dealer reduces its selling commissions below 7.0%, the net proceeds to us will not be affected by such reduction of the commissions
payable in connection with such sales, and the public offering price per share will be decreased by an amount equal to such reduction
as exemplified in the table below. Such reductions will have no effect on the amount of any distributions to be received by the investor,
nor on the amount of any fees to be paid by the investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Selling
    Commission</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Public
    Offering Price per Share of <BR> Series&nbsp;B<BR> Redeemable Preferred Stock</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 47%; font: 10pt Times New Roman, Times, Serif; text-align: right">7.0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 47%; font: 10pt Times New Roman, Times, Serif; text-align: right">25.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23.75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &#8220;&#8212;Compensation of Dealer Manager and Participating
Broker-Dealers&#8221; below for additional information regarding the reduction of selling commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of shares of Series&nbsp;B
Redeemable Preferred Stock we have registered pursuant to the registration statement of which this prospectus forms a part is the number
that we reasonably expect to be offered and sold within two years from the initial effective date of the registration statement. Under
applicable SEC rules, we may extend this offering one additional year if all of the shares we have registered are not yet sold within
two years. With the filing of a registration statement for a subsequent offering, we may be able to extend this offering beyond three
years until the&nbsp;follow-on&nbsp;registration statement is declared effective. Pursuant to this prospectus, we are offering to the
public all of the shares of Series&nbsp;B Redeemable Preferred Stock that we have registered. Although we have registered a fixed dollar
amount of our shares of Series&nbsp;B Redeemable Preferred Stock, we intend effectively to conduct a continuous offering of an unlimited
number of shares of our Series&nbsp;B Redeemable Preferred Stock over an unlimited time period by filing a new registration statement
prior to the end of the three-year period described in Securities Act Rule&nbsp;415. In certain states, the registration of our offering
may continue for only one year following the initial clearance by applicable state authorities, after which we will renew the offering
period for additional&nbsp;one-year&nbsp;periods (or longer, if permitted by the laws of each particular state).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will sell shares of Series&nbsp;B
Redeemable Preferred Stock using two closing services provided by the DTC. The first service is DTC Settlement and the second service
is DRS Settlement. Investors purchasing shares of Series&nbsp;B Redeemable Preferred Stock through DTC Settlement will coordinate with
their registered representatives to pay the full purchase price for their shares by the settlement date, and such payments will not be
held in escrow. Investors who are permitted to utilize the DRS Settlement method will complete and sign subscription agreements, which
will be delivered to the escrow agent, UMB Bank, N.A. In addition, such investors will pay the full purchase price for their shares to
the escrow agent (as set forth in the subscription agreement), to be held in trust for the investors&#8217; benefit pending release to
us as described herein. See &#8220;&#8212;&#8201;Settlement Procedures&#8221; for a description of the closing procedures with respect
to each of the closing methods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Bluerock Capital Markets,
a member firm of FINRA, is indirectly controlled by R. Ramin Kamfar, a principal of Bluerock. Bluerock Capital Markets is a Massachusetts
limited liability company with a principal business address of 4100 Newport Place, Suite&nbsp;650, Newport Beach, California 92660 and
its telephone number is (877) 826-BLUE (2583).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation of Dealer Manager and Participating Broker-Dealers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay to Bluerock Capital
Markets selling commissions of up to 7.0% of the gross offering proceeds from the offering. We will also pay to Bluerock Capital Markets
a placement fee of up to 3.0% of the gross offering proceeds from the offering as compensation for acting as dealer manager. As dealer
manager, Bluerock Capital Markets will manage, direct and supervise its associated persons who will be wholesalers in connection with
the offering. The combined selling commission and placement fee under this offering will not exceed FINRA&#8217;s 10.0% cap. Our dealer
manager will repay to the company any excess payments made to our dealer manager over FINRA&#8217;s 10.0% cap if this offering is abruptly
terminated before reaching the maximum amount of offering proceeds. We will not pay referral or similar fees to any accountants, attorneys
or other persons in connection with the distribution of the Series&nbsp;B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect Bluerock Capital
Markets to authorize other broker-dealers that are members of FINRA, which we refer to as participating broker-dealers, to sell our shares
of Series&nbsp;B Redeemable Preferred Stock. Bluerock Capital Markets may reallow all or any portion of its selling commissions to participating
broker-dealers. Bluerock Capital Markets may also reallow a portion of the placement fee earned on the proceeds raised by a participating
broker-dealer, to such participating broker-dealer as a non-accountable marketing or due diligence allowance. The amount of the reallowance
to any participating broker-dealer will be determined by the dealer manager in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to reallowing
a portion of the placement fee to participating broker-dealers as a non-accountable marketing or due diligence allowance, the placement
fee will also be used for certain costs that FINRA includes in the 10% underwriting compensation limit, such as the cost of the following
activities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">travel and entertainment
    expenses;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">compensation of employees
    of Bluerock Capital Markets in connection with wholesaling activities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expenses incurred in coordinating
    broker-dealer seminars and meetings;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">wholesaling expense reimbursements
    paid by Bluerock Capital Markets or its affiliates to other entities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the national and regional
    sales conferences of our selected dealers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">training and education
    meetings for registered representatives of our participating broker-dealers; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">permissible forms of non-cash compensation to registered
    representatives of our participating broker-dealers, such as logo apparel items and gifts that do not exceed an aggregate value of
    $100 per annum per registered representative and that are not pre-conditioned on achievement of a sales target (including, but not
    limited to, seasonal gifts).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Selling commissions may be
reduced or waived at the discretion of a participating broker-dealer. In the event our dealer manager enters into a participating broker-dealer
agreement that provides for a selling commission of less than 7.0% to be paid to the participating broker-dealer, we will reduce the
public offering price per share of Series&nbsp;B Redeemable Preferred Stock on sales made by such participating broker-dealer by an amount
equal to the reduction in commissions paid to such participating broker-dealer as exemplified in the table above. The net proceeds to
us will not be affected by the reduction in commissions and corresponding reduction in the offering price per share of Series&nbsp;B
Redeemable Preferred Stock on such sales. Further, such reductions will have no effect on the amount of any distributions to be received
by the investor, nor on the amount of any fees to be paid by the investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we will not
pay any selling commissions in connection with the sale of shares of Series&nbsp;B Redeemable Preferred Stock to investors whose contracts
for investment advisory and related brokerage services include a fixed or &#8220;wrap&#8221; fee feature or sales of shares of Series&nbsp;B
Redeemable Preferred Stock otherwise made to a client of an investment advisor through such advisor. Investors may agree with their participating
broker-dealers to reduce the amount of selling commissions payable with respect to the sale of their shares of Series&nbsp;B Redeemable
Preferred Stock down to zero (i)&nbsp;if the investor has engaged the services of a registered investment advisor, or RIA, or other financial
advisor who will be paid compensation for investment advisory services or other financial or investment advice, or (ii)&nbsp;if the investor
is investing through a bank trust account with respect to which the investor has delegated the decision-making authority for investments
made through the account to a bank trust department. Placement fees will still be charged in these fixed or &#8220;wrap&#8221; fee arrangements;
however, the dealer manager reserves the right, in its sole discretion, to reduce such fees in connection with these sales. In the event
that an investor purchases shares of Series&nbsp;B Redeemable Preferred Stock net of selling commissions and/or with reduced placement
fees, the net proceeds to us will not be affected, and each share of Series&nbsp;B Redeemable Preferred Stock sold pursuant to this arrangement
will have an initial stated value of&#8201;$25.00. Further, such reductions will have no effect on the amount of any distributions to
be received by the investor, nor on the amount of any fees to be paid by the investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No volume discounts will
apply. The 7.0% selling commission will not be reduced based on volume purchases, nor for any other reason except as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither our dealer manager
nor its affiliates will directly or indirectly compensate any person engaged as an investment advisor or a bank trust department by a
potential investor as an inducement for such investment advisor or bank trust department to advise favorably for an investment in shares
of Series&nbsp;B Redeemable Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Underwriting Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
the nature and estimated amount of all items viewed as &#8220;underwriting compensation&#8221; by FINRA, assuming we sell all the shares
of Series&nbsp;B Redeemable Preferred Stock offered in our offering hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: 10pt Times New Roman, Times, Serif; text-align: left">Selling commissions (maximum)</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">24,500,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Placement fee (maximum)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,500,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">35,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also will reimburse Bluerock
Capital Markets for reimbursements it may make to participating broker-dealers for bona fide due diligence expenses presented on detailed
and itemized invoices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We or our affiliates also
may provide permissible forms of non-cash compensation to registered representatives of our dealer manager and the participating broker-dealers,
including gifts. In no event shall such gifts exceed an aggregate value of&#8201;$100 per annum per participating salesperson, or be
pre-conditioned on achievement of a sales target. The value of such items will be considered underwriting compensation in connection
with this offering. The combined selling commissions, placement fee and such non-cash compensation under this offering will not exceed
FINRA&#8217;s 10.0% cap. Our dealer manager will repay to the company any excess payments made to our dealer manager over FINRA&#8217;s
10.0% cap if this offering is abruptly terminated before reaching the maximum amount of offering proceeds. The dealer manager&#8217;s
legal expenses will be paid by the dealer manager from the placement fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent permitted by
law and our charter, we will indemnify the participating broker-dealers and Bluerock Capital Markets against certain civil liabilities,
including certain liabilities arising under the Securities Act and liabilities arising from breaches of our representations and warranties
contained in the dealer manager agreement. However, the SEC takes the position that indemnification against liabilities arising under
the Securities Act is against public policy and is not enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not expect the actual
amount of expenses incurred in connection with this offering to exceed 1.25% of gross offering proceeds, though the amount of such expenses
may exceed the expected amount, as long as said expenses would not cause the cumulative selling commissions, placement fee and issuer
organization and offering expenses paid by us to exceed 15.0% of gross offering proceeds. This includes all expenses (other than selling
commissions and the placement fee) to be paid by us or on our behalf in connection with the qualification and registration of this offering
and the marketing and distribution of the shares of Series&nbsp;B Redeemable Preferred Stock, including, without limitation, expenses
for printing and amending registration statements or supplementing prospectuses, mailing and distributing costs, all advertising and
marketing expenses (including actual costs incurred for travel, meals and lodging for our employees to attend retail seminars hosted
by broker-dealers or bona fide training or educational meetings hosted by us), charges of transfer agents, registrars and experts and
fees, expenses and taxes related to the filing, registration and qualification, as necessary, of the sale of the shares of Series&nbsp;B
Redeemable Preferred Stock under federal and state laws, including taxes and fees and accountants&#8217; and attorneys&#8217; fees. All
organization and offering expenses, including selling commissions and the placement fee, are not expected to exceed 11.25% of the aggregate
gross proceeds of this offering, though the amount of such expenses may exceed the expected amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will be responsible for
the expenses of issuance and distribution of the shares of Series&nbsp;B Redeemable Preferred Stock in this offering, including registration
fees, printing expenses and the company&#8217;s legal and accounting fees, which we estimate will total approximately $6.25 million (excluding
selling commissions and placement fees).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations of the dealer
manager may be terminated in the event of a material adverse change in economic, political or financial conditions or upon the occurrence
of certain other conditions specified in the dealer manager agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Settlement Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If your broker-dealer uses
DTC Settlement, then you can place an order for the purchase of shares of Series&nbsp;B Redeemable Preferred Stock through your broker-dealer.
A broker-dealer using this service will have an account with DTC in which your funds are placed to facilitate the anticipated monthly
closing cycle. Orders will be executed by your broker-dealer electronically and you must coordinate with your registered representative
to pay the full purchase price of the shares by the settlement date, which depends on when you place the order during the monthly settlement
cycle and can be anywhere from one to 20&nbsp;days after the date of your order. This purchase price will not be held in escrow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under special circumstances,
you have the option to elect to use DRS Settlement. If you elect to use DRS Settlement, you should complete and sign a subscription agreement
similar to the one filed as an exhibit to the registration statement of which this prospectus is a part, which is available from your
registered representative and which will be delivered to the escrow agent. In connection with a DRS Settlement subscription, you should
pay the full purchase price of the shares of Series&nbsp;B Redeemable Preferred Stock to the escrow agent as set forth in the subscription
agreement. Subscribers may not withdraw funds from the escrow account. Subscriptions will be effective upon our acceptance, and we reserve
the right to reject any subscription in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Irrespective of whether
you purchase shares of Series&nbsp;B Redeemable Preferred Stock using DTC Settlement or DRS Settlement, by accepting such shares you
will be deemed to have accepted the terms of our charter.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to compliance with
Rule&nbsp;15c2-4 of the Exchange Act, in connection with purchases using DRS Settlement, our dealer manager or the broker-dealers participating
in this offering promptly will deposit any checks received from subscribers in an escrow account maintained by UMB Bank, N.A. by the
end of the next business day following receipt of the subscriber&#8217;s subscription documents and check. In certain circumstances where
the subscription review procedures are more lengthy than customary or pursuant to a participating broker-dealer&#8217;s internal supervising
review procedures, a subscriber&#8217;s check will be transmitted by the end of the next business day following receipt by the review
office of the dealer, which will then be promptly deposited by the end of the next business day following receipt by the review office.
Any subscription payments received by the escrow agent will be deposited into a special non-interest bearing account in our name until
such time as we have accepted or rejected the subscription and will be held in trust for your benefit, pending our acceptance of your
subscription. Subscriptions will be accepted or rejected within 10&nbsp;business days of receipt by us and, if rejected, all funds shall
be returned to the rejected subscribers within 10 business days. If accepted, the funds will be transferred into our general account
on our next closing date. You will receive a confirmation of your purchase subsequent to a closing. We generally will admit stockholders
on a semimonthly basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors purchasing shares
of Series&nbsp;B Redeemable Preferred Stock through DTC Settlement will coordinate with their registered representatives to pay the full
purchase price for their shares by the settlement date, and such payments will not be held in escrow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each participating dealer
who sells shares on our behalf has the responsibility to make every reasonable effort to determine that the purchase of shares is appropriate
for the investor. In making this determination, the participating broker-dealer will rely on relevant information provided by the investor,
including information as to the investor&#8217;s age, investment objectives, investment experience, income, net worth, financial situation,
other investments and other pertinent information. Each investor should be aware that the participating broker-dealer will be responsible
for determining whether this investment is appropriate for your portfolio. However, you are required to represent and warrant in the
subscription agreement or, if placing an order through your registered representative not through a subscription agreement in connection
with a DTC Settlement, to the registered representative, that you have received a copy of this prospectus and have had sufficient time
to review this prospectus. Bluerock Capital Markets and each participating broker-dealer shall maintain records of the information used
to determine that an investment in shares of Series&nbsp;B Redeemable Preferred Stock is suitable and appropriate for an investor. These
records are required to be maintained for a period of at least six&nbsp;years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Minimum Purchase Requirements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For your initial investment
in shares of Series&nbsp;B Redeemable Preferred Stock, you must invest at least $5,000, but purchases of less than $5,000 may be made
in the sole discretion of Bluerock Capital Markets, our dealer manager. In order to satisfy the minimum purchase requirement for retirement
plans, unless otherwise prohibited by state law, a husband and wife may jointly contribute funds from their separate IRAs. You should
note that an investment in shares of Series&nbsp;B Redeemable Preferred Stock will not, in itself, create a retirement plan and that,
in order to create a retirement plan, you must comply with all applicable provisions of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sabari_005"></A><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The statements under the
caption &#8220;Material U.S. Federal Income Tax Considerations&#8221; as they relate to U.S. federal income tax matters are based on
the opinion of our special tax counsel, Paul Hastings, L.L.P. Certain legal matters regarding the validity of the shares of Series&nbsp;B
Redeemable Preferred Stock offered hereby and certain matters of Maryland law have been passed upon for us by Venable LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sabari_006"></A><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial statements
of Bluerock Homes Trust,&nbsp;Inc. incorporated by reference in this prospectus and elsewhere in the registration statement have been
so incorporated by reference in reliance upon the report of Grant Thornton LLP, independent registered public accountants, upon the authority
of said firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The statements of revenues
and certain operating expenses of Southern Pines Reserve for the year ended December&nbsp;31, 2024 incorporated by reference, in this
prospectus and elsewhere in the registration statement, to the company&#8217;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465925064664/tm2519447d1_8ka.htm">Current
Report on Form&nbsp;8-K/A filed with the SEC on July&nbsp;1, 2025</A>, have been so incorporated in reliance on the reports of Plante
Moran, PC, an independent auditor, incorporated herein by reference, given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of Marble Capital Income and Impact Fund, L.P. and Subsidiaries as of and for the year ended December&nbsp;31, 2024, as of
December&nbsp;31, 2023 and for the period from July&nbsp;26, 2023 (commencement of operations) through December&nbsp;31, 2023 incorporated
by reference, in this prospectus and elsewhere in the registration statement, to the company&#8217;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465925066350/tm2519751d1_8ka.htm">Current
Report on Form&nbsp;8-K/A filed with the SEC on July&nbsp;8, 2025</A>, have been so incorporated in reliance on the reports of Deloitte&nbsp;&amp;
Touche LLP, an independent auditor, incorporated herein by reference, given on the authority of said firm as experts in auditing and
accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The statements of revenues
and certain operating expenses of Skytop Apartments for the year ended December&nbsp;31, 2024 incorporated by reference, in this prospectus
and elsewhere in the registration statement, to the company&#8217;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465925096683/tm2527860d1_8k.htm">Current
Report on Form&nbsp;8-K filed with the SEC on October&nbsp;3, 2025</A>, have been so incorporated in reliance on the reports of Plante
Moran, PC, an independent auditor, incorporated herein by reference, given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sabari_007"></A><B>ADDITIONAL INFORMATION;
INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC
a registration statement on Form&nbsp;S-11, as amended, of which this prospectus is a part under the Securities Act of 1933, with respect
to the shares offered by this prospectus. This prospectus does not contain all of the information set forth in the registration statement,
portions of which have been omitted as permitted by the rules&nbsp;and regulations of the SEC. Statements contained in this prospectus
as to the content of any contract or other document filed as an exhibit to the registration statement are necessarily summaries of such
contract or other document, with each such statement being qualified in all respects by such reference and the schedules and exhibits
to this prospectus. For further information regarding our company and the shares offered by this prospectus, reference is made by this
prospectus to the registration statement and such schedules and exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to &#8220;incorporate
by reference&#8221; certain information we have filed with the SEC, which means that we can disclose important information to you by
referring you to those filed documents. The information incorporated by reference is considered to be part of this prospectus. The following
documents, which have been filed with the SEC, are incorporated by reference (except to the extent that any such filing or the information
contained therein is deemed &#8220;furnished&#8221; and not &#8220;filed&#8221; in accordance with SEC rules):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926021568/bhm-20251231x10k.htm" STYLE="-sec-extract: exhibit">Annual
    Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2025 filed on February 27, 2026</A>; and</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Current Reports
    on Form&nbsp;8-K filed on</FONT> <FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926000579/tm261877d1_8k.htm" STYLE="-sec-extract: exhibit">January
    5, 2026</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926016316/tm266579d1_8k.htm" STYLE="-sec-extract: exhibit">February
    17, 2026</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926017302/tm266577d1_8k.htm" STYLE="-sec-extract: exhibit">February
    19, 2026</A>,  <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926018107/tm266963d1_8k.htm" STYLE="-sec-extract: exhibit">February
    20, 2026</A>, and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926034276/tm269757d1_8k.htm">March 25, 2026</A>.</FONT> </TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will provide to each person,
including any beneficial owner, to whom our prospectus is delivered, upon request, a copy of any or all of the information that we have
incorporated by reference into our prospectus but not delivered with our prospectus. To receive a free copy of any of the documents incorporated
by reference in our prospectus, other than exhibits, unless they are specifically incorporated by reference in those documents, call
or write us at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Bluerock Homes Trust,&nbsp;Inc.<BR>
919 Third Avenue<BR>
40th Floor<BR>
New York, New York 10022<BR>
(877) 826-BLUE (2583)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our website at <I><U>www.bluerockhomes.com</U></I>
contains additional information about us. Our website and the information contained therein or connected thereto do not constitute a
part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The registration statement
and the schedules and exhibits forming a part of the registration statement filed by us with the SEC can be inspected and copies obtained
from the Securities and Exchange Commission at Room 1580, 100 F Street, N.E., Washington, D.C. 20549. Copies of such material can be
obtained from the Public Reference Section&nbsp;of the Securities and Exchange Commission, Room 1580, 100 F Street, N.E., Washington,
D.C. 20549, at prescribed rates. In addition, the SEC maintains a website that contains reports, proxies and information statements and
other information regarding our company and other registrants that have been filed electronically with the SEC. The address of such site
is <U>http://www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>BLUEROCK HOMES TRUST,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Series&nbsp;B
Redeemable Preferred Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Maximum of 14,000,000&nbsp;Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>(Liquidation Preference
$25.00 per share of<BR> Series&nbsp;B Redeemable Preferred Stock<BR> (subject to adjustment))</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 31%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 36%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRELIMINARY
    PROSPECTUS</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bluerock Capital Markets, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 31. <I>Other Expenses of Issuance and Distribution</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the costs and expenses
of the sale and distribution of the securities being registered, all of which are being borne by us. All amounts shown are estimates
except for the SEC registration fee and the Financial Industry Regulatory Authority,&nbsp;Inc., or FINRA, filing fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -7.9pt; padding-left: 7.9pt">Securities
    and Exchange Commission Registration Fee</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">53,585</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -7.9pt; padding-left: 7.9pt">FINRA Filing Fee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">53,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -7.9pt; padding-left: 7.9pt">Printing and Engraving
    Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -7.9pt; padding-left: 7.9pt">Legal Fees and Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">900,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -7.9pt; padding-left: 7.9pt">Accounting Fees
    and Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -7.9pt; padding-left: 7.9pt">Transfer Agent and
    Registrar Fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">200,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -7.9pt; padding-left: 7.9pt">Miscellaneous</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">850,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: 24.3pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,056,585</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 32. <I>Sales to Special Parties</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See Item 33.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 33. <I>Recent Sales of Unregistered Securities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January&nbsp;1, 2023,
the company granted 3,303 of the Operating Partnership&rsquo;s long-term incentive&nbsp;plan units (&ldquo;LTIP Units&rdquo;) to each
of the non-employee members of the company&rsquo;s board of directors in payment of the equity portion of their respective annual retainers
for fiscal year 2023 (such grants, collectively, the &ldquo;2023 Retainer Grants&rdquo;). The LTIP Units issued as 2023 Retainer Grants
were issued pursuant to the Bluerock Homes Trust,&nbsp;Inc. 2022 Equity Incentive Plan for Individuals (the &ldquo;2022 BHM Individuals
Plan&rdquo;). Each such 2023 Retainer Grant was evidenced by an LTIP Unit Award Agreement. The issuances of LTIP Units as 2023 Retainer
Grants were made in reliance upon exemptions from registration provided by Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and
Regulation D thereunder for transactions not involving any public offering. No general solicitation or advertising occurred in connection
with the issuance and sale of these securities. Such LTIP Units were fully vested upon issuance and may convert to limited partnership
interests of the Operating Partnership (&ldquo;OP Units&rdquo;) upon reaching capital account equivalency with the OP Units held by the
company, and may then be redeemed for cash or, at the option of the company and after a&nbsp;one year&nbsp;holding period (including
any period during which the LTIP Units were held), settled in shares of the company&rsquo;s Class&nbsp;A common stock on a&nbsp;one-for-one
basis. From the date of grant, holders of such LTIP Units will be entitled to receive &ldquo;distribution equivalents&rdquo; at the time
distributions are paid to the holders of the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February&nbsp;22, 2023,
the company granted (i)&nbsp;85,750 C-LTIP Units to the Manager in payment of the quarterly Base Management Fee to compensate the Manager
for advisory services and certain general management services rendered under the Management Agreement during the fourth quarter of 2022
(the &ldquo;Q4 2022 Base Management Fee&rdquo;), and (ii)&nbsp;17,462 C-LTIP Units to the Manager as reimbursement from the company for
documented expenses of the Manager and its affiliates incurred on behalf of the company, the Operating Partnership, and each of their
respective subsidiaries that were reasonably necessary for the performance by the Manager of its duties and functions under the Management
Agreement during the fourth quarter of 2022 (collectively, the &ldquo;Q4 2022 Reimbursable Expenses&rdquo;), in each case in keeping
with the terms set forth in the Management Agreement. The issuances of C-LTIP Units in payment of the Q4 2022 Base Management Fee and
the Q4 2022 Reimbursable Expenses were made in reliance upon exemptions from registration provided by Section&nbsp;4(a)(2)&nbsp;of the
Securities Act of 1933 and Regulation D thereunder for transactions not involving any public offering. The Manager has a substantive,
pre-existing relationship with the company and is an &ldquo;accredited investor&rdquo; as defined in Regulation D. No general solicitation
or advertising occurred in connection with the issuance and sale of these securities. The C-LTIP Units issued in payment of the Q4 2022
Base Management Fee and the Q4 2022 Reimbursable Expenses were fully vested upon issuance, and may convert to OP Units upon reaching
capital account equivalency with the OP Units held by the company, and may then be redeemed for cash or, at the option of the company
and after a one year holding period (including any period during which such C-LTIP Units were held), settled in shares of the company&rsquo;s
Class&nbsp;A Common Stock. The Manager will be entitled to receive &ldquo;distribution equivalents&rdquo; with respect to such C-LTIP
Units at the time distributions are paid to the holders of the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May&nbsp;17, 2023, the
company granted (i)&nbsp;99,836 C-LTIP Units to the Manager in partial payment of the quarterly Base Management Fee to compensate the
Manager for advisory services and certain general management services rendered under the Management Agreement during the first quarter
of 2023 (the &ldquo;Q1 2023 Base Management Fee&rdquo;), and (ii)&nbsp;20,531 C-LTIP Units to the Manager as reimbursement from the company
for documented expenses of the Manager and its affiliates incurred on behalf of the company, the Operating Partnership, and each of their
respective subsidiaries that were reasonably necessary for the performance by the Manager of its duties and functions under the Management
Agreement during the first quarter of 2023 (collectively, the &ldquo;Q1 2023 Reimbursable Expenses&rdquo;), in each case in keeping with
the terms set forth in the Management Agreement. In addition, on May&nbsp;17, 2023, in satisfaction of the remainder of the company&rsquo;s
Q1 2023 Base Management Fee obligation to the Manager and the Manager&rsquo;s reimbursement obligation to its affiliate, Bluerock Real
Estate Holdings, LLC (&ldquo;BREH&rdquo;) for payroll-related expenses in connection with the payment of base salaries for the first
quarter of 2023 to each of R. Ramin Kamfar (&ldquo;Mr.&nbsp;Kamfar&rdquo;) and Jordan B. Ruddy (&ldquo;Mr.&nbsp;Ruddy&rdquo;) for services
provided to the Manager in their respective capacities as Chief Executive Officer and President thereof, by mutual agreement of the Manager
and the company and at the direction of each of the Manager and BREH, and in keeping with formal elections made on December&nbsp;31,
2022 by each of Messrs.&nbsp;Kamfar and Ruddy, the company further issued (a)&nbsp;10,983 C-LTIP Units directly to Mr.&nbsp;Kamfar in
payment of 98.4% of Mr.&nbsp;Kamfar&rsquo;s base salary for the first quarter of 2023, and (b)&nbsp;3,572 C-LTIP Units directly to Mr.&nbsp;Ruddy
in payment of 80.0% of Mr.&nbsp;Ruddy&rsquo;s base salary for the first quarter of 2023 (together, the &ldquo;Q1 2023 Base Salaries&rdquo;).
The issuances of C-LTIP Units in payment of the Q1 2023 Base Management Fee, the Q1 2023 Reimbursable Expenses and the Q1 2023 Base Salaries
were made in reliance upon exemptions from registration provided by Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation
D thereunder for transactions not involving any public offering. Each of the Manager and Messrs.&nbsp;Kamfar and Ruddy has a substantive,
pre-existing relationship with the company and is an &ldquo;accredited investor&rdquo; as defined in Regulation D. No general solicitation
or advertising occurred in connection with the issuance and sale of these securities. The C-LTIP Units issued in payment of the Q1 2023
Base Management Fee, the Q1 2023 Reimbursable Expenses and the Q1 2023 Base Salaries were fully vested upon issuance, and may convert
to OP Units upon reaching capital account equivalency with the OP Units held by the company, and may then be redeemed for cash or, at
the option of the company and after a one year holding period (including any period during which such C-LTIP Units were held), settled
in shares of the company&rsquo;s Class&nbsp;A common stock. Each of the Manager and Messrs.&nbsp;Kamfar and Ruddy will be entitled to
receive &ldquo;distribution equivalents&rdquo; with respect to such C-LTIP Units at the time distributions are paid to the holders of
the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May&nbsp;25, 2023, the
company granted (i)&nbsp;141,665 LTIP Units, and (ii)&nbsp;31,260 shares of Class&nbsp;A common stock, to the Manager as an annual long-term
equity incentive grant for the fiscal year ended December&nbsp;31, 2022 (together, the &ldquo;Manager Grant&rdquo;) pursuant to the Bluerock
Homes Trust,&nbsp;Inc. 2022 Equity Incentive Plan for Entities (the &ldquo;2022 BHM Entities Plan&rdquo;). Effective November&nbsp;2,
2023, for tax efficiency purposes, the Manager forfeited 83,995 unvested LTIP Units granted to the Manager in connection with the Manager
Grant. On November&nbsp;3, 2023, by mutual agreement of the Manager and the company, and at the direction of the Manager, such 83,995
unvested LTIP Units were issued directly to and among certain of the Manager&rsquo;s executive management team and personnel who provide
other services to the Manager (collectively, the &ldquo;BREH Personnel&rdquo;), pursuant to the 2022 BHM Individuals Plan, as equity
compensation for services provided to the Manager in such capacities. These issuances were made in satisfaction of the Manager&rsquo;s
obligation to its affiliate, BREH, for compensation-related expenses incurred by BREH in connection with its employment of the BREH Personnel,
and were evidenced by LTIP Unit Vesting Agreements. Such LTIP Units will vest one-third on May&nbsp;25, 2024, and the remainder will
vest ratably on an annual basis over a two-year period from April&nbsp;1, 2024. Once vested, the LTIP Units may convert to OP Units upon
reaching capital account equivalency with the OP Units held by the company, and may then be redeemed for cash or, at the option of the
company and after a one year holding period (including any period during which the LTIP Units were held), settled in shares of the company&rsquo;s
Class&nbsp;A common stock on a one-for-one basis. Such LTIP Units are evidenced by LTIP Unit Vesting Agreements, and the shares of Class&nbsp;A
common stock issued as a portion of the Manager Grant are evidenced by a Restricted Stock Vesting Agreement.&nbsp; The issuances of such
LTIP Units and shares of Class&nbsp;A common stock were made in reliance upon exemptions from registration provided by Section&nbsp;4(a)(2)&nbsp;of
the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public offering. No general solicitation or
advertising occurred&nbsp;in connection with the issuance and sale of these securities. The shares of Class&nbsp;A common stock issued
as a portion of the Manager Grant will vest ratably on an annual basis over a three-year&nbsp;period from April&nbsp;1, 2023. From the
date of grant, the recipients will be entitled to receive &ldquo;distribution equivalents&rdquo; with respect to such LTIP Units, and
distributions with respect to such shares of Class&nbsp;A common stock, in each case whether or not vested, at the time distributions
are paid to the holders of the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August&nbsp;15, 2023,
the company granted (i)&nbsp;109,835 C-LTIP Units to the Manager in partial payment of the quarterly Base Management Fee to compensate
the Manager for advisory services and certain general management services rendered under the Management Agreement during the second quarter
of 2023 (the &ldquo;Q2 2023 Base Management Fee&rdquo;), and (ii)&nbsp;24,753 C-LTIP Units to the Manager as reimbursement from the company
for documented expenses of the Manager and its affiliates incurred on behalf of the company, the Operating Partnership, and each of their
respective subsidiaries that were reasonably necessary for the performance by the Manager of its duties and functions under the Management
Agreement during the second quarter of 2023 (collectively, the &ldquo;Q2 2023 Reimbursable Expenses&rdquo;), in each case in keeping
with the terms set forth in the Management Agreement. In addition, on August&nbsp;15, 2023, in satisfaction of the remainder of the company&rsquo;s
Q2 2023 Base Management Fee obligation to the Manager and the Manager&rsquo;s reimbursement obligation to BREH for payroll-related expenses
in connection with the payment of base salaries for the second quarter of 2023 to each of Mr.&nbsp;Kamfar and Mr.&nbsp;Ruddy for services
provided to the Manager in their respective capacities as Chief Executive Officer and President thereof, by mutual agreement of the Manager
and the company and at the direction of each of the Manager and BREH, and in keeping with formal elections made on December&nbsp;31,
2022 by each of Messrs.&nbsp;Kamfar and Ruddy, the company further issued (a)&nbsp;11,814 C-LTIP Units directly to Mr.&nbsp;Kamfar in
payment of 98.4% of Mr.&nbsp;Kamfar&rsquo;s base salary for the second quarter of 2023, and (b)&nbsp;3,842 C-LTIP Units directly to Mr.&nbsp;Ruddy
in payment of 80.0% of Mr.&nbsp;Ruddy&rsquo;s base salary for the second quarter of 2023 (together, the &ldquo;Q2 2023 Base Salaries&rdquo;).
The issuances of C-LTIP Units in payment of the Q2 2023 Base Management Fee, the Q2 2023 Reimbursable Expenses and the Q2 2023 Base Salaries
were made in reliance upon exemptions from registration provided by Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation
D thereunder for transactions not involving any public offering. Each of the Manager and Messrs.&nbsp;Kamfar and Ruddy has a substantive,
pre-existing relationship with the company and is an &ldquo;accredited investor&rdquo; as defined in Regulation D. No general solicitation
or advertising occurred in connection with the issuance and sale of these securities. The C-LTIP Units issued in payment of the Q2 2023
Base Management Fee, the Q2 2023 Reimbursable Expenses and the Q2 2023 Base Salaries were fully vested upon issuance, and may convert
to OP Units upon reaching capital account equivalency with the OP Units held by the company, and may then be redeemed for cash or, at
the option of the company and after a one year holding period (including any period during which such C-LTIP Units were held), settled
in shares of the company&rsquo;s Class&nbsp;A common stock. Each of the Manager and Messrs.&nbsp;Kamfar and Ruddy will be entitled to
receive &ldquo;distribution equivalents&rdquo; with respect to such C-LTIP Units at the time distributions are paid to the holders of
the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November&nbsp;14, 2023,
the company granted (i)&nbsp;124,704 C-LTIP Units to the Manager in partial payment of the quarterly Base Management Fee to compensate
the Manager for advisory services and certain general management services rendered under the Management Agreement during the third quarter
of 2023 (the &ldquo;Q3 2023 Base Management Fee&rdquo;), and (ii)&nbsp;27,835 C-LTIP Units to the Manager as reimbursement from the company
for documented expenses of the Manager and its affiliates incurred on behalf of the company, the Operating Partnership, and each of their
respective subsidiaries that were reasonably necessary for the performance by the Manager of its duties and functions under the Management
Agreement during the third quarter of 2023 (collectively, the &ldquo;Q3 2023 Reimbursable Expenses&rdquo;), in each case in keeping with
the terms set forth in the Management Agreement. In addition, on August&nbsp;15, 2023, in satisfaction of the remainder of the company&rsquo;s
Q3 2023 Base Management Fee obligation to the Manager and the Manager&rsquo;s reimbursement obligation to BREH for payroll-related expenses
in connection with the payment of base salaries for the third quarter of 2023 to each of Mr.&nbsp;Kamfar and Mr.&nbsp;Ruddy for services
provided to the Manager in their respective capacities as Chief Executive Officer and President thereof, by mutual agreement of the Manager
and the company and at the direction of each of the Manager and BREH, and in keeping with formal elections made on December&nbsp;31,
2022 by each of Messrs.&nbsp;Kamfar and Ruddy, the company further issued (a)&nbsp;13,160 C-LTIP Units directly to Mr.&nbsp;Kamfar in
payment of 98.4% of Mr.&nbsp;Kamfar&rsquo;s base salary for the third quarter of 2023, and (b)&nbsp;4,280 C-LTIP Units directly to Mr.&nbsp;Ruddy
in payment of 80.0% of Mr.&nbsp;Ruddy&rsquo;s base salary for the third quarter of 2023 (together, the &ldquo;Q3 2023 Base Salaries&rdquo;).
The issuances of C-LTIP Units in payment of the Q3 2023 Base Management Fee, the Q3 2023 Reimbursable Expenses and the Q3 2023 Base Salaries
were made in reliance upon exemptions from registration provided by Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation
D thereunder for transactions not involving any public offering. Each of the Manager and Messrs.&nbsp;Kamfar and Ruddy has a substantive,
pre-existing relationship with the company and is an &ldquo;accredited investor&rdquo; as defined in Regulation D. No general solicitation
or advertising occurred in connection with the issuance and sale of these securities. The C-LTIP Units issued in payment of the Q3 2023
Base Management Fee, the Q3 2023 Reimbursable Expenses and the Q3 2023 Base Salaries were fully vested upon issuance, and may convert
to OP Units upon reaching capital account equivalency with the OP Units held by the company, and may then be redeemed for cash or, at
the option of the company and after a one year holding period (including any period during which such C-LTIP Units were held), settled
in shares of the company&rsquo;s Class&nbsp;A common stock. Each of the Manager and Messrs.&nbsp;Kamfar and Ruddy will be entitled to
receive &ldquo;distribution equivalents&rdquo; with respect to such C-LTIP Units at the time distributions are paid to the holders of
the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January&nbsp;8, 2024,
the company granted 5.185 LTIP Units to each of the non-employee members of the company&rsquo;s board of directors in payment of the
equity portion of their respective annual retainers for fiscal year 2024 (such grants, collectively, the &ldquo;2024 Retainer Grants&rdquo;).
The LTIP Units issued as 2024 Retainer Grants were issued pursuant to the 2022 BHM Individuals Plan. Each such 2024 Retainer Grant was
evidenced by an LTIP Unit Award Agreement. The issuances of LTIP Units as 2024 Retainer Grants were made in reliance upon exemptions
from registration provided by Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation D thereunder for transactions not
involving any public offering. No general solicitation or advertising occurred in connection with the issuance and sale of these securities.
Such LTIP Units were fully vested upon issuance and may convert to OP Units upon reaching capital account equivalency with the OP Units
held by the company, and may then be redeemed for cash or, at the option of the company and after a&nbsp;one year&nbsp;holding period
(including any period during which the LTIP Units were held), settled in shares of the company&rsquo;s Class&nbsp;A common stock on a&nbsp;one-for-one
basis. From the date of grant, holders of such LTIP Units will be entitled to receive &ldquo;distribution equivalents&rdquo; at the time
distributions are paid to the holders of the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February&nbsp;21, 2024,
the company granted (i)&nbsp;133,496 C-LTIP Units to the Manager in partial payment of the quarterly Base Management Fee to compensate
the Manager for advisory services and certain general management services rendered under the Management Agreement during the fourth quarter
of 2023 (the &ldquo;Q4 2023 Base Management Fee&rdquo;), and (ii)&nbsp;95,204 C-LTIP Units to the Manager as reimbursement from the company
for documented expenses of the Manager and its affiliates incurred on behalf of the company, the Operating Partnership, and each of their
respective subsidiaries that were reasonably necessary for the performance by the Manager of its duties and functions under the Management
Agreement during the fourth quarter of 2022 (collectively, the &ldquo;Q4 2023 Reimbursable Expenses&rdquo;), in each case in keeping
with the terms set forth in the Management Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also on February&nbsp;21,
2024, in satisfaction of the remainder of the company&rsquo;s Q4 2023 Base Management Fee obligation to the Manager and the Manager&rsquo;s
reimbursement obligation to BREH for payroll-related expenses in connection with the payment of base salaries for the fourth quarter
of 2023 to each of Mr.&nbsp;Kamfar and Mr.&nbsp;Ruddy for services provided to the Manager in their respective capacities as Chief Executive
Officer and President thereof, by mutual agreement of the Manager and the company and at the direction of each of the Manager and BREH,
and in keeping with formal elections made on December&nbsp;31, 2023 by each of Messrs.&nbsp;Kamfar and Ruddy, the company further issued
(a)&nbsp;13,661 C-LTIP Units directly to Mr.&nbsp;Kamfar in payment of 98.4% of Mr.&nbsp;Kamfar&rsquo;s base salary for the fourth quarter
of 2023, and (b)&nbsp;4.443 C-LTIP Units directly to Mr.&nbsp;Ruddy in payment of 80.0% of Mr.&nbsp;Ruddy&rsquo;s base salary for the
fourth quarter of 2023 (together, the &ldquo;Q4 2023 Base Salaries&rdquo;). The issuances of C-LTIP Units in payment of the Q4 2023 Base
Management Fee, the Q4 2023 Reimbursable Expenses and the Q4 2023 Base Salaries were made in reliance upon exemptions from registration
provided by Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public
offering. Each of the Manager and Messrs.&nbsp;Kamfar and Ruddy has a substantive, pre-existing relationship with the company and is
an &ldquo;accredited investor&rdquo; as defined in Regulation D. No general solicitation or advertising occurred in connection with the
issuance and sale of these securities. The C-LTIP Units issued in payment of the Q4 2023 Base Management Fee the Q4 2023 Reimbursable
Expenses and the Q4 2023 Base Salaries were fully vested upon issuance, and may convert to OP Units upon reaching capital account equivalency
with the OP Units held by the company, and may then be redeemed for cash or, at the option of the company and after a one year holding
period (including any period during which such C-LTIP Units were held), settled in shares of the company&rsquo;s Class&nbsp;A Common
Stock. Each of the Manager and Messrs.&nbsp;Kamfar and Ruddy will be entitled to receive &ldquo;distribution equivalents&rdquo; with
respect to their respective C-LTIP Units at the time distributions are paid to the holders of the company&rsquo;s Class&nbsp;A common
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April&nbsp;1, 2024, the
company issued an aggregate of 66,846 restricted shares of Class&nbsp;A common stock to and among certain of the BREH Personnel, pursuant
to the 2022 BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities for the fiscal year
ended December&nbsp;31, 2023. These issuances were made in satisfaction of the Manager&rsquo;s obligation to its affiliate, BREH, for
compensation-related expenses incurred by BREH in connection with its employment of the BREH Personnel, and were evidenced by Restricted
Stock Vesting Agreements. Such shares of Class&nbsp;A common stock will vest ratably on an annual basis over a three-year period from
April&nbsp;1, 2024. The issuances of such shares of Class&nbsp;A common stock were made in reliance upon exemptions from registration
provided by Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public
offering. No general solicitation or advertising occurred&nbsp;in connection with the issuance and sale of these securities. From the
date of grant, the recipients will be entitled to receive distributions with respect to such shares of Class&nbsp;A common stock, whether
or not vested, at the time distributions are paid to the holders of the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective April&nbsp;1, 2024,
for tax efficiency purposes, the Manager forfeited the remaining 57,670 unvested LTIP Units granted to the Manager in connection with
the Manager Grant made on May&nbsp;25, 2023. On April&nbsp;30, 2024, the company issued an aggregate of 101,789 LTIP Units (including,
by mutual agreement of the Manager and the Company, and at the direction of the Manager, the remaining 57,670 unvested LTIP Units forfeited
by the Manager effective April&nbsp;1, 2024), to and among certain members of the executive management team of the Manager, pursuant
to the 2022 BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities for the fiscal year
ended December&nbsp;31, 2023. These issuances were made in satisfaction of the Manager&rsquo;s obligation to its affiliate, BREH, for
compensation-related expenses incurred by BREH in connection with its employment of the BREH Personnel, and were evidenced by LTIP Unit
Vesting Agreements. Such LTIP Units will vest ratably on an annual basis over a three-year period from April&nbsp;30, 2024. Once vested,
the LTIP Units may convert to OP Units upon reaching capital account equivalency with the OP Units held by the company, and may then
be redeemed for cash or, at the company&rsquo;s option and after a one year holding period (including any period during which the LTIP
Units were held), settled in shares of Class&nbsp;A common stock on a one-for-one basis. The issuances of such LTIP Units were made in
reliance upon exemptions from registration provided by Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation D thereunder
for transactions not involving any public offering. No general solicitation or advertising occurred&nbsp;in connection with the issuance
and sale of these securities. From the date of grant, the recipients will be entitled to receive distributions with respect to such&nbsp;LTIP
Units, whether or not vested, at the time distributions are paid to the holders of the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also on April&nbsp;30, 2024,
the company issued an aggregate of 10,435 restricted shares of Class&nbsp;A common stock to and among certain of the BREH Personnel,
pursuant to the 2022 BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities for the fiscal
year ended December&nbsp;31, 2023. These issuances were made in satisfaction of the Manager&rsquo;s obligation to its affiliate, BREH,
for compensation-related expenses incurred by BREH in connection with its employment of the BREH Personnel, and were evidenced by Restricted
Stock Vesting Agreements. Such shares of Class&nbsp;A common stock will vest ratably on an annual basis over a three-year period from
April&nbsp;30, 2024. The issuances of such shares of Class&nbsp;A common stock were made in reliance upon exemptions from registration
provided by Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public
offering. No general solicitation or advertising occurred&nbsp;in connection with the issuance and sale of these securities. From the
date of grant, the recipients will be entitled to receive distributions with respect to such shares of Class&nbsp;A common stock, whether
or not vested, at the time distributions are paid to the holders of the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May&nbsp;14, 2024, the
company granted 45,891 C-LTIP Units to the Manager in partial payment of the quarterly Base Management Fee to compensate the Manager
for advisory services and certain general management services rendered under the Management Agreement during the first quarter of 2024
(the &ldquo;Q1 2024 Base Management Fee&rdquo;), in keeping with the terms set forth in the Management Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also on May&nbsp;14, 2024,
in satisfaction of the remainder of the company&rsquo;s Q1 2024 Base Management Fee obligation to the Manager and the Manager&rsquo;s
reimbursement obligation to BREH for payroll-related expenses in connection with the payment of base salaries for the first quarter of
2024 to each of Mr.&nbsp;Kamfar and Mr.&nbsp;Ruddy for services provided to the Manager in their respective capacities as Chief Executive
Officer and President thereof, by mutual agreement of the Manager and the company and at the direction of each of the Manager and BREH,
and in keeping with formal elections made on December&nbsp;31, 2023 by each of Messrs.&nbsp;Kamfar and Ruddy, the company further issued
(a)&nbsp;10,707 C-LTIP Units directly to Mr.&nbsp;Kamfar in payment of 98.4% of Mr.&nbsp;Kamfar&rsquo;s base salary for the first quarter
of 2024, and (b)&nbsp;3,482 C-LTIP Units directly to Mr.&nbsp;Ruddy in payment of 80.0% of Mr.&nbsp;Ruddy&rsquo;s base salary for the
first quarter of 2024 (together, the &ldquo;Q1 2024 Base Salaries&rdquo;). The issuances of C-LTIP Units in payment of the Q1 2024 Base
Management Fee and the Q1 2024 Base Salaries were made in reliance upon exemptions from registration provided by Section&nbsp;4(a)(2)&nbsp;of
the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public offering. Each of the Manager and Messrs.&nbsp;Kamfar
and Ruddy has a substantive, pre-existing relationship with the company and is an &ldquo;accredited investor&rdquo; as defined in Regulation
D. No general solicitation or advertising occurred in connection with the issuance and sale of these securities. The C-LTIP Units issued
in payment of the Q1 2024 Base Management Fee and the Q1 2024 Base Salaries were fully vested upon issuance, and may convert to OP Units
upon reaching capital account equivalency with the OP Units held by the company, and may then be redeemed for cash or, at the option
of the company and after a one year holding period (including any period during which such C-LTIP Units were held), settled in shares
of the company&rsquo;s Class&nbsp;A common stock. Each of the Manager and Messrs.&nbsp;Kamfar and Ruddy will be entitled to receive &ldquo;distribution
equivalents&rdquo; with respect to such C-LTIP Units at the time distributions are paid to the holders of the company&rsquo;s Class&nbsp;A
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August&nbsp;8, 2024, the
company granted 45,249 C-LTIP Units to the Manager in partial payment of the quarterly Base Management Fee to compensate the Manager
for advisory services and certain general management services rendered under the Management Agreement during the second quarter of 2024
(the &ldquo;Q2 2024 Base Management Fee&rdquo;), in keeping with the terms set forth in the Management Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also on August&nbsp;8, 2024,
in satisfaction of the remainder of the company&rsquo;s Q2 2024 Base Management Fee obligation to the Manager and the Manager&rsquo;s
reimbursement obligation to BREH for payroll-related expenses in connection with the payment of base salaries for the second quarter
of 2024 to each of Mr.&nbsp;Kamfar and Mr.&nbsp;Ruddy for services provided to the Manager in their respective capacities as Chief Executive
Officer and President thereof, by mutual agreement of the Manager and the company and at the direction of each of the Manager and BREH,
and in keeping with formal elections made on December&nbsp;31, 2023 by each of Messrs.&nbsp;Kamfar and Ruddy, the company further issued
(a)&nbsp;9,916 C-LTIP Units directly to Mr.&nbsp;Kamfar in payment of 98.4% of Mr.&nbsp;Kamfar&rsquo;s base salary for the second quarter
of 2024, and (b)&nbsp;3,225 C-LTIP Units directly to Mr.&nbsp;Ruddy in payment of 80.0% of Mr.&nbsp;Ruddy&rsquo;s base salary for the
second quarter of 2024 (together, the &ldquo;Q2 2024 Base Salaries&rdquo;). The issuances of C-LTIP Units in payment of the Q2 2024 Base
Management Fee and the Q2 2024 Base Salaries were made in reliance upon exemptions from registration provided by Section&nbsp;4(a)(2)&nbsp;of
the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public offering. Each of the Manager and Messrs.&nbsp;Kamfar
and Ruddy has a substantive, pre-existing relationship with the company and is an &ldquo;accredited investor&rdquo; as defined in Regulation
D. No general solicitation or advertising occurred in connection with the issuance and sale of these securities. The C-LTIP Units issued
in payment of the Q2 2024 Base Management Fee and the Q2 2024 Base Salaries were fully vested upon issuance, and may convert to OP Units
upon reaching capital account equivalency with the OP Units held by the company, and may then be redeemed for cash or, at the option
of the company and after a one year holding period (including any period during which such C-LTIP Units were held), settled in shares
of the company&rsquo;s Class&nbsp;A common stock. Each of the Manager and Messrs.&nbsp;Kamfar and Ruddy will be entitled to receive &ldquo;distribution
equivalents&rdquo; with respect to such C-LTIP Units at the time distributions are paid to the holders of the company&rsquo;s Class&nbsp;A
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November&nbsp;12, 2024,
the company granted 66,372 C-LTIP Units to the Manager in partial payment of the quarterly Base Management Fee to compensate the Manager
for advisory services and certain general management services rendered under the Management Agreement during the third quarter of 2024
(the &ldquo;Q3 2024 Base Management Fee&rdquo;), in keeping with the terms set forth in the Management Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also on November&nbsp;12,
2024, in satisfaction of the remainder of the company&rsquo;s Q3 2024 Base Management Fee obligation to the Manager and the Manager&rsquo;s
reimbursement obligation to BREH for payroll-related expenses in connection with the payment of base salaries for the third quarter of
2024 to each of Mr.&nbsp;Kamfar and Mr.&nbsp;Ruddy for services provided to the Manager in their respective capacities as Chief Executive
Officer and President thereof, by mutual agreement of the Manager and the company and at the direction of each of the Manager and BREH,
and in keeping with formal elections made on December&nbsp;31, 2023 by each of Messrs.&nbsp;Kamfar and Ruddy, the company further issued
(a)&nbsp;12,973 C-LTIP Units directly to Mr.&nbsp;Kamfar in payment of 98.4% of Mr.&nbsp;Kamfar&rsquo;s base salary for the third quarter
of 2024, and (b)&nbsp;4,219 C-LTIP Units directly to Mr.&nbsp;Ruddy in payment of 80.0% of Mr.&nbsp;Ruddy&rsquo;s base salary for the
third quarter of 2024 (together, the &ldquo;Q3 2024 Base Salaries&rdquo;). The issuances of C-LTIP Units in payment of the Q3 2024 Base
Management Fee and the Q3 2024 Base Salaries were made in reliance upon exemptions from registration provided by Section&nbsp;4(a)(2)&nbsp;of
the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public offering. Each of the Manager and Messrs.&nbsp;Kamfar
and Ruddy has a substantive, pre-existing relationship with the company and is an &ldquo;accredited investor&rdquo; as defined in Regulation
D. No general solicitation or advertising occurred in connection with the issuance and sale of these securities. The C-LTIP Units issued
in payment of the Q3 2024 Base Management Fee and the Q3 2024 Base Salaries were fully vested upon issuance, and may convert to OP Units
upon reaching capital account equivalency with the OP Units held by the company, and may then be redeemed for cash or, at the option
of the company and after a one year holding period (including any period during which such C-LTIP Units were held), settled in shares
of the company&rsquo;s Class&nbsp;A common stock. Each of the Manager and Messrs.&nbsp;Kamfar and Ruddy will be entitled to receive &ldquo;distribution
equivalents&rdquo; with respect to such C-LTIP Units at the time distributions are paid to the holders of the company&rsquo;s Class&nbsp;A
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January&nbsp;1, 2025,
the company granted 5,405 LTIP Units to each of the non-employee members of the company&rsquo;s board of directors in payment of the
equity portion of their respective annual retainers for fiscal year 2025 (such grants, collectively, the &ldquo;2025 Retainer Grants&rdquo;).
The LTIP Units issued as 2025 Retainer Grants were issued pursuant to the Bluerock Incentive Plan for Individuals. Each such 2025 Retainer
Grant was evidenced by an LTIP Unit Award Agreement. The issuances of LTIP Units as 2025 Retainer Grants were made in reliance upon exemptions
from registration provided by Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation D thereunder for transactions not
involving any public offering. No general solicitation or advertising occurred in connection with the issuance and sale of these securities.
Such LTIP Units were fully vested upon issuance and may convert to OP Units upon reaching capital account equivalency with the OP Units
held by the company, and may then be redeemed for cash or, at the option of the company and after a&nbsp;one year&nbsp;holding period
(including any period during which the LTIP Units were held), settled in shares of the company&rsquo;s Class&nbsp;A common stock on a&nbsp;one-for-one
basis. From the date of grant, holders of such LTIP Units will be entitled to receive &ldquo;distribution equivalents&rdquo; at the time
distributions are paid to the holders of the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March&nbsp;7, 2025, in
satisfaction of a portion of the quarterly Base Management Fee to compensate the Manager for advisory services and certain general management
services rendered under the Management Agreement during the fourth quarter of 2024 (the &ldquo;Q4 2024 Base Management Fee&rdquo;) and
the Manager&rsquo;s reimbursement obligation to BREH for payroll-related expenses in connection with the payment of base salaries for
the fourth quarter of 2024 to each of Mr.&nbsp;Kamfar and Mr.&nbsp;Ruddy for services provided to the Manager in their respective capacities
as Chief Executive Officer and President thereof, by mutual agreement of the Manager and the company and at the direction of each of
the Manager and BREH, and in keeping with formal elections made on December&nbsp;31, 2023 by each of Messrs.&nbsp;Kamfar and Ruddy, the
company further issued (a)&nbsp;16,038 C-LTIP Units directly to Mr.&nbsp;Kamfar in payment of 98.4% of Mr.&nbsp;Kamfar&rsquo;s base salary
for the fourth quarter of 2024, and (b)&nbsp;5,216 C-LTIP Units directly to Mr.&nbsp;Ruddy in payment of 80.0% of Mr.&nbsp;Ruddy&rsquo;s
base salary for the fourth quarter of 2024 (together, the &ldquo;Q4 2024 Base Salaries&rdquo;). The issuances of C-LTIP Units in payment
of the Q4 2024 Base Management Fee and the Q4 2024 Base Salaries were made in reliance upon exemptions from registration provided by
Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public offering.
Each of the Manager and Messrs.&nbsp;Kamfar and Ruddy has a substantive, pre-existing relationship with the company and is an &ldquo;accredited
investor&rdquo; as defined in Regulation D. No general solicitation or advertising occurred in connection with the issuance and sale
of these securities. The C-LTIP Units issued in payment of the Q4 2024 Base Management Fee and the Q4 2024 Base Salaries were fully vested
upon issuance, and may convert to OP Units upon reaching capital account equivalency with the OP Units held by the company, and may then
be redeemed for cash or, at the option of the company and after a one year holding period (including any period during which such C-LTIP
Units were held), settled in shares of the company&rsquo;s Class&nbsp;A common stock. Each of the Manager and Messrs.&nbsp;Kamfar and
Ruddy will be entitled to receive &ldquo;distribution equivalents&rdquo; with respect to such C-LTIP Units at the time distributions
are paid to the holders of the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April&nbsp;1, 2025, the
company issued an aggregate of 33,087 LTIP Units to and among certain members of the executive management team of the Manager, pursuant
to the 2022 BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities for the fiscal year
ended December&nbsp;31, 2024. These issuances were made in satisfaction of the Manager&rsquo;s obligation to its affiliate, BREH, for
compensation-related expenses incurred by BREH in connection with its employment of the BREH Personnel, and were evidenced by LTIP Unit
Vesting Agreements. Such LTIP Units will vest ratably on an annual basis over a three-year period from April&nbsp;1, 2025. Once vested,
the LTIP Units may convert to OP Units upon reaching capital account equivalency with the OP Units held by the company, and may then
be redeemed for cash or, at the company&rsquo;s option and after a one year holding period (including any period during which the LTIP
Units were held), settled in shares of Class&nbsp;A common stock on a one-for-one basis. The issuances of such LTIP Units were made in
reliance upon exemptions from registration provided by Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation D thereunder
for transactions not involving any public offering. No general solicitation or advertising occurred&nbsp;in connection with the issuance
and sale of these securities. From the date of grant, the recipients will be entitled to receive distributions with respect to such&nbsp;LTIP
Units, whether or not vested, at the time distributions are paid to the holders of the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also on April&nbsp;1, 2025,
the company issued an aggregate of 112,563 restricted shares of Class&nbsp;A common stock to and among certain of the BREH Personnel,
pursuant to the 2022 BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities for the fiscal
year ended December&nbsp;31, 2024. These issuances were made in satisfaction of the Manager&rsquo;s obligation to its affiliate, BREH,
for compensation-related expenses incurred by BREH in connection with its employment of the BREH Personnel, and were evidenced by Restricted
Stock Vesting Agreements. Such shares of Class&nbsp;A common stock will vest ratably on an annual basis over a three-year period from
April&nbsp;1, 2025. The issuances of such shares of Class&nbsp;A common stock were made in reliance upon exemptions from registration
provided by Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public
offering. No general solicitation or advertising occurred&nbsp;in connection with the issuance and sale of these securities. From the
date of grant, the recipients will be entitled to receive distributions with respect to such shares of Class&nbsp;A common stock, whether
or not vested, at the time distributions are paid to the holders of the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April&nbsp;23, 2025, the
company issued an aggregate of 40,944 LTIP Units to and among certain members of the executive management team of the Manager, pursuant
to the 2022 BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities for the fiscal year
ended December&nbsp;31, 2024. These issuances were made in satisfaction of the Manager&rsquo;s obligation to its affiliate, BREH, for
compensation-related expenses incurred by BREH in connection with its employment of the BREH Personnel, and were evidenced by LTIP Unit
Vesting Agreements. Such LTIP Units will vest one-third on April&nbsp;23, 2026, and the remainder will vest ratably on an annual basis
over a two-year period from April&nbsp;1, 2026. Once vested, the LTIP Units may convert to OP Units upon reaching capital account equivalency
with the OP Units held by the company, and may then be redeemed for cash or, at the company&rsquo;s option and after a one year holding
period (including any period during which the LTIP Units were held), settled in shares of Class&nbsp;A common stock on a one-for-one
basis. The issuances of such LTIP Units were made in reliance upon exemptions from registration provided by Section&nbsp;4(a)(2)&nbsp;of
the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public offering. No general solicitation or
advertising occurred&nbsp;in connection with the issuance and sale of these securities. From the date of grant, the recipients will be
entitled to receive distributions with respect to such&nbsp;LTIP Units, whether or not vested, at the time distributions are paid to
the holders of the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May&nbsp;13, 2025, in
satisfaction of a portion of the quarterly Base Management Fee to compensate the Manager for advisory services and certain general management
services rendered under the Management Agreement during the first quarter of 2025 (the &ldquo;Q1 2025 Base Management Fee&rdquo;) and
the Manager&rsquo;s reimbursement obligation to BREH for payroll-related expenses in connection with the payment of base salaries for
the first quarter of 2025 to each of Mr.&nbsp;Kamfar and Mr.&nbsp;Ruddy for services provided to the Manager in their respective capacities
as Chief Executive Officer and President thereof, by mutual agreement of the Manager and the company and at the direction of each of
the Manager and BREH, and in keeping with formal elections made on December&nbsp;31, 2024 by each of Messrs.&nbsp;Kamfar and Ruddy, the
company further issued (a)&nbsp;14,603 C-LTIP Units directly to Mr.&nbsp;Kamfar in payment of 80.0% of Mr.&nbsp;Kamfar&rsquo;s base salary
for the first quarter of 2025, and (b)&nbsp;5,842 C-LTIP Units directly to Mr.&nbsp;Ruddy in payment of 80.0% of Mr.&nbsp;Ruddy&rsquo;s
base salary for the first quarter of 2025 (together, the &ldquo;Q1 2025 Base Salaries&rdquo;). The issuances of C-LTIP Units in payment
of the Q1 2025 Base Management Fee and the Q1 2025 Base Salaries were made in reliance upon exemptions from registration provided by
Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public offering.
Each of Messrs.&nbsp;Kamfar and Ruddy has a substantive, pre-existing relationship with the company and is an &ldquo;accredited investor&rdquo;
as defined in Regulation D. No general solicitation or advertising occurred in connection with the issuance and sale of these securities.
The C-LTIP Units issued in payment of the Q1 2025 Base Management Fee and the Q1 2025 Base Salaries were fully vested upon issuance,
and may convert to OP Units upon reaching capital account equivalency with the OP Units held by the company, and may then be redeemed
for cash or, at the option of the company and after a one year holding period (including any period during which such C-LTIP Units were
held), settled in shares of the company&rsquo;s Class&nbsp;A common stock. Each of Messrs.&nbsp;Kamfar and Ruddy will be entitled to
receive &ldquo;distribution equivalents&rdquo; with respect to such C-LTIP Units at the time distributions are paid to the holders of
the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August&nbsp;19, 2025,
in satisfaction of a portion of the quarterly Base Management Fee to compensate the Manager for advisory services and certain general
management services rendered under the Management Agreement during the second quarter of 2025 (the &ldquo;Q2 2025 Base Management Fee&rdquo;)
and the Manager&rsquo;s reimbursement obligation to BREH for payroll-related expenses in connection with the payment of base salaries
for the second quarter of 2025 to each of Mr.&nbsp;Kamfar and Mr.&nbsp;Ruddy for services provided to the Manager in their respective
capacities as Chief Executive Officer and President thereof, by mutual agreement of the Manager and the company and at the direction
of each of the Manager and BREH, and in keeping with formal elections made on December&nbsp;31, 2024 by each of Messrs.&nbsp;Kamfar and
Ruddy, the company further issued (a)&nbsp;11,437 C-LTIP Units directly to Mr.&nbsp;Kamfar in payment of 80.0% of Mr.&nbsp;Kamfar&rsquo;s
base salary for the second quarter of 2025, and (b)&nbsp;4,575 C-LTIP Units directly to Mr.&nbsp;Ruddy in payment of 80.0% of Mr.&nbsp;Ruddy&rsquo;s
base salary for the second quarter of 2025 (together, the &ldquo;Q2 2025 Base Salaries&rdquo;). The issuances of C-LTIP Units in payment
of the Q2 2025 Base Management Fee and the Q2 2025 Base Salaries were made in reliance upon exemptions from registration provided by
Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public offering.
Each of Messrs.&nbsp;Kamfar and Ruddy has a substantive, pre-existing relationship with the company and is an &ldquo;accredited investor&rdquo;
as defined in Regulation D. No general solicitation or advertising occurred in connection with the issuance and sale of these securities.
The C-LTIP Units issued in payment of the Q2 2025 Base Management Fee and the Q2 2025 Base Salaries were fully vested upon issuance,
and may convert to OP Units upon reaching capital account equivalency with the OP Units held by the company, and may then be redeemed
for cash or, at the option of the company and after a one year holding period (including any period during which such C-LTIP Units were
held), settled in shares of the company&rsquo;s Class&nbsp;A common stock. Each of Messrs.&nbsp;Kamfar and Ruddy will be entitled to
receive &ldquo;distribution equivalents&rdquo; with respect to such C-LTIP Units at the time distributions are paid to the holders of
the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 11, 2025, in
satisfaction of a portion of the quarterly Base Management Fee to compensate the Manager for advisory services and certain general management
services rendered under the Management Agreement during the third quarter of 2025 (the &ldquo;Q3 2025 Base Management Fee&rdquo;) and
the Manager&rsquo;s reimbursement obligation to BREH for payroll-related expenses in connection with the payment of base salaries for
the third quarter of 2025 to each of Mr.&nbsp;Kamfar and Mr.&nbsp;Ruddy for services provided to the Manager in their respective capacities
as Chief Executive Officer and President thereof, by mutual agreement of the Manager and the company and at the direction of each of
the Manager and BREH, and in keeping with formal elections made on December&nbsp;31, 2024 by each of Messrs.&nbsp;Kamfar and Ruddy, the
company further issued (a) 15,951 C-LTIP Units directly to Mr.&nbsp;Kamfar in payment of 80.0% of Mr.&nbsp;Kamfar&rsquo;s base salary
for the third quarter of 2025, and (b) 6,381 C-LTIP Units directly to Mr.&nbsp;Ruddy in payment of 80.0% of Mr.&nbsp;Ruddy&rsquo;s base
salary for the third quarter of 2025 (together, the &ldquo;Q3 2025 Base Salaries&rdquo;). The issuances of C-LTIP Units in payment of
the Q3 2025 Base Management Fee and the Q3 2025 Base Salaries were made in reliance upon exemptions from registration provided by Section&nbsp;4(a)(2)&nbsp;of
the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public offering. Each of Messrs.&nbsp;Kamfar
and Ruddy has a substantive, pre-existing relationship with the company and is an &ldquo;accredited investor&rdquo; as defined in Regulation
D. No general solicitation or advertising occurred in connection with the issuance and sale of these securities. The C-LTIP Units issued
in payment of the Q3 2025 Base Management Fee and the Q3 2025 Base Salaries were fully vested upon issuance, and may convert to OP Units
upon reaching capital account equivalency with the OP Units held by the company, and may then be redeemed for cash or, at the option
of the company and after a one year holding period (including any period during which such C-LTIP Units were held), settled in shares
of the company&rsquo;s Class&nbsp;A common stock. Each of Messrs.&nbsp;Kamfar and Ruddy will be entitled to receive &ldquo;distribution
equivalents&rdquo; with respect to such C-LTIP Units at the time distributions are paid to the holders of the company&rsquo;s Class&nbsp;A
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January&nbsp;1, 2026,
the company granted 7,824 LTIP Units to each of the non-employee members of the company&rsquo;s board of directors in payment of the
equity portion of their respective annual retainers for fiscal year 2026 (such grants, collectively, the &ldquo;2026 Retainer Grants&rdquo;).
The LTIP Units issued as 2026 Retainer Grants were issued pursuant to the Bluerock Incentive Plan for Individuals. Each such 2026 Retainer
Grant was evidenced by an LTIP Unit Award Agreement. The issuances of LTIP Units as 2026 Retainer Grants were made in reliance upon exemptions
from registration provided by Section&nbsp;4(a)(2)&nbsp;of the Securities Act of 1933 and Regulation D thereunder for transactions not
involving any public offering. No general solicitation or advertising occurred in connection with the issuance and sale of these securities.
Such LTIP Units were fully vested upon issuance and may convert to OP Units upon reaching capital account equivalency with the OP Units
held by the company, and may then be redeemed for cash or, at the option of the company and after a&nbsp;one year&nbsp;holding period
(including any period during which the LTIP Units were held), settled in shares of the company&rsquo;s Class&nbsp;A common stock on a&nbsp;one-for-one
basis. From the date of grant, holders of such LTIP Units will be entitled to receive &ldquo;distribution equivalents&rdquo; at the time
distributions are paid to the holders of the company&rsquo;s Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 18, 2026, in
satisfaction of a portion of the quarterly Base Management Fee to compensate the Manager for advisory services and certain general management
services rendered under the Management Agreement during the fourth quarter of 2025 (the &ldquo;Q4 2025 Base Management Fee&rdquo;) and
the Manager&rsquo;s reimbursement obligation to BREH for payroll-related expenses in connection with the payment of base salaries for
the fourth quarter of 2025 to each of Mr.&nbsp;Kamfar and Mr.&nbsp;Ruddy for services provided to the Manager in their respective capacities
as Chief Executive Officer and President thereof, by mutual agreement of the Manager and the company and at the direction of each of
the Manager and BREH, and in keeping with formal elections made on December&nbsp;31, 2024 by each of Messrs.&nbsp;Kamfar and Ruddy, the
company further issued (a) 15,894 C-LTIP Units directly to Mr.&nbsp;Kamfar in payment of 80.0% of Mr.&nbsp;Kamfar&rsquo;s base salary
for the fourth quarter of 2025, and (b) 6,358 C-LTIP Units directly to Mr.&nbsp;Ruddy in payment of 80.0% of Mr.&nbsp;Ruddy&rsquo;s base
salary for the fourth quarter of 2025 (together, the &ldquo;Q4 2025 Base Salaries&rdquo;). The issuances of C-LTIP Units in payment of
the Q4 2025 Base Management Fee and the Q4 2025 Base Salaries were made in reliance upon exemptions from registration provided by Section&nbsp;4(a)(2)&nbsp;of
the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public offering. Each of the Manager and Messrs.&nbsp;Kamfar
and Ruddy has a substantive, pre-existing relationship with the company and is an &ldquo;accredited investor&rdquo; as defined in Regulation
D. No general solicitation or advertising occurred in connection with the issuance and sale of these securities. The C-LTIP Units issued
in payment of the Q4 2025 Base Management Fee and the Q4 2025 Base Salaries were fully vested upon issuance, and may convert to OP Units
upon reaching capital account equivalency with the OP Units held by the company, and may then be redeemed for cash or, at the option
of the company and after a one year holding period (including any period during which such C-LTIP Units were held), settled in shares
of the company&rsquo;s Class&nbsp;A common stock. Each of the Manager and Messrs.&nbsp;Kamfar and Ruddy will be entitled to receive &ldquo;distribution
equivalents&rdquo; with respect to such C-LTIP Units at the time distributions are paid to the holders of the company&rsquo;s Class&nbsp;A
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 34. <I>Indemnification of Directors and Officers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Maryland law, a Maryland
corporation may include in its charter a provision eliminating the liability of directors and officers to the corporation and its stockholders
for money damages unless such liability results from (i)&nbsp;actual receipt of an improper benefit or profit in money, property or services
or (ii)&nbsp;active and deliberate dishonesty established by a final judgment and which is material to the cause of action. Our charter
contains such a provision eliminating such liability to the maximum extent permitted by Maryland law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Maryland
General Corporation Law (the &#8220;MGCL&#8221;) requires a corporation (unless its charter provides otherwise, which are charter does
not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which
he or she is made or threatened to be made a party by reason of his or her service in that capacity and allows directors and officers
to be indemnified against judgments, penalties, fines, settlements, and expenses actually incurred in a proceeding unless the following
can be established:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the act or omission of
    the director or officer was material to the cause of action adjudicated in the proceeding, and was committed in bad faith or was
    the result of active and deliberate dishonesty;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the director or officer
    actually received an improper personal benefit in money, property or services; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with respect to any criminal
    proceeding, the director or officer had reasonable cause to believe his or her act or omission was unlawful.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MGCL prohibits a corporation
from indemnifying a director or officer who has been adjudged liable in a suit by the corporation or on its 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 the corporation or on its behalf, or for a judgment of liability on the basis that
personal benefit was improperly received, is limited to expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 advance 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into indemnification
agreements with each of our directors and our executive officers. The indemnification agreements require, among other things, that we
indemnify such persons to the maximum extent permitted by law, and advance to such persons all related expenses, subject to reimbursement
if it is subsequently determined that indemnification is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 35. <I>Treatment of Proceeds from Stock Being Registered</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 36. <I>Financial Statements and Exhibits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<I>&nbsp;</I>Financial Statements. The following
financial statements are incorporated into the prospectus and this registration statement by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926021568/bhm-20251231x10k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465926021568/bhm-20251231x10k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    audited consolidated financial statements of the company included in the company&rsquo;s Annual Report on Form&nbsp;10-K for the
    year ended December&nbsp;31, 2025, filed with the SEC on </FONT><FONT STYLE="font-size: 10pt">February 27, 2026.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465925064664/tm2519447d1_8ka.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465925064664/tm2519447d1_8ka.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    financial statements of real estate acquired for Southern Pines Reserve and pro forma financial information for the company included
    in the company&rsquo;s Current Report on Form&nbsp;8-K/A, filed with the SEC on July&nbsp;1, 2025.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465925066350/tm2519751d1_8ka.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1903382/000110465925066350/tm2519751d1_8ka.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    audited consolidated financial statements of business acquired for Marble Capital Income and Impact Fund, LP and Subsidiaries, unaudited
    consolidated financial statements of business acquired for Marble Capital Income and Impact Fund, LP and Subsidiaries, and pro forma
    financial information for the company included in the company&rsquo;s Current Report on Form&nbsp;8-K/A, filed with the SEC on July&nbsp;8,
    2025.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925096683/0001104659-25-096683-index.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925096683/0001104659-25-096683-index.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    financial statements of real estate acquired for Skytop Apartments and pro forma financial information for the company included in
    the company&rsquo;s Current Report on Form&nbsp;8-K, filed with the SEC on October&nbsp;3, 2025.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;Exhibits. See the
Exhibit&nbsp;Index on the page&nbsp;immediately following the signature page&nbsp;for a list of exhibits filed as part of this Registration
Statement on Form&nbsp;S-11, which Exhibit&nbsp;Index is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 37. <I>Undertakings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act of 1933, as amended (the &#8220;Act&#8221;) may be permitted to directors, officers
and controlling persons of our company pursuant to the provisions referred to in Item 34 of this registration statement, or otherwise,
we have been advised that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by us of expenses incurred or paid by a director, officer or controlling person of ours in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
we will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question as to whether such indemnification by it is against public policy as expressed in the Act, and will be governed
by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(a)&nbsp;The undersigned
registrant hereby undertakes: (1)&nbsp;to file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement: (i)&nbsp;to include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act; (ii)&nbsp;to
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes
in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of
Registration Fee&#8221; table in the effective registration statement; and (iii)&nbsp;to include any material information with respect
to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the
registration statement; (2)&nbsp;that, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein and the offering of such securities
at that time shall be deemed to be the initial&nbsp;<I>bona fide</I>&nbsp;offering thereof; and (3)&nbsp;to remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;The undersigned
registrant hereby undertakes that, for the purpose of determining liability under the Securities Act to any purchaser: (i)&nbsp;each
prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(3)&nbsp;shall be deemed to be part of the registration statement as of
the date the filed prospectus was deemed part of and included in the registration statement, and (ii)&nbsp;each prospectus required to
be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or (b)(7)&nbsp;as part of a registration statement in reliance on Rule&nbsp;430B relating
to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii)&nbsp;or (x), for the purpose of providing the information required by Section&nbsp;10(a)&nbsp;of
the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of
prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the
prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such
date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and this offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.&nbsp;<I>Provided</I>,&nbsp;<I>however</I>, that no statement made in a registration statement or prospectus that is part of
the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or
prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective
date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(c)&nbsp;The undersigned
registrant hereby undertakes that, for the purpose of determining liability of the registrant under the Securities Act to any purchaser
in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to
the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned
registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: (i)&nbsp;any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;
(ii)&nbsp;any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant; (iii)&nbsp;the portion of any other free writing prospectus relating to the offering containing material
information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and (iv)&nbsp;any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp;The undersigned registrant hereby further
undertakes that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;For purposes of
determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this
registration statement in reliance under Rule&nbsp;430A and contained in a form of prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(1)&nbsp;or
(4), or 497(h)&nbsp;under the Securities Act, shall be deemed to be part of this registration statement as of the time it was declared
effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;For the purpose
of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial&nbsp;<I>bona fide</I>&nbsp;offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit<BR>
    Number</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex2-1.htm">2.1</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex2-1.htm">Separation
    and Distribution Agreement, dated as of October&nbsp;5, 2022, by and among Bluerock Residential Growth REIT,&nbsp;Inc., Badger Parent
    LLC, Badger Holdco LLC, Bluerock Residential Holdings,&nbsp;L.P. and Bluerock Homes Trust,&nbsp;Inc., incorporated by reference to
    Exhibit&nbsp;2.1 to the Company&#8217;s Current Report on Form&nbsp;8-K filed on October&nbsp;6, 2022</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex3-1.htm">3.1</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex3-1.htm">Second
    Articles of Amendment and Restatement of Bluerock Homes Trust,&nbsp;Inc., incorporated by reference to Exhibit&nbsp;3.1 to the Company&#8217;s
    Current Report on Form&nbsp;8-K filed on October&nbsp;6, 2022</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex3-2.htm">3.2</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex3-2.htm">Amended
    and Restated Bylaws of Bluerock Homes Trust,&nbsp;Inc., incorporated by reference to Exhibit&nbsp;3.2 to the Company&#8217;s Current
    Report on Form&nbsp;8-K filed on October&nbsp;6, 2022</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922124562/tm2231981d1_ex3-1.htm">3.3</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922124562/tm2231981d1_ex3-1.htm">Articles
    Supplementary of the Company, dated December&nbsp;1, 2022, incorporated by reference to Exhibit&nbsp;3.1 to the Company&#8217;s Current
    Report on Form&nbsp;8-K filed on December&nbsp;5, 2022</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465923006584/tm2231942d3_ex3-3.htm">3.4</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465923006584/tm2231942d3_ex3-3.htm">Articles
    Supplementary of Bluerock Homes Trust Inc., dated January&nbsp;24, 2023, incorporated by reference to Exhibit&nbsp;3.3 to the Company&#8217;s
    Registration Statement on Form&nbsp;S-11 filed on January&nbsp;25, 2023</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000141057823000330/bhm-20221231xex3d5.htm">3.5</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000141057823000330/bhm-20221231xex3d5.htm">Articles
    Supplementary of Bluerock Homes Trust Inc., dated March&nbsp;14, 2023, incorporated by reference to Exhibit&nbsp;3.5 to the Company&#8217;s
    Annual Report on Form&nbsp;10-K filed on March&nbsp;22, 2023</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925097905/tm2520049d3_ex3-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925097905/tm2520049d3_ex3-6.htm" STYLE="-sec-extract: exhibit">Articles
    Supplementary of Bluerock Homes Trust Inc., dated October 7, 2025 incorporated by reference to Exhibit 3.6 to the Company&rsquo;s
    Registration Statement on Form S-11 filed on October 8, 2025</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1442626/000114420414021458/v374193_ex10-1.htm">4.1</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1442626/000114420414021458/v374193_ex10-1.htm">Second
    Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated April&nbsp;2, 2014, incorporated
    by reference to Exhibit&nbsp;10.1 to the Current Report on Form&nbsp;8-K of Bluerock Residential Growth REIT,&nbsp;Inc. filed on
    April&nbsp;8, 2014</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1442626/000110465922102365/tm2224139d4_ex10-1.htm">4.2</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1442626/000110465922102365/tm2224139d4_ex10-1.htm">Thirteenth
    Amendment to Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated September&nbsp;22,
    2022, incorporated by reference to the Current Report on Form&nbsp;8-K filed by Bluerock Residential Growth REIT,&nbsp;Inc. on September&nbsp;22,
    2022</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922124562/tm2231981d1_ex10-2.htm">4.3</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922124562/tm2231981d1_ex10-2.htm">Fourteenth
    Amendment to Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated December&nbsp;1,
    2022, incorporated by reference to the Company&#8217;s Current Report on Form&nbsp;8-K filed on December&nbsp;5, 2022</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465923006584/tm2231942d3_ex4-4.htm">4.4</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465923006584/tm2231942d3_ex4-4.htm">Fifteenth
    Amendment to Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated January&nbsp;24,
    2023, incorporated by reference to Exhibit&nbsp;4.4 to the Company&#8217;s Registration Statement on Form&nbsp;S-11 filed on January&nbsp;25,
    2023</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925097905/tm2520049d3_ex4-5.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925097905/tm2520049d3_ex4-5.htm">Sixteenth
    Amendment to Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential Holdings, L.P., dated October 7,
    2025, incorporated by reference to Exhibit 4.5 to the Company&rsquo;s Registration Statement on Form S-11 filed on October 8, 2025</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925113674/tm2520049d5_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925113674/tm2520049d5_ex5-1.htm">Opinion
    of Venable LLP, incorporated by reference to Exhibit 5.1 to the Company&rsquo;s Registration Statement on Form S-11/A filed on November
    18, 2025</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925113674/tm2520049d5_ex8-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925113674/tm2520049d5_ex8-1.htm">Opinion
    of Paul Hastings L.L.P., incorporated by reference to Exhibit 8.1 to the Company&rsquo;s Registration Statement on Form S-11/A filed
    on November 18, 2025</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-1.htm">10.1</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-1.htm">Tax
    Matters Agreement, dated as of October&nbsp;5, 2022, by and among Bluerock Residential Growth REIT,&nbsp;Inc., Badger Parent LLC,
    Badger Holdco LLC, Bluerock Residential Holdings,&nbsp;L.P., Bluerock REIT Holdings, LLC and Bluerock Homes Trust,&nbsp;Inc., incorporated
    by reference to Exhibit&nbsp;10.1 to the Company&#8217;s Current Report on Form&nbsp;8-K filed on October&nbsp;6, 2022</A></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 8%"><A HREF="http://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></A></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 90%"><A HREF="http://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
    Agreement, dated as of October&nbsp;5, 2022, by and among Bluerock Homes Manager, LLC, Bluerock Homes Trust,&nbsp;Inc. and Bluerock
    Residential Holdings,&nbsp;L.P., incorporated by reference to Exhibit&nbsp;10.2 to the Company&#8217;s Current Report on Form&nbsp;8-K
    filed on October&nbsp;6, 2022</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465923003288/tm233157d1_ex10-1.htm">10.3</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465923003288/tm233157d1_ex10-1.htm">Amendment
    to Management Agreement, dated January&nbsp;10, 2023, by and among Bluerock Homes Manager, LLC, Bluerock Homes Trust,&nbsp;Inc. and
    Bluerock Residential Holdings, L.P., incorporated by reference to Exhibit&nbsp;10.1 to the Company&#8217;s Current Report on Form&nbsp;8-K
    filed on January&nbsp;12, 2023</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925021353/tm258417d1_ex10-1.htm">10.4</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925021353/tm258417d1_ex10-1.htm">Second
    Amendment to Management Agreement, dated February&nbsp;28, 2025, by and among Bluerock Homes Manager, LLC, Bluerock Homes Trust,&nbsp;Inc.
    and Bluerock Residential Holdings, L.P., incorporated by reference to Exhibit&nbsp;10.1 to the Company&#8217;s Current Report on
    Form&nbsp;8-K filed on March&nbsp;6, 2025</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925058905/tm2517883d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925058905/tm2517883d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bluerock
    Homes Trust,&nbsp;Inc. Amended and Restated Equity Incentive Plan for Individuals, incorporated by reference to Exhibit&nbsp;10.1
    to the Company&#8217;s Current Report on Form&nbsp;8-K filed on June&nbsp;12, 2025 </FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925058905/tm2517883d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925058905/tm2517883d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bluerock
    Homes Trust,&nbsp;Inc. Amended and Restated Equity Incentive Plan for Entities, incorporated by reference to Exhibit&nbsp;10.2 to
    the Company&#8217;s Current Report on Form&nbsp;8-K filed on June&nbsp;12, 2025</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-5.htm">10.7</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-5.htm">Indemnification
    Agreement by and among Bluerock Homes Trust,&nbsp;Inc., Bluerock Residential Holdings,&nbsp;L.P. and R. Ramin Kamfar, effective October&nbsp;6,
    2022, incorporated by reference to Exhibit&nbsp;10.5 to the Company&#8217;s Current Report on Form&nbsp;8-K filed on October&nbsp;6,
    2022</A></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-6.htm">10.8</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-6.htm">Indemnification
    Agreement by and among Bluerock Homes Trust,&nbsp;Inc., Bluerock Residential Holdings,&nbsp;L.P. and Jordan Ruddy, effective October&nbsp;6,
    2022, incorporated by reference to Exhibit&nbsp;10.6 to the Company&#8217;s Current Report on Form&nbsp;8-K filed on October&nbsp;6,
    2022</A></FONT></TD>
    </TR>

<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-7.htm">10.9</A></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-7.htm">Indemnification
    Agreement by and among Bluerock Homes Trust,&nbsp;Inc., Bluerock Residential Holdings,&nbsp;L.P. and Ryan MacDonald, effective October&nbsp;6,
    2022, incorporated by reference to Exhibit&nbsp;10.7 to the Company&#8217;s Current Report on Form&nbsp;8-K filed on October&nbsp;6,
    2022</A></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-8.htm">10.10</A></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-8.htm">Indemnification
    Agreement by and among Bluerock Homes Trust,&nbsp;Inc., Bluerock Residential Holdings,&nbsp;L.P. and James G. Babb,&nbsp;III, effective
    October&nbsp;6, 2022, incorporated by reference to Exhibit&nbsp;10.8 to the Company&#8217;s Current Report on Form&nbsp;8-K filed
    on October&nbsp;6, 2022</A></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-9.htm">10.11</A></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-9.htm">Indemnification
    Agreement by and among Bluerock Homes Trust,&nbsp;Inc., Bluerock Residential Holdings,&nbsp;L.P. and Christopher J. Vohs, effective
    October&nbsp;6, 2022, incorporated by reference to Exhibit&nbsp;10.9 to the Company&#8217;s Current Report on Form&nbsp;8-K filed
    on October&nbsp;6, 2022</A></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-10.htm">10.12</A></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-10.htm">Indemnification
    Agreement by and among Bluerock Homes Trust,&nbsp;Inc., Bluerock Residential Holdings,&nbsp;L.P. and Michael DiFranco, effective
    October&nbsp;6, 2022, incorporated by reference to Exhibit&nbsp;10.10 to the Company&#8217;s Current Report on Form&nbsp;8-K filed
    on October&nbsp;6, 2022</A></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-11.htm">10.13</A></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-11.htm">Indemnification
    Agreement by and among Bluerock Homes Trust,&nbsp;Inc., Bluerock Residential Holdings,&nbsp;L.P. and Jason Emala, effective October&nbsp;6,
    2022, incorporated by reference to Exhibit&nbsp;10.11 to the Company&#8217;s Current Report on Form&nbsp;8-K filed on October&nbsp;6,
    2022</A></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-12.htm">10.14</A></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-12.htm">Indemnification
    Agreement by and among Bluerock Homes Trust,&nbsp;Inc., Bluerock Residential Holdings,&nbsp;L.P. and I. Bobby Majumder, effective
    October&nbsp;6, 2022, incorporated by reference to Exhibit&nbsp;10.12 to the Company&#8217;s Current Report on Form&nbsp;8-K filed
    on October&nbsp;6, 2022</A></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-13.htm">10.15</A></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-13.htm">Indemnification
    Agreement by and among Bluerock Homes Trust,&nbsp;Inc., Bluerock Residential Holdings,&nbsp;L.P. and Elizabeth Harrison, effective
    October&nbsp;6, 2022, incorporated by reference to Exhibit&nbsp;10.13 to the Company&#8217;s Current Report on Form&nbsp;8-K filed
    on October&nbsp;6, 2022</A></FONT></TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 8%"><A HREF="http://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-14.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.16</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 90%"><A HREF="http://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-14.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification
    Agreement by and among Bluerock Homes Trust,&nbsp;Inc., Bluerock Residential Holdings,&nbsp;L.P. and Kamal Jafarnia, effective October&nbsp;6,
    2022, incorporated by reference to Exhibit&nbsp;10.14 to the Company&#8217;s Current Report on Form&nbsp;8-K filed on October&nbsp;6,
    2022</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-15.htm">10.17</A></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465922106773/tm2227656d1_ex10-15.htm">Indemnification
    Agreement by and among Bluerock Homes Trust,&nbsp;Inc., Bluerock Residential Holdings,&nbsp;L.P. and Romano Tio, effective October&nbsp;6,
    2022, incorporated by reference to Exhibit&nbsp;10.15 to the Company&#8217;s Current Report on Form&nbsp;8-K filed on October&nbsp;6,
    2022</A></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000141057822002959/bhm-20220930xex10d16.htm">10.18</A></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000141057822002959/bhm-20220930xex10d16.htm">Loan
    Agreement, dated April&nbsp;6, 2022, by and among persons that are party thereto listed as Borrowers, persons party thereto that
    are listed as Equity Owners, Bluerock Residential Holdings, LP, persons that are party thereto listed as Lenders, Deutsche Bank Securities&nbsp;Inc.,
    Deutsche Bank AG, New York Branch and Computershare Trust Company, N.A., incorporated by reference to Exhibit&nbsp;10.16 to the Company&#8217;s
    Quarterly Report on Form&nbsp;10-Q filed on November&nbsp;4, 2022</A></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000141057822002959/bhm-20220930xex10d17.htm">10.19</A></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000141057822002959/bhm-20220930xex10d17.htm">Sponsor
    Guaranty, dated April&nbsp;6, 2022, by and between Bluerock Homes Trust,&nbsp;Inc. and Deutsche Bank AG, New York Branch, incorporated
    by reference to Exhibit&nbsp;10.17 to the Company&#8217;s Quarterly Report on Form&nbsp;10-Q filed on November&nbsp;4, 2022</A></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465924123014/tm2429530d1_ex10-1.htm">10.20</A></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465924123014/tm2429530d1_ex10-1.htm">Contribution
    Agreement by and between BR S2 Allure JV, LLC, S2 Allure REIT Subsidiary LLC, S2C REIT OP, LP, S2 Allure BEVE LLC, S2 Allure ARO
    LLC, S2 Allure VAU LLC, and S2 Allure LLC, dated as of November&nbsp;20, 2024, incorporated by reference to Exhibit&nbsp;10.1 to
    the Current Report on Form&nbsp;8-K filed by the Company on November&nbsp;26, 2024</A></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925097905/tm2520049d3_ex10-21.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.21</FONT></A></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925097905/tm2520049d3_ex10-21.htm">Form
    of Dealer Manager Agreement by and among Bluerock Homes Trust, Inc. and Bluerock Capital Markets, LLC, incorporated by reference
    to Exhibit 10.21 to the Company&rsquo;s Registration Statement on Form S-11 filed on October 8, 2025</A></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465926021568/bhm-20251231xex21d1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465926021568/bhm-20251231xex21d1.htm">Subsidiaries
    of Bluerock Homes Trust, Inc., incorporated by reference to Exhibit 21.1 to the Company&rsquo;s Annual Report on Form 10-K filed
    on February 27, 2026</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925113674/tm2520049d5_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925113674/tm2520049d5_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Venable LLP (included in Exhibit&nbsp;5.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925113674/tm2520049d5_ex8-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925113674/tm2520049d5_ex8-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Paul Hastings L.L.P. (included in Exhibit&nbsp;8.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="tm269760d1_ex23-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3*</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm269760d1_ex23-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Grant Thornton
    LLP</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="tm269760d1_ex23-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.4</FONT>*</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm269760d1_ex23-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Plante Moran,
    PC,&nbsp;Independent Auditor</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="tm269760d1_ex23-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.5</FONT>*</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm269760d1_ex23-5.htm" STYLE="-sec-extract: exhibit">Consent of Deloitte &amp; Touche LLP</A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="tm269760d1_ex23-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.6</FONT>*</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm269760d1_ex23-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Plante Moran,
    PC,&nbsp;Independent Auditor</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#sabari_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="#sabari_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included in
    the signature page)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925097905/tm2520049d3_ex-filingfees.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1903382/000110465925097905/tm2520049d3_ex-filingfees.htm">Filing Fee Tables,
    incorporated by reference to Exhibit 107 to the Company&rsquo;s Registration Statement on Form S-11 filed on October 8, 2025</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sabari_008"></A><B>SIGNATURE PAGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Pursuant to the requirements
of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;S-11 and has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of New York, State of New York, on the 25<SUP>th</SUP> day of March, 2026. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BLUEROCK HOMES
    TRUST,&nbsp;INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    R. Ramin Kamfar</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R. Ramin Kamfar,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Chief Executive Officer</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Pursuant to the requirements
of the Securities Act of 1933, this Form S-11 registration statement has been signed by the following persons in the following capacities
on the 25<SUP>th</SUP> day of March, 2026. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 49%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 49%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    R. Ramin Kamfar</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R. Ramin Kamfar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
    Executive Officer) and Chairman of the Board of Directors</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Christopher J. Vohs</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer and Treasurer</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher J. Vohs</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
    Financial Officer and Principal Accounting Officer)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    I. Bobby Majumder*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I. Bobby Majumder</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Elizabeth Harrison*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elizabeth Harrison</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Kamal Jafarnia*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kamal Jafarnia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Romano Tio*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Romano Tio</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%">*By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ R. Ramin Kamfar</TD>
    <TD STYLE="font-size: 10pt; width: 51%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">R. Ramin Kamfar</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Attorney-in-fact</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>2
<FILENAME>tm269760d1_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;23.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have issued our report dated February 27, 2026, with respect to
the consolidated financial statements of Bluerock Homes Trust,&nbsp;Inc. included in the Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2025, which are incorporated by reference in this Registration Statement. We consent to incorporation by reference
of the aforementioned report in this Registration Statement, and to the use of our name as it appears under the caption &ldquo;Experts&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ GRANT THORNTON LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dallas, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 25, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>3
<FILENAME>tm269760d1_ex23-4.htm
<DESCRIPTION>EXHIBIT 23.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;23.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT AUDITOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference in the Registration Statement
on Form&nbsp;S-11 (File No. 333-290772) of Bluerock Homes Trust,&nbsp;Inc. (the &ldquo;Registration Statement&rdquo;), and the accompanying
prospectus to the Registration Statement, of our report dated July&nbsp;1, 2025, relating to the statement of revenues and certain operating
expenses of Southern Pines Reserve for the year ended December&nbsp;31, 2024, and to the use of our name as it appears under the caption
 &ldquo;Experts&rdquo; in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ PLANTE + MORAN CPAs, PC f/k/a PLANTE MORAN, PC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">East Lansing, Michigan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 25, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>4
<FILENAME>tm269760d1_ex23-5.htm
<DESCRIPTION>EXHIBIT 23.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;23.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT
AUDITOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference
in this Registration Statement on Form S-11 (File No. 333-290772) of our reports dated April 26, 2024 and April 25, 2025 relating to
the financial statements of Marble Capital Income and Impact Fund, LP and Subsidiaries, appearing in the Current Report on Form 8-K/A
filed with the SEC on July 8, 2025 of Bluerock Homes Trust, Inc. We also consent to the reference to us under the heading &quot;Experts&quot;
in such Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Deloitte &amp; Touche LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Houston, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 25, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.6
<SEQUENCE>5
<FILENAME>tm269760d1_ex23-6.htm
<DESCRIPTION>EXHIBIT 23.6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;23.6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT AUDITOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference in the Registration Statement
on Form&nbsp;S-11 (File No. 333-290772) of Bluerock Homes Trust,&nbsp;Inc. (the &ldquo;Registration Statement&rdquo;), and the accompanying
prospectus to the Registration Statement, of our report dated October&nbsp;3, 2025, relating to the statement of revenues and certain
operating expenses of Skytop Apartments for the year ended December&nbsp;31, 2024, and to the use of our name as it appears under the
caption &ldquo;Experts&rdquo; in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ PLANTE + MORAN CPAs, PC f/k/a PLANTE MORAN, PC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">East Lansing, Michigan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 25, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
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<SEQUENCE>6
<FILENAME>tm269760d1_posamimg001.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
