Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 421

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 421
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 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’s Class A common stock. Each of the Manager and Messrs. Kamfar and Ruddy will be entitled to receive “distribution
equivalents” with respect to such C-LTIP Units at the time distributions are paid to the holders of the company’s Class A
common stock.

On November 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 “Q3 2024 Base Management Fee”), in keeping with the terms set forth in the Management Agreement.

Also on
November 12, 2024, in satisfaction of the remainder of the company’s Q3 2024 Base Management Fee obligation to the
Manager and the Manager’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. Kamfar and Mr. 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 31, 2023 by each of
Messrs. Kamfar and Ruddy, the company further issued (a) 12,973 C-LTIP Units directly to Mr. Kamfar in payment of
98.4% of Mr. Kamfar’s base salary for the third quarter of 2024, and (b) 4,219 C-LTIP Units directly to
Mr. Ruddy in payment of 80.0% of Mr. Ruddy’s base salary for the third quarter of 2024 (together, the “Q3 2024
Base Salaries”). The issuances of C-LTIP Units in payment of the Q3 2024 Base Management Fee and the Q3 2024 Base Salaries
were