Company: BHM
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001104659-25-107769
Chunk: 49

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 49
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 price and volume requirements of Rule 10b-18 of the Exchange Act. As of
September 30, 2025, no repurchases of Class A common stock had been made by the Company.

Operating Partnership and Long-Term Incentive Plan Units

As
of September 30, 2025, limited partners other than the Company owned approximately 69.30% of the common units of the Operating Partnership
(7,365,404 OP Units, or 55.74%, were held by OP Unit holders, and 1,791,331 LTIP Units, or 13.56%, were held by LTIP Unit holders, including
2.99% which were not vested as of September 30, 2025). Subject to certain restrictions set forth in the Operating Partnership’s
Partnership Agreement, OP Units are exchangeable for Class A common stock on a one-for-one basis, or, at the Company’s election,
redeemable for cash. LTIP Units and C-LTIP Units may be convertible into OP Units under certain conditions and then may be settled in
shares of the Company’s Class A common stock or, at the Company’s election, cash.

On
March 7, 2025, the Company granted 21,254 C-LTIP Units, or approximately $245,000, to the Manager as partial payment of the total base
management fee of $2.5 million for the fourth quarter 2024. On May 13, 2025, the Company granted 20,445 C-LTIP Units, or approximately
$210,000, to the Manager as partial payment of the total base management fee of $2.5 million for the first quarter 2025. And on August
19, 2025, the Company granted 16,012 C-LTIP Units, or approximately $210,000, to the Manager as partial payment of the total base management
fee of $2.6 million for the second quarter 2025. Such C-LTIP Units were issued pursuant to the Management Agreement and were fully vested
upon issuance.

In
the future, the Operating Partnership may issue OP Units or preferred OP Units from time to time in connection with acquisitions of properties
or for financing, compensation or other reasons.

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Table of Contents

Equity Incentive Plans

Prior
to the annual meeting of the Company’s stockholders held on June 11,