Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 226

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 226
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 the common units of the Operating Partnership
(7,365,735 OP Units, or 56.72%, is held by OP Unit holders, and 1,657,139 LTIP Units, or 12.76%, is held by LTIP Unit holders, including
3.09% which are not vested at December 31, 2024). 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.

<div align='center'>F-35</div>

Table of Contents

During
the year ended December 31, 2024, the Company granted C-LTIP Units to the Manager pursuant to the Management Agreement as follows: (i)
151,600 and 95,204 C-LTIP Units granted on February 21, 2024 in payments of the full base management fee of $2.0 million and the full
operating expense reimbursement of $1.3 million, respectively, incurred for the fourth quarter 2023; (ii) 60,080 C-LTIP Units granted
on May 14, 2024 in payment of one half (50%) of the total base management fee of $2.1 million incurred for the first quarter 2024; (iii)
58,390 C-LTIP Units granted on August 8, 2024 in payment of one half (50%) of the total base management fee of $2.2 million incurred for
the second quarter 2024; and (iv) 83,564 C-LTIP Units granted on November 12, 2024 in payment of one half (50%) of the total base management
fee of $2.4 million incurred for the third quarter 2024. All such C-LTIP Units 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.

Equity Incentive Plans

The
Company’s Board has adopted, and the Company’s sole initial stockholder has approved, the Bluerock Homes