Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 400

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 400
---
. Each of the Manager and Messrs. Kamfar and Ruddy has a substantive, pre-existing
relationship with the company and is an “accredited investor” 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 Base Management Fee,
the Q2 Reimbursable Expenses and the Q2 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 14, 2023,
the company granted (i) 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 “Q3 Base Management Fee”), and (ii) 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 “Q3 Reimbursable Expenses”), in each case in keeping with the
terms set forth in the Management Agreement. In addition, on August 15, 2023, in satisfaction of the remainder of the company’s
Q3 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 2023 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