Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 210

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 210
---
 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’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.

<div align='center'>109</div>

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.

Change in Control

If we