Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 314

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 314
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 us. In addition, our Operating Partnership will issue C-LTIP Units to our Manager
pursuant to the Management Agreement. Each quarterly installment of the base management fee under the Management Agreement will be payable
in cash, except as may otherwise be specified by written agreement of the company and the Manager with respect to payment of all or any
portion thereof in C-LTIP Units. One half of each quarterly installment of the incentive fee under the Management Agreement will be payable
in C-LTIP Units, and the remainder of the incentive fee will be payable in cash or in C-LTIP Units, at the election of our board of directors.
Additional C-LTIP Units will also be issuable to our executive officers or other service providers at the discretion of our board of
directors.

As general partner, we may
cause our Operating Partnership to issue additional OP Units or LTIP Units for any consideration, or we may cause the creation of a new
class of limited partnership interests, at our sole and absolute discretion. As general partner, we may elect to issue LTIP Units subject
to vesting agreements, which may provide that a recipient’s rights in such LTIP Units vest over time, vest based upon our company’s
performance or vest based upon any other conditions that we determine. The only difference between vested and unvested LTIP Units is
that unvested LTIP Units may not be converted into OP Units. Taking these differences into account, when we refer to “Partnership
Units,” we are referring to OP Units and vested and unvested LTIP Units collectively.

Amendments to the Partnership Agreement

Amendments to the partnership
agreement may be proposed by us, as general partner, or by limited partners holding 66 2/3% or more of all of the outstanding OP Units
and LTIP Units held by limited partners other than us.

Generally, the partnership
agreement will not be able to be amended, modified, or terminated without our approval and the written consent of limited partners holding
more than 66 2/3% of all of the outstanding Partnership Units held by limited partners other than us if such actions would adversely
affect the rights, privileges and protections afforded to the limited partners under the partnership agreement. As general partner, we
will have the power to unilaterally make certain amendments to the partnership agreement without obtaining the consent of the limited
partners, as may be necessary to:

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