Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 408

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 408
---
 the Q4 2023 Base Salaries were made in reliance upon exemptions from registration
provided by Section 4(a)(2) of the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public
offering. 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 Q4 2023 Base Management Fee the Q4 2023 Reimbursable Expenses
and the Q4 2023 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 their
respective C-LTIP Units at the time distributions are paid to the holders of the company’s Class A common stock.

On April 1, 2024, the
company issued an aggregate of 66,846 restricted shares of Class A common stock to and among certain of the BREH Personnel, pursuant
to the BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities for the fiscal year ended
December 31, 2023. These issuances were made in satisfaction of the Manager’s obligation to its affiliate, BREH, for compensation-related
expenses incurred by BREH in connection with its employment of the BREH Personnel, and were evidenced by Restricted Stock Vesting Agreements.
Such shares of Class A common stock will vest ratably on an annual basis over a three-year period from April 1, 2024. The issuances
of such shares of Class A common stock were made in reliance upon exemptions from registration provided by Section 4(a)(2) of
the Securities Act of 1933 and Regulation D thereunder for transactions not involving any public offering. No general solicitation or
advertising occurred in connection with the issuance and sale of these securities. From the date of grant, the recipients will be