Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 402

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 402
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uddy 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 Q1 Base Management Fee, the Q1 Reimbursable Expenses and the Q1 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 May 25, 2023, the
company granted (i) 141,665 LTIP Units, and (ii) 31,260 shares of Class A common stock, to the Manager as an annual long-term
equity incentive grant for the fiscal year ended December 31, 2022 (together, the “Manager Grant”) pursuant to the Bluerock
Homes Trust, Inc. 2022 Equity Incentive Plan for Entities (the “BHM Entities Plan”). Effective November 2, 2023,
for tax efficiency purposes, the Manager forfeited 83,995 unvested LTIP Units granted to the Manager in connection with the Manager Grant.
On November 3, 2023, by mutual agreement of the Manager and the company, and at the direction of the Manager, such 83,995 unvested
LTIP Units were issued directly 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. 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 LTIP Unit Vesting Agreements. Such LTIP Units will vest one-third on May 25, 2024, and the remainder will vest ratably
on an annual basis over a two-year