Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 413

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 413
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 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 2024
(the “Q3 2024 Base Management Fee”), in keeping with the terms set forth in the Management Agreement.

Also on November 12,
2024, in satisfaction of the remainder of the company’s Q3 2024 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
2024 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 BREH,
and in keeping with formal elections made on December 31, 2023 by each of Messrs. Kamfar and Ruddy, the company further issued
(a) 12,973 C-LTIP Units directly to Mr. Kamfar in payment of 98.4% of Mr. Kamfar’s base salary for the third quarter
of 2024, and (b) 4,219 C-LTIP Units directly to Mr. Ruddy in payment of 80.0% of Mr. Ruddy’s base salary for the
third quarter of 2024 (together, the “Q3 2024 Base Salaries”). The issuances of C-LTIP Units in payment of the Q3 2024 Base
Management Fee and the Q3 2024 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 Q3 2024 Base Management Fee and the Q3 2024 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