Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 396

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 396
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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 Base Management Fee and the Q4 Reimbursable
Expenses 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. The Manager 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 17, 2023, the
company granted (i) 99,836 C-LTIP Units to the Manager in partial 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 first quarter
of 2023 (the “Q1 Base Management Fee”), and (ii) 20,531 C-LTIP Units to the Manager as reimbursement from the company
for documented expenses of the Manager and its affiliates incurred on behalf of the company, the Operating Partnership, and each of their
respective subsidiaries that were reasonably necessary for the performance by the Manager of its duties and functions under the Management
Agreement during the first quarter of 2023 (collectively, the “Q1 Reimbursable Expenses”), in each case in keeping with the
terms set forth in the Management Agreement. In addition, on May 17, 2023, in satisfaction of the remainder of the company’s
Q1 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 first quarter of 2023 to each of R. Ramin Kamfar (“Mr. Kamfar”)
and Jordan B. Ruddy (“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, 2022 by each of Messrs. Kamfar and R