Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 417

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 417
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 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 entitled to receive distributions with respect to such shares of Class A common stock, whether
or not vested, at the time distributions are paid to the holders of the company’s Class A common stock.

On April 23, 2025, the
company issued an aggregate of 40,944 LTIP Units to and among certain members of the executive management team of the Manager, 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, 2024. 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 April 23, 2026, and the remainder will vest ratably on an annual basis over a two-year period
from April 1, 2026. Once vested, the LTIP Units 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 company’s option and after a one year holding period (including
any period during which the LTIP Units were held), settled in shares of Class A common stock on a one-for-one basis. The issuances
of such LTIP Units 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 entitled to receive distributions
with respect to such LTIP Units, whether or not vested, at the time distributions are paid to the holders of the company’s
Class A common stock.

<div align='center'>II-6</div>

On May 13, 2025, in satisfaction
of a portion 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 2025 (the “Q1 2025 Base Management Fee”) and the Manager’s
reimbursement obligation to BREH for payroll