Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 416

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 416
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 each of Messrs. Kamfar and Ruddy, the company further issued
(a) 13,661 C-LTIP Units directly to Mr. Kamfar in payment of 98.4% of Mr. Kamfar’s base salary for the fourth quarter
of 2023, and (b) 4.443 C-LTIP Units directly to Mr. Ruddy in payment of 80.0% of Mr. Ruddy’s base salary for the
fourth quarter of 2023 (together, the “Q4 2023 Base Salaries”). The issuances of C-LTIP Units in payment of the Q4 2023 Base
Management Fee, the Q4 2023 Reimbursable Expenses and 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