Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 426

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 426
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 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.

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-related expenses in connection with the payment of base salaries for
the first quarter of 2025 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, 2024 by each of Messrs. Kamfar and Ruddy, the
company further issued (a) 14,603 C-LTIP Units directly to Mr. Kamfar in payment of 80.0% of Mr. Kamfar’s base salary
for the first quarter of 2025, and (b) 5,842 C-LTIP Units directly to Mr. Ruddy in payment of 80.0% of Mr. Ruddy’s
base salary for the first quarter of 2025 (together, the “Q1 2025 Base Salaries”). The issuances of C-LTIP Units in payment
of the Q1 2025 Base Management Fee and the Q1 2025 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 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 Q1 202