Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 103

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 103
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 Units pursuant to the BHM Incentive Plans to each independent member of the Board in payment
of the equity portion of their respective annual retainers. Such LTIP Units were fully vested upon issuance and the Company recognized
expense of $0.3 million based on the fair value at the date of grant.

In
April 2025, the Company issued 74,031 LTIP Units pursuant to the BHM Incentive Plans directly to and among certain of the BREH Personnel
as an annual long-term incentive equity grant for the year ended December 31, 2024. Such LTIP Units will vest ratably on an annual basis
over a three-year period from the date of grant.

The
Company recognizes compensation expense ratably over the vesting period for time-based LTIP Units based on the fair value at the date
of grant. During the three and six months ended June 30, 2025 and 2024, the Company recognized compensation expense for such LTIP Units
of approximately $0.8 million and $0.7 million, and $1.5 million and $1.3 million, respectively. Such expense was recorded as part of
general and administrative expenses in the Company’s consolidated statements of operations and comprehensive income. As of June
30, 2025, there was $6.4 million of total unrecognized compensation expense related to unvested LTIP Units granted under the BHM Incentive
Plans. The remaining expense is expected to be recognized over a period of 2.2 years.

Restricted Stock

On
April 1, 2025, the Company issued 112,563 shares of Class A common stock as RSGs pursuant to the BHM Incentive Plans directly to and among
certain of the BREH Personnel as an annual long-term incentive equity grant for the year ended December 31, 2024. Such RSGs will vest
ratably on an annual basis over a three-year period from the date of grant.

The
Company recognizes compensation expense ratably over the vesting period for time-based RSGs. During the three and six months ended June
30, 2025 and 2024, the Company recognized compensation expense for RSGs of approximately $0.2 million and $0.2 million, and $0.4 million
and $0.2 million, respectively. Such expense was recorded as part of general and administrative expenses in the Company’s consolidated
statements