Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 406

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 406
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collectively, the “BREH
Personnel”), and were evidenced by LTIP Unit Vesting Agreements. The issuance of such LTIP Units was 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. Such LTIP Units vested one-fifth on November 3, 2023, and the remainder will vest ratably on an annual basis over a
four-year period. 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. Once vested, these awards of LTIP Units may convert to limited partnership interests of the Operating
Partnership (“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 the
LTIP Units were held), settled in shares of the company’s Class A common stock on a one-for-one basis. The holders of
such LTIP Units will be entitled to receive “distribution equivalents” with respect to such LTIP Units, whether
or not vested, at the same time as distributions are paid to the holders of the company’s Class A common stock.

In addition, on
November 3, 2022, the company made an initial staking grant of 5,339 LTIP Units to each of the non-employee members of the
company’s board of directors (such grants, collectively, the “Director Grants”). The LTIP Units issued as Director
Grants were issued pursuant to the BHM Individuals Plan. Each such Director Grant was evidenced by an LTIP Unit Award Agreement. The
issuances of LTIP Units as Director Grants 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. Such LTIP
Units 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