Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 398

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 398
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 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 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. From the date of grant, holders of such LTIP Units will be entitled to receive
“distribution equivalents” at the time distributions are paid to the holders of the company’s Class A common stock.

Additionally, on November 3,
2022, the company granted 764 LTIP Units to each of the non-employee members of the company’s board of directors in payment of the
prorated equity portion of their respective annual retainers for fiscal year 2022 (such grants, collectively, the “202