Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 385

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 385
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 C-LTIP Units issued
in payment of the Q2 Base Management Fee, the Q2 Reimbursable Expenses and the Q2 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 such C-LTIP Units at the time distributions are paid to the holders
of the company’s Class A common stock.

On November 14, 2023,
the company granted (i) 124,704 C-LTIP Units to the Manager in partial payment 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 third quarter
of 2023 (the “Q3 Base Management Fee”), and (ii) 27,835 C-LTIP Units to the Manager as reimbursement from the company
for documented expenses of the Manager and its affiliates incurred on behalf of the company, the Operating Partnership, and each of their
respective subsidiaries that were reasonably necessary for the performance by the Manager of its duties and functions under the Management
Agreement during the third quarter of 2023 (collectively, the “Q3 Reimbursable Expenses”), in each case in keeping with the
terms set forth in the Management Agreement. In addition, on August 15, 2023, in satisfaction of the remainder of the company’s
Q3 Base Management Fee obligation to the Manager and the Manager’s reimbursement obligation to BREH for payroll-related expenses
in connection with the payment of base salaries for the third quarter of 2023 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, 2022
by each of Messrs. Kamfar and Ruddy, the company further issued (a) 13,160 C-LTIP Units directly to Mr. Kamfar in payment
of