Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 407

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 407
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 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.

<div align='center'>II-3</div>

On February 21, 2024,
the company granted (i) 133,496 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 fourth quarter
of 2023 (the “Q4 2023 Base Management Fee”), and (ii) 95,204 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 fourth quarter of 2022 (collectively, the “Q4 2023 Reimbursable Expenses”), in each case in keeping with
the terms set forth in the Management Agreement.

Also on February 21,
2024, in satisfaction of the remainder of the company’s Q4 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 fourth 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, 2023 by each of Messrs. Kamfar and Ruddy, the company further issued
(a) 13,661 C-LTIP Units directly to Mr. Kamfar in payment of 98.4% of Mr. Kamfar’s base salary for the fourth quarter
of 2023, and (b) 4.443 C-LTIP Units directly to Mr. Ruddy in payment of 80.0% of Mr. Ruddy’s base salary for the
fourth quarter of 2023 (together, the “Q4 2023 Base Salaries”). The issuances of C-LTIP Units in payment of the Q4 2023 Base
Management Fee, the Q4 2023 Reimbursable Expenses and