Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 386

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 386
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 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 January 8, 2024, the
company granted 5.185 LTIP Units to each of the non-employee members of the company’s board of directors in payment of the equity
portion of their respective annual retainers for fiscal year 2024 (such grants, collectively, the “2024 Retainer Grants”).
The LTIP Units issued as 2024 Retainer Grants were issued pursuant to the BHM Individuals Plan. Each such 2024 Retainer Grant was evidenced
by an LTIP Unit Award Agreement. The issuances of LTIP Units as 2024 Retainer 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.

<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