Company: BHM
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001104659-25-046667
Chunk: 29

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 29
---
2025). Subject to certain restrictions set forth in the Operating Partnership’s Partnership
Agreement, OP Units are exchangeable for Class A common stock on a one-for-one basis, or, at the Company’s election, redeemable
for cash. LTIP Units and C-LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the
Company’s Class A common stock or, at the Company’s election, cash.

On
March 7, 2025, the Company granted 21,254 C-LTIP Units, or approximately $245,000, to the Manager pursuant to the Management Agreement
as partial payment of the full base management fee of $2.5 million the fourth quarter 2024. Such C-LTIP Units were fully vested upon issuance.

In
the future, the Operating Partnership may issue OP Units or preferred OP Units from time to time in connection with acquisitions of properties
or for financing, compensation or other reasons.

Equity Incentive Plans

The
Board has adopted, and the Company’s sole initial stockholder has approved, the Bluerock Homes Trust, Inc. 2022 Equity Incentive
Plan for Individuals (the “BHM Individuals Plan”) and the Bluerock Homes Trust, Inc. 2022 Equity Incentive Plan for Entities
(the “BHM Entities Plan”). Together, the Company refers to the BHM Individuals Plan and the BHM Entities Plan as the “BHM
Incentive Plans.” The BHM Incentive Plans provide for the grant of options to purchase shares of our common stock, stock awards,
stock appreciation rights, performance units, incentive awards and other equity-based awards, and are administered by the compensation
committee of the Board.

<div align='center'>26</div>

Table of Contents

LTIP Unit and Restricted Stock Grants Under the BHM Incentive Plans, (i) certain of the Manager’s executive management team and personnel who provide services to the Manager were granted LTIP Units and/or shares of Class A common stock as restricted stock grants (“RSGs”) that vest over a three-year period, and (ii) each independent member of the Board was granted LTIP Units in payment of the equity portion of their respective annual retainers, with such LTIP Units fully vested upon issuance. LTIP Units On January 1, 2025, the Company granted 5,405 LTIP Units pursuant to the BHM Incentive Plans to each independent