Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 313

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 313
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 receive. If we contribute additional capital to our
Operating Partnership, we will receive additional OP Units and our percentage interest will be increased on a proportionate basis based
upon the amount of such additional capital contributions and the value of our Operating Partnership at the time of such contributions.
Conversely, the percentage interests of the limited partners will be decreased on a proportionate basis in the event of additional capital
contributions by us. The partnership agreement provides that if our Operating Partnership requires additional funds at any time in excess
of funds available to our Operating Partnership from cash flow, borrowings by our Operating Partnership or capital contributions, we
may borrow such funds from a financial institution or other lenders and lend such funds to our Operating Partnership on the same terms
and conditions as are applicable to our borrowing of such funds. In addition, if we contribute additional capital to our Operating Partnership,
we will revalue the property of our Operating Partnership to its fair market value (as determined by us) and the capital accounts of
the partners will be adjusted to reflect the manner in which the unrealized gain or loss inherent in such property (that has not been
reflected in the capital accounts previously) would be allocated among the partners under the terms of the partnership agreement, if
there were a taxable disposition of such property for its fair market value (as determined by us) on the date of the revaluation.

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Classes of Partnership Units

Subject to our discretion
as general partner to create additional classes of limited partnership interests, our Operating Partnership has two classes of limited
partnership interests. These classes will be the OP Units and the LTIP Units. See “—LTIP Units” below. Certain OP Units
will be designated as “C-OP Units” and certain LTIP Units will be designated as “C-LTIP Units”. In calculating
the percentage interests of our Operating Partnership’s limited partners, holders of LTIP Units will be treated as holders of OP
Units and LTIP Units will be treated as OP Units.

We expect that our Operating
Partnership will issue OP Units to limited partners, including us, in exchange for capital contributions of cash or property, including
in connection with the contribution of the net proceeds of this offering and any future offering of our shares, as described above, and
that our Operating Partnership will issue LTIP Units, pursuant to the BHM Incentive Plans, to persons (including our Manager, directors
and employees) or entities who provide services to