Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 377

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 377
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2023, for tax efficiency purposes, the
Manager forfeited 367,357 unvested LTIP Units granted to the Manager on November 3, 2022 in payment of the initial staking grant.
On November 3, 2023, by mutual agreement of the Manager and the company, and at the direction of the Manager, such 367,357 unvested
LTIP Units were issued directly to and among certain of the BREH Personnel (as defined below), pursuant to the Bluerock Homes Trust, Inc.
2022 Equity Incentive Plan for Individuals (the “BHM Individuals Plan”), as equity compensation for services provided to the
Manager in such capacities. These issuances were made in satisfaction of the Manager’s obligation to its affiliate, Bluerock Real
Estate Holdings, LLC (“BREH”), for compensation-related expenses incurred by BREH in connection with its employment of the
Manager’s executive management team and personnel who provide other services to the Manager (collectively, the “BREH Personnel”),
and were evidenced by LTIP Unit Vesting Agreements. The issuance of such LTIP Units was 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 vested one-fifth on November 3, 2023, and the remainder will vest ratably on an annual basis over a four-year period. The Company
recognizes compensation expense ratably over the vesting period for time-based LTIP Units based on the fair value at the date of grant.
Once vested, these awards of LTIP Units may convert to limited partnership interests of the Operating Partnership (“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. The holders of such LTIP Units will be entitled to receive “distribution
equivalents” with respect to such LTIP Units, whether or not vested, at the same time as distributions are paid to the holders
of the company’s Class A common stock.

In addition, on