Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 318

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 318
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 registration statement; |

| · | that if we propose an underwritten public offering, it will agree not to effect any offer, sale or distribution of our shares of common stock during the period commencing on the tenth day prior to the expected effective date of a registration statement filed with respect to the public offering or commencement date of a proposed offering and ending on the date specified by the managing underwriter for such offering; and to indemnify us and each of our officers, directors and controlling persons against all losses caused by any untrue statement or omission contained in (or omitted from) any registration statement based upon information furnished to us by such limited partner. |

Subject to certain exceptions,
our Operating Partnership will pay all expenses in connection with the exercise of registration rights under our partnership agreement.

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LTIP Units

In general, LTIP Units will
receive the same per-unit distributions as the OP Units. When issued, each LTIP Unit will have a capital account balance of zero and,
therefore, will not have full parity with OP Units with respect to liquidating distributions. However, our partnership agreement provides
that our Operating Partnership’s assets will be revalued upon the occurrence of certain events and any resulting increase in valuation
will be allocated first to the LTIP Unitholders to equalize the capital accounts of such holders with the capital account of the general
partner’s OP Units.

Upon equalization of the capital
accounts of the LTIP Unitholders with the average per-unit capital account of the general partner’s OP Units, the LTIP Units will
achieve full parity with OP Units for all purposes, including with respect to liquidating distributions. If such parity is reached, vested
LTIP Units may be converted into an equal number of OP Units at any time, and thereafter enjoy all the rights of OP Units. If a sale or
revaluation of assets occurs at a time when our Operating Partnership’s assets have appreciated sufficiently since the last revaluation,
the LTIP Units would achieve full parity with the OP Units upon such sale or revaluation. In the absence of sufficient appreciation in
the value of our Operating Partnership’s assets at the time of a sale or revaluation, full parity would not be reached.

Consequently, an LTIP Unit
may never become convertible because the value of our Operating Partnership’s assets may not appreciate sufficiently between revaluations
to equalize capital accounts. Until and unless parity is reached, the value for a given number of vested LTIP Units will be