Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 378

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 378
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 (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 November 3,
2022, the company made an initial staking grant of 5,339 LTIP Units to each of the non-employee members of the company’s board of
directors (such grants, collectively, the “Director Grants”). The LTIP Units issued as Director Grants were issued pursuant
to the BHM Individuals Plan. Each such Director Grant was evidenced by an LTIP Unit Award Agreement. The issuances of LTIP Units as Director
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