Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 228

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 228
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 date fair value         |     ​ |
|:-----------------------------|:--|-------------:|:--|:------------------------|------:|
| Balance at January 1, 2023   |   |      405,796 | ​ | $                       | 22.64 |
| Granted                      |   |      186,137 | ​ |                         | 17.00 |
| Vested                       |   |      -94,375 | ​ |                         | 22.43 |
| Forfeited                    |   |            — | ​ |                         |     — |
| Balance at December 31, 2023 |   |      497,558 | ​ | $                       | 20.57 |
| Granted                      | ​ |      199,810 | ​ | ​                       | 16.61 |
| Vested                       | ​ |     -140,327 | ​ | ​                       | 19.82 |
| Forfeited                    | ​ |      -58,000 | ​ | ​                       | 16.69 |
| Balance at December 31, 2024 | ​ |      499,041 | ​ | $                       | 19.65 |

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. During the years ended December 31, 2024 and 2023, the Company recognized compensation expense for such LTIP Units of approximately $2.6 million and $2.3 million, respectively. Such expense was recorded as part of general and administrative expenses in the Company’s consolidated statements of operations and comprehensive income. As of December 31, 2024, there was $7.1 million of total unrecognized compensation expense related to unvested LTIP Units granted under the BHM Incentive Plans. The remaining expense is expected to be recognized over a period of 2.6 years. Once vested, these awards of LTIP Units 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 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