Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 408

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 408
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by an LTIP Unit Award Agreement. The issuances of LTIP Units as 2023 Retainer 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 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.
From the date of grant, holders of such LTIP Units will be entitled to receive “distribution equivalents” at the time distributions
are paid to the holders of the company’s Class A common stock.

On February 22, 2023,
the company granted (i) 85,750 C-LTIP Units to the Manager in payment of the quarterly Base Management Fee to compensate the Manager
for advisory services and certain general management services rendered under the Management Agreement during the fourth quarter of 2022
(the “Q4 Base Management Fee”), and (ii) 17,462 C-LTIP Units to the Manager as reimbursement from the company for documented
expenses of the Manager and its affiliates incurred on behalf of the company, the Operating Partnership, and each of their respective
subsidiaries that were reasonably necessary for the performance by the Manager of its duties and functions under the Management Agreement
during the fourth quarter of 2022 (collectively, the “Q4 Reimbursable Expenses”), in each case in keeping with the terms
set forth in the Management Agreement. The issuances of C-LTIP Units in payment of the Q4 Base Management Fee and the Q4 Reimbursable
Expenses 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. The Manager has a substantive, pre-existing relationship
with the company and is an “accredited investor” as defined in Regulation D. No general solicitation or advertising occurred
in connection with the issuance and sale of these securities. The C-LTIP Units issued in payment of the Q4