Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 403

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 403
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 period from April 1, 2024. Once vested, the 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. Such LTIP Units are evidenced by LTIP Unit Vesting Agreements, and the shares of Class A common
stock issued as a portion of the Manager Grant are evidenced by a Restricted Stock Vesting Agreement. The issuances of such LTIP
Units and shares of Class A common stock 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. The shares of Class A common stock issued
as a portion of the Manager Grant will vest ratably on an annual basis over a three-year period from April 1, 2023. From the
date of grant, the recipients will be entitled to receive “distribution equivalents” with respect to such LTIP Units, and
distributions with respect to such shares of Class A common stock, in each case whether or not vested, at the time distributions
are paid to the holders of the company’s Class A common stock.

<div align='center'>II-2</div>

On August 15, 2023, the
company granted (i) 109,835 C-LTIP Units to the Manager in partial 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 second quarter
of 2023 (the “Q2 Base Management Fee”), and (ii) 24,753 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 second quarter of 2023 (collectively, the “Q2 Reimbursable Expenses”), in each case in keeping with the
terms set forth in the Management Agreement. In addition