Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 410

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 410
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 Mr. Kamfar’s base salary for the first quarter
of 2023, and (b) 3,572 C-LTIP Units directly to Mr. Ruddy in payment of 80.0% of Mr. Ruddy’s base salary for the
first quarter of 2023 (together, the “Q1 Base Salaries”). The issuances of C-LTIP Units in payment of the Q1 Base Management
Fee, the Q1 Reimbursable Expenses and the Q1 Base Salaries 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. Each of the Manager and Messrs. Kamfar
and Ruddy 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 Q1 Base Management Fee, the Q1 Reimbursable Expenses and the Q1 Base Salaries 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 such C-LTIP Units were held),
settled in shares of the company’s Class A common stock. Each of the Manager and Messrs. Kamfar and Ruddy will be entitled
to receive “distribution equivalents” with respect to such C-LTIP Units at the time distributions are paid to the holders
of the company’s Class A common stock.

On May 25, 2023, the
company granted (i) 141,665 LTIP Units, and (ii) 31,260 shares of Class A common stock, to the Manager as an annual long-term
equity incentive grant for the fiscal year ended December 31, 2022 (together, the “Manager Grant”) pursuant to the Bluerock
Homes Trust, Inc. 2022 Equity Incentive Plan for Entities (the “BHM Entities Plan”). Effective November 2, 2023,
for tax efficiency purposes, the Manager forfeited 83,995 unvested LTIP Units granted to the Manager in connection with the Manager Grant.
On November