Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 228

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 228
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 extent (and only to such extent) that
such expenses were incurred or otherwise attributable to a time period preceding the Distribution Date. For the avoidance of doubt, any
incentive plan of Bluerock Homes or the Operating Partnership in which any person referred to above participates will not be an expense
of our Manager.

Grants of Equity Compensation to Our Manager

We have implemented the BHM
Incentive Plans (as defined below), pursuant to which our compensation committee is authorized to approve grants of equity-based awards
to our officers, directors and affiliates (including officers and employees of our Manager and its affiliates).

Liquidity of Prior Programs

Our sponsor previously sponsored
one REIT, Bluerock Residential, which disclosed in its prospectus the time at which it was anticipated that Bluerock Residential would
provide a liquidity event to its stockholders. Bluerock Residential’s prospectus for its original offering of common stock
indicated that Bluerock Residential intended to enter into a transaction providing liquidity for its stockholders within four to six years
from the completion of its offering stage, where the offering stage was the period during which Bluerock Residential offered equity that
was not listed on a national securities exchange. If Bluerock Residential did not begin the process of listing its shares of common stock
on a national securities exchange by the end of that period, or did not otherwise complete a liquidity event by such date, its charter
required that it seek stockholder approval of the liquidation of Bluerock Residential, unless a majority of its board of directors, including
a majority of independent directors, determines that liquidation was not then in the best interests of its stockholders. Bluerock
Residential completed its offering stage in September 2013. Bluerock Residential listed its Class A common stock on March 28,
2014. In connection with the listing transaction, Bluerock Residential converted the shares its original common stock issued in
its unlisted offering into 1/3 share each of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock.
Bluerock Residential further effectuated two reverse stock splits: the first, a 2.264881 to 1 reverse stock split of its outstanding shares
of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock; and the second, a 1.0045878 to 1 reverse
stock split of its outstanding shares of Class B-