Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 402

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 402
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 to the BHM Individuals Plan. Each such 2024 Retainer Grant was evidenced
by an LTIP Unit Award Agreement. The issuances of LTIP Units as 2024 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.

<div align='center'>II-3</div>

On February 21, 2024,
the company granted (i) 133,496 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 fourth quarter
of 2023 (the “Q4 2023 Base Management Fee”), and (ii) 95,204 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 2023 Reimbursable Expenses”), in each case in keeping with
the terms set forth in the Management Agreement.

Also on February 21,
2024, in satisfaction of the remainder of the company’s Q4 Base Management Fee obligation to the Manager and the Manager’s
reimbursement obligation to BREH for payroll-related expenses in connection with the payment of base salaries for the fourth quarter of
2023 to each of Mr. Kamfar and Mr. Ruddy for services provided to the Manager in their respective capacities as Chief Executive
Officer and President thereof