Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 419

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 419
---
 for advisory services and certain general management
services rendered under the Management Agreement during the second quarter of 2025 (the “Q2 2025 Base Management Fee”) and
the Manager’s reimbursement obligation to BREH for payroll-related expenses in connection with the payment of base salaries for
the second quarter of 2025 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, by mutual agreement of the Manager and the company and at the direction of each of the
Manager and BREH, and in keeping with formal elections made on December 31, 2024 by each of Messrs. Kamfar and Ruddy, the company
further issued (a) 11,437 C-LTIP Units directly to Mr. Kamfar in payment of 80.0% of Mr. Kamfar’s base salary for
the second quarter of 2025, and (b) 4,575 C-LTIP Units directly to Mr. Ruddy in payment of 80.0% of Mr. Ruddy’s base
salary for the second quarter of 2025 (together, the “Q2 2025 Base Salaries”). The issuances of C-LTIP Units in payment of
the Q2 2025 Base Management Fee and the Q2 2025 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 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 Q2 2025 Base Management Fee and the Q2 2025 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 Messrs. Kamfar and Ruddy will be entitled to receive “distribution equivalents”
with respect to such