Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 310

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 310
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Classes of Partnership Units

Subject to our discretion
as general partner to create additional classes of limited partnership interests, our Operating Partnership has two classes of limited
partnership interests. These classes will be the OP Units and the LTIP Units. See “—LTIP Units” below. Certain OP Units
will be designated as “C-OP Units” and certain LTIP Units will be designated as “C-LTIP Units”. In calculating
the percentage interests of our Operating Partnership’s limited partners, holders of LTIP Units will be treated as holders of OP
Units and LTIP Units will be treated as OP Units.

We expect that our Operating
Partnership will issue OP Units to limited partners, including us, in exchange for capital contributions of cash or property, including
in connection with the contribution of the net proceeds of this offering and any future offering of our shares, as described above, and
that our Operating Partnership will issue LTIP Units, pursuant to the BHM Incentive Plans, to persons (including our Manager, directors
and employees) or entities who provide services to us. In addition, our Operating Partnership will issue C-LTIP Units to our Manager pursuant
to the Management Agreement. Each quarterly installment of the base management fee under the Management Agreement will be payable in cash,
except as may otherwise be specified by written agreement of the company and the Manager with respect to payment of all or any portion
thereof in C-LTIP Units. One half of each quarterly installment of the incentive fee under the Management Agreement will be payable in
C-LTIP Units, and the remainder of the incentive fee will be payable in cash or in C-LTIP Units, at the election of our board of directors.
Additional C-LTIP Units will also be issuable to our executive officers or other service providers at the discretion of our board of directors.

As general partner, we may
cause our Operating Partnership to issue additional OP Units or LTIP Units for any consideration, or we may cause the creation of a new
class of limited partnership interests, at our sole and absolute discretion. As general partner, we may elect to issue LTIP Units subject
to vesting agreements, which may provide that a recipient’s rights in such LTIP Units vest over time, vest based upon our company’s
performance or vest based upon any other conditions that we determine. The only difference between vested and unvested LTIP Units is that
unvested LTIP Units may not be converted into OP Units