Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 257

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 257
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of (i) 271,826 remaining unvested LTIP Units outstanding as of November 18, 2025 as addressed in footnotes (5) through
(13) below, and (ii) 41,201 remaining unvested LTIP Units outstanding as of November 18, 2025 owned by parties other than our
directors and named executive officers. Percentages for all named executive officers and directors as a group is based on the combined
total of all 12,764,142 shares of vested Class A Common Stock, Class C Common Stock, OP Units and LTIP Units outstanding as
of November 18, 2025, as each is an equivalent unit of ownership.

(3) Percent
of Common Stock for each executive officer, director, and 5% stockholder is calculated using the combined total of all shares of vested
Class A common stock, Class C common stock, OP Units, and LTIP Units, as each is an equivalent unit of ownership, relative
to the combined total of 12,764,142 shares of vested Class A common stock, Class C common stock, OP Units and LTIP Units outstanding
as of November 18, 2025.

(4) In
addition, for estate planning purposes, certain irrevocable trusts associated with Mr. Kamfar, of which members of Mr. Kamfar’s
immediate family are the beneficiaries and of which Mr. Kamfar is neither a trustee nor a beneficiary, hold an aggregate of 4,753,551
OP Units.

(5) Total
includes 23,064 LTIP Units issued to the Manager as part of an initial staking grant on November 3, 2022 (the “Initial Staking
Grant”), of which 7,688 vested on each of November 3, 2023, November 3, 2024, and November 3, 2025. Total does not
include (i) 15,375 remaining unvested LTIP Units issued to the Manager in connection with the Initial Staking Grant, which will
vest ratably on an annual basis on each of November 3, 2026 and November 3, 2027 (collectively, the “Remaining Initial
Staking Grant Vesting Dates”). As the indirect controlling person of the Manager, Mr. Kamfar possesses sole voting and investment
power over LTIP Units that are currently held by the Manager and its affiliates under common control