Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 251

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 251
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2025 Annual
Incentive Grant Vesting Dates”).

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(9) Total
includes (i) 48,696 LTIP Units issued to Mr. MacDonald as part of the Initial Staking Grant, of which 16,232 vested on each
of November 3, 2023 and November 3, 2024, and 16,232 will vest on November 3, 2025, and (ii) 5,712 LTIP Units issued
to Mr. MacDonald as part of the 2024 Annual Incentive Grant, which vested on April 30, 2025. Total does not include (i) 32,464
remaining unvested LTIP Units issued to Mr. MacDonald in connection with the Initial Staking Grant, which will vest ratably over
the Remaining Initial Staking Grant Vesting Dates, (ii) 11,424 unvested LTIP Units issued to Mr. MacDonald as part of the 2024
Annual Incentive Grant, which will vest ratably over the Remaining 2024 Annual Incentive Grant Vesting Dates, or (iii) 8,685 unvested
LTIP Units issued to Mr. MacDonald as part of the April 23, 2025 Annual Incentive Grant, which will vest ratably over the April 23,
2025 Annual Incentive Grant Vesting Dates.

(10) Total
includes (i) 10,253 LTIP Units issued to Mr. Babb as part of the Initial Staking Grant, of which 3,418 vested on each of November 3,
2023 and November 3, 2024, and 3,417 will vest on November 3, 2025, (ii) 1,648 LTIP Units issued to Mr. Babb as part
of the 2023 Annual Incentive Grant, of which 824 vested on May 25, 2024 and 824 vested on April 1, 2025, and (iii) 1,143
LTIP Units issued to Mr. Babb as part of the 2024 Annual Incentive Grant, which vested on April 30, 2025. Total does not include
(i) 6,834 remaining unvested LTIP Units issued to Mr. Babb in connection with the Initial Staking Grant, which will vest ratably
over the