Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 322

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 322
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 officers, directors and controlling persons against all losses caused by any untrue 
 statement or omission contained in (or omitted from) any registration statement based upon information furnished to us by such limited 
 partner.                                                                                                                               |

Subject to certain exceptions,
our Operating Partnership will pay all expenses in connection with the exercise of registration rights under our partnership agreement.

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LTIP Units

In general, LTIP Units will
receive the same per-unit distributions as the OP Units. When issued, each LTIP Unit will have a capital account balance of zero and,
therefore, will not have full parity with OP Units with respect to liquidating distributions. However, our partnership agreement provides
that our Operating Partnership’s assets will be revalued upon the occurrence of certain events and any resulting increase in valuation
will be allocated first to the LTIP Unitholders to equalize the capital accounts of such holders with the capital account of the general
partner’s OP Units.

Upon equalization of the
capital accounts of the LTIP Unitholders with the average per-unit capital account of the general partner’s OP Units, the LTIP
Units will achieve full parity with OP Units for all purposes, including with respect to liquidating distributions. If such parity is
reached, vested LTIP Units may be converted into an equal number of OP Units at any time, and thereafter enjoy all the rights of OP Units.
If a sale or revaluation of assets occurs at a time when our Operating Partnership’s assets have appreciated sufficiently since
the last revaluation, the LTIP Units would achieve full parity with the OP Units upon such sale or revaluation. In the absence of sufficient
appreciation in the value of our Operating Partnership’s assets at the time of a sale or revaluation, full parity would not be
reached.

Consequently, an LTIP Unit
may never become convertible because the value of our Operating Partnership’s assets may not appreciate sufficiently between revaluations
to equalize capital accounts. Until and unless parity is reached, the value for a given number of vested LTIP Units will be less than
the value of an equal number of shares of our common stock.

Operations

Our partnership agreement
will require that our Operating Partnership be operated in a manner that will (1) enable us to satisfy the requirements for qualification
as a REIT for tax purposes and avoid any U.S. federal income or excise tax liability imposed by the Code (other than any U.S. federal
income tax liability associated