Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 422

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 422
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 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 the Manager and 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 Q3 2024 Base Management Fee and the Q3 2024 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 the Manager and Messrs. Kamfar and Ruddy will be
entitled to receive “distribution equivalents” with respect to such C-LTIP Units at the time distributions are paid to
the holders of the company’s Class A common stock.

<div align='center'>II-7</div>

On January 1, 2025,
the company granted 5,405 LTIP Units to each of the non-employee members of the company’s board of directors in payment of the
equity portion of their respective annual retainers for fiscal year 2025 (such grants, collectively, the “2025 Retainer Grants”).
The LTIP Units issued as 2025 Retainer Grants were issued pursuant to the Bluerock Incentive Plan for Individuals. Each such 2025 Retainer
Grant was evidenced by an LTIP Unit Award Agreement. The issuances of LTIP Units as 2025 Retainer Grants 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. No general solicitation or advertising occurred in connection with the issuance and sale of these securities.
Such LTIP Units 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