Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 237

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 237
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Except with respect to the
costs of legal, tax, accounting, consulting, auditing and other similar services rendered for us, which costs will be our expense, our
Manager will be responsible for the expenses related to any and all personnel of our Manager and its affiliates who provide services
to us pursuant to the Management Agreement, including, without limitation, salaries, bonus and other wages, payroll taxes and the cost
of employee benefit plans of such personnel, and costs of insurance with respect to such personnel; provided, however, that our
Manager will not be responsible for any such expenses payable subsequent to the Distribution Date to the extent (and only to such extent)
that such expenses were incurred or otherwise attributable to a time period preceding the Distribution Date. For the avoidance of doubt,
any incentive plan of Bluerock Homes or the Operating Partnership in which any person referred to above participates will not be an expense
of our Manager.

Grants of Equity Compensation to Our Manager

We have implemented the BHM
Incentive Plans, pursuant to which our compensation committee is authorized to approve grants of equity-based awards to our officers,
directors and affiliates (including officers and employees of our Manager and its affiliates).

Liquidity of Prior Programs

Our sponsor previously sponsored
one REIT, Bluerock Residential, which disclosed in its prospectus the time at which it was anticipated that Bluerock Residential would
provide a liquidity event to its stockholders. Bluerock Residential’s prospectus for its original offering of common stock
indicated that Bluerock Residential intended to enter into a transaction providing liquidity for its stockholders within four to six
years from the completion of its offering stage, where the offering stage was the period during which Bluerock Residential offered equity
that was not listed on a national securities exchange. If Bluerock Residential did not begin the process of listing its shares of common
stock on a national securities exchange by the end of that period, or did not otherwise complete a liquidity event by such date, its
charter required that it seek stockholder approval of the liquidation of Bluerock Residential, unless a majority of its board of directors,
including a majority of independent directors, determines that liquidation was not then in the best interests of its stockholders.
Bluerock Residential completed its offering stage in September 2013. Bluerock Residential listed its Class A common stock
on March 28, 2014. In connection with the listing transaction, Bluerock Residential converted the shares its original