Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 411

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 411
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 3, 2023, by mutual agreement of the Manager and the company, and at the direction of the Manager, such 83,995 unvested
LTIP Units were issued directly to and among certain of the BREH Personnel, pursuant to the BHM Individuals Plan, as equity compensation
for services provided to the Manager in such capacities. These issuances were made in satisfaction of the Manager’s obligation
to its affiliate, BREH, for compensation-related expenses incurred by BREH in connection with its employment of the BREH Personnel, and
were evidenced by LTIP Unit Vesting Agreements. Such LTIP Units will vest one-third on May 25, 2024, and the remainder will vest
ratably on an annual basis over a two-year period from April 1, 2024. Once vested, the LTIP Units 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 the LTIP Units were held), settled in shares of the company’s
Class A common stock on a one-for-one basis. Such LTIP Units are evidenced by LTIP Unit Vesting Agreements, and the shares of Class A
common stock issued as a portion of the Manager Grant are evidenced by a Restricted Stock Vesting Agreement. The issuances of such
LTIP Units and shares of Class A common stock 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. The shares of Class A common stock issued
as a portion of the Manager Grant will vest ratably on an annual basis over a three-year period from April 1, 2023. From the
date of grant, the recipients will be entitled to receive “distribution equivalents” with respect to such LTIP Units, and
distributions with respect to such shares of Class A common stock, in each case whether or not vested, at the time distributions
are paid to the holders of the company’s Class A common stock.

<div align='center'>II-3</div>

On August 15, 2023,
the company granted (i) 109,835 C-LTIP Units to the