Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 428

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 428
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 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 Q2 2025 Base Management Fee and the Q2 2025 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 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-9</div>

On November 11, 2025,
in satisfaction of a portion of the quarterly Base Management Fee to compensate the Manager for advisory services and certain general
management services rendered under the Management Agreement during the third quarter of 2025 (the “Q3 2025 Base Management Fee”)
and the Manager’s reimbursement obligation to BREH for payroll-related expenses in connection with the payment of base salaries
for the third quarter of 2025 to each of Mr. Kamfar and Mr. Ruddy for services provided to the Manager in their respective
capacities as Chief Executive Officer and President thereof, by mutual agreement of the Manager and the company and at the direction
of each of the Manager and BREH, and in keeping with formal elections made on December 31, 2024 by each of Messrs. Kamfar and
Ruddy, the company further issued (a) 15,951 C-LTIP Units directly to Mr. Kamfar in payment of 80.0% of Mr. Kamfar’s
base salary for the third quarter of 2025, and (b) 6,381 C-LTIP Units directly to Mr. Ruddy in payment of 80.0% of Mr. Ruddy’s
base salary for the third quarter of 2025 (together, the “Q3 2025 Base Salaries”). The issuances of C-LTIP Units in payment
of the Q3 2025 Base Management Fee and the Q3 2025 Base Salaries were made in