Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 390

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 390
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 general solicitation or
advertising occurred in connection with the issuance and sale of these securities. From the date of grant, the recipients will be
entitled to receive distributions with respect to such shares of Class A common stock, 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-4</div>

On May 14, 2024, the
company granted 45,891 C-LTIP Units to the Manager in partial payment 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 first quarter of 2024 (the
“Q1 2024 Base Management Fee”), in keeping with the terms set forth in the Management Agreement.

Also on May 14, 2024,
in satisfaction of the remainder of the company’s Q1 2024 Base Management Fee obligation to the Manager and the Manager’s
reimbursement obligation to BREH for payroll-related expenses in connection with the payment of base salaries for the first quarter of
2024 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, 2023 by each of Messrs. Kamfar and Ruddy, the company further issued
(a) 10,707 C-LTIP Units directly to Mr. Kamfar in payment of 98.4% of Mr. Kamfar’s base salary for the first quarter
of 2024, and (b) 3,482 C-LTIP Units directly to Mr. Ruddy in payment of 80.0% of Mr. Ruddy’s base salary for the
first quarter of 2024 (together, the “Q1 2024 Base Salaries”). The issuances of C-LTIP Units in payment of the Q1 2024 Base
Management Fee and the Q1 2024 Base Salaries 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. Each of the Manager and Messrs. Kamfar
and Ruddy has a substantive, pre-existing relationship with