Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 425

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 425
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 to the BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities for the fiscal year
ended December 31, 2024. 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 Restricted
Stock Vesting Agreements. Such shares of Class A common stock will vest ratably on an annual basis over a three-year period from
April 1, 2025. The issuances of such 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. 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-8</div>

On April 23, 2025, the
company issued an aggregate of 40,944 LTIP Units to and among certain members of the executive management team of the Manager, pursuant
to the BHM Individuals Plan, as equity compensation for services provided to the Manager in such capacities for the fiscal year ended
December 31, 2024. 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 April 23, 2026, and the remainder will vest ratably on an annual basis over a two-year period
from April 1, 2026. 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 company’s option and after a one year holding period (including
any period during which the LTIP Units were held), settled in shares of Class A common stock on a one-for-one basis. The issuances
of such LTIP Units were made in reliance upon exemptions from registration provided by Section