Company: BHM
Filing Date: 2025-04-07
Form Type: POS AM
Source: 0001104659-25-032524
Chunk: 295

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-07
Form: POS AM
Chunk 295
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 In addition, if we contribute additional capital to our Operating Partnership, we will revalue the property
of our Operating Partnership to its fair market value (as determined by us) and the capital accounts of the partners will be adjusted
to reflect the manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the capital accounts
previously) would be allocated among the partners under the terms of the partnership agreement, if there were a taxable disposition of
such property for its fair market value (as determined by us) on the date of the revaluation.

<div align='center'>146</div>

Classes of Partnership Units

Subject to our discretion
as general partner to create additional classes of limited partnership interests, our Operating Partnership has two classes of limited
partnership interests. These classes will be the OP Units and the LTIP Units. See “—LTIP Units” below. Certain OP Units
will be designated as “C-OP Units” and certain LTIP Units will be designated as “C-LTIP Units”. In calculating
the percentage interests of our Operating Partnership’s limited partners, holders of LTIP Units will be treated as holders of OP
Units and LTIP Units will be treated as OP Units.

We expect that our Operating
Partnership will issue OP Units to limited partners, including us, in exchange for capital contributions of cash or property, including
in connection with the contribution of the net proceeds of this offering and any future offering of our shares, as described above, and
that our Operating Partnership will issue LTIP Units, pursuant to the BHM Incentive Plans, to persons (including our Manager, directors
and employees) or entities who provide services to us. In addition, our Operating Partnership will issue C-LTIP Units to our Manager pursuant
to the Management Agreement. Each quarterly installment of the base management fee under the Management Agreement will be payable in cash,
except as may otherwise be specified by written agreement of the company and the Manager with respect to payment of all or any portion
thereof in, One half of each quarterly installment of the incentive fee under the Management Agreement will be payable in C-LTIP Units,
and the remainder of the incentive fee will be payable in cash or in C-LTIP Units, at the election of our board of directors. Additional
C-LTIP Units will also be issuable to our executive officers or other service providers at the discretion of our board of directors.

As general partner, we may
cause