Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 418

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 418
---
-related expenses in connection with the payment of base salaries for the first 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) 14,603 C-LTIP Units directly to Mr. Kamfar in payment of 80.0% of Mr. Kamfar’s base salary for the first quarter
of 2025, and (b) 5,842 C-LTIP Units directly to Mr. Ruddy in payment of 80.0% of Mr. Ruddy’s base salary for the
first quarter of 2025 (together, the “Q1 2025 Base Salaries”). The issuances of C-LTIP Units in payment of the Q1 2025 Base
Management Fee and the Q1 2025 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 Messrs. Kamfar
and Ruddy has a substantive, pre-existing relationship with the company and 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 Q1 2025 Base Management Fee and the Q1 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.

On August 19, 2025, in
satisfaction of a portion of the quarterly Base Management Fee to compensate the Manager