Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 397

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 397
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000 |
| Legal Fees and Expenses                  |     |   |   900,000 |
| Accounting Fees                          
 and Expenses                             |     |   |   250,000 |
| Transfer Agent and                       
 Registrar Fees                           |     |   |   200,000 |
| Miscellaneous                            |     |   |   850,000 |
| Total                                    |     | $ | 3,056,585 |

Item 32. Sales to Special Parties

See Item 33.

Item 33. Recent Sales of Unregistered Securities

On November 3, 2022,
the company made an initial staking grant to the Manager of 405,796 of the Operating Partnership’s long-term incentive plan
units (“LTIP Units”) pursuant to the BHM Incentive Plans. Effective November 2, 2023, for tax efficiency purposes, the
Manager forfeited 367,357 unvested LTIP Units granted to the Manager on November 3, 2022 in payment of the initial staking grant.
On November 3, 2023, by mutual agreement of the Manager and the company, and at the direction of the Manager, such 367,357 unvested
LTIP Units were issued directly to and among certain of the BREH Personnel (as defined below), pursuant to the Bluerock Homes Trust, Inc.
2022 Equity Incentive Plan for Individuals (the “BHM Individuals Plan”), as equity compensation for services provided to the
Manager in such capacities. These issuances were made in satisfaction of the Manager’s obligation to its affiliate, Bluerock Real
Estate Holdings, LLC (“BREH”), for compensation-related expenses incurred by BREH in connection with its employment of the
Manager’s executive management team and personnel who provide other services to the Manager (collectively, the “BREH Personnel”),
and were evidenced by LTIP Unit Vesting Agreements. The issuance of such LTIP Units was 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. Such LTIP
Units vested one-fifth on November 3, 2023, and the remainder will vest ratably on an annual basis over a four-year period. The Company
recognizes compensation expense ratably over the vesting period for