Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 247

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 247
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the “Initial Staking
Grant”), of which 7,688 vested on each of November 3, 2023 and November 3, 2024. Total does not include (i) 23,063
remaining unvested LTIP Units issued to the Manager in connection with the Initial Staking Grant, which will vest ratably on an annual
basis on each of November 3, 2025, November 3, 2026 and November 3, 2027 (collectively, the “Remaining Initial Staking
Grant Vesting Dates”). As the indirect controlling person of the Manager, Mr. Kamfar possesses sole voting and investment
power over LTIP Units that are currently held by the Manager.

(6) Total
includes 50,405 LTIP Units issued to Mr. Kamfar as part of the Initial Staking Grant, of which 25,203 vested on November 3,
2023 and 25,202 vested on November 3, 2024. Total does not include 75,606 remaining unvested LTIP Units issued to Mr. Kamfar
in connection with the Initial Staking Grant, which will vest ratably on an annual basis over the Remaining Initial Staking Grant Vesting
Dates.

(7) In
addition, for estate planning purposes, an irrevocable trust associated with Mr. Ruddy, of which members of Mr. Ruddy’s
immediate family are the beneficiaries and of which Mr. Ruddy is neither a trustee nor a beneficiary, holds an aggregate of 646,936
OP Units.

(8) Total
includes (i) 17,087 LTIP Units issued to Mr. Ruddy as part of the Initial Staking Grant, of which 8,544 vested on November 3,
2023 and 8,543 vested on November 3, 2024, (ii) 23,057 LTIP Units issued to Mr. Ruddy as part of the annual long term
equity incentive grant on May 25, 2023 (the “2023 Annual Incentive Grant”), of which 11,529 vested on May 25, 2024
and 11,528 vested on April 1, 2025, and (iii) 14,851 LTIP Units issued to Mr. Ruddy as part of the 2024 annual long term
equity incentive grant on April 30, 2024 (the “202