Bluerock Homes Trust, Inc. — Director's Dealing 2025

Apr 24, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Bluerock Homes Trust, Inc. (BHM)
CIK: 0001903382
Period of Report: 2025-04-23

Reporting Person: Ruddy Jordan B. (President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-04-23	LTIP Units	$	A	29364	Acquired		Class A Common Stock (29364)	Direct

Footnotes

F1: Represents long-term incentive plan units ("LTIP Units") in Bluerock Residential Holdings, LP (the "Operating Partnership"), of which the Issuer is the general partner. The LTIP Units were issued at the direction of Bluerock Homes Manager, LLC (the "Manager"), in satisfaction of the Manager's reimbursement obligation to its affiliate, Bluerock Real Estate Holdings, LLC ("BREH") for the portion of the annual equity incentive award payable by BREH to the Reporting Person for services provided to the Manager in the Reporting Person's capacity as President thereof. 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.

F2: Once vested, these LTIP Units may convert to limited partnership interests of the Operating Partnership ("OP Units") upon reaching capital account equivalency with the OP Units held by the Issuer, and may then be redeemed for cash or, at the option of the Issuer and after a one year holding period (including any period during which the LTIP Units were held), settled in shares of the Issuer's Class A common stock on a one-for-one basis. The Reporting Person will be entitled to receive "distribution equivalents" with respect to such LTIP Units, whether or not vested, at the same time as distributions are paid to the holders of the Issuer's Class A common stock.