Ramin Kamfar - Jan 1, 2023 Form 4 Insider Report for Bluerock Homes Trust, Inc. (BHM)

Role: Chairman and CEO, Director
Signature: /s/ Christopher J. Vohs, Attorney-In-Fact
Stock symbol: BHM
Transactions as of: Jan 1, 2023
Transactions value $: $0
Form type: 4
Date filed: 1/4/2023, 04:45 PM
Previous filing: Nov 7, 2022
Next filing: Feb 23, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BHM	LTIP Units	Conversion of derivative security		-103K	-18.27%		459K	Jan 1, 2023	Class A Common Stock	103K		Direct	F1
transaction	BHM	OP Units	Conversion of derivative security		+103K	+7558.32%		104K	Jan 1, 2023	Class A Common Stock	103K		Direct	F2
transaction	BHM	LTIP Units	Conversion of derivative security		-53.2K	-11.6%		406K	Jan 1, 2023	Class A Common Stock	53.2K		See Footnote	F3
transaction	BHM	OP Units	Conversion of derivative security		+53.2K	+51.19%		157K	Jan 1, 2023	Class A Common Stock	53.2K		See Footnote	F4
transaction	BHM	LTIP Units	Conversion of derivative security		-45	-0.01%		406K	Jan 1, 2023	Class A Common Stock	45		See Footnote	F5
transaction	BHM	OP Units	Conversion of derivative security		+45	+0.03%		157K	Jan 1, 2023	Class A Common Stock	45		See Footnote	F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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 have reached capital account equivalency with the units of limited partnership interest in the Operating Partnership ("OP Units") held by the Issuer, and the Reporting Person has elected to convert the LTIP Units to OP Units on a one-for-one basis.
F2	Represents OP Units issued to the Reporting Person upon conversion of LTIP Units. The OP Units may 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.
F3	Represents LTIP Units in the Operating Partnership, of which the Issuer is the general partner. The LTIP Units have reached capital account equivalency with the OP Units held by the Issuer, and the Reporting Person has elected to convert the LTIP Units to OP Units on a one-for-one basis. These LTIP Units are owned by Bluerock Real Estate L.L.C., which is majority-owned by the Reporting Person.
F4	Represents OP Units issued upon conversion of LTIP Units. The OP Units may 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.
F5	Represents LTIP Units in the Operating Partnership, of which the Issuer is the general partner. The LTIP Units have reached capital account equivalency with the OP Units held by the Issuer, and the Reporting Person has elected to convert the LTIP Units to OP Units on a one-for-one basis. These LTIP Units are owned by an immediate family member of the Reporting Person.
F6	Represents OP Units issued to an immediate family member of the Reporting Person upon conversion of LTIP Units. The OP Units may 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.