Ryan S. MacDonald - Jan 1, 2023 Form 4 Insider Report for Bluerock Homes Trust, Inc. (BHM)

Role: Chief Investment Officer
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, 04:46 PM
Previous filing: Oct 7, 2022
Next filing: Nov 7, 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		-365K	-100%		0	Jan 1, 2023	Class A Common Stock	365K		Direct	F1
transaction	BHM	OP Units	Conversion of derivative security		+365K	+314.36%		481K	Jan 1, 2023	Class A Common Stock	365K		Direct	F2

* 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.

Content

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.

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.