Ruddy Jordan B. Form 4 Bluerock Homes Trust / Jordan B. Ruddy ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Ruddy Jordan B.

(Last) (First) (Middle)

1345 AVENUE OF THE AMERICAS

32ND FLOOR

(Street)

NEW YORK NY 10105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Bluerock Homes Trust, Inc. [ BHM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
President

3. Date of Earliest Transaction (Month/Day/Year)
10/05/2022

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock, par value $0.01 per share	10/06/2022		J(1)		1,820	A	(1)	1,820	D
Class C Common Stock, par value $0.01 per share	10/06/2022		J(1)		1,083	A	(1)	1,083	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
OP Units	(2)	10/05/2022		J(2)		14,078		(2)	(2)	Class A Common Stock	14,078	(2)	14,078	D
LTIP Units	(3)	10/05/2022		J(3)		131,437		(3)	(3)	Class A Common Stock	131,437	(3)	131,437	D
LTIP Units	(4)	10/06/2022		D(4)			18,848	(4)	(4)	Class A Common Stock	18,848	(4)	112,589	D

Explanation of Responses:

1. Represents securities acquired pursuant to the terms of the Agreement and Plan of Merger (the "Merger Agreement"), dated as of December 20, 2021, by and among Bluerock Residential Growth REIT, Inc. ("BRG"), Badger Parent LLC ("Badger Parent") and Badger Merger Sub LLC, and the Separation and Distribution Agreement (the "Separation and Distribution Agreement"), dated as of October 5, 2022, by and among BRG, Badger Parent, Badger Holdco LLC, Bluerock Residential Holdings, LP (the "Operating Partnership"), and the Issuer, dated as of October 5, 2022.

2. Represents common units ("Common Units") in the Operating Partnership, of which the Issuer is the general partner. After a one year holding period (including any period during which the Common Units were held), Common Units may be redeemed for cash or, at the option of the Issuer, for shares of the Issuer's Class A Common Stock, on a one-for-one basis, subject to certain adjustments and the terms and conditions of the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as amended (the "Partnership Agreement").

3. Represents long-term incentive plan units ("LTIP Units") in the Operating Partnership, of which the Issuer is the general partner. The LTIP Units may convert to Common Units upon reaching capital account equivalency with the Common Units held by the Issuer, and may then after a one year holding period (including any period during which the LTIP Units were held) be redeemed for cash, or at the option of the Issuer, for shares of the Issuer's Class A common stock on a one-for-one basis, subject to certain adjustments and the terms and conditions of the Partnership Agreement.

4. Represents the forfeiture of performance-based LTIP Units, of which the Issuer is the general partner, which were eligible to vest subject to achievement of certain performance criteria and established targets over three-year performance periods. On October 6, 2022, in connection with the transactions contemplated by the Merger Agreement, (i) the performance-based LTIP Units were vested based on the level of achievement of the applicable performance criteria, and pro-rated to reflect the truncated performance period, with any unvested portion being forfeited and (ii) the time-based LTIP Units were fully vested.

Remarks:

This Form 4 reports securities acquired or disposed of in connection with the transactions contemplated by the Merger Agreement and Separation and Distribution Agreement. Exhibit List Exhibit 24 - Power of Attorney

	/s/ Christopher J. Vohs, Attorney-in-fact	10/07/2022
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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