Ruddy Jordan B. 4

What Happened
Ruddy B. Jordan, President of Bluerock Homes Trust, acquired a total of 380,390 operating partnership units ("OP Units") in 2023 via three purchase transactions (codes: P). The filings do not disclose per‑unit prices or total dollar amounts, so the monetary value of these purchases is not reported. These OP Units are derivative interests in the issuer’s operating partnership and can be redeemed for cash or, at the issuer’s option, converted one‑for‑one into the issuer’s Class A common stock after a one‑year holding period.

Key Details

• Transaction dates and amounts:
  • 2023-04-03: 265,000 OP Units (purchase)
  • 2023-06-16: 18,772 OP Units (purchase)
  • 2023-10-12: 96,618 OP Units (purchase)
• Price/value: Not disclosed in the Form 4 (listed as N/A for price and value).
• Shares/units owned after transaction: Not specified in the filing.
• Footnotes: F1 — OP Units may be redeemed for cash or converted to Class A common stock on a one‑for‑one basis after a one‑year holding period. F2 — These OP Units are owned by a trust for which the reporting person is a beneficiary.
• Filing timeliness: The Form 4 was filed on 2026-02-13 reporting 2023 transactions (appears significantly delayed). Late filings reduce the timeliness of insider signals and may be subject to SEC scrutiny; investors should factor the delay into how they interpret these trades.

Context
OP Units represent an economic interest in the company’s operating partnership rather than immediate shares of common stock. Because conversion to Class A shares is subject to a one‑year holding period and may be settled in cash at the issuer’s option, these purchases do not necessarily result in immediate stock ownership or selling pressure. For retail investors, purchases by executives can be a positive signal, but the lack of price disclosure, the derivative nature of the interest, and the delayed filing limit how informative these entries are about the insider’s current view.