MacDonald Ryan S 4

What Happened

• Ryan S. MacDonald, Chief Investment Officer of Bluerock Homes Trust, Inc. (BHM), was granted 9,511 long‑term incentive plan units ("LTIP Units") in the company's operating partnership on April 1, 2026. The grant is recorded as an award/derivative (Form 4 code A) and no cash price was reported (N/A) because the units were issued to satisfy a reimbursement obligation between affiliated managers.

Key Details

• Transaction date: 2026-04-01; Transaction type: Award/Grant (A); Amount: 9,511 LTIP Units; Price: N/A (units issued as reimbursement).
• Vesting: LTIP Units vest ratably over three years from April 1, 2026 (annual vesting).
• Conversion/settlement: Once vested, LTIP Units may convert to limited partnership (OP) units upon reaching capital account equivalency, and then may be redeemed for cash or—at the issuer’s option after a one‑year holding period—settled one‑for‑one in Class A common stock. The holder is entitled to distribution equivalents while units are outstanding (see footnotes F1–F2).
• Shares owned after the transaction: Not specified in this filing.
• Filing timeliness: Report filed 2026-04-03 for a 2026-04-01 grant (filed within typical SEC reporting window).

Context

• This was an equity award rather than an open‑market purchase or sale, so it reflects compensation rather than a direct market bet. For retail investors, awards can dilute over time if converted to shares but also align executive incentives with company performance.