The company allocates C-LTIP units to CEO and president as part of compensation structure.

February 23, 2026

Compensation structures can shift quickly, especially when boards look to balance cash management with long-term alignment.

Bluerock Homes Trust has issued 22,252 long-term incentive plan units tied to its operating partnership as partial payment of its fourth-quarter 2025 base management fee. The equity portion totals $210,000, with the remainder of the quarterly fee paid in cash.

How The Payment Was Structured

The calculation followed a defined formula. The company divided the dollar value of the equity payment by the average closing price of its Class A common stock over the five business days prior to issuance.

The board of directors, including its independent members, reviewed the figures and approved the structure before the units were granted on February 18, 2026.

Executive Salary Elections

The issuance also reflects earlier compensation elections by senior leadership. Chief Executive Officer R. Ramin Kamfar and President Jordan Ruddy each chose to receive a portion of their 2025 base salaries in equity rather than cash.

• 15,894 units were issued to Kamfar
• 6,358 units were issued to Ruddy

These grants satisfied reimbursement obligations tied to payroll expenses covering 80 percent of each executive’s base salary for the fourth quarter.

Conversion And Distribution Rights

The units were issued through the operating partnership and were fully vested at the time of grant.

They may convert into operating partnership units once certain capital thresholds are met. After a one-year holding period, the units can be redeemed for cash or, at the company’s discretion, settled in shares of Class A common stock.

Holders are also entitled to receive distribution equivalents when dividends are paid on common stock.

Regulatory Framework

The company relied on private placement exemptions under federal securities laws for the issuance. Both executives qualify as accredited investors and maintain established relationships with the company.

By allocating a portion of compensation in equity, Bluerock reduced immediate cash outlays while linking executive pay more closely to long-term company performance.