X0306 4 2020-01-01 0 0001442626 Bluerock Residential Growth REIT, Inc. BRG 0001111908 KAMFAR RAMIN 1345 AVENUE OF THE AMERICAS, 32ND FLOOR NEW YORK NY 10105 1 1 0 0 Chairman and CEO LTIP Units 2020-01-01 4 A 0 104791 A Class A Common Stock 104791 1575866 I See Footnote LTIP Units 2020-01-01 4 A 0 209582 A Class A Common Stock 209582 1785448 I See Footnote Represents long-term incentive plan units ("LTIP Units") in Bluerock Residential Holdings, LP (the "Operating Partnership"), of which the Issuer is the general partner. These LTIP Units will vest ratably over a three year period and may convert to OP Units upon reaching capital account equivalency with the OP Units held by the Issuer, and may then 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. Represents LTIP Units in the Operating Partnership, of which the Issuer is the general partner. These Long Term Performance Awards LTIP Units are subject to a three-year performance period and may vest at the end of that period subject to performance criteria and established targets. The LTIPs may convert to OP Units upon reaching capital account equivalency with the OP Units held by the Issuer, and may then 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. /s/ Christopher J. Vohs, Attorney-in-fact 2020-01-03