X0306 4 2020-04-15 0 0001442626 Bluerock Residential Growth REIT, Inc. BRG 0001111908 KAMFAR RAMIN 1345 AVENUE OF THE AMERICAS 32ND FLOOR NEW YORK NY 101015 1 1 0 0 Chairman and CEO Bluerock Residential Growth REIT, Inc. Class A Common Stock 2020-04-15 4 A 0 16611 A 17458 D LTIP Units 2020-04-15 4 A 0 85690 A Class A Common Stock 85690 1913778 I See Footnote Represents shares of Class A common stock granted in payment of the first quarter of 2020 base salaries, based on a 20-day volume-weighted average price of $5.8397, which are issued under the Third Amended and Restated 2014 Equity Incentive Plan for Individuals. These shares are fully vested at issuance. 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 are issued in payment of the annual incentive bonus for the fiscal year ended December 31, 2019. These LTIP Units will vest on the first anniversary of issuance 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. /s/ Christopher J. Vohs, Attorney-in-fact 2020-04-17