X0306 4 2015-12-10 0 0001442626 Bluerock Residential Growth REIT, Inc. BRG 0001111908 KAMFAR RAMIN 712 FIFTH AVENUE, 9TH FLOOR NEW YORK NY 10019 1 1 0 0 Chairman, CEO and President OP Units 2015-12-10 4 A 0 11228 A Class A Common Stock 11228 293987 I See Footnote Operating Partnership units ("OP units") may be settled in shares of the Issuer's Class A common stock at the option of the Issuer after a one year holding period, on a one-for-one basis. Represents OP Units acquired by Mr. Kamfar's spouse in Bluerock Residential Holdings, LP (the "Operating Partnership"), of which the Issuer is the general partner. These OP Units are owned by Mr. Kamfar's spouse and Mr. Kamfar disclaims beneficial ownership in the OP units. /s/ Christopher J. Vohs, Attorney-in-fact 2015-12-14