Jordan Ruddy
About Jordan Ruddy
Jordan B. Ruddy is President of Bluerock Homes Trust (BHM) and its external Manager, with approximately 30 years in real estate acquisitions, financings, management and dispositions. He is 62 years old as of April 1, 2025, and previously served as COO and President of Bluerock Residential Growth REIT from August 2008 to October 2022; he holds an MBA in Finance and Real Estate from Wharton and a B.S. in Economics (high honors) from the London School of Economics . BHM is externally managed and does not pay cash compensation to executive officers; 2024 executive equity awards were time-based without disclosed operational or TSR performance metrics, aligning incentives primarily via multi-year vesting rather than formulaic financial targets .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bluerock Residential Growth REIT, Inc. | COO and President | 2008–2022 | Led operations and growth across multifamily assets; senior executive tenure through separation/spin and sale of BRG platform . |
| Amerimar Enterprises | Vice President | Pre-2002 | Managed acquisitions, financing, leasing, asset management and disposition of 1.5 million sq. ft. of real estate . |
| Banc of America Securities LLC | Real Estate Investment Banker | Pre-2002 | Advised on real estate capital markets and financings . |
| Smith Barney Inc. | Real Estate Investment Banker | Pre-2002 | Advised on real estate capital markets and financings . |
External Roles
| Organization | Role | Years |
|---|---|---|
| Bluerock Homes Manager, LLC | President | Ongoing |
| Bluerock Total Income+ Real Estate Fund | President; Co-Portfolio Manager of advisor (Bluerock Fund Advisor) | Since Oct 2013 |
| Bluerock High Income Institutional Credit Fund | President | Since 2022 |
| Bluerock Industrial Growth REIT, Inc. and Bluerock Industrial Manager, LLC | President | Since 2021 |
Fixed Compensation
BHM is externally managed and does not pay cash compensation (salary or bonus) to its executive officers, including Ruddy.
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Cash compensation paid by BHM to executive officers ($) | 0 | 0 (no cash expected) |
| Executive officers paid directly by Manager? | Yes (BHM does not reimburse) | Yes (BHM does not reimburse) |
Performance Compensation
Executive equity awards (LTIP Units) are administered under the 2022 Incentive Plans and are time-based; no performance metric weightings were disclosed for Ruddy’s awards. CEO last received an equity grant in November 2022 vesting over five years; 2024 executive grants vest ratably over three years .
| Award | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|
| Initial Staking Grant (issued 11/3/2022) | 8,544 vested (11/3/2023) | 8,543 vested (11/3/2024) | 8,543 scheduled (11/3/2025) | 8,543 scheduled (11/3/2026) | 8,543 scheduled (11/3/2027) |
| 2023 Annual Incentive Grant | 11,529 vested (5/25/2024) | 11,528 vested (4/1/2025) | — | 11,528 scheduled (4/1/2026) | — |
| 2024 Annual Incentive Grant | — | 14,851 scheduled (4/30/2025) | — | 14,851 scheduled (4/30/2026) | 14,850 scheduled (4/30/2027) |
Notes
- Plan mechanics: Awards granted under BHM’s 2022 Equity Incentive Plan for Individuals and Entities; Board adopted amendments in 2025 to increase available shares by 425,000 to ensure continued retention capacity, with Farient Advisors engaged to evaluate equity plan size and investor concerns .
- Performance conditions: 2024 executive equity grants were time-based; no disclosed revenue/EBITDA/TSR targets or weightings for Ruddy’s awards .
Equity Ownership & Alignment
| Holding Type | Amount | Notes |
|---|---|---|
| Class A Common Stock | 1,820 | <1% of Class A . |
| Class C Common Stock | 1,083 | 12.76% of Class C (Class C has super-voting, capped by OP/LTIP interests) . |
| OP Units | 126,667 | 1.72% of OP Unit class . |
| LTIP Units (beneficially owned; vested or within 60 days) | 87,274 | Composition includes tranches from 2022, 2023, 2024 awards; see vesting table . |
| Additional OP Units held via irrevocable trust | 646,936 | Beneficiaries are immediate family; Ruddy is neither trustee nor beneficiary (note 7). |
| Total Equivalent Common Units (A+C+OP+LTIP) | 216,844 | Aggregated beneficial ownership, equals ~1.72% of common stock equivalents outstanding . |
Ownership Policy and Compliance
- Stock ownership guidelines require non-CEO executive officers to maintain at least $750,000 in BHM equity (including OP/LTIP Units) within 5 years; as of Dec 31, 2024, all directors and executive officers were in compliance or on track .
- Anti-hedging: Short sales, options, swaps, collars, exchange funds, or frequent trading to exploit price fluctuations are prohibited .
- Pledging: Prohibits pledging of equity required under ownership guidelines; limited pledging of “excess” holdings allowed only with audit committee pre-approval, annual certification, and strict 30% collateral leverage cap; no disclosure indicating Ruddy has any pledging arrangements .
Employment Terms
| Topic | Disclosure |
|---|---|
| Employment agreement | Not individually disclosed; Ruddy is employed by BHM’s external Manager . |
| Severance and change-of-control | Not individually disclosed for executives; Company-level Management Agreement has auto-renewal and fee structure . |
| Management Agreement | Manager provides day-to-day management; base fee of 1.50% of new stockholders’ equity per year and potential incentive fee; base fee payable in cash commencing Q4 2024; incentive fee 50% in C‑LTIP Units; expense reimbursements in cash; 2024 base fee $9.1M, operating expense reimbursements $4.4M . |
| Clawback | Compensation committee policy allows clawback of Manager incentive fees upon financial restatement; recovery can include prior or future fees . |
| Say-on-pay | As an emerging growth company, BHM is not required to conduct say-on-pay or say-on-frequency votes . |
Investment Implications
- Alignment: Ruddy’s meaningful aggregate ownership (~1.72% of common equivalents), combined with strict anti-hedging and controlled pledging policies, supports long-term alignment with shareholders .
- Retention: Significant scheduled vesting across 2025–2027 (Initial Staking, 2023 and 2024 grants) indicates ongoing retention hooks and potential supply of shares at known dates; absence of performance-vested metrics suggests retention focus rather than pay-for-performance linkage .
- Cash vs equity mix: No BHM-paid cash compensation to executive officers shifts incentives to equity; however, lack of disclosed financial performance targets (e.g., FFO/EBITDA/TSR) may reduce direct pay-for-performance sensitivity versus peers that use PSUs tied to TSR/operating KPIs .
- Governance and policies: Ownership guidelines, anti-hedging, and pledging constraints mitigate trading and leverage-driven selling pressure risks; the clawback framework adds discipline around Manager incentive fees .