(f) Determination of Annual Cash Incentive Bonus Awards for Fiscal Year 2018

On March 11, 2019, the Compensation Committee (the “Compensation Committee”) of the Board of Directors (the “Board”) of Bluerock Residential Growth REIT, Inc. (the “Company,” “we,” or “our”) approved payment of annual cash incentive bonuses to each of the Company’s executive officers for the fiscal year ended December 31, 2018, each in an amount equal to 96.3% of such executive officer’s annual cash incentive bonus target amount as previously established by the Compensation Committee (the “2018 Annual Cash Bonuses”). As described in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2019 (the “Form 10-K”), the Compensation Committee used the following criteria in determining the amount of the 2018 Annual Cash Bonus for which each executive officer was eligible: (a) 75% was based upon the Company’s achievement, during the fiscal year ended December 31, 2018, of certain objective Company performance criteria and targets; and (b) the remaining 25% was based upon the Compensation Committee’s subjective evaluation of the performance of each such executive officer during such time period. (See “Compensation Discussion and Analysis—2018 Compensation Decisions—2018 Annual Cash Bonuses” on page 83 of the Form 10-K.) The 2018 Annual Cash Bonuses were paid pursuant to each executive officer’s respective employment or services agreement with the Company (collectively, the “Executive Agreements”).

All other compensation paid or earned by each of the Company’s executive officers for the fiscal year ended December 31, 2018 was previously reported by the Company in the Summary Compensation Table beginning on page 90 of the Form 10-K. As of the filing of the Form 10-K, the 2018 Annual Cash Bonuses had not been determined, and, therefore, were not included in the Summary Compensation Table. In accordance with Item 5.02(f) of Form 8-K, the Company is providing a revised Summary Compensation Table, which includes the 2018 Annual Cash Bonuses paid to each of our executive officers and revised total compensation figures for 2018:

CEO Pay Ratio

As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of Regulation S-K, we are providing the following information about the relationship of the annual total compensation of our employees and the annual total compensation of Mr. Ramin Kamfar, Chief Executive Officer (the “CEO”):

The amount earned in 2018 by Mr. Ramin Kamfar, our Chief Executive Officer (the “CEO”) with respect to the 2018 Annual Cash Bonus granted to him for the 2018 performance period was not calculable as of the date of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the “Form 10-K”) because the final performance data for the 2018 performance period that determines the amount of the 2018 Annual Cash Bonus earned was not available at that time. As permitted by Instruction 6 to Item 402(u) of Regulation S-K, we thus omitted the CEO pay ratio disclosure required by Item 402(u) of Regulation S-K from the Form 10-K, and have included the required CEO pay ratio disclosure in this Current Report on Form 8-K.

For 2018, our last completed fiscal year:

The annual total compensation is based on compensation earned from January 1, 2018 through December 31, 2018.

Based on this information, for 2018, the ratio of the annual total compensation of Mr. Kamfar, our Chief Executive Officer, to the median of the annual total compensation of all employees was estimated to be 31.7 to 1.

This pay ratio is a reasonable estimate calculated in a manner consistent with SEC rules based on our payroll and employment records and the methodology described below. The SEC rules for identifying the median compensated employee and calculating the pay ratio based on that employee’s annual total compensation allow companies to adopt a variety of methodologies, to apply certain exclusions, and to make reasonable estimates and assumptions that reflect their compensation practices. As such, the pay ratio reported by other companies may not be comparable to the pay ratio reported above, as other companies may have different employment and compensation practices and may utilize different methodologies, exclusions, estimates and assumptions in calculating their own pay ratios.

To identify the median of the annual total compensation of all our employees, as well as to determine the annual total compensation of the “median employee,” the methodology and the material assumptions, adjustments, and estimates that we used were as follows: (a) we determined that, as of December 31, 2018, our employee population consisted of approximately 52 individuals, and (b) to identify the “median employee” from our employee population, we collected actual base salary, bonus earned, and any overtime paid during the period from January 1, 2018 through December 31, 2018.