Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 41

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 41
---
 fraud
or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not
absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement
when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are
considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made
by a reasonable user based on the financial statements.

In performing an audit in accordance with
GAAS, we:

| · | Exercise professional judgment and maintain professional skepticism throughout the audit. |

| · | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or                            
 error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence 
 regarding the amounts and disclosures in the financial statements.                                                                     |

| · | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that                         
 are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal 
 control. Accordingly, no such opinion is expressed.                                                                                |

| · | Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting 
 estimates made by management, as well as evaluate the overall presentation of the financial statements.   |

| · | Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise 
 substantial doubt about the Fund’s ability to continue as a going concern for a reasonable period of time. |

We are required to communicate with those charged
with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control-related matters that we identified during the audit.

/s/ Deloitte & Touche LLP

Houston, Texas

April 26, 2024

MARBLE CAPITAL INCOME AND IMPACT FUND, LP AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

| Assets                                                                   |     |   |            |
|:-------------------------------------------------------------------------|:----|:--|-----------:|
| Investments in private operating companies, at fair value                
 (cost $53