Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 33

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 33
---
 table summarizes the valuation
techniques and significant unobservable inputs used for the Fund’s investments that are categorized in Level 3 of the fair value
hierarchy as of December 31, 2024:

|                            |     | Fair Value at 
 December 31,  
 2024          |            |     | Valuation                  
 Technique                  |     | Unobservable                 
 Inputs                       |     | Range of 
 Inputs   |         |
|:---------------------------|:----|:--------------|-----------:|:----|:---------------------------|:----|:-----------------------------|:----|:---------|:--------|
| Assets                     |     |               |            |     |                            |     |                              |     |          |         |
| Investments in private     
 operating companies        |     |               |            |     |                            |     |                              |     |          |         |
| Real Estate, Common Member |     | $             | 47,377,438 |     | Discounted cash flow model |     | Discount rate Months to exit |     |          | 11%     
 40 - 58 |
| Real Estate, Preferred     
 Member                     |     | $             | 13,723,576 |     | Discounted cash flow model |     | Discount rate Months to exit |     |          | 12%     
 45      |
| Real Estate, Common Member |     | $             | 52,160,440 |     | Recent Transaction         |     | N/A                          |     |          | N/A     |

12

MARBLE CAPITAL INCOME AND IMPACT FUND, LP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of and for the Year Ended December 31, 2024

3. Fair value measurements (continued)

During the year ended December 31,
2024, investments fair valued at $47,377,438 changed valuation techniques from recent transaction methodology to the discounted cash flow
model as the recent transactions no longer reflect current market conditions for those investments.

During the year ended December 31,
2024, there were no transfers in or out of level 3 and the Fund purchased $56,360,269 of level 3 assets.

4. Committed capital

As of December 31, 2024, the Fund
has total capital commitments from its partners with respect to their partnership interests in the aggregate of $179,331,000. The General
Partner may make capital calls up to