Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 57

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 57
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 are affected by a wide variety of factors, including the type of investment,
whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular
to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market,
determining fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially
higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment
exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In some circumstances, the inputs
used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value
measurement is generally categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to
the fair value measurement.

Fair Value – Valuation Techniques and Inputs

The Fund establishes valuation processes
and procedures to ensure that the valuation methodologies for investments that are categorized within Level 3 of the fair value hierarchy
are fair, consistent, and verifiable.

The General Partner oversees the entire
valuation process of the Fund’s Level 3 investments and is responsible for developing the Fund’s written valuation processes
and procedures, conducting periodic reviews of the valuation policies, and evaluating the overall fairness and consistent application
of the valuation policies. The valuations of the Fund’s Level 3 investments are evaluated quarterly if information or events leads
the General Partner to adjust the valuation on an interim basis. Valuations determined by the General Partner are required to be supported
by market data, internal cash flow models, or other methods the General Partner deems to be appropriate.

11

MARBLE CAPITAL INCOME AND IMPACT FUND, LP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of and for the three months ended March 31, 2025

2. Summary of significant accounting policies (continued)

Fair Value – Valuation Techniques and Inputs (continued)

These assessments typically incorporate
an income approach reflecting a discounted cash flow analysis. The net cash flow is forecast over the expected remaining economic life
and discounted to present value using a discount rate. Inputs relied upon by the income approach include annual projected cash flows for
each investment through their respective investment horizons. These cash flow assumptions may be probability-weighted to reflect the risks
associated with achieving expected levels