Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 53

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 53
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 does not have            
 a fixed term.                                                                                                                                     |

<div align='center'>The accompanying footnotes
are an integral part of the financial statements</div>

4

MARBLE CAPITAL INCOME AND IMPACT FUND, LP AND SUBSIDIARIES

Consolidated Schedule of Investments (Unaudited) (Continued)

The following table represents security positions that are indirectly held by the Fund through MC I&I Pref Opco, LP. The cost and value represent the Fund's proportionate share of investments held by MC I&I Pref Opco, LP.

As of March 31, 2025

| Investment in MC I&I Pref Opco, LP, at fair 
 value                                       
 United States                               
 Real Estate, Preferred Member               |     | Fund's        
 Proportionate 
 Share         |            |     | Percentage   
 of Partners' 
 Capital      |      |   |
|:--------------------------------------------|:----|:--------------|-----------:|:----|:-------------|-----:|:--|
| Marble Legacy Park Investor, LLC            |     | $             | 13,272,734 |     |              |  7.2 | % |
| Marble Patten East Investor, LLC            |     |               |  5,467,404 |     |              |  3.0 |   |
| Marble Rainbow Mezz Lender, LLC             |     |               | 20,435,821 |     |              | 11.1 |   |
| Marble Discovery Park Investor, LLC         |     |               |  6,851,211 |     |              |  3.7 |   |
| Marble Water Tower Investor, LLC            |     | $             |  5,278,622 |     |              |  2.9 | % |

As of December 31, 2024

| Investment in MC I&I Pref Opco, LP, at fair 
 value                                       
 United States                               
 Real Estate, Preferred Member               |     | Fund's        
 Proportionate 
 Share         |            |     | Percentage   
 of Partners' 
 Capital      |      |   |
|:--------------------------------------------|:----|:--------------|-----------:|:----|:-------------|-----:|:--|
| Marble Legacy Park Investor, LLC            |     | $             | 11,882,131 |     |              |  7.5 | % |
| Marble Patten East Investor,