Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 43

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 43
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Basis of Presentation

The consolidated financial statements have been
prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund is
an investment company and follows the accounting and reporting guidance in FASB Topic 946 of the Codification, entitled Financial Services – Investment Companies.

Consolidation

The accompanying consolidated financial statements
reflect consolidated accounts of Marble Capital Income and Impact and its wholly owned subsidiaries REIT and Common Opco, formed for the
sole purpose of facilitating the Fund's investments. All intercompany balances were eliminated in the accompanying consolidated financial
statements.

Cash

Cash represents cash deposits held at financial
institutions. Cash is held at major financial institutions and is subject to credit risk to the extent those balances exceed applicable
Federal Deposit Insurance Corporation (“FDIC”) or Securities Investor Protection Corporation (“SIPC”) limitations.

In the normal course of business, substantially
all of the Fund’s cash balances and transactions are transacted with Bank of America. The Fund is subject to credit risk to the
extent any institution with whom it conducts business is unable to fulfill contractual obligations on its behalf. The Fund’s management
monitors the financial condition of such institutions and does not anticipate losses from these counterparties.

Fair Value - Definition and Hierarchy

Fair value is defined as the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date.

The Fund uses a fair value hierarchy that prioritizes
the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

9

MARBLE CAPITAL INCOME AND IMPACT FUND, LP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2023 and for the period July 26, 2023 (commencement of operations) through December 31, 2023

| 2. | Summary of significant accounting policies (continued) |

Fair Value - Definition and Hierarchy (continued)

The fair value hierarchy is categorized into three
levels based on the inputs as follows:

Level 1 - Unadjusted quoted
prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Inputs, other than
quoted prices included in Level 1, that are observable