Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 38

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 38
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 interest to General Partner                       |     | 0.30 | % |
| Total Expenses and carried interest to General            
 Partner                                                   |     | 1.56 | % |
| Net investment income ratio                               |     | 5.17 | % |

Financial highlights are calculated
for the limited partner class taken as a whole. An individual limited partner’s return and ratios may vary based on different management
fees and carried interest arrangements and the timing of capital transactions. The ratios include allocated income & expenses
from the affiliated private investment companies.

The Internal Rate of Return (“IRR”)
of the limited partners since inception of the Fund is net of carried interest allocation to the General Partner, if any, and was computed
based on the actual dates of capital contributions and distributions, and the ending aggregate limited partners’ capital at the
end of the year.

The net investment income (loss) ratio
does not reflect the effects of net realized and unrealized gain (loss) on investments or carried interest allocation to or from the General
Partner, if any.

10. Market risk and other risk factors

The General Partner of the Fund seeks
investment opportunities in multi-family development projects and investments in securities that offer the possibility of attaining capital
appreciation obtained primarily through preferred and common equity investments. Certain events particular to the industry in which the
Fund invests, as well as general economic and political conditions, may have a significant negative impact on the underlying investees'
operations and profitability. In addition, the Fund is subject to changing regulatory and tax environments. Such events are beyond the
Fund’s control, and the likelihood that they may occur cannot be predicted. Furthermore, most of the Fund’s underlying investments
are made in private operating companies whose shares do not trade on established exchanges. While it is expected that these private operating
companies may pursue initial public offerings, trade sales, or other liquidation events, there are generally no public markets for these
investments at the current time. The Fund’s ability to liquidate its underlying investments in private operating companies and publicly
traded investments and realized value is subject to significant limitations and uncertainties.

16

MARBLE CAPITAL INCOME AND IMPACT FUND, LP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of and for the Year Ended December 31, 2024

10. Market risk and other risk factors (continued)

In the normal course of business, the
Fund maintains its cash balances in financial institutions, which