Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 28

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 28
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 partners representing at least 66.67% of the Fund’s interests to dissolve the Fund, or the election of
General Partner to terminate and dissolve the Fund provided written notice of such election to the limited partners with no majority of
limited partners objecting to such dissolution.

2. Summary of significant accounting policies

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. As of December 31, 2024, the Fund had cash equivalents of $2,363,647 in money market funds, which are stated at net
asset value, and are classified as Level 1 in the fair value hierarchy.

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 and for the Year Ended December 31