Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 27

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 27
---
20,591 |   |
| Due to related party                                                                         |     |   | (17,504,066 | ) |
| Accrued expenses                                                                             |     |   |      28,931 |   |
| Management fee payable                                                                       |     |   |      13,085 |   |
| Net cash used in operating                                                                   
 activities                                                                                   |     |   | (81,037,048 | ) |
| Cash flows from financing activities                                                         |     |   |             |   |
| Capital contributions, net of contributions received                                         
 in advance                                                                                   |     |   |  92,695,314 |   |
| Capital distributions, net of distributions payable                                          |     |   |  (6,499,082 | ) |
| Net cash provided                                                                            
 by financing activities                                                                      |     |   |  86,196,232 |   |
| Net change in cash and                                                                       
 cash equivalents                                                                             |     | $ |   5,159,184 |   |
| Cash and cash equivalents,                                                                   
 beginning of year                                                                            |     |   |      74,556 |   |
| Cash and cash equivalents,                                                                   
 end of year                                                                                  |     | $ |   5,233,740 |   |

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

8

MARBLE CAPITAL INCOME AND IMPACT FUND, LP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of and for the Year Ended December 31, 2024

1. Nature of operations

Marble Capital Income and Impact Fund,
LP (“Marble Capital Income and Impact”), a Delaware limited partnership, and its wholly owned subsidiaries MC Income and Impact
REIT, LLC (“REIT”), a Delaware limited liability company and MC I&I Common Opco, LP (Common Opco), a Delaware limited
partnership, together (the “Fund”), commenced operations on July 26, 2023. The primary purpose of the Fund is to invest
in privately held entities engaged in the acquisition and/or development and operation of real estate projects.

The Fund is managed by Marble Capital
Income and Impact Fund GP, LLC (the “General Partner”), which serves as the general partner. The Partnership has perpetual
existence but shall be dissolved and the affairs of the Fund wound up upon the occurrence of a disabling event with respect to the General
Partner, a vote by limited