Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 30

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 30
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 consistent application
of the valuation policies. The valuations of the Fund’s Level 3 investments are evaluated quarterly if information or events leads
the General Partner to adjust the valuation on an interim basis. Valuations determined by the General Partner are required to be supported
by market data, internal cash flow models, or other methods the General Partner deems to be appropriate.

These assessments typically incorporate
an income approach reflecting a discounted cash flow analysis. The net cash flow is forecast over the expected remaining economic life
and discounted to present value using a discount rate. Inputs relied upon by the income approach include annual projected cash flows for
each investment through their respective investment horizons. These cash flow assumptions may be probability-weighted to reflect the risks
associated with achieving expected levels across various scenarios. Investments in private operating companies are included in Level 3
of the fair value hierarchy.

10

MARBLE CAPITAL INCOME AND IMPACT FUND, LP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of and for the Year Ended December 31, 2024

2. Summary of significant accounting policies (continued)

The Fund values its investment in MC
I&I Pref Opco, LP utilizing the net asset value provided by the underlying private investment fund as a practical expedient. If it
is probable the Fund will sell the investment at an amount different from the net asset valuation, the committee considers other factors
in addition to the net asset valuation in its determination of fair value. As of December 31, 2024, the Fund valued its investment
in MC I&I Pref Opco, LP entirely based on the net asset valuation provided by the underlying investment company as a practical expedient.

MC I&I Pref Opco, LP shares a valuation
policy with the Fund and values its investments consistent with what is described in this Note 2.

Investment Transactions and Related Investment Income

Investment transactions are accounted
for on a trade-date basis. Realized gains and losses on investment transactions are determined using cost calculated on a specific identification
basis. Interest is recognized on the accrual basis and the collectability of interest receivable is evaluated when making accruals. Distributions
that represent returns of capital in excess of cumulative profits and losses are credited to investment cost rather than investment income.

Income Taxes

The Fund does not record a provision
for U.S. federal, state, or local income taxes because the partners report their share of the Fund’s income or loss