Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 59

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 59
---
 corporate
rates on its taxable income. Even if it qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income
and property and to federal income and excise taxes on its undistributed income. In order to maintain its qualifications as a REIT, MC
Income and Impact REIT, LLC intends to make regular dividend payments to its shareholders that will represent at least 90% of its taxable
income, which may not necessarily equal net investment income as determined in accordance with GAAP, determined without regard to the
deductions for dividends paid and excluding any net capital gains. For the three months ended March 31, 2025 and March 31, 2024,
MC Income and Impact REIT, LLC has complied with all REIT requirements, as amended, and promulgated regulations thereunder.

12

MARBLE CAPITAL INCOME AND IMPACT FUND, LP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of and for the three months ended March 31, 2025

2. Summary of significant accounting policies (continued)

Income Taxes (continued)

The Fund is required to determine whether
its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical
merits of the position. Tax positions not deemed to meet a “more-likely-than-not” threshold would be recorded as a tax expense
in the current period. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits
as of March 31, 2025 and March 31, 2024, and expects no changes to that conclusion within the next twelve months.

Use of Estimates

Preparing consolidated financial statements
in accordance with GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities,
including the fair value of investments, and disclosure of contingent assets and liabilities as of the date of the consolidated financial
statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

Organization Costs

The Fund shall pay or reimburse the
General Partner or its affiliates organizational expenses of the Fund. Organization costs in excess of the greater of (i) $2,000,000
or (ii) .75% of the Total Commitments shall be offset against management fees or be borne by the General Partner. Organization costs
are expensed as incurred, and the amount incurred by