Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 50

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 50
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9 | % |
| Net investment income (loss)                  |     | 0.4 | % |

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 period.

Financial highlights represent ratios on an annualized
calculation basis. Expenses to the Fund related to audit fees, software expense, organizational expense, certain corporation &
legal expenses, and tax expense were not annualized.

| 10. | Market risk and other risk factors |

The General Partner of the Partnership 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 Partnership
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 Partnership is subject to changing regulatory and tax environments. Such events are beyond the Partnership’s
control, and the likelihood that they may occur cannot be predicted. Furthermore, most of the Partnership’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 Partnership’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.

14

MARBLE CAPITAL INCOME AND IMPACT FUND, LP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2023 and for the period July 26, 2023 (commencement of operations) through December 31, 2023

| 10. | Market risk and other risk factors (continued) |

In the normal course of business, the Partnership
maintains its cash balances in financial