Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 45

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 45
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 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 December 31, 2023 and for the period July 26, 2023 (commencement of operations) through December 31, 2023

| 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, 2023, 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 on their income tax returns.
The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. Generally,
the Fund is subject to income tax examinations by major taxing authorities during the three-year period prior to the period covered by
these consolidated financial statements.