Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 61

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 61
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 |     |         |            |     |       |            |
| Real Estate, Common Member                 |     | $       | - |     | $       | - |     | $       | 83,202,941 |     | $     | 83,202,941 |
| Real Estate, Preferred                     
 Member                                     |     |         | - |     |         | - |     |         | 13,723,576 |     |       | 13,723,576 |
| Total Investments, at fair value           |     | $       | - |     | $       | - |     | $       | 96,926,517 |     | $     | 96,926,517 |

The Fund’s investment in MC I&I Pref
Opco, LP is valued as permitted by the practical expedient and therefore, does not need to be categorized within the fair value hierarchy.

13

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

3. Fair value measurements (continued)

The following table summarizes the valuation
techniques and significant unobservable inputs used for the Fund’s investments that are categorized in Level 3 of the fair value
hierarchy as of March 31, 2025 and December 31, 2024 respectively:

|                                |     | Fair      
 Value at  
 March 31, 
 2025      |            |     | Valuation   
 Technique   |     | Unobservable   
 Inputs         |     | Range     
 of Inputs |
|:-------------------------------|:----|:----------|-----------:|:----|:------------|:----|:---------------|:----|:----------|
| Assets                         |     |           |            |     |             |     |                |     |           |
| Investments                    
 in private operating companies |     |           |            |     |             |     |                |     |           |
| Real                           
 Estate, Common Member          |     | $         | 47,934,885 |     | Discounted  
 cash        
 flow model  |     | Discount       
 rate           
 Months to exit |     | 11%       
 40 - 58   |
| Real                           
 Estate, Preferred Member       |     | $         | 13,723,576 |     | Discounted  
 cash        
 flow model  |     |