Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 37

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 37
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 immediately preceding the redemption date. Notwithstanding the foregoing, 
 the redemption price of each redemption unit issued pursuant to the DRP, and each redemption unit issued to the General Partner or the 
 Special Limited Partner shall be equal to one hundred percent (100%) of the Fund’s Net Asset Value per partnership unit as of the      
 last day of the quarter immediately preceding the redemption date.                                                                     |

The aggregate Fund’s Net Asset
Value of total redemptions of partnership units as of each redemption date will be limited to no more than ten percent (10.0%) of the
average aggregate Fund’s Net Asset Value over the preceding six-month period.

7. Unfunded investment commitments

As of December 31, 2024, the Fund
had committed $40,407,719 to MC I&I Pref Opco, LP of which $0 remains unfunded. The Fund also has committed $116,529,630 to investments
in private operating companies of which $6,961,239 remains unfunded at December 31, 2024. As of December 31, 2024, there were
no recallable distributions.

8. Indemnifications

The Fund has provided general indemnification
to the General Partner, any affiliate of the General Partner and any person acting on behalf of the General Partner or such affiliate
when they act, in good faith, in the best interest of the Fund. The Fund is unable to develop an estimate of the maximum potential amount
of future payments that could potentially result from any hypothetical future claim, but expects the risk of having to make any payments
under these general business indemnifications to be remote.

15

MARBLE CAPITAL INCOME AND IMPACT FUND, LP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of and for the Year Ended December 31, 2024

9. Financial highlights

Financial highlights for the year ended
December 31, 2024, are as follows:

| Internal Rate of Return                                   
 Internal rate of return, since inception                  
 Through December 31, 2024                                 
 Through December 31, 2023                                 |     | 7.08 
 6.70 | % 
 % |
|:----------------------------------------------------------|:----|-----:|:--|
| Ratios to Average Partners' Capital                       |     |      |   |
| Total Expenses before carried interest to General Partner |     | 1.26 | % |
| Carried