Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 26

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 26
---
side Townhomes owns and operates a 149-unit multifamily  
 development.                                                                                                                                      |
| (8) | Marble Capital Income and Impact                                                                                                                  
 Fund, L.P. and Subsidiaries have a 84.87% ownership interest in MC I&I Pref Opco, LP, an affiliated entity with the primary purpose               
 to invest in preferred interests of privately held companies engaged in the acquisition and/or development and operation of various real          
 estate projects. As of December 31, 2024, the Fund's uncalled capital commitment is $0. Redemptions are not permitted. Proceeds will              
 be distributed as they become available, the timing of which is currently unknown. The fund does not have a fixed term.                           |

<div align='center'>The accompanying footnotes are an integral part of the consolidated financial statements.</div>

4

MARBLE CAPITAL INCOME AND IMPACT FUND, LP AND SUBSIDIARIES

The following table represents security positions that are indirectly held by the Fund through
MC I&I Pref Opco, LP. The cost and value represent the Fund's proportionate share of investments held by MC I&I Pref Opco, LP.

| Investment in MC I&I Pref Opco, LP, at fair 
 value                                       
 United States                               
 Real Estate, Preferred Member               |     | Fund's        
 Proportionate 
 Share         |            |     | Percentage   
 of Partners' 
 Capital      |      |   |
|:--------------------------------------------|:----|:--------------|-----------:|:----|:-------------|-----:|:--|
| Marble Legacy Park Investor, LLC            |     | $             | 11,882,131 |     |              |  7.5 | % |
| Marble Patten East Investor, LLC            |     |               |  5,754,242 |     |              |  3.6 |   |
| Marble Rainbow Mezz Lender, LLC             |     |               | 18,007,486 |     |              | 11.4 |   |
| Marble Discovery Park Investor, LLC         |     | $             |  6,136,170 |     |              |  3.9 | % |

<div align='center'>The accompanying footnotes are an integral part of the consolidated financial statements.</div>

5

| MARBLE CAPITAL INCOME                
 AND IMPACT FUND, LP AND SUBSIDIARIES |

| Consolidated Statement of Operations