Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 46

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 46
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The Fund is required to determine whether its
tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits
of the position. Tax positions not deemed to meet a “more-likely-than-not” threshold would be recorded as a tax expense in
the current period. Based on its analysis, the Fund has determined that it has not incurred any liability for unrecognized tax benefits
as of December 31, 2023 and expects no changes to that conclusion within the next twelve months.

Use of Estimates

Preparing consolidated financial statements in
accordance with GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities,
including the fair value of investments, and disclosure of contingent assets and liabilities as of the date of the consolidated financial
statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

Organization Costs

The Fund shall pay or reimburse the General Partner
or its affiliates organizational expenses of the Fund. Organization costs in excess of the greater of (i) $2,000,000 or (ii) .75%
of the Total Commitments shall be offset against management fees or be borne by the General Partner. The amount of organization costs
incurred by the Fund is reflected on the statement of operations. There was no excess organization costs incurred during the year ended
December 31, 2023.

11

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

| 3. | Fair value measurements |

The following table presents the classification
of the Fund’s fair value measurements as of December 31, 2023:

| Assets (at                                 
 fair value)                                
 Investments in private operating companies |     | Level 1 |   |     | Level 2 |   |     | Level 3 |            |     | Total |            |
|:-------------------------------------------|:----|:--------|:--|:----|:--------|:--|:----|:--------|-----------:|:----|:------|-----------:|
| Real Estate, Common                        
 Member                                     |     | $       | - |     | $       | - |     | $       | 39,484,