Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 64

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 64
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 any dividends
or interest income earned on such investments) are distributed to the partners in amounts proportionate to the aggregate partnership net
asset value attributable to the partnership units held. The amount shall be distributed as follows:

| (a) | first, if the total return for the applicable period exceeds the                                                                  
 sum of (1) the amount that results in a six percent (6.0%) annualized internal rate of return on the partnership net asset value  
 of the partnership units excluding any partnership units held by the General Partner, “Hurdle Amount” and (2) the loss            
 carryforward amount (if any) (any such excess, “Excess Profits”), one hundred percent (100%) of such annual Excess Profits        
 until the total amount allocated to the General Partner equals fifteen percent (15%) of the sum of (x) the Hurdle Amount for that 
 period and (y) any amount allocated to the General Partner (which is commonly referred to as the “catch-up”); and                 |

| (b) | second, to the extent there are remaining excess profits, fifteen                                                                              
 percent (15%) of such remaining excess profits shall be entitled to the General Partner and eighty-five percent (85%) to the limited partners. |

15

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

6. Partners’ capital (continued)

Carried Interest Allocation

The capital accounts reflect the carried
interest to the General Partner as if the Fund had realized all assets and settled all liabilities at the fair value reported in the consolidated
financial statements, and allocated all gains and losses and distributed the net assets to the partners at the reporting date consistent
with the provisions of the Fund’s governing documents. During the three months ended March 31, 2025 and 2024, the amounts of
the carried interest that were allocated to the General Partner are shown on the Consolidated Statement of Changes in Partners’
capital, if any.

The General Partner, in its sole discretion,
may waive or reduce the applicable carried interest with respect to any limited partners in proportion to their respective capital account
balances.

Redemptions

Each limited partner shall have the
right to request that the Fund redeem any partnership units held by such limited partner that have been outstanding for at least twelve
(12) months (the “Lock-Out