Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 66

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 66
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 (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.

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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

7. Non-controlling Interest

In order to qualify as a REIT, MC Income
and Impact REIT, LLC admitted 125 preferred shareholders on January 7, 2025, raising $125,000. The preferred shareholders are entitled
to an annual cumulative preferred dividend of 12% and a liquidation preference of amounts originally contributed. The preferred shareholders
are reflected in the accompanying consolidated financial statements as a non-controlling interest and have been allocated net increase
resulting from operations of $3,508 for the three months ended March 31, 2025.

8. Unfunded investment commitments

As of March 31, 2025 and December 31,
2024, the Fund had committed $45,155,054 and $40,407,719, respectively, to MC I&I Pref Opco, LP of which $0 and $0, respectively,
remain unfunded. The Fund also has committed $136,529,630 and $116,529,630, respectively, to investments in private operating companies
of which $6,859,688 and $6,961,239 remain unfunded at March 31, 2025 and December 31, 2024. As of March 31, 2025 and December 31,
2024, there were no recallable distributions.

9. 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.

17