Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 40

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 40
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ITOR'S REPORT

To the General Partner of Marble Capital Income and Impact Fund, L.P.:

Opinion

We have audited the financial statements of Marble
Capital Income and Impact Fund, L.P. and subsidiaries (the "Fund”) , which comprise the consolidated statement of assets and
liabilities, including the consolidated schedule of investments, as of December 31, 2023, and the related consolidated statements
of operations, changes in partners’ capital, and cash flows for the period July 26, 2023 (commencement of operations) through
December 31, 2023, and the related notes to the consolidated financial statements (collectively referred to as the “financial
statements”).

In our opinion, the accompanying financial statements
present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations,
changes in its partners’ capital, and its cash flows for the period July 26, 2023 (commencement of operations) through December 31,
2023 in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing
standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described
in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation
and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management
is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund’s
ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to
obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to