Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 31

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 31
---
 on their income
tax returns. The Fund files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states.
Generally, the Fund is subject to income tax examinations by major taxing authorities during the three-year period prior to the period
covered by these consolidated financial statements.

MC Income and Impact REIT, LLC, a consolidated
subsidiary of the Fund, has elected to be treated as a REIT under Sections 856 through 860 of the Code beginning with the tax year ended
December 31, 2024. In general, a company which elects REIT status, distributes at least 90% of its REIT taxable income to its shareholders
in any taxable year, and complies with certain other requirements. It is not subject to federal income taxation to the extent of the income
which it distributes. If it fails to qualify as a REIT in any taxable year, it will be subject to federal income tax at regular corporate
rates on its taxable income. Even if it qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income
and property and to federal income and excise taxes on its undistributed income. In order to maintain its qualifications as a REIT, MC
Income and Impact REIT, LLC intends to make regular dividend payments to its shareholders that, will represent at least 90% of its taxable
income, which may not necessarily equal net investment income as determined in accordance with GAAP, determined without regard to the
deductions for dividends paid and excluding any net capital gains. For the year ended December 31, 2024, MC Income and Impact REIT,
LLC has complied with all REIT requirements, as amended, and promulgated regulations thereunder.

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, 2024, and expects no changes to that conclusion within the next twelve months.

11

MARBLE CAPITAL INCOME AND IMPACT FUND, LP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS