Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 42

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 42
---
.

| Investment in MC I&I Pref Opco, LP, at 
 fair value                             
 United States                          
 Real Estate, Preferred Member          |     | Fund's        
 Proportionate 
 Share         |            |     | Percentage   
 of Partners' 
 Capital      |      |   |
|:---------------------------------------|:----|:--------------|-----------:|:----|:-------------|-----:|:--|
| Marble Legacy Park Investor, LLC       |     | $             | 11,882,260 |     |              | 18.6 | % |
| Marble Patten East Investor, LLC       |     |               |  5,880,069 |     |              |  9.2 |   |
| Marble Rainbow Mezz Lender, LLC        |     |               |  9,073,984 |     |              | 14.2 |   |

See accompanying notes to financial statements.

8

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

| 1. | Nature of operations |

Marble Capital Income and Impact Fund, LP (“Marble
Capital Income and Impact”), a Delaware limited partnership, and its wholly owned subsidiaries MC Income and Impact REIT, LLC (“REIT”),
a Delaware limited liability company and MC I&I Common Opco, LP (Common Opco), a Delaware limited partnership, together (the “Fund”),
commenced operations on July 26, 2023. The primary purpose of the Fund is to invest in privately held entities engaged in the acquisition
and/or development and operation of real estate projects.

The Fund is managed by Marble Capital Income and
Impact Fund GP, LLC (the “General Partner”), which serves as the general partner. The Partnership has perpetual existence
but shall be dissolved and the affairs of the Fund wound up upon the occurrence of a disabling event with respect to the General Partner,
a vote by limited partners representing at least 66.67% of the Fund’s interests to dissolve the Fund, or the election of General
Partner to terminate and dissolve the Fund provided written notice of such election to the limited partners with no majority of limited
partners objecting to such dissolution.

| 2. | Summary of significant accounting policies |