Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 67

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 67
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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

10. Financial highlights

Financial highlights for the three months
ended March 31, 2025 and 2024, are as follows:

Internal Rate of Return

|                                          |     |     | March 31, 2025 |   |     |     | March 31, 2024 |    |
|:-----------------------------------------|:----|:----|---------------:|:--|:----|:----|---------------:|:---|
| Internal rate of return, since inception |     |     |                |   |     |     |                |    |
| Through March 31, 2025 and 2024          |     |     |           6.67 | % |     |     |          (0.79 | )% |
| Through December 31, 2024 and 2023       |     |     |           7.08 | % |     |     |           6.70 | %  |

Ratios to Average Partners' Capital

| Total                       
 Expenses to General Partner |     | 1.03 | % |     | 1.01 | % |
| Net investment income ratio |     | 5.03 | % |     | 4.44 | % |

Financial highlights are calculated
for the limited partner class taken as a whole. An individual limited partner’s return and ratios may vary based on different management
fees and carried interest arrangements and the timing of capital transactions. The ratios include allocated income & expenses
from the affiliated private investment companies.

18

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

10. Financial highlights (continued)

The Internal Rate of Return (“IRR”)
of the limited partners since inception of the Fund is net of carried interest allocation to the General Partner, if any, and was computed
based on the actual dates of capital contributions and distributions, and the ending aggregate limited partners’ capital at the
end of the period.

The net investment income (loss) ratio
does not reflect the effects of net realized and unrealized gain (loss) on investments or carried interest allocation