Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 63

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 63
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 $0, and $25,533,227, respectively, and the ratio of total contributed capital to total committed capital is 100.00%, and 85.76%, respectively.

14

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

5. Related party transactions

The Fund considers the General Partner,
their principal owners, members of management, members of their immediate families, and entities under common control to be related parties
to the Fund. Amounts due from and due to related parties are generally settled in the normal course of business without formal payment
terms.

The Fund pays the General Partner a
management fee, initially calculated at a rate of 1.25% per annum, based on the limited partners’ Net Asset Value, payable quarterly
in advance. Management fees for the three months ended March 31, 2025 and 2024, are recorded in the Consolidated Statement of Operations.

Due to related party on the Consolidated
Statement of Assets and Liabilities represents amounts owed to Marble Capital LP, an affiliate of the Fund, for expense reimbursements.

6. Partners’ capital

Allocation of Partners’ Net Profits and Losses

At the end of each fiscal year of the
Fund, the net profits and losses are allocated to the capital accounts of the partners as follows:

| (a) | Net profits and losses are generally allocated to the limited partners 
 in proportion to their capital contributions.                          |

| (b) | Net profits related to the Fund’s investments, are allocated           
 on the same basis as the partners’ distributions (as described below). |

Net profits and net losses included
in (a) and (b) above include both realized and unrealized profits and losses.

Partners’ Distributions

The General Partner expects to cause
the Fund to make distributions of distributable cash on a quarterly basis; however, the amount, timing and frequency of any distributions
will be in the sole discretion of the General Partner. All distributions of distributable cash shall be distributed to the limited partners
in amounts proportionate to the aggregate Fund Net Asset Value attributable to the partnership units held by the respective limited partners
on the record date for such distribution.

The proceeds attributable to the Fund’s
investments (which shall include all proceeds attributable to the disposition of such investments, net of expenses, as well as