Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 49

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 49
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 (b) | second, to the extent there are remaining excess profits, fifteen percent (15%) of such remaining excess profits. |

Carried Interest Allocation

The capital accounts reflect the carried interest
to the General Partner as if the Fund had realized all assets and settled all liabilities at the fair value reported in the consolidated
financial statements, and allocated all gains and losses and distributed the net assets to the partners at the reporting date consistent
with the provisions of the Fund’s governing documents. During the period ended December 31, 2023, the amount of the carried
interest that was allocated to the General Partner is shown on the statement of changes in partners’ capital, if any.

The General Partner, in its sole discretion, may
waive or reduce the applicable carried interest with respect to any limited partners.

| 7. | Unfunded investment commitments |

As of December 31, 2023, the Fund had committed
$27,317,449 to MC I&I Pref Opco, LP of which $0 remains unfunded. The Fund also has committed $54,095,328 to investments in private
operating companies of which $887,206 remains unfunded at December 31, 2023. As of December 31, 2023, there were no recallable
distributions.

13

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

| 8. | Indemnifications |

The Fund has provided general indemnification
to the General Partner, any affiliate of the General Partner and any person acting on behalf of the General Partner or such affiliate
when they act, in good faith, in the best interest of the Fund. The Fund is unable to develop an estimate of the maximum potential amount
of future payments that could potentially result from any hypothetical future claim, but expects the risk of having to make any payments
under these general business indemnifications to be remote.

| 9. | Financial highlights |

Financial highlights for period ended December 31,
2023, are as follows:

| Internal                                      
 rate of return, since inception End of period |     | 6.7 | % |
| Ratio to average quarterly                    
 limited partners' capital Expenses            |     | 0.