Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 52

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 52
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 | 25.14 | % |     | $     | 46,117,084 |

<div align='center'>The accompanying footnotes
are an integral part of the financial statements</div>

3

MARBLE CAPITAL INCOME AND IMPACT FUND, LP AND SUBSIDIARIES

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2025

| (1) | Marble                                                                                                                                            
 Capital Income and Impact Fund, LP and Subsidiaries have 100% ownership interest in Marble Palms at Cinco Ranch Investor, LLC. Marble             
 Palms at Cinco Ranch Investor, LLC has a 89.9% ownership interest in Palms at Cinco Ranch JV, LLC, which in turn owns 100% of Palms at            
 Cinco Ranch Owner, LLC. Palms at Cinco Ranch Owner, LLC owns and operates Palms at Cinco Ranch, a 200-unit multifamily development. As            
 of March 31, 2025, the unfunded commitment for this investment was $887,206.                                                                      |
| (2) | Marble                                                                                                                                            
 Capital Income and Impact Fund, LP and Subsidiaries have 100% ownership interest in Marble Vida Health Village Investor, LLC. Marble Vida         
 Health Village Investor, LLC has a 66% ownership interest in RPMI 2680 N Orange Ave Venture, LLC which in turn owns 30% in Health Village         
 Apartments Venture, LLC. Health Village Apartments Venture, LLC owns and operates Vida Health Village, a 285-unit multifamily development.        |
| (3) | Marble                                                                                                                                            
 Capital Income and Impact Fund, LP and Subsidiaries have 100% ownership interest in Marble Timbercreek Investor, LLC. Marble Timbercreek          
 Investor, LLC has 19.13% ownership interest in 614 S 1st Street Investor, LLC, which in turn owns and operates Timbercreek Apartments,            
 a 198-unit multifamily development.                                                                                                               |
| (4) | Marble                                                                                                                                            
 Capital Income and Impact Fund, LP and Subsidiaries have 100% ownership interest in Marble Aspire Lenox Park Investor, LLC, which in turn         
 owns 78.18% of 1050 Lenox Park Blvd Owner, LLC, which in turn owns and operates Aspire Lenox Park Apartments, a 407-unit multifamily development. 
 As of March 31, 2025, the unfunded