Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 56

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 56
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SIPC”) limitations. As of March 31, 2025 and December 31, 2024, the Fund had cash equivalents of $1,819,244, and
$2,363,647, respectively, in money market funds, which are stated at net asset value, and are classified as Level 1 in the fair value
hierarchy.

In the normal course of business, substantially
all of the Fund’s cash balances and transactions are transacted with Bank of America. The Fund is subject to credit risk to the
extent any institution with whom it conducts business is unable to fulfill contractual obligations on its behalf. The Fund’s management
monitors the financial condition of such institutions and does not anticipate losses from these counterparties.

10

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

2. Summary of significant accounting policies (continued)

Fair Value - Definition and Hierarchy

Fair value is defined as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date.

The Fund uses a fair value hierarchy
that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs
(Level 3 measurements).

The fair value hierarchy is categorized
into three levels based on the inputs as follows:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly. These inputs may include:
(a) quoted prices for similar assets in active markets; (b) quoted prices for identical or similar assets in markets that are
not active; (c) inputs other than quoted prices that are observable for the asset; or (d) inputs derived principally from or
corroborated by observable market data by correlation or other means.

Level 3 -Inputs that are unobservable and significant to the entire fair value measurement.

Private investment companies measured
using net asset value as the practical expedient are not categorized within the fair value hierarchy.

The availability of valuation techniques
and observable inputs can vary from investment to investment and