Company: BHM
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001104659-25-077615
Chunk: 48

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 48
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, are recorded in the consolidated statement of operations.

Due from related party on the consolidated statement
of assets and liabilities represents amounts paid by the Fund on behalf of an affiliate.

Due to related parties on the consolidated statement
of assets and liabilities represents amounts owed by Common Opco to an affiliate of the Fund to fund investment purchases.

12

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) throughDecember 31, 2023

| 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 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 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 any dividends
or interest income earned on such investments) are distributed to the partners in amounts proportionate to the aggregate partnership net
asset value attributable to the partnership units held. The amount shall be distributed as follows:

| (a) | first, if the total return for the applicable period exceeds the sum of (1) the amount that results in                                        
 a six percent (6.0%) annualized internal rate of return on the partnership net asset value of the partnership units excluding any partnership 
 units held by the General Partner, “Hurdle Amount” and (2) the loss carryforward amount (if any) (any such excess, “Excess                    
 Profits”), one hundred percent (100%) of such annual Excess Profits until the total amount allocated to the General Partner equals            
 fifteen percent (15%) of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to the General Partner                 
 (which is commonly referred to as the “catch-up”); and                                                                                        |

|