Compressible and variable density turbulent flows with dispersed phase effects are found in many applications ranging from combustion to cloud formation. These types of flows are among the most challenging to simulate. While the exact equations governing a system of particles and fluid are known, computational resources limit the scale and detail that can be simulated in this type of problem. Therefore, a common method is to simulate averaged versions of the flow equations, which still capture salient physics and is relatively less computationally expensive. Besnard developed such a model for variable density miscible turbulence, where ensemble-averaging was applied to the flow equations to yield a set of filtered equations. Besnard further derived transport equations for the Reynolds stresses, the turbulent mass flux, and the density-specific volume covariance, to help close the filtered momentum and continuity equations. We re-derive the exact BHR closure equations which include integral terms owing to immiscible effects. Physical interpretations of the additional terms are proposed along with simple models. The goal of this work is to extend the BHR model to allow for the simulation of turbulent flows where an immiscible dispersed phase is non-trivially coupled with the carrier phase.