Preferred Equity

^{1 Reflects gross on realized investments in the Sponsor’s investment portfolio since inception. Performance data as of Q2 2023.
TREF I: 13.1% IRR and 1.61x MOIC, Net Return (Fully Realized)
TREF II: 22.3% IRR and 1.84x MOIC, Net Return (Fully Realized)
TREF III: 18.6% IRR and 1.31x MOIC, Net Return (Partially Realized)}