The terms used above are defined as follows:

• Total Realized Investment Amount: The amount invested in all Equity Syndication, Equity Fund, Fixed Income, and Residential Debt investments for which the underlying asset(s) and all amounts available for distribution have been paid, and/or all interest and principal amounts have been paid, as applicable, in accordance with the terms of the relevant investment (gone “Full Cycle”), excluding all Excluded Investments.
• Total Realized Investments: Total number of all Equity Syndication, Equity Fund, Fixed Income, and Residential Debt investments that have gone Full Cycle, excluding all Excluded Investments.
• Overall Realized IRR: The Average Realized IRR, as defined below, for all Equity Syndication, Equity Fund, Fixed Income, and Residential Debt investments that have gone Full Cycle, excluding all Excluded Investments.
• Overall Target IRR: The Average Target IRR, as defined below, for all Equity Syndication, Equity Fund, Fixed Income, and Residential Debt investments that have gone Full Cycle, excluding all Excluded Investments.
• Average Realized IRR: The weighted average of each individual investment’s realized Internal Rate of Return (“IRR”) based on the relevant individual investment’s related investment amount in either Equity Syndication, Equity Fund, Fixed Income, or Residential Debt investments, or an investment strategy thereof, as applicable, that have gone Full Cycle, excluding all Excluded Investments. IRR for each individual investment is calculated using the “XIRR” function in Microsoft Excel based on the relevant investment amount, distributions to investors (inclusive of any taxes paid on behalf of the relevant entity), the effective investment date(s), the quarter end dates for which the distributions are related to, and the property sale date.
• Average Target IRR: The weighted average of each individual investment’s proforma IRR based on the relevant individual investment’s related investment amount in either Equity Syndication, Equity Fund, Fixed Income, or Residential Debt investments, or an investment strategy thereof, as applicable, that have gone Full Cycle, excluding all Excluded Investments.
• Realized Investments: The number of either Equity Syndication, Equity Fund, Fixed Income, or Residential Debt investments, or an investment strategy thereof, as applicable, that have gone Full Cycle, excluding all Excluded Investments.
• Realized Investment Amount: The amount invested in either Equity Syndication, Equity Fund, Fixed Income, or Residential Debt investments, or an investment strategy thereof, as applicable, that have gone Full Cycle, excluding all Excluded Investments.
• Equity Syndication: Investments in which investors own a direct or indirect (usually through an interest in an LLC) equity interest in a relevant real estate asset(s), but not including Equity Funds, as defined below. Includes all such investments that have gone Full Cycle, excluding all Excluded Investments.
• Residential Debt: Investments in which investors typically earn interest payments in return for lending capital to finance the acquisition and improvement/renovation of a single-family home with the intent to sell the improved asset. Includes all such investments that have gone Full Cycle, excluding all Excluded Investments.
• Equity Funds: Investments in a pooled investment vehicle that invests in the equity portions of a portfolio of real estate assets. Includes all such investments that have gone Full Cycle, excluding all Excluded Investments.
• Fixed Income: Investments in which investors typically earn fixed payments in return for lending capital (e.g., senior debt or mezzanine debt) or investing in preferred equity in connection with the acquisition or refinance of commercial real estate (e.g., multifamily, student housing, office, industrial, hotel, self-storage, retail, etc.,). Includes all such investments that have gone Full Cycle, excluding all Excluded Investments.
• Excluded Investments: All of the following: (i) REIT Investments, as defined below, (ii) certain loans originated for sale, which include whole, non-fractionalized loans sold to institutional buyers; (iii) certain investments that were exclusively Section 1031 like-kind exchange investments offered and managed by unaffiliated third parties; and (iv) 45 investments for which we have incomplete return metrics.
• REIT Investments: Investments by the TruVest LLC Income REIT, LLC or the TruVest LLC Apartment Growth REIT, Inc., including any portion of any REIT investment in a relevant investment where either REIT was a co-investor.