Actual returns may differ materially from expected returns. Certain opportunities presented herein may not have closed and there is no guarantee they will close in the future. Expected IRR presented is not a prediction, projection or guarantee of future performance, it is presented gross and does not give effect to management fees, incentive compensation, certain other expenses and taxes. Further, performance figures presented are unaudited and subject to change or adjustment. Returns will be lower after deduction of fees and expenses. Expected IRR is calculated based on certain assumptions, which include recent performance data and current market conditions. The actual realized return on all unrealized investments will depend on valuation of the investment at the time of disposition, any related transfer costs, and the manner of sale. Market conditions may limit the liquidity of unrealized investments. Thora gives no assurance that expected returns will be achieved. Source: Thora estimates