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Footnotes: *Equity investments must have been held in service for over 12 months to qualify for long term capital gains (LTCG). Investments not structured as equity and/or that are placed in service for less than 12 months will be taxed as ordinary income. LTCG tax treatment pertains to the partnership level treatment and Marble Capital advises all investors to consult their tax advisor regarding how this tax treatment impacts an individual return. **This performance metric is intended to represent a composite portfolio of the weighted average net returns to LP’s from all investments in Marble Capital Funds I, II and III that were placed over the course of 2016-2022 and that have been realized as of Dec 31, 2024 (Fund IV has not yet had any realized investments). This performance metric includes realized returns on both common equity and preferred equity investments with common equity investments making up ~15% of the total and preferred equity investments making up ~85% of the total. This performance metric is not meant to indicate fund level returns of any or all of the funds. The actual and projected performance of Funds I, II, and III can be found on slide [14] of the presentation linked above. Please refer to the appendix in the above-linked presentation for the entire track record of all realized and unrealized fund-level investments. The net returns shown are as of Dec 31, 2024 and are only an estimate of the returns that the investments would provide to an investor if they were part of a standalone portfolio and not investments in the separate funds. The net returns are shown for informational purposes only and are not actual returns achieved by any investors. The estimated net project returns for individual investments are calculated by multiplying the individual gross project level returns by a factor that is equal to the ratio of the total projected Fund net return divided by the estimated total gross project level return of the related Fund portfolio. The individual net project returns across Funds I, II and III are combined as a weighted average to calculate the composite portfolio Net IRR. The resulting Net IRR of the composite portfolio will vary from actual performance due to a difference in fund level expenses, timing of the fund’s final liquidation, actual results of other investments, etc. Net performance of individual investments reflects estimated returns after management fees, operating expenses, carried interest and debt service but before state or federal income taxes accruing to the LP. Funds II and III use permanent leverage secured by fund investments, and the general partner expects that this leverage had the impact of increasing both the Net IRR and Net MOIC of the composite portfolio. Net returns are calculated using the highest management fee rate to LPs rather than the average return of all investors. This calculation is not based on audited financials, and actual results may differ. This return metric should not be relied upon for making investment decisions.
Disclaimer: Prospective investors must not rely on this announcement as part of any assessment of whether to subscribe for interests and should not treat the contents of this announcement as advice relating to legal, taxation, financial or investment matters. Prospective investors should read the private placement memorandum (“memorandum”) and rely on their own investigation of the investment described herein, including the merits and risks involved, and the legal, financial, tax and other consequences of such an investment. This announcement is qualified in its entirety by reference to the memorandum. In the event of any inconsistency between this announcement and the memorandum, the memorandum prevails in all respects. This announcement does not constitute or form part of an offer or invitation to sell or issue, or solicitation of any offer to purchase or subscribe for, any interest in the fund, which may only be made on the basis of the memorandum, the limited partnership agreement in respect of the fund and the subscription agreement related thereto. In any event, past performance is not a guarantee of future results and it should not be relied upon as a promise, representation or guarantee as to future performance.
This communication was sent directly to the intended qualified prospective investor and should not be shared or redistributed via print or digital media without the express permission of Marble Capital.
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