Within infrastructure, the increase in Fund IV’s Scope 1 emissions is primarily attributable to recent acquisitions made within the Fund, most notably in Oyster Creek, a 440-megawatt (“MW”) combined heat and power facility, acquired in 2025 through Fengate’s partnership with Ironclad Energy. Similarly, the increase in Fund IV’s Scope 2 emissions is primarily attributable to recent acquisitions made within the Fund, along with GHG tracking for assets that have transitioned from construction to active operations.
Within real estate, fund-level financed emissions increased across the portfolio from 2024 to 2025. Most notably, MFIF saw a 22% increase in Scope 1 emissions and a 28% increase in Scope 2 emissions. This increase is primarily attributable to higher occupancy in commercial units, as whole-building data is tracked inclusive of both residential and commercial consumption for MFIF assets. Additionally, Fengate Realty Retirement Fund LP saw an increase in their emissions due to leaseup of newly constructed assets and new acquisitions in the portfolio. For LPF Barrie, increased operational activity at the Resort contributed to higher emissions, including an increase in Scope 1 emissions from on-site vehicles and greater natural gas consumption for heating..