Exhibit (c)(v)

 

Morgan Stanley Board of Directors Update Tricon Residential January 5, 2024

Morgan Stanley Market Backdrop Markets Rallied in 4Q23, Catalyzed in Particular by Fed Commentary in Early December Significant Rally Into Year End • Markets rose materially during the fourth quarter of 2023 with Fed (1) Total Return – Indexed to 100 as of 10/1/2023 commentary (and anticipation of future rate cuts beginning in ’24) being a key catalyst 140 – While the market may currently be ahead of the Fed (market pricing in 130 ~6 cuts in ’24, while the Fed anticipates 3), market sentiment has 23% materially improved and has impacted public market pricing 120 16% Markets 10% • The broader REIT index is up 16% since the start of 4Q23 and Tricon has 110 10% outperformed, up 23% 8% 100 Equity • Tricon has also outperformed its SFR peers during this time period. There are a number of likely contributing factors (small caps have rallied, 90 companies that were “over-sold” or had underperformed earlier in the year have dramatically corrected, etc.) 80 Oct ‘23 Nov ‘23 (2) Dec ‘23 Jan ‘24 (3) – Beginning 4Q23, Tricon has also outperformed other small cap REITs Tricon SFR Peers Small-Cap REIT Index MSCI US REIT S&P 500 10-Year at ~4.0% is Up 200bps since First Hike (Down from Recent • Rates have also been impacted by the Fed, the 10-year Treasury is Oct. Peak of ~5.0%) ~100bps below peak levels in ’23 and currently sits at ~4% 10Y US Treasury Yield – 1/1/2023 to Current (1) Rates declined following Fed Outlook • An expectation that inflation is under control (and/or soft landing / no signaling of rate cuts in mid- landing narrative) combined with the anticipation of rate cuts in ’24 and 5.5% 2024; latest Blackstone offer and received 1/2/2024 beyond has materially changed the outlook in the rates market, which is 5.0% evidenced by the public equity market • Movement in rates (and in rate outlook) has led to a change in sentiment 4.5% with regards to estimated cost of financing and underwriting assumptions 4.0% Current: Environment 4.00% Rate 3.5% 3.0% Jan ‘23 Mar ‘23 May ‘23 Jul ‘23 Sep ‘23 Nov ‘23 Jan ‘24 Source: S&P Capital IQ, Bloomberg, IMF Notes: 1. Market data as of January 4, 2024 2. SFR Peers comprised of INVH and AMH; weighted by market cap 3. Small-Cap REIT Index comprised of AIV, BRT, CLPR, IRT, NXRT, VRE; weighted by market cap TRICON RESIDENTIAL 2

Morgan Stanley Recent Trading Performance From Blackstone’s Initial Indication of Interest to Its Latest Indication of Interest • 10-year Treasury had expanded by ~55bps from the time of Blackstone’s initial verbal indication of interest (9/14/23) until its withdrawal on 10/28/23 • Since then, the 10-year Treasury has declined by ~84bps and the outlook for rate cuts (timing, number, and magnitude) has accelerated. Tricon share price (and the broader market) performance since the end of October demonstrates this change in sentiment • Tricon’s relative valuation discount (vs. SFR peers) has narrowed on an FFOx basis and relative to consensus NAV Summary of Valuation Changes Since 9/14/23 At Initial Verbal Offer (9/14) At Written Offer (10/2) At Withdrawal (10/28) At Current Offer (1/2) +$0.10 ($1.98) +$2.24 $11.00 $11.10 $11.10 $11.10 26.1% 28.8% Offer Price per Share / Tricon $8.80 Premium $8.54 Premium 50.0% Share Price $7.40 Premium 69.2% $6.56 Premium 1/1/00 Offer 1/2/00 Price Per Share Tricon Share 1/3/00 Price 1/4/00 Market Data Date 9/14/2023 9/29/2023 10/27/2023 1/4/2024 10-Yr US Treasury 4.29% 4.59% 4.84% 4.00% +55bps (84bps) Valuation (Consensus ‘24E FFOx | P / (D) to Consensus NAV) 13.6x / (32.8%) 11.8x / (41.7%) 10.6x / (47.7%) 14.4x / (27.2%) 20.7x / (4.3%) 19.1x / (10.4%) 17.9x / (14.7%) 20.3x / (6.1%) 18.5x / (7.3%) 16.6x / (16.3%) 15.2x / (23.4%) 18.2x / (8.8%) Source: S&P Capital IQ, Company Filings TRICON RESIDENTIAL 3

Morgan Stanley Rates Movement and Pricing Fundamentals Applied Market Cap Rates Have Widened in Recent Months Recent Changes in Green Street Applied Cap Rates Observations GSA Applied Cap Rate (%) Sector Sep. 2023 Jan. 2024 Change (bps) Apartment 5.2% 5.7% 50 bps Data Center 5.5% 6.0% 54 bps Gaming 6.8% 6.9% 15 bps • Nominal cap rates applied by Green Health Care 6.4% 7.1% 75 bps Street in its NAV analysis have expanded Industrial 4.2% 4.8% 61 bps Lodging 8.5% 8.6% 11 bps over the past 2 years Mall 7.4% 7.9% 43 bps—While possibly due to lagging effect, Net Lease 7.0% 7.3% 25 bps Office 7.3% 7.8% 49 bps this continued to be the case during Self-Storage 5.1% 5.6% 54 bps the fourth quarter of 2023, Strip Center 6.6% 6.9% 24 bps notwithstanding the material decline Tower 4.6% 5.2% 60 bps in base rates during recent months Average 6.2% 6.7% 43 bps Nominal Cap Rates Have Widened Over the Last 2 Years • As additional data points on private Green Street All-Sector Average Nominal Cap Rate (Market Cap-Weighted) – 1/1/2023 to Current market real estate valuations, NAVs of 6.5% publicly disclosed Non-Traded REITs 6.0% 6.1% exhibited value declines during October and November 2023 (December data not 5.5% ~45bps spread to end of Sep. ’23 yet available) 5.0% 4.5% 4.0% Dec ‘21 Mar ‘22 Jun ‘22 Sep ‘22 Dec ‘22 Mar ‘23 Jun ‘23 Sep ‘23 Dec Jan ‘24 ‘23 Source: Green Street Advisors TRICON RESIDENTIAL 4

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