Nope, it's a 4th reef. I just haven't rigged the part of the reefing line which isn't in the boom.

It's a custom, owner-built boat and has many unconventional aspects. I guess he preferred a 4th reef
to a trysail. Having had a trysail on a separate track on my last boat, I can't say I agree with
the logic of this but it is what it is.

Jerry