Allegiant Real Estate Capital LP

Item 5 – Fees and Compensation

Allegiant Clients (as defined in Item 7) are generally qualified purchasers, as defined in section 2(a)(51)(A)
of the Investment Company Act. As such, a detailed Client fee schedule is not included in this brochure.
However, most Clients pay some or all of the following fees:

Allegiant currently receives management fees generally calculated as a percentage of committed or invested
capital at various times during the life or term of the Non-Discretionary Accounts. The specific payment
terms and other conditions of the management fees available to the Firm are set forth in the applicable

governing documents and/or fee agreement, and such fees are generally payable to Allegiant monthly,
quarterly or annually in arrears as set forth in the applicable documents.

Management fees are generally paid to Allegiant through direct billing of the Account owner and may be
paid by a non-discretionary account advisor directly to Allegiant.

Allegiant Clients will pay some or all of the following fees for the Account the Firm manages on a
discretionary basis:

    (1) a management fee of up to 1.5% of the total capital committed under management or invested for
        the relevant Client (a “Management Fee”)

In certain circumstances, Allegiant may waive or reduce Management Fees for certain investors including,
for example, employees and certain affiliated entities. In addition to the Management Fee, each Client bears
certain expenses. More detailed information about specific fees and expenses that Clients may pay is
provided in the applicable IMA.

Principals or other current or former employees of Allegiant generally receive salaries and other
compensation derived from, and in certain cases including, a portion of the Management Fee, Promote, or
other compensation received by Allegiant or its affiliates.

In addition to the fees described above, Clients may pay additional fees and expenses which will be outlined
in the applicable governing documents. Additional information related to the timing of fees Allegiant
charges its Clients are provided in the relevant agreement between Allegiant and the relevant Client.

Affiliates of the Firm may be engaged in services with respect to Allegiant Clients and their investments
that would otherwise be performed by third parties. Those services include loan origination and/or
servicing. In connection with their lending activities, such Allegiant affiliated businesses may receive
certain fees, including arranger, brokerage, placement, syndication, solicitation or underwriting, agency,
origination, sourcing, structuring, collateral management, advisory, commitment, facility, float or other
fees, discounts, spreads, commissions and concessions, and other fees received as part of such loan
origination and/or servicing businesses. The compensation for such services will be set in accordance with
the terms set forth in the applicable IMA or governing document, which will include conflicts mitigating
measures. Clients or the issuers of financial instruments held by Clients may acquire loans originated,
structured, arranged and/or placed and/or arranged by such affiliated loan originator and/or servicing
businesses or other Allegiant affiliates and in respect of which such businesses receive fees. Such fees will
typically be borne by the debtors of such loan instruments, but will be in addition to any management fees
or other compensation received by the Firm from Clients.

Item 7 – Types of Clients

As noted above, Allegiant currently provides sub-advisory services to institutional clients/investment
managers on a non-discretionary basis. The Firm is under no obligations to accept any client and may
decline acceptance of a client in its sole discretion.

Allegiant currently provides investment management and sub-advisory services to the owners of accounts
or investment managers thereof, that the Firm consults/advises on a non-discretionary basis (each a “Non-
Discretionary Account”).

With limited exception where permitted by applicable law, Allegiant requires that the underlying Clients
be “qualified purchasers” as that term is defined in Section 2(a)(51) of the Investment Company Act (with
the exception of certain Allegiant personnel who qualify as “knowledgeable employees” under Rule 3(c)-
5 of the Investment Company Act).