Alm First Financial Advisors LLC

ITEM 5. FEES AND COMPENSATION
ALM First Financial Advisors, LLC structures its fees based on the level of service provided, with
customized pricing to reflect the scope and complexity of each client’s investment strategy. Our
advisory services include discretionary and non-discretionary investment management, private fund
management, insurance-based investment management, and hedging services. Fees are determined
through a tiered or fixed structure, negotiated based on the size and composition of assets under
management, and may be revised periodically.

For discretionary investment management, fees are typically asset-based, with rates declining as
assets increase. Non-discretionary and advisory services are generally billed as fixed annual fees,
structured according to the size and needs of the institution. Clients investing in private funds

            3800 Maple Avenue Suite 600 | Dallas, TX 75219 | www.almfirst.com | 800.752.4628

managed by ALM First pay fund management fees in accordance with the fund’s private placement
memorandum, with rates tiered based on fund assets.

Hedging services, including mortgage pipeline hedging and MSR hedging, are subject to a one-time
start-up fee and an ongoing annual fee, assessed monthly in arrears. The start-up fee is based on the
complexity of the strategy and the scope of services required. The ongoing fees are structured based
on the notional amount of derivatives utilized, with rates decreasing as the notional amount increases.

Most fees are negotiable.

Dual Fees
In cases where clients engage ALM First for multiple services—such as investment advisory and
private fund investments—dual fees may apply. For example, a client investing in a private fund
managed by ALM First would pay fund management fees on that investment while separately
compensating ALM First for advisory services related to their broader portfolio. Clients should refer to
their investment management agreement and the applicable private placement memorandum for
details on fees associated with specific services.

Billing
Fees are typically billed monthly or quarterly, either in advance or in arrears, depending on the service
agreement. In certain cases, minimum fees may apply, but ALM First reserves the discretion to adjust
fees based on the nature of the engagement.

Past Due Accounts & Termination of Agreement
Invoices are generally due within 10 days of issuance. If an account remains unpaid for more than 30
days, we reserve the right to suspend services until payment is received or, in certain cases, to
terminate the advisory relationship. Additionally, we may terminate an agreement if a client fails to
provide necessary information for the effective execution of services. In the event of termination, any
prepaid fees will be prorated based on the portion of the billing period in which services were
provided, and any unused portion will be refunded within 30 days.

ITEM 7. TYPES OF CLIENTS

Our clients primarily include financial institutions such as credit unions, community banks, specialty
lenders, and insurance companies, among others. We provide these institutions with consulting, non-
discretionary and discretionary investment advisory services, as well as the ancillary services
described earlier in this document. Client relationships vary in scope and duration, with some
institutions maintaining engagements with us for decades.

In addition to providing advisory services to individual financial institutions, ALM First Financial
Advisors, LLC serves as an investment manager for private funds and institutional investment
vehicles.

Account Minimums
While there is no strict minimum account size for our advisory services, certain service tiers and
offerings have minimum fees based on the size and complexity of the client’s investment portfolio and
overall assets. Minimum fees and service requirements are determined based on the scope of
engagement and are subject to negotiation. Most ongoing advisory services require a minimum
contractual commitment.

ITEM 8. METHOD OF ANALYSIS, INVESTMENT STRATEGIES, & RISK OF
LOSS