Artemis Real Estate Partners LLC

Item 5             Fees and Compensation
The Funds

        Information concerning the Funds are determined on a fund-by-fund basis. Artemis will
generally receive an annual management fee that is calculated as a percentage of the capital
commitment of each investor (or a combination of the un-invested capital commitment and the
invested capital of each investor) in a Fund from the initial closing of such Fund through the end
of such Fund’s commitment period and, thereafter, as a percentage of the net invested capital of
each investor in such Fund. From time to time, Artemis may also be compensated based on the net
asset value of a particular Fund. Artemis, in its discretion, can waive or reduce the management
fee as to all or any of the investors in each Fund or agree with an investor to waive or alter the
management fee as to that investor.

        Certain investors referred to HC Fund I through an unaffiliated placement agent bear
certain servicing fees of the placement agent in addition to the management fee (indirectly as an
increase in their overall management fee). See Item 14 for additional information.

1 AUM is calculated as of December 31, 2025, other than with respect to Artemis Clients with interim closings after
such date (in which case AUM is calculated as of such Clients interim closing date). Please refer to Footnote 2.
2 Includes $70,000,000 of additional capital raised for HCF III, $200,000,000 of capital raised for SH HC III Sidecar,
and $150,000,000 of capital raised for Seniors SMA-R as of March 2026.

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        Artemis or its affiliates will generally also receive distributions of the profits from each
Fund as its carried interest only after the investors in such Fund have achieved a 100% return on
their aggregate capital contributions, plus a specified preferred return. Artemis, in its discretion,
will waive or reduce the carried interest distribution related to all or any of the investors in such
Fund or agree with an investor to waive or alter the carried interest distribution related to that
investor.

        The management fee generally will be paid by each Fund quarterly in advance as of the
first day of each calendar quarter. Carried interest distributions from each Fund generally are paid
out as a distribution of net cash proceeds after the relevant return hurdles have been achieved for
Fund investors. In the event that a Fund’s investment management agreement with Artemis
terminates during a period covered by management fees paid in advance, Artemis generally pro
rates such management fee and reimburses such Fund the portion of such management fee
covering the remainder of the period, provided, however, that in the event Artemis is removed
without cause pursuant to the relevant Fund’s investment management agreement, Artemis may
be entitled to retain management fees (or a portion thereof) and be paid certain other amounts for
services provided to the applicable Fund, as negotiated and reflected in the applicable Fund’s
Offering Documents.

        The foregoing information provides a general summary of fees and expenses of a Fund,
provided that investors should understand fees and expenses of a Fund are determined on a fund-
by-fund basis. More information regarding the fees and expenses for a Fund, including applicable
performance fees, can be found in the Fund’s applicable Offering Documents. Investors and
prospective investors in the Funds should refer to the Offering Documents for the applicable Fund
for a detailed description of the management fee calculations and distribution waterfall priorities
providing profit-based distributions, if any.

         Subject to any expense limitation set forth in a Fund’s Offering Documents, each Fund will
bear all organizational and offering expenses (including legal, travel, accounting, tax, consulting,
filing, printing and other expenses) incurred by it or on its behalf in connection with the formation
of such Fund. Each Fund will also bear all costs or expenses of its activities, operation and
administration (inclusive of all costs and expenses incurred for any activities, operations or
administration of the Fund prior to the effective date of the applicable Fund Offering Documents),
including, but not limited to,: (i) costs and expenses incurred in identifying, evaluating,
developing, negotiating and structuring investments (whether or not consummated and including
entertainment and networking costs related to deal and financing sources), and acquisition and
financing costs (including all interest and other borrowing-related costs), hedging, holding,
managing, disposing of or otherwise dealing with investments, including, without limitation, any
investment banking, asset management, servicing, engineering, appraisal, subscription database,
networking, environmental, travel, lodging, transportation (including private cars), meals,
entertainment, legal and accounting expenses, loan servicing ((including, without limitation,
managing workouts, foreclosures and other remedies in the case of distressed debt or debt-like
investments) any deposits and commitment fees and other fees and out-of-pocket costs related
thereto, and the costs of rendering financial assistance to or arranging for financing for any assets
or businesses constituting investments or for working capital; (ii) all cost and expenses associated
with the organization or maintenance of any investment structuring vehicle (e.g., special purpose
vehicles such as a REIT) including any alternative investment vehicles and subsidiary holding

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vehicles and documentation related thereto; (iii) all costs and expenses incurred in monitoring,
owning, developing, improving, syndicating, managing (including property management, leasing
services, loan administrative and loan servicing, and other asset management (including loan
management) services), operating, readying for sale, servicing or selling investments, including,
...

Item 7             Types of Clients
        Artemis provides real estate-related investment advisory services to Funds, which are
structured as pooled investment vehicles or single-investor vehicles operating as private
investment funds, Separate Account Vehicle Clients, which are generally structured as special
purpose vehicles with one principal outside investor. The investors in the Funds, the owners of the
Separate Account Vehicles and the SMA institutional investors include private and public pension
funds, fund of funds, endowments, high-net-worth individuals/family foundations and other
investment funds and other types of institutional investors.

         Artemis’ investment advice is primarily provided directly to the Funds and Separate
Account Vehicles and not individually to the limited partners or investors of such entities, provided
however, in the case of SMAs, Artemis may provide investment advisory services directly to the
institutional investors. The Funds and the Separate Account Vehicles are not registered under the
Investment Company Act in reliance on applicable exemptions, including without limitation,
Section 3(c)(7) or Section 3(c)(1) of the Investment Company Act. Artemis generally requires
investors in each Fund to make a minimum investment of at least $10,000,000, except for
(1) investors referred by a placement agent to HC Fund I, for which Artemis generally requires a
minimum investment of $250,000 or (2) as determined by Artemis in its sole discretion. Investors
generally must be “accredited investors” under Regulation D of the Securities Act, who are also
“qualified purchasers” under Section 2(a)(51)(A) of the Investment Company Act. Artemis
generally requires investors in each Fund to make representations concerning their financial
sophistication and ability to bear the risk of loss of their entire investment in such Fund. The
minimum investment and investor requirements can be waived by Artemis in its sole discretion.

       Each Fund and/or Artemis has ability to enter into a side letter or other similar agreement
with a particular investor in such Fund without any further act, approval or vote of any other
investors, which can have the effect of establishing rights under or altering or supplementing the
terms of such Fund’s partnership agreement and form of subscription agreement with respect to
such investor in a manner more favorable to such investor than those applicable to other investors.

        When deemed appropriate for a large or strategic investor, Artemis has the ability to form
a special purpose investment vehicle for such investor, which could be subject to terms and fees
that differ from those of the current Funds and Separate Account Vehicles. New Separate Account
Vehicle fee arrangements and terms will be individually negotiated. However due to the nature of
the investments that Artemis manages, such Clients are expected to be sophisticated investors who
are qualified purchasers and would likely be subject to significant account minimums.

        Artemis also organizes or raises co-investment or sidecar vehicles to accommodate the
specific investment, legal, tax or regulatory needs of certain investors, including one or more third
parties and/or Artemis affiliates, or where the desired allocation of an investment opportunity is
exceeded in view of investment size, type, available capital, diversification considerations,
location, holding period, and other relevant considerations. One or more strategic investors or
operating partners can also be provided co-investment opportunities. Although such co-investment

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vehicles would generally provide for co-investors to make investments in underlying assets on
substantially similar terms as are available to an applicable Fund, the interests of an applicable
Fund and the interests of co-investors can diverge, and the economic terms associated with the
applicable Fund and/or the co-investors create conflicts of interest in the management and
operation of certain investments. Any side-car vehicles established by Artemis can have economic
or governance terms that vary materially from the terms of the Fund and, accordingly, in these
instances, Artemis may have a conflict of interest in the management and operation of certain
investments on behalf of the Fund and/or sidecar vehicle investors. Artemis and its affiliates earn
fees and/or carried interest (if any) with respect to co-investment and sidecar capital raised to invest
alongside the applicable Fund, and such fees and/or carried interest (if any) can differ from those
payable by the applicable Fund. In the case of investment opportunities that are pursued along with
co-investors or sidecar capital but ultimately are not consummated, the applicable Fund will bear
(as operating expenses) costs, fees or expenses that would have been borne directly or indirectly
by some or all co-investors or sidecar capital if the relevant investment had been completed. See
Item 10. Additionally, to the extent a Fund makes use of a credit facility (including a subscription
line facility) to invest in a portfolio investment or pay related expenses, such Fund generally will
not be reimbursed separately by co-investors or sidecar capital for the costs of establishing,
negotiating or maintaining the facility as a whole.

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