BLT Fund Manager LLC

Item 5. Fees and Compensation
    Management Fee from the Funds
    The Firm has entered into Fund Management Agreements with the JVs. Pursuant to each of those
    Fund Management Agreements, the JVs pay a management fee ranging from 1.0% to 1.1% per
    annum based on capital contributed by investors in the JVs. For more details regarding the Fund
    Management Agreements, please refer to the Fund Management Agreement for the specific JV.
    The fee is paid monthly in arrears. The JVs are billed monthly for the management fee. Fees are
    not negotiable.
    Carried Interest
    Affiliated entities of the Firm or employees of the Firm and those affiliated entities, also earn a
    carried interest or incentive fee of up to 30% of cumulative net profits, subject to a preferred
    return, in accordance with the allocation and distribution provisions of each respective JV's
    governing documents.
    Other Fees
    Detailed information regarding the fees charged to the JVs is provided in each JV’s respective
    governing documents. In addition to management and carried interest fees, investors will
    indirectly bear any fees and expenses charged to the JVs. Those fees and expenses will vary, but
    generally include management fees and other compensation paid to real estate property
    managers and developers; legal, consulting and accounting fees; taxes; commissions and
    brokerage fees, where applicable; certain fees to government regulatory agencies; the cost of
    directors and officers liability insurance; due diligence costs for new investment opportunities;
    and other expenses allowable under the terms of the JV’s respective governing documents. Some
    of the fees outlined above are to be payable to affiliates of the Firm (see Item 10 of this Brochure).
    Investors should carefully review all fees charged by the Firm, its affiliates, and others to fully
    understand the total amount of fees to be paid by the JVs and, indirectly, their investors.

BLT Fund Manager, LLC                                                             March 2026

Item 7. Types of Clients
    The Firm provides advisory services to various JVs as described in Item 4 above. The third-party
    Investors in the JVs include a foreign sovereign wealth fund, private trusts and a limited
    partnership. There is no prescribed minimum investment for any of the JVs.

BLT Fund Manager, LLC                                                                 March 2026