Bridger Investment Partners LLC

Item 5: Fees and Compensation

For its investment advisory services, Bridger generally receives one or more of the following types
of fees: (i) an asset acquisition fee, (ii) a fee based on the value of assets under management, a fee

based on the amount of assets under management, or a fee based on invested capital of assets under
management, and (iii) incentive compensation or profits interests entitling Bridger to a percentage
of distributions made by a Client in excess of a specified preferred return. It may also receive a
fixed fee for certain specified investment advisory related services, such as due diligence, in each
case as set forth in the applicable Client’s management agreement, statement of work or other
governing documents. Bridger currently receives a fixed fee per Mortgage Related Asset for
transaction management services involving due diligence reviews of Loans as described above in
Item 4. Asset acquisition fees are generally payable upon the acquisition by the Client of Mortgage
Related Assets, however in certain instances they may be paid in advance of an acquisition. Fees
based on the value of assets under management are generally payable monthly in arrears and fees
based on the amount of assets under management are generally payable monthly in advance.
Distributions in connection with incentive fees or profits interests are generally received
periodically when the Clients make distributions and only if the specified preferred return has been
met. The amount of any investment advisory fees (other than asset acquisition fees) may be prorated
for periods of less than the full applicable billing cycle. Fees are negotiable and the type and amount
of fees may vary based on the Client and the type and acquisition date of Mortgage Related Assets
in which the Client invests and the nature of the services provided. In the event of the termination
of its management agreement, the Client may obtain a refund of any prepaid fees as set forth in its
management agreement. Further, in the event of a termination of the management agreement,
Bridger or related persons may remain entitled to payment of management fees or incentive
compensation with respect to managed Mortgage Related Assets acquired by the Client prior to the
date of termination as specified in the applicable Client’s management agreement. Clients generally
are billed for fees and expenses. Management and incentive or performance fees are agreed to with
the Client at the outset of the advisory relationship or at the initiation of any new investment strategy
and as set forth in the Client’s management agreement or other governing documents, and may be
revised in accordance with such management agreement or other governing documents.

Clients will also bear, directly or indirectly, other fees and expenses related to the establishment,
administration and dissolution of the Vehicles and the acquisition, management, servicing,
disposition and valuation of the Mortgage Related Assets, in each case as set forth in the Client’s
management agreement or other governing documents. These fees and expenses typically include,
but are not limited to, (a) Vehicle operating expenses, including transaction-related expenses (i.e.,
referral agent fees and due diligence expenses), custodial fees, bank service fees, legal fees and
trustee fees, (b) costs and expenses (including due diligence expenses and legal fees) related to
potential investments in or sales of Mortgage Related Assets (whether or not consummated); (c)
Vehicle legal, accounting, insurance and other administrative expenses, including the costs and
expenses of any audit, investigation or governmental inquiry and the costs and expenses of any
indemnification or litigation relating to the activities or operations of the Vehicles and the amount
of any judgments or settlements paid in connection therewith; (d) Vehicle entity-level taxes
(including any tax liabilities relating to the ownership of Mortgage Related Assets); (e) servicer
fees for servicing the Mortgage Related Assets and (f) reimbursement of certain servicer, depositor
and Bridger costs and advances. If a Client leverages its investments, it will generally bear all
financing related costs and expenses.

For information regarding brokerage practices, please see “Item 12 - Brokerage Practices” below.

Item 7: Types of Clients

See “Item 4 – Advisory Business” for a description of Bridger’s Clients. Bridger has no minimum
account size.