Brightspire Capital Advisors LLC

Item 5: Fees and Compensation

Fees are separately determined for each Client. As a general matter, the Manager and its affiliates are entitled to receive
management fees pursuant to advisory contracts and other agreements with clients, as described in more detail below.

Management Fees

The respective collateral management agreement between the Manager and each CLO provides for a collateral manager
fee, payable monthly in arrears on each payment date, equal to 0.10% per annum of the sum of the net outstanding
portfolio balance as of such payment date; provided, however, that the Manager has agreed to waive its entitlement to such
collateral manager fee for so long as the Manager (or an affiliate thereof) is the collateral manager.

There can be no assurance that any non-affiliated replacement collateral manager will also waive the right to receive such
collateral manager fee.

Other Fees and Expense Reimbursements

Expense Reimbursements

The Manager will be responsible for its own overhead and expenses incurred in the course of performing its
obligations under the collateral management agreement for each Client; provided that the Manager will be entitled to
reimbursement for certain out-of-pocket expenses, including, without limitation, expenses and costs incurred in
effecting or directing purchases and sales of commercial real estate (“CRE”) loans and eligible investments, negotiating
with borrowers under the CRE loans as to proposed modifications or waivers, taking action or advising the trustee
with respect to its Clients’ exercise of any rights or remedies in connection with such CRE loans or eligible investments,
participating in committees or other groups formed by creditors of the borrower under a CRE loan, consulting with
and providing rating agencies with any information in connection with its maintenance of the ratings of the issued
notes, expenses related to the provision of information in order to render the issued notes eligible for resale pursuant
to Rule 144A, reasonable travel expenses (airfare, meals, lodging and other transportation) undertaken in connection
with the Manager’s duties pursuant to the collateral management agreement and for an allocable share of the cost of
certain credit databases utilized by the Manager in providing services to the CLOs under the collateral management
agreement.

Item 7: Types of Clients

Manager currently provides investment advice only to the CLOs, but may in the future provide investment advice
to other Clients, which may include pooled investment vehicles, co-investment vehicles and real estate finance
companies, which may be in the form of corporations, limited partnerships or limited liability companies. The
Manager does not have requirements for opening or maintaining accounts. However, there may be conditions for
investing in Clients, including minimum investment amounts, which are stated in their respective Governing
Documents for each Client. For Clients with minimum investment amounts, the Governing Documents generally
note that the general partner or company, as applicable, has the discretion to reduce or waive the minimum
investment amount.

As a general matter, any Client structured as a private fund would be managed in accordance with its investment
objectives, strategies and guidelines and is not tailored to the individual needs of any particular investor and an
investment in such a Client does not, in and of itself, create an advisory relationship between the investor and
Manager. Therefore, investors must consider whether the Client meets their investment objectives and risk tolerance
prior to investing in a Client structured as a private fund.