Item 5 – Fees and Compensation
Management Fees
For Managed Accounts, fees for advisory services are negotiated on an individual Client basis and
are typically based on Assets Under Management (“AUM”). A few exceptions are charged a fixed
amount on a monthly or quarterly basis. While the level of fees BWM charges its Clients varies, its
fees typically range between 0.50% and 1.75% of AUM annually, depending on the size of the
account(s) and the scope and complexity of the investment advisory service provided. BWM
maintains discretion to negotiate lower fees and/or reduce or waive management fees. Fees
are charged either monthly or quarterly in arrears and may be debited from the Client’s
custodian account, if agreed to by the Client.
The monthly fee is based upon the market value of all assets held within the Client’s Managed
Account(s) as of the last business day of the calendar month. The quarterly fee is an average of
the three month end balances within the applicable quarter. Commencing with the April 30, 2025
period for monthly billing and the June 30, 2025 period for quarterly billing, the market value of
AUM used to calculate the management fee is derived from our third-party portfolio reporting
system, Addepar. Addepar derives the values from data provided by third-party custodians and
other external sources. . Clients should be aware that valuations reflected in Addepar may differ
from those reported by custodians, sponsors, or other third parties due to timing differences,
data sources, valuation methodologies or estimation techniques, and such differences may result
in variations in the calculation of management fees.
For External Funds, the net asset value is derived from the most recent quarterly capital account
statement issued by the sponsor or manager, adjusted for contributions and distributions made
by the Client through the billing quarter end. For those private investments that do not provide
regular capital account statements, BWM will generally value such investments based on Client’s
cumulative contributions less any distributions, but not less than zero.
For those Clients that elect to use margin on their accounts, the management fee will be charged
on AUM gross of any margin loan. The Client may be charged a prorated fee in the event that the
Client's service is initiated or terminated on a day other than the first or last day of a calendar
quarter (or month), respectively. In that event, the prorated fee will be due and payable upon the
end of quarter (or month) or the termination of the service, whichever occurs earlier. Fees may
be amended by BWM upon thirty (30) days’ written notice to the Client.
Clients have the right of termination without penalty or payment of fees within five (5) business
days of entering into a Client Agreement with BWM. If any payment has been made, such payment
shall be refunded in its entirety. Thereafter, the Client's Agreement may be terminated either by
the Client upon written notice to BWM or by BWM upon thirty (30) days’ written notice to the Client.
For the Funds, the management fee is currently 1.25% per annum on the cumulative contributed
capital plus or minus cumulative income/(loss), excluding unrealized gains and temporary
unrealized losses, minus cumulative distributions paid minus distributions accrued and unpaid.
The investment period for Domum II begins upon the initial closing and will terminate on the
earlier of three (3) years (plus a 6-month extension at the discretion of the General Partner) after
the date of the final closing or the decision of the General Partner to terminate the investment
period. The management fee will be payable monthly in arrears on the first business day of each
calendar month. BWM may reduce or waive the management fee for certain limited partners,
including, without limitation, General Partner affiliates. For Domum I, BWM and LFC, each receive
a portion of the total management fee.
External Managers charge their own fees that are not included in BWM’s fees. Any fees or charges
for brokerage and custodial services incurred in connection with the External Manager’s
management of your account are in addition to the fees charged by the External Managers.
Depending on the arrangement with the External Manager, BWM’s fees for the advisory services
we provide you in connection with selecting or monitoring the External Manager may be paid to
BWM by the External Manager or directly by the custodian of your assets, who charges your
account. This arrangement may affect BWM’s willingness to negotiate below its standard fees,
and therefore, may affect the overall fees the client pays. Compensation for any such services
with respect to any Account assets will be disclosed in a client consent and acknowledgment form
which shall disclose the compensation to be received by the External Manager. Please also refer
to the disclosure documents from the External Managers for details on their fee schedules.
1 Total regulatory assets under management were derived from calculations as of December 31
2025, for Managed Accounts and as of September 30, 2025, for the Funds. The Funds are a “fund
of funds” and the most current valuation available is as of September 30, 2025.
Financial Planning and Consulting Services
BWM offers financial planning services to Clients seeking a financial analysis of their overall
assets as well as formulation of an advisory report. Fees are negotiated with the Client upon
the inception of the Client Agreement and vary based on the complexity and scope of the
service. Generally, such fees range from $2,500 to $10,000 yet may be higher or lower at
BWM’s discretion. The remainder of fees incurred is due upon the delivery of the advisory
report to the Client or upon the close of the meeting wherein the advisory recommendations
are presented to the Client, whichever occurs earlier. Prior to the delivery of the advisory
...