Cirrus Real Estate Partners LP

Item 5 – Fees and Compensation

CREP’s Clients (as defined above in Item 4 and further in Item 7 below) are generally qualified
purchasers, as defined in section 2(a)(51)(A) of the Investment Company Act of 1940, as amended
(“Investment Company Act”). As such, a detailed Client fee schedule is not included in this Brochure.
However, most Clients pay some or all of the fees and expenses described below.

As the investment adviser to its Clients, CREP will receive a management fee for the prior fiscal
quarter subject to a defined minimum amount for each Client. The management fees are generally
calculated as a percentage of committed or invested capital at various times during the life or term
of the Client, as set forth in the applicable Partnership Agreement and/or IMA for the Client. In
addition, in certain circumstances CREP receives compensation for management and other
services performed in connection with co-investments made in portfolio companies of the Clients.

A full description of the calculation and terms of the management fees is provided in the relevant
Partnership Agreement and Memorandum and/or IMA. Management fees can vary by Client.

It is contemplated that the Clients will pay some or all of the following fees. Clients will generally
pay an annual management fee, as specified in the applicable Partnership Agreement and
Memorandum and/or IMA. The management fee will be paid out of current income and investment
proceeds of the applicable Client and/or, at the discretion of the General Partner of the applicable
Client, from drawdowns that will reduce unfunded commitments. In general, the management fee
during the investment period is expected to be equal to the sum of (i) 1.00% of aggregate
unfunded investor commitments and (ii) 2.00% of the weighted daily average of the management
fee base amount (as defined in the applicable Partnership Agreement and Memorandum and/or
IMA). After the expiration of the investment period, the management fee will equal 2.00% of the
weighted daily average of the management fee base amount.

Clients may use one or more credit facilities in order to make investments, pay management fees,
or pay expenses through borrowings in lieu of, or in advance of, capital contributions, as further
described in the applicable Partnership Agreement and Memorandum and/or IMA. Any such credit
facilities may be secured by the capital commitments of Client investors or by the assets of the
applicable Client.

In certain circumstances, CREP may waive or reduce management fees and carried interest for
certain Client investors including, but not limited to, for example, employees and directors (current
and former) and certain CREP affiliated entities. More detailed information about specific fees and
expenses that Clients may pay is provided in the applicable IMA, Partnership Agreement, and/or

Memorandum. Any such exemption from fees and/or carried interest may be made by a direct
exemption, a rebate by CREP and/or its affiliates, or through other Clients that co-invest with a
relevant fee-paying Client. Certain Client expenses may be subject to a management fee offset in
accordance with the applicable Partnership Agreement and Memorandum and/or IMA.
Clients generally invest on a long-term basis. Accordingly, investment advisory and other fees are
expected to be paid, except as otherwise described in the relevant Partnership Agreement and
Memorandum and/or IMA, over the term. Client investors generally are not permitted to withdraw
or redeem interests in the Clients.

Principals, directors, and/or other current or former employees of CREP generally receive salaries
and other compensation derived from and in certain cases including a portion of the management
fee, carried interest, or other compensation received by CREP or its affiliates.

CREP or an affiliate, usually the General Partner of the relevant Client, may also receive
performance-based compensation and/or carried interest of up to 20% or profits from relevant
Clients, as further described in the relevant Partnership Agreement and Memorandum and/or IMA.
Performance based fees and/or carried interest can vary by Client. Please see Item 6 of this
Brochure for more information on performance-based compensation and/or carried interest
expected to be received from Clients by CREP or its affiliate(s). With respect to performance-
based compensation and/or carried interest that may be payable by certain Clients before the
disposition of every investment made by such Client, such fees may be subject to a “clawback”
depending on the final overall performance of that Client; alternatively, any loss incurred by the
Client may be carried forward so that no performance-based compensation and/or carried interest
is owed to CREP unless and until losses incurred by such Client during a prior period or periods
have been recouped, subject to certain adjustments such as preferred returns for investors.

In addition to the fees described above, certain Clients may pay additional fees and expenses that
will be outlined in the applicable Partnership Agreement and Memorandum and/or IMA for the
relevant Client. Additional information related to the timing of the fees CREP charges its Clients is
provided in the Partnership Agreement and Memorandum and/or IMA, which are also provided to
investors in the Clients.

Affiliates of CREP may be engaged in services with respect to the Clients and their investments that
would otherwise be performed by third parties. Those services may include loan servicing and acting
as a project monitor. For investments undergoing restructuring or that have been acquired through
foreclosure or otherwise, those services may include property management, leasing,
development, and construction management. In connection with these activities, affiliates of CREP
may receive certain fees, including arranging, brokerage, placement, syndication, solicitation,
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Item 7 – Types of Clients
As noted above, CREP provides investment advice directly to its Clients. The Clients may include
investment partnerships or other investment entities formed under domestic or foreign laws and
operated as exempt investment pools under the Investment Company Act. The investors
participating in the Clients may include individuals, banks or thrift institutions, other investment
entities, university endowments, sovereign wealth funds, family offices, pension and profit-sharing
plans, trusts, estates or charitable organizations, or other corporations or business entities and
may include, directly or indirectly, principals or other employees of CREP and its affiliates and
members of their families or other service providers retained by CREP.

With limited exception where permitted by applicable law, CREP requires that investors in its
Clients be “qualified clients,” as defined in Rule 205-3(d) (1) under the Investment Advisers Act of
1940 (“Advisers Act”), and “qualified purchasers,” as defined in Section 2(a)(51) of the Investment
Company Act, as amended.