Claros REIT Management LP

5.      Fees and Compensation
Advisory Fees

We generally receive an asset- or equity-based quarterly management fee (“Management Fee”) and
an annual incentive-based fee or allocation of profits (“Incentive Fee”) from the Clients. Specific fee
arrangements are set forth in the Governing Documents of the Clients.

Management Fee

CRM currently receives from the Clients an annual Management Fee, payable quarterly in arrears. For
CMTG, the Management Fee is generally calculated at an annual rate equal to 1.5% of stockholders’
equity. CRM may reduce the applicable Management Fee rate for a Client (but not its individual
underlying investors) and to date has done so for one of the Clients for which the services being
performed are more narrowly tailored than those performed for CMTG.

Incentive Fee

CRM is entitled to receive from CMTG an Incentive Fee in an amount equal to the Incentive Fee Rate
(as defined below) multiplied by the excess of Core Earnings (as defined in the Management
Agreement) over a rate of return of 7.00% per annum. Generally, the Incentive Fee (as applicable) for
Clients other than CMTG is anticipated to also be calculated with reference to a rate of return of
approximately 7.00% per annum. The Incentive Fee is payable quarterly in arrears and is calculated on
a cumulative basis with reference to a rolling four quarter period (requiring positive Core Earnings for
each such quarter before any Incentive Fee is payable). The “Incentive Fee Rate” is generally 20% (and
is 20% for CMTG) except that CRM may negotiate such rate for a Client as a whole (but not its
individual underlying investors) and does so for one Client where CRM’s services have a narrower
scope. Please see Item 6 for more information on incentive compensation.

Termination Fee

CRM is entitled to a fee upon termination of the Management Agreement by CMTG (absent certain
material breaches of such agreement by us). The termination fee would also be payable to CRM upon

                                                                              CRM Form ADV Part 2A. Page 6 of 37

termination of the Management Agreement by CRM if CMTG materially breaches the Management
Agreement. The termination fee is equal to three times the sum of (i) the average annual Management
Fee and (ii) the average annual Incentive Fee, in each case during the 24-month period immediately
preceding the most recently completed calendar quarter prior to the date of termination.

Other Fees/Expenses

In addition to the fees described above, CMTG is required to reimburse CRM for documented expenses
incurred by CRM on CMTG’s behalf (collectively, “Expenses”), excepting those costs and expenses that
are specifically the responsibility of CRM as set forth in the Management Agreement. The Expenses
include (but are not limited to) the following costs and expenses relating to CMTG’s investments and
other operations of CMTG but, in each such case, only to the extent such costs and expenses are
contemplated in the Management Agreement, or are otherwise subject to oversight by the CMTG
Board, and are not costs and expenses that are specifically the responsibility of CRM:

     •   expenses in connection with an offering of shares of CMTG stock (including public or private
         offerings);
     •   transaction costs (including legal and accounting expenses) incident to the acquisition,
         disposition and financing of investments, including without limitation travel and
         entertainment expenses and any costs incurred in connection with any failed investment
         transaction or abandoned potential investment transaction;
     •   costs of legal, tax, accounting, and third-party administrators for the establishment and
         maintenance of the books and records, consulting, auditing, administrative and other similar
         services rendered for CMTG by providers retained by CRM or, if such services are provided by
         CRM (or its commonly controlled affiliates), amounts which are (x) no greater than those
         which would be payable to outside professionals or consultants engaged to perform such
         services pursuant to agreements negotiated on an arm’s-length basis and (y) to the extent
         the same do not fall within the parameters of the Management Agreement, approved by
         CMTG;
     •   the compensation and expenses of CMTG’s directors, and the allocable share of the cost of
         liability insurance under a universal insurance policy covering CMTG, CRM, MRECS and its
         affiliates, or under a separate insurance policy covering CMTG, to indemnify CMTG’s
         directors and officers;
     •   costs associated with the establishment and maintenance of any of CMTG’s credit facilities,
         repurchase agreements, and securitization vehicles or other indebtedness of CMTG
         (including commitment fees, accounting fees, legal fees, closing and other similar costs or
         any of CMTG’s securities offerings (including an initial public offering (“IPO”));
     •   expenses in connection with the application for, and participation in, programs established
         by the U.S. government or any other governmental body or agency;
     •   expenses connected with communications to holders of CMTG’s securities and other
         bookkeeping and clerical work necessary in maintaining relations with holders of such
         securities and in complying with the continuous reporting and other requirements of
         governmental bodies or agencies, including all costs of preparing and filing required reports
         with the SEC;
     •   costs associated with any computer software or hardware, electronic equipment or
         purchased information technology services from third-party vendors that is used for CMTG;
     •   expenses incurred by managers, officers, personnel and agents of CRM for travel on CMTG’s
...

7.      Types of Clients
CRM currently provides investment advice to the Clients, and its primary Client by assets under
management is CMTG. CMTG’s Class A Common Stock is listed on the NYSE and investors in CMTG are
not required to meet any suitability requirements. The Clients, including CMTG, represent corporations
or limited liability companies taxable as corporations, in each case that have made elections to be
treated as REITs for tax purposes.

In the future, we may provide advisory services to other funds or similar commingled investment
vehicles, as to which we would expect prospective investors in such clients to be subject to applicable
suitability requirements.