Corbel Management LLC

ITEM 5: FEES AND COMPENSATION

Compensation for Advisory Services

The fees applicable to a Fund are set forth in detail in its offering materials, disclosure
documents, management agreements and/or governing documents of the Fund. The share of
compensation earned by Corbel and its affiliates with regard to a Fund will vary among
investors pursuant to the terms of the governing documents, side letter agreements or other
arrangements with specific investors in the Fund. In particular, these investors may receive
direct or indirect reductions of management fees or other compensation otherwise payable
with respect to their investments managed by Corbel.

Corbel Capital Partners
Form ADV Part 2A                                                                       March 20, 2026

A brief summary of the types of fees Corbel and its affiliates will receive, as well as other fees
and expenses the Funds may incur, is provided below.

Management Fees

During the investment period of the Funds, Corbel is generally paid quarterly a management
fee (typically 2.00% per annum) of the aggregate capital commitments to the Funds. After the
investment period of the Funds, Corbel’s management fee is typically equal to between 1.50%
and 2.00% per annum of the net invested capital determined as of end of the quarter
immediately prior to the applicable management fee payment date. For certain investments
made by the Funds, transaction fees, closing fees, directors’ fees, break-up fees and monitoring
fees (net of expenses) received by Corbel, the GP, and/or their affiliates may be credited
against future management fees (“Offset Fees”). In cases where Offset Fees are received with
respect to an investment acquired jointly by more than one of the Funds, those Offset Fees
shall generally be applied to offset the management fees of those Funds on a pro rata basis
based on each Fund’s interest in such investment.

Performance Allocation

The respective GP of a Fund is generally entitled to receive a performance allocation in the form
of carried interest if certain conditions are met. Such conditions generally include the return of
capital and the payment of a preferred return to Fund Investors. This performance allocation is
generally equal to 20% of profits. Please see Item 6 for more information regarding the
performance fees Corbel and its affiliates may receive.

Other Fees

For certain real estate funds, the GP may receive a one-time construction management fee,
equal to a percentage of all renovation, repositioning, and development costs paid as costs are
incurred. In addition, the GP may receive property acquisition fee equal to a percentage of the
total cost basis of the respective property.

As noted above, the GP may sponsor and manage Co-Investment Funds. Investors in these
funds may pay management fees and carried interest to the GP or its affiliates.

Management fees charged by Corbel and any performance allocations received by the GP are
generally non-negotiable and deducted directly from the Fund.

Additional Fees and Expenses

In addition to the fees described above, a Fund will generally bear all fees, costs and expenses
of and incidental to the formation, qualifications to do business and fund raising of the Fund

Corbel Capital Partners
Form ADV Part 2A                                                                      March 20, 2026

and the GP, up to a certain limit specified in the Funds’ offering materials. In addition, a Fund
will typically pay (or reimburse the GP or Corbel) all costs, expenses and liabilities that are
incurred by or arise out of the operation and activities of the Fund, which may include the
Fund’s pro rata share (based on aggregated capital commitments) of certain costs, expenses
and liabilities: (i) audit and tax preparation costs and expenses; (ii) expenses for bookkeeping
and similar services (including accounting fees, preparation of annual and interim financial
Statements, portfolio financing reports; (iii) interest and expenses payable on any indebtedness
incurred by the Fund; (iv) taxes payable by the Fund; (v) management compensation; (vi)
expenses incurred in the actual or proposed acquisition or disposition of assets, including
accounting fees, brokerage fees, legal fees, transfer taxes, costs related to the registration or
qualification for sale of assets, and costs for certain specialized due diligence services or other
specialized services that are directly related to investments; (vii) legal expenses of the Fund;
(viii) insurance and premiums protecting the Fund, the GP, Corbel and any of their officers,
directors, managers, owners, and employees; (ix) costs and expenses associated with meetings
of investors and the GP; and (x) securities filing fees related to portfolio companies.

One or more of the Funds may pay a portion of the out-of-pocket expenses of an anchor
investor that are incurred in connection with the anchor investor’s investment in the respective
Fund.

ITEM 7: TYPES OF CLIENTS

Corbel provides investment advisory services to private funds. At least one of the funds advised
by Corbel operates as a Small Business Investment Company under the Small Business
Investment Act of 1958, as amended.

The minimum investment in each of the Funds will vary significantly but is generally no lower
than $50,000. Corbel, at its sole discretion, may accept lower investment amounts.

Corbel Capital Partners
Form ADV Part 2A                                                                     March 20, 2026

With exceptions where permitted by applicable law, Corbel generally requires that the
underlying investors in the Funds be “accredited investors” and “qualified clients” as those
terms are defined in Rule 501 of Regulation D and Rule 205-3 of the Advisers Act, respectively.