Crowdstreet Advisors LLC

ITEM 5: FEES AND COMPENSATION
A. Fees for the Funds
        The governing documents for each Crowd Street Advisors’ Fund determine the fees that the Fund pays the
        Firm for investment advisory services. Crowd Street Advisors generally charges an annual management fee
        based on investors’ capital commitments and invested capital, though some Crowd Street Advisors’ Funds
        have different fee structures, such as the CrowdStreet REIT, Inc. which charges based on net asset value.
        Crowd Street Advisors, in its sole discretion, may waive or reduce the management fee with respect to any
        investor in a Fund other than CrowdStreet REIT, Inc.
        Each Fund generally will bear the costs and expenses associated with the formation, operation, investment
        activity, administration, dissolution, winding up and termination of the Fund in addition to organizational and
        offering costs, fees and expenses incurred by or on behalf of Crowd Street Advisors in accordance with the
        Fund’s governing documents. The Firm may limit or defer payment of fees and/or expenses of a Fund as set
        forth in the Fund’s governing documents.
        The Funds may pay fees to Crowd Street or its subsidiaries for additional services and expenses incurred as
        set forth in the Fund’s governing documents, in each case at the prevailing rates and terms paid by third party
        investment funds or sponsors contracting for similar goods and services provided by Crowd Street.
B. Other Fees and Expenses
        The Firm sourced investment opportunities from Crowd Street and its affiliates and utilizes its access to
        proprietary market data, insights, and ongoing analysis conducted by Crowd Street’s team of investment
        professionals. Crowd Street and its affiliates other than Crowd Street Advisors do not charge the Firm or
        Funds directly. Rather, Crowd Street and its affiliates charge investment sponsors and issuers one-time and
        annual technology and services fees and, in some instances, broker placement fees (collectively, “Crowd
        Street Fees”). All such services are provided at customary market rates negotiated with unaffiliated
        investment sponsors. The sponsors may capitalize or expense some or all of the Crowd Street Fees, as well
        as fees charged by other service providers who are not affiliated with Crowd Street, in the real estate project
        underlying the investment. Crowd Street Fees and other service provider fees increase the real estate
        project’s expenses, which may reduce cash available for distributions to investors, including the Funds’
        investors.
        Crowd Street relies on the Crowd Street Fees to fund employee compensation and business operations. The
        presence of the Crowd Street Fees and broker compensation arrangements, as well as the Fund fees, create
        opportunities for conflicts of interest in that Crowd Street benefits from the investment activities of the
        Funds, and such fees may reduce the amount of return on a Fund’s investment.
C. Compensation for Sales
        Neither Crowd Street Advisors nor any of its supervised persons receive direct compensation related to sales
        of securities to investors. The foregoing discussion in Item 5 represents Crowd Street Advisors’ basic
        compensation arrangements. However, see the discussion of Crowd Street Fees above under “Other Fees and
        Expenses”. The management fees described above are structured to comply with Rule 205-3 under the
        Advisers Act and applicable state laws.

ITEM 7: TYPES OF CLIENTS
        Crowd Street Advisors serves as an investment advisor to a registered investment company and pooled
        investment vehicles (the “Funds”). The investors in the Funds are required to be accredited investors and, in
        some cases, qualified purchasers.

ITEM 8: METHOD OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS
A. Methods of Analysis and Investment Strategies
        i. Method of Analysis
        Crowd Street Advisors subjects prospective investments to a thorough analysis, verification, and due
        diligence, including analysis conducted by Crowd Street, its affiliates, and third parties, when making
        investment decisions for the Funds it manages.

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        The Firm’s investment committee (the “Investment Committee”) has overall responsibility for the oversight of
        investment strategies and investment decision-making for the Funds. The Investment Committee is composed
        of senior investment professionals with a broad range of experience.
        ii. Fund Strategies
        Each Fund’s investment goals and strategies are set forth in the Fund’s governing documents.
B. Material Risks Related to Strategy and Method
        The investments made by and for Crowd Street Advisors’ Funds involve a high degree of risk should only be
        undertaken by investors capable of evaluating and bearing the risks of ownership. There can be no
        assurance that a Fund will achieve its stated investment objectives, and an investor must be prepared to bear
        capital losses which might result from investments, including the possibility of complete loss of capital
        invested. Crowd Street Advisors faces significant conflicts of interest in connection with their constituent
        investments and with Crowd Street’s other business activities. While not intended as an exhaustive list, Funds
        may face the following risks:
        Real Estate Risks Generally. Investments will be subject to the risks inherent in the ownership of real estate
        assets. These risks include, but are not limited to:
               ●​   General and local economic conditions and negative developments in the business economy, the
                    supply and demand for properties, and the financial resources of tenants;
               ●​   Changes in building, environmental, zoning, and other laws;
               ●​   Changes in real property tax rates;
               ●​   Changes in interest rates and the availability of mortgage funds, which may render the purchase,
                    sale, or refinancing of properties difficult or impracticable;
               ●​   Environmental cleanup costs and other liabilities from hazardous waste, mold, or indoor air pollution;
               ●​   Uninsured casualties, acts of God (such as earthquakes, tsunamis, hurricanes, windstorms, floods),
                    epidemics, pandemics, climate change, war, terrorism, nuclear accidents, labor disputes, social
                    unrest, riots, and other factors that are beyond the control of Crowd Street Advisors;
               ●​   Property damage and business interruptions that may not be insurable, or may not be insurable at
                    reasonable cost to the full extent needed to protect the real estate or its revenue-generating
                    capacity;
               ●​   Development, redevelopment, and construction delays and cost overruns.
        Risk of Loss. All investing and trading activities risk the loss of capital. While Crowd Street Advisors will
        attempt to moderate these risks, there can be no assurance that a Fund’s investment activity will be
        successful, or that investors will not suffer significant losses. No guarantee or representation is made that a
        Fund’s investment objectives will be achieved.
        Business Risk. There are certain risks associated with real estate operations, including but not limited to
        occupancy rates, leasing rates, regulatory compliance, collections and evictions, property damage, changes
        in taxes, difficulty hiring and retaining key personnel and competition in the relevant submarket, in addition
        risks associated with all business operations, including but not limited to loss of key personnel, economic and
        market conditions, taxes, misconduct, litigation, and regulatory changes.
        No Assurance of Investment Return. The advisor’s task of identifying and evaluating investment
        opportunities, managing such investments, and realizing a positive return for the Funds is difficult. There is no
        assurance that any Fund will be able to generate positive returns or avoid losses over the long term.
        Concentration Risk. There is a risk associated with having too much invested in a given sector or industry.
        Concentration risk may be further compounded by factors such as asset correlation or performance.
        Illiquid and Long-Term Investments. Although investments may generate current income, the return of
        capital and the realization of gains to investors, if any, from an investment will generally occur only upon the
        partial or complete disposition or refinancing of such investment. Further, investment sponsors on and off the
        Crowd Street Platform determine solely and completely when and if a disposition or refinancing of a property
        will occur, subject to the limitations of the offering documents for each investment. While an investment may
        be realized at any time, usually at the discretion of the sponsor, it is not generally expected that this will occur
        for several years after the investment is made. Dispositions of investments may also be subject to contractual
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