Forager Capital Management LLC

ITEM 5: FEES AND COMPENSATION

Description and Fee Billing

Forager will generally charge the portfolios that it manages both performance-
based fees and asset-based management fees. Performance-based fees will
be charged in compliance with Rule 205-3 of the Advisers Act.

With respect to the Private Fund, Forager will receive a monthly management
fee in advance in an amount equal to 0.125% (1.5% annually) of each Class
A and Class C limited partner’s capital account at the start of the month and
0.167% (2.0% annually) of each Class B limited partner’s capital account at
the start of the month. Forager will also receive an annual performance fee
equal to 15% of the net appreciation in each Class A and Class C limited
partner’s capital account and 20% of the net appreciation in each Class B
limited partner’s capital account, subject to a "loss carry forward" or “high
water mark” provision.

With respect to the Homebuilder Fund, Forager will receive an asset
management fee equal to 1.00% per annum of the aggregate amount of the
investors’ capital commitments. The fee will be payable annually in advance of
the date of the closing and each anniversary thereof. Forager will also receive
a performance fee equal to 20% of the net appreciation of the Homebuilder
Fund at the conclusion of the investment.

Monthly management fees will be pro rated if Forager provides management
services for less than a full month.

Forager’s standard fees with respect to the Private Funds are set forth above,
however, Forager retains the right to negotiate different fees with an investor
in the Private Funds.

Fees will be deducted from the Private Fund’s assets.

Firm Brochure – Part 2A of Form ADV     6                  March 23, 2026

With respect to some separately managed accounts, management fees will be
based on a percentage of net liquidation value calculated quarterly and paid in
advance. Any amount of prepaid fee will be returned to the client in the event
of a termination.

With respect to some separately managed accounts, Forager will receive a
performance fee equal to a percentage of the net liquidation value of the
account for the year as of the end of the day December 31.

Fees are negotiable. Management fees are not to exceed 2% annually. Forager
retains the right to negotiate different fees with different investors.

Other Fees or Expenses

Generally, clients will pay or reimburse Forager for all legal, accounting and
other expenses in connection with the organization of client accounts. Clients
will also be responsible for their ongoing operating expenses, including, but
not limited to, legal, accounting and audit expenses.

Clients will also incur custodial, brokerage and other transaction costs. For
more information regarding Forager’s brokerage arrangements see Item 12
below.

Participation or Interest in Client Transaction

Neither Forager nor any of its supervised persons accepts compensation for
the sale of securities or other investment products, including asset-based sales
charges or service fees from the sale of mutual funds. The advisor and the
advisor’s principals are invested in the Fund, and they own securities also
owned by the fund.

ITEM 7: TYPES OF CLIENTS

Forager will provide its services solely to the Private Funds and separately
managed accounts. Investors in the Private Funds and separately managed
accounts may include:

   •   Individuals, including high net worth individuals

   •   Trusts, estates or charitable organizations

   •   Banks or other thrift institutions

   •   Corporations or other business entities

   •   Private and public pension and profit-sharing plans

   •   Foundations and endowments

   •   Funds of funds

   •   Government or political subdivisions

The minimum investment required to invest in client accounts will be
$1,000,000, however, Forager reserves the right to reduce this minimum on a
case-by-case basis.