Harbor Group International LLC

Item 5: Fees and Compensation
Advisory Fees.

  These assets under management refer to the value of all real estate-related assets with respect to which HGI and its
affiliates provides oversight, investment management services and other advice, and which generally consist of
investments in real estate; equity in funds; securities portfolios; and operating companies. This assets under
management calculation may differ from the calculations of other advisers.

Form ADV Part 2 Brochure | Harbor Group International, LLC                      March 2026

As compensation for investment supervisory services rendered to certain Clients, HGI and/or its
affiliates receive(s) from each such Client an advisory or management fee (each, an “Advisory Fee”)
typically calculated based on outstanding capital contributions, capital commitments or capital
account balances with respect to such Client. The precise amount of, and the manner and calculation
of, the Advisory Fee for each such Client are established by HGI and are set forth in such Client’s
Governing Documents. The Advisory Fees and other fees and distributions described herein are
generally subject to modification, waiver, or reduction by HGI in its sole discretion, which for the
avoidance of doubt, may include 1031 deferred exchange fees for certain Investors, including HGI
personnel, both voluntarily and on a negotiated basis with selected Investors via side letters and
other arrangements, which may not be disclosed to other Investors in the same Client. The fee
structures described herein may be modified from time to time. Fees may differ from one Client to
another, as well as among Investors in the same Client.

Manager’s Interest; Carried Interest.

Certain affiliates of HGI serve as the manager of HGI-controlled Clients and/or affiliated holding
companies and receive a membership interest in each such Client or holding company without
making any cash equity contribution in such entity, thereby diluting the ownership interest of those
Investors that do make the cash equity contributions required in connection with the related property
investment. With respect to such Clients, HGI affiliates typically receive distributions from such
equity interests to the extent defined performance thresholds are achieved.

In addition, HGI affiliates are eligible to receive a portion of the profits of certain Clients as
incentive compensation from the Clients’ investments as “carried interest” (the “Carried Interest”)
to the extent defined performance thresholds are achieved. Each General Partner of a Client is a
related person of HGI. Carried Interest paid by a Client is indirectly borne by the Investors in such
Client. HGI may enter into arrangements with certain Clients and Investors that cause such Clients
or Investors to incur lower or no Carried Interest.

Real Property Related Fees and Expenses.

In connection with investments by the Clients and/or holding companies controlled by HGI, various
fees are typically payable to HGI and/or its affiliates when they are retained as a Service Provider
(as defined below) to a property in connection with services. Such fees may not apply universally
to all Clients and certain Clients are exempt from certain of the property-related fees due to payment
of the Advisory Fee. Real property related fees and expenses include, without limitation, the
acquisition, management, refinancing, and sale of such real estate properties and investments, as
described below in further detail:

Asset Management Fee. HGI is paid an annual asset management fee in connection with each HGI
controlled real estate property, subject to the applicable Governing Documents of each Client,
which is generally up to 1.25% of the annual collection revenues received by such property in
exchange for certain services, which may include, but are not limited to, developing and
implementing the business plans for the property, supervising and directing the property
management companies, reviewing the monthly financial statements and annual budgets and
making recommendations with respect thereto, monitoring operations via visits to the investments,

Form ADV Part 2 Brochure | Harbor Group International, LLC                       March 2026

and making recommendations regarding capital improvements and capital transactions such as
sales or refinancings. Asset management fees are collected either monthly or quarterly. Asset
management fees are indirectly borne by the Investors. The asset management fee arrangement is
detailed in the applicable Governing Documents of each Client received by each Investor prior to
an investment in such Client. At the discretion of each Client’s General Partner, the asset
management fee may be reduced, waived, or modified, both voluntarily and on a negotiated basis
with selected Investors via side letters and other arrangements, which may not be disclosed to other
Investors in the same Client. The fee structures described herein may be modified from time to
time. Fees may differ from one Client to another, as well as among Investors in and/or properties
held by the same Client. In addition, HGI may enter into economic and/or other fee sharing
arrangements with respect to one or more Clients and/or certain Investors thereof, the rights of
which will generally not be offered to other Investors. Such fees will not offset or otherwise reduce
Advisory Fees, Carried Interest or other amounts payable to HGI or its affiliates in respect of a
Client.

Acquisition Fees. In connection with the acquisition of each HGI real estate property, subject to the
applicable Governing Documents of each Client, HGI may be paid, in cash at closing, an acquisition
fee up to 1.75% of the purchase price of the property for identifying the property, developing
financial models regarding the projected future financial performance of the property, negotiating
...

Item 7: Types of Clients
HGI currently provides investment advisory services solely to the Clients. With respect to the
Clients, investment advice is provided directly to the Clients and not individually to the Investors
in a Client. Investors in the Clients may include, but are not limited to, high net worth individuals,
sovereign investors, family offices, fund of funds, hedge funds, endowments, foundations, trusts,
charitable organizations, pension plans, and corporate or business entities.

Interests in the Funds are offered pursuant to applicable exemptions from registration under the
Securities Act and the 1940 Act. All Investors in a Fund must represent in writing that they are
“accredited investors” (as defined in Rule 501 of Regulation D, adopted under the Securities Act),
and in certain Funds “qualified purchasers” (as defined in the 1940 Act) and “qualified clients”
(within the meaning of Rule 205-3(d)(1) under the Advisers Act).

Minimum investment commitments may be established for Investors in a Client as outlined in each
Client’s Governing Documents. However, HGI maintains sole discretion to accept less than the
minimum investment threshold.