Long Pond Capital LP

Item 5: Fees and Compensation
General

Long Pond and the Fund General Partner (or another affiliate) typically receive compensation from
the Funds in the form of fees based on a percentage of assets under management and performance-
based profit allocations. The fees applicable to each Fund are set forth in detail in the respective
Fund’s confidential private placement memorandum or other applicable governing document. A
brief summary of such fees is set forth as follows:

Management Fee

The Feeder Funds pay Long Pond a management fee, which is calculated and payable quarterly in
advance at an annual rate of up to 1.5% of each investor’s capital account balance or the net asset
value of each shareholder’s shares, as applicable (including for these purposes, in each case, the
lower of cost or the fair value, as determined by Long Pond, of Special Investments, defined below,
in which such investor has an interest, and taking into account capital contributions effective as of
the beginning of each calendar quarter). Long Pond and its affiliates reserve the right to waive or
reduce, and have waived or reduced, management fees for certain investors in the Feeder Funds,
including employees, family members, strategic partners, advisors, consultants and others, as may
be determined in Long Pond’s sole discretion. In the limited circumstances when an investor in one
of the Feeder Funds makes a redemption/withdrawal as of a date other than the end of a calendar
quarter, the management fee will be appropriately prorated and the excess returned to the relevant
investor. All management fees received by Long Pond are deducted directly from each Feeder
Fund’s account.

LPRE pays Long Pond a management fee calculated daily and paid monthly at an annual rate of
1.0% of the average daily net assets of LPRE for the investment management and advisory services
provided by Long Pond. Please refer to LPRE’s registration statement for additional information
regarding fees and expenses.

Performance Allocation

Generally, at the end of each fiscal year, the Fund General Partner is entitled to a performance-
based profits allocation in an amount equal to up to 20% of the net realized and unrealized profits
of the applicable Fund (taking into account, as applicable, gains and losses in respect of realized or
deemed realized Special Investments allocated during the applicable fiscal year), subject to a “high-
water mark”. A “high-water mark” ensures that the Fund General Partner receives performance
compensation only when an investor’s account value for the year has recovered any losses from
prior years. The performance allocation with respect to certain investors may be reduced or waived
by the Fund General Partner, which may agree to such reductions or waivers in its sole discretion.

DM_US 600451272-3.142985.0002

Form ADV Part 2A Brochure | Long Pond Capital, LP March 26, 2026

The Fund General Partner deducts its performance-based compensation described above from the
applicable Fund’s account at the end of each year, or whenever an investor in a Feeder Fund is
making a withdrawal or redemption, as applicable, but only on the withdrawn or redeemed amount.

Long Pond or its affiliates may receive and have received fees and/or allocations from co-investors,
which may differ and have differed as among co-investors and may differ from the fees and/or
allocations borne by investors in a Feeder Fund. Please refer to Item 11 for additional information
with respect to co-investments.

Other Expenses Charged to the Funds

Each Fund bears all costs and expenses arising in connection with the operation of such Fund, and
(in case of each Feeder Fund), indirectly, its pro rata share of costs and expenses arising in
connection with the operations of the respective Master Fund, including, without limitation, (i) all
costs and expenses directly related to portfolio investments or prospective investments of such
Fund, including brokerage commissions and other transaction costs, expenses related to proxies,
underwriting and private placements, interest and commitment fees on debit balances or
borrowings, borrowing charges on securities sold short, custody fees and fees of professional
advisors and consultants relating to investments or prospective investments; (ii) taxes ; (iii) any
governmental, regulatory, licensing, filing or registration fees and expenses incurred in compliance
with the rules of any self-regulatory organization or any federal, state or local laws in connection
with such Fund or the respective Master Fund and their investment portfolio; (iv) any interest due
to investors in connection with withdrawals/redemptions; (v) any legal fees and costs (including
settlement costs) arising in connection with any litigation or regulatory investigation
instituted against such Fund or Long Pond in its capacity as such; (vi) the cost of the audit of such
Fund’s financial statements and the preparation of its tax returns; (vii) the fees and expenses of such
Fund’s accountants in connection with accounting advice relating to such Fund’s day-to-day affairs
and all costs related to the keeping of the books and records of such Fund; (viii) the fees and
expenses of such Fund administrator; (ix) the fees and expenses of such Fund’s counsel in
connection with advice directly relating to such Fund’s legal affairs; (x) the costs of any outside
appraisers, accountants, attorneys or other experts engaged by Long Pond as well as other expenses
directly related to such Fund’s investment program; (xi) specific expenses incurred in obtaining
systems, research and other information utilized for portfolio management purposes that facilitate
valuations and accounting, including the costs of statistics and pricing services, service contracts
for quotation equipment and related hardware and software; (xii) all costs and expenses associated
with the organization of such Fund and the offering of interests, including legal and accounting fees,
...

Item 7: Types of Clients
For purposes hereof, Long Pond’s investment advisory clients are the Funds and LPRE.

Investors in the Funds may include, but are not limited to, high-net-worth individuals, pension plans
(corporate, state and foreign), sovereign wealth funds, endowments, foundations, banks, pooled
investment vehicles (e.g., funds of funds), trusts, estates or charitable organizations, and corporate
or business entities.

Each of the Feeder Funds generally requires a minimum investment of $5 million; however, Long
Pond maintains discretion to accept less than the minimum investment threshold.

DM_US 600451272-3.142985.0002

Form ADV Part 2A Brochure | Long Pond Capital, LP March 26, 2026

This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities.
The securities of the Funds are offered and sold on a private placement basis under exemptions
promulgated under the Securities Act of 1933, as amended, and other applicable state, federal or
non-U.S. laws. Significant suitability requirements apply to prospective investors in the Funds,
including requirements that they be “accredited investors” as defined in Regulation D, “qualified
purchasers” as defined in the Investment Company Act, as amended, or non-“U.S. Persons” as
defined in Regulation S. Persons reviewing this Brochure should not construe this as an offer to
sell or a solicitation of an offer to buy the securities of any of the Funds described herein. Any such
offer or solicitation will be made only by means of a confidential private placement memorandum.