Mesirow Financial Investment Management Inc

ITEM 5 | Fees and Compensation
The general fee structure for MFIM’s MIRED division is as follows:

MESIROW FINANCIAL REAL ESTATE VALUE FUND III, L.P.*
Fees Annual asset management fee, paid quarterly in arrears, based upon the greater of 1.1% of committed
capital or 1.5% of invested capital during the investment period, and then 1.5% of invested capital thereafter,
subject to the current basic fee structure as follows:

• 150 basis points per year of invested capital or 110 basis points per year of committed capital on commitments less
    than $15 million.

• 135 basis points per year of invested capital or 100 basis points per year of committed capital on commitments
    between $15 million and $50 million.

Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. The Mesirow name and logo are registered service marks of Mesirow Financial
Holdings, Inc. © 2026. All rights reserved.

Part 2A of Form ADV | Firm Brochure
Mesirow Financial Investment Management, Inc. | Institutional Real Estate, Direct Investments

• 100 basis points per year of invested capital or 80 basis points per year of committed capital on commitments of $50
    million or more.

MESIROW FINANCIAL REAL ESTATE VALUE FUND IV, L.P.*
Fees Annual asset management fee, paid quarterly in arrears, based upon the greater of 1.1% of committed
capital or 1.5% of invested capital during the investment period, and then 1.5% of invested capital thereafter,
subject to the current basic fee structure as follows:

• 150 basis points per year of invested capital or 110 basis points per year of committed capital on commitments less
    than $25 million.

• 135 basis points per year of invested capital or 100 basis points per year of committed capital on commitments
    between $25 million and $50 million.

• 100 basis points per year of invested capital or 80 basis points per year of committed capital on commitments between
    $50 million and $75 million.

• 85 basis points per year of invested capital or 70 basis points per year of committed capital on commitments of $75
    million or more.

The fees are generally paid quarterly in arrears. In the event an account terminates, fees will be prorated for the number
of days the account was under management. Fees are typically billed to the client or client’s custodian.

*Minimum Investment: $5 million subject to General Partner discretion to accept investments from qualified investors
below this amount.

Limited Negotiability of Advisory Fees
Although MIRED has established the aforementioned fee schedule(s), the Firm retains the discretion to negotiate
alternative fees on a client-by-client basis. Client facts, circumstances and needs will be considered in determining the fee
schedule. These facts, circumstances and needs include, among other factors, the complexity of the client; assets to be
placed under management; anticipated future additional assets; related accounts; portfolio style; account composition;
and reporting requirements. The specific annual fee schedule will be identified in the contract between the advisor and
each client.

Discounts, not generally available to advisory clients, are offered to employees, family members and friends of associated
persons of MFIM.

Termination of the Advisory Relationship
Clients have limited liquidity and termination rights, which is based primarily on obtaining a significant majority of the other
investors consent. Essentially, a Limited Partner cannot voluntarily withdraw any amount from the Fund or voluntarily
withdraw from the Fund except in limited circumstances.

Additional Fees and Expenses
In addition to our advisory fees, clients are also responsible for the fees and expenses charged by custodians. Clients that
invest in MFIM’s private investment vehicles structured as limited partnerships are typically responsible for certain
expenses relating to the partnership including, but not limited to, the cost of audits, reporting and certain legal expenses.

Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. The Mesirow name and logo are registered service marks of Mesirow Financial
Holdings, Inc. © 2026. All rights reserved.

Part 2A of Form ADV | Firm Brochure
Mesirow Financial Investment Management, Inc. | Institutional Real Estate, Direct Investments

Grandfathering of Minimum Account Requirements
Pre-existing advisory clients are subject to MIRED’s minimum account requirements and advisory fees in effect at the time
the client entered into the advisory relationship. Therefore, minimum account requirements differ among clients.

ERISA Accounts
In certain circumstances, MFIM is deemed to be a fiduciary to advisory clients that are employee benefit plans or
individual retirement accounts (IRAs) pursuant to the Employee Retirement Income and Securities Act of 1974 (“ERISA”).
As such, our firm is subject to specific duties and obligations under ERISA and the Internal Revenue Code that include,
among other things, restrictions concerning certain forms of compensation.

Commissions or Markups
In the event that MFIM receives commissions or markups, advisory fees will be reduced to offset the commissions or
markups.

Advisory Fees in General
Clients should note that similar advisory services are available from other registered (or unregistered) investment
advisors.

Limited Prepayment of Fees
Under no circumstances do we require or solicit payment of fees in excess of $1,200 six months or more in advance of
services rendered.

Educational Events
MFIM employees participate in educational events sponsored by service providers to MFIM, such as law firms, audit firms
and other professional service firms.

ITEM 7 | Types of Clients
MIRED provides advisory services to qualified purchasers and accredited investors, including, but not limited to:

• Pension and profit-sharing plans
• Charitable organizations
• Corporations or other businesses
• State or municipal government entities

Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. The Mesirow name and logo are registered service marks of Mesirow Financial
Holdings, Inc. © 2026. All rights reserved.

Part 2A of Form ADV | Firm Brochure
Mesirow Financial Investment Management, Inc. | Institutional Real Estate, Direct Investments