Monticelloam LLC

ITEM 5: FEES AND COMPENSATION

Item 5.A. Description of Compensation Arrangements

Management Fees:

The Firm will typically be entitled to receive a management fee from each Advisory Client, in its capacity
as investment manager for such Advisory Clients, in an amount typically between 1% and 3.0% per annum,
although the Firm has arrangements, and may in the future in its discretion enter arrangements, where the
management fee is outside this range. Management fees will typically be calculated as a percentage of the
outstanding invested capital allocated to the Firm for investment by each investor in the Funds in accordance
with the advisory agreement or the Fund’s governing documents.

Management fees are typically accrued in arrears and paid quarterly. The Firm is permitted to and, in some
cases, has and does, in its capacity as investment manager to a Fund, in its sole discretion, waive, reduce or
modify the management fee payable with respect to any investor in a Fund (but without any concurrent
increase in any other Fund investor’s share of such management fees).

The Firm charges the REIT a management fee, payable monthly in arrears, between 0.45% and 0.75% of
NAV of Fee-Bearing Shares (as defined below), depending on the class of common shares and period in
which the fee relates. In calculating the management fee payable to the Firm by the REIT, the NAV will be
calculated before giving effect to accruals for the management fee, performance fee, shareholder servicing
fees or distributions payable on the Fee-Bearing Shares. “Fee-Bearing Shares” include Class S Common
Shares, Class T Common Shares, Class D Common Shares, Class I Common Shares, Class F-S Common
Shares, Class F-D Common Shares and Class F-I Common Shares. The management fee may be paid, at
the Firm’s election, in cash or cash equivalent aggregate NAV amounts of Class E Common Shares, or any
combination thereof. If the Firm elects to receive any portion of its management fee in Class E Common
Shares, the Firm or any subsequent transferee thereof may elect to have the REIT repurchase such Class E
Common Shares from the Firm or such transferee at a later date at a repurchase price per Class E Common
Share equal to the then applicable NAV per Class E Common Share. Class E Common Shares obtained by
the Firm will not be subject to the REIT’s share repurchase plan, including the repurchase limits or any
early repurchase deduction.

Carried Interest:

The Firm or managing member, or if applicable, general partner, of each Fund (referenced herein as
“Managing Member”) is typically entitled to receive an incentive distribution or ‘carried interest’ in an
amount equal to a specified percentage for each Fund. In some cases, once a Fund’s investors receive, or
an Advisory Client receives, a specified return, the Managing Member is entitled to the remainder of any
returns above threshold amount. The specific percentage and amount of the incentive distribution or ‘carried
interest’ will vary depending on the terms arranged for each Fund. Generally, Fund investors will receive a
stated “preferred return” (based on cumulative distributions) per annum as described in each Fund’s
offering documents. In some cases, the Managing Member of a Fund is entitled to a “catch-up” carried
interest distribution over such preferred return until the Managing Member has received an amount equal
to its specified carried interest percentage of the aggregate of the preferred return distributions to the Fund
investor and the carried interest catch-up distributions to the Managing Member, after which distributions
shall be distributed to the Managing Member in the specified carried interest percentage with the balance
distributed to Fund investors in accordance with the Fund’s governing documents. In some cases, the
Managing Member, in its sole discretion, will cause the Fund to waive, reduce or modify the carried interest

applicable to any investor, including the share of carried interest allocated to certain investors in any Fund
(but without any concurrent increase in any other Fund investor’s share of such carried interest). Carried
interest will ordinarily be calculated on a monthly basis and allocated quarterly, with reconciliation after
year-end. The carried interest will generally be determined separately with respect to each calendar year
and, among other things, will not be reversible even if a Fund or a Fund investor suffers a net loss in a
subsequent calendar year. As certain other provisions may apply, prospective investors are urged to review
the relevant Fund offering documents for specific information related to fees and, particularly, carried
interest.
The Firm also provides advisory services to Funds or other investment vehicles or accounts for the selection
of specific loan investments or participations. Compensation due to the Firm with respect to any such
account will be calculated in accordance with the terms of the applicable investment advisory agreement
and will be negotiated in conjunction with the drafting of such agreement. In addition, the Firm has the
ability to, under the execution of its investment discretion and authority for those Funds or other investment
vehicles or accounts, direct the investment into a Fund structure under which an affiliate, acting as the
Managing Member of that Fund or other investment vehicle or account, collect carried interest on such
investments.

The Firm charges the REIT a performance fee with respect to Fee-Bearing Shares, payable quarterly in
arrears, between 7.5% and 8.125% of Core Earnings for the immediately preceding four calendar quarters
(or such shorter period until the Trust has operated for four full calendar quarters) (the “4-Quarter
Performance Measurement Period”), subject to (i) a hurdle rate, expressed as an annual rate of return on
adjusted capital, equal to 5.0% and (ii) a 100% catch-up provision, minus (iii) the sum of any performance
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ITEM 7: TYPES OF CLIENTS

MONTICELLOAM provides discretionary investment management services to pooled investment vehicles
and the REIT in which interests are offered to other private funds, high-net worth individuals and
institutions, as described in Item 4.B.

The Firm requires that each investor in the REIT be an “accredited investor” as defined in Regulation D
under the Securities Act or meet the requirements to invest pursuant to Regulation S or any other applicable
exemption under the Securities Act.