Quadrant Real Estate Advisors LLC

Fees and Compensation

ADVISORY FEES:

Quadrant's advisory client accounts are negotiated on an individual basis, and fees vary based on the parameters of
investment guidelines and strategy of the particular account.

Quadrant’s typical fee structure is a % of average annual assets under management.

All fees are subject to negotiation with the client.

   Quadrant Real Estate Advisors LLC                                                           IARD/CRD No: 138077
   Form ADV Part 2A                                                                           SEC File No.: 801-64925
   Brochure                                                                                                  3/31/2026

                      Performance-Based Fees and Side-By-Side Management

Quadrant does not currently manage any advisory accounts with performance-based fees.

Types of Clients

Quadrant currently provides advisory services to Government Pension and Sovereign Wealth Funds and may provide
services to other client types in the future.

                  Methods of Analysis, Investment Strategies and Risk of Loss

The underlying real estate property of real estate debt investments is directly impacted by the global economy in general
and the credit markets in particular. These conditions can result in certain tenants experiencing financial difficulties and
may adversely affect the operating results of real estate property collateralizing real estate debt investments. As a result,
this may affect the ability of some borrowers to remain current on principal and interest and/or their ability to refinance
properties at maturity.

To evaluate an investment at origination and ongoing through the life of such investments, Quadrant evaluates the national
economic outlook relative to the underlying real estate property. Economic growth trends, employment trends, real estate
supply/demand, movements in interest rates and other factors are evaluated to determine which real estate related
investments are appropriate relative to the client's objectives. Macroeconomic trends are augmented with research material
and information received from various unaffiliated real estate third parties. (See “Brokerage Practices” section of this
Brochure for more details regarding receipt of research products from third parties).
Market and sub-market data is analyzed including, among other things, rent and tenant allowance trends, sale comparables,
capitalization rates, new construction activity, vacancy and absorption trends, and tenant and industry concentrations.

Individual real estate debt investment opportunities are evaluated taking into account the above information as well as an
assessment of the property's overall competitive stature in the market and sub-market, projected leases, projected cost of
operation, third-party reports including environmental and structural analysis, pre- and post-acquisition appraisals,
sponsorship, and site inspections.

The real estate capital markets are also analyzed and monitored to determine financing strategies as well as to continually
assess the viability of various investment exit strategies.

Risks include varying degrees of credit risk, interest rate risk, prepayment risk, market conditions, and other factors
beyond the control of Quadrant.

   Quadrant Real Estate Advisors LLC                                                    IARD/CRD No: 138077
   Form ADV Part 2A                                                                    SEC File No.: 801-64925
   Brochure                                                                                           3/31/2026