Resmark Equity Partners LLC

FEES AND COMPENSATION
With respect to the existing funds under management, and in consideration for real estate
advisory services encompassing acquisition, management, development and disposition
of residential real estate and real estate-related assets, Resmark receives asset
management fees based upon several platforms: equity outstanding, committed investor
capital, the costs to acquire and develop the project, or gross revenues from the project,
in addition to performance-based/incentive fees determined by the investment returns
realized from the underlying real estate investments.

We do not have a standard fee schedule. All fees are negotiated separately with clients
and depend upon the services to be provided to the client. When we act as a sponsor of
or adviser to an investment-related partnership, our fees are contained in the pertinent
partnership or limited liability company documents.

Generally, we deduct fees from clients’ assets, although in negotiating our fees with
clients, clients may select whether to allow us to deduct fees from their assets or to be
billed for fees incurred. Up to one-half of the fixed fee may be paid upon entering into a
particular investment with the balance payable monthly or quarterly over the projected life
of the investment. Incentive fees are payable in arrears in accordance with schedules
negotiated with clients or pursuant to the terms of the investment management
agreement, limited liability company agreement or partnership agreement for the
particular client.

All fees that a client will pay to us will be described in an investment management
agreement, limited liability company agreement or partnership agreement that we have
negotiated with the client.

The Governing Documents set forth the full list of terms under which management fees
will be reduced, offset or otherwise be limited, and consequently investors should expect
to bear the full specified management fee rate in the Governing Documents until they are
reduced in the circumstances and on the date(s) specified therein.

However, a client (or the particular fund/entity in which the client has made an investment)
may pay other types of fees or expenses to third parties in connection with our investment
management services. These fees and expenses, which we reserve the right to deduct
from the client’s account, include the following:

             Fees paid to consultants in connection with due diligence investigation of a
              particular investment including environmental, soils and geotechnical,
              engineering, market, and cost consultants.
             Real estate brokerage fees and commissions.

Resmark Equity Partners, LLC Firm Brochure                                   March 30, 2026

             Loan fees and commissions.
             Bank and custodial fees.
             Escrow fees.
             Legal fees.
             Property management fees.

A client or the particular fund/entity in which the client has made an investment, may incur
brokerage fees or commissions when real estate related investments are sold or
otherwise disposed of from their accounts, or loan fees or commissions when financing
is obtained that is secured by the fund’s or client’s real estate related investments. For a
further discussion of these practices, please refer to “Brokerage Practices” below.

Some fees are paid in advance, and some fees are paid in arrears.

None of our personnel or any other supervised person accepts or receives direct
compensation for the sale of securities or other investment products.

In addition to the Management Fee and carried interest payable to Resmark, each Fund
bears certain expenses. As set forth more fully in the Governing Documents, a Fund bears
all fees, costs, expenses, liabilities and obligations relating to the Fund’s (and its
subsidiaries’ and intermediate entities’) activities, investments and business to the extent
not reimbursed by a portfolio investment or applied to reduce Management Fees,
including:

      (i)       activities with respect to the developing (including costs and expenses of
                tenant and capital improvement) structuring, organizing, negotiating,
                consummating, financing, refinancing, acquiring, bidding on, owning,
                managing, monitoring, operating, holding, hedging, restructuring, leasing,
                servicing, taking public or private, selling, valuing, winding up, liquidating,
                or otherwise disposing of, as applicable, subsidiaries and the Funds’
                actual and potential investments (including follow-on investments) and in
                connection with any REIT subsidiary (including fees, costs and expenses
                attributable to qualifying any REIT subsidiary as a REIT and maintaining
                such qualification), or in seeking to do any of the foregoing (including any
                associated legal, financing, commitment, transaction or other fees and
                expenses payable to attorneys, accountants, investment bankers,
                lenders, third-party diligence software and service providers, consultants
                and similar professionals in connection therewith and any fees, expenses
                and/or compensation related to transactions that were or may have been
                offered to co-investors or pursued with joint venture partners), whether or
                not any contemplated transaction or project is consummated and whether
                or not such activities are successful;

      (ii)      indebtedness of, or guarantees made by, any Fund, General Partner,
                Resmark or any of their affiliates on behalf of a Fund (including any credit
                facility, letter of credit or similar credit support), including interest with

Resmark Equity Partners, LLC Firm Brochure                                 March 30, 2026
...

TYPES OF CLIENTS
We generally provide investment advice to institutional clients only, including government
entities, pension and profit-sharing plans, corporations and other businesses not listed
above. We have sponsored and provided investment advice to investment-related
partnerships and limited liability companies whose investors include institutional
investors. Resmark does not currently have a minimum account size, but the smallest
current account is $6.8 million.

METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF
LOSS