Revere Capital Management LP

Item 5 – Fees and Compensation

Methods of Compensation and Payment of Fees

Investors in the Funds are subject to the types of fees and expenses described below. The
Firm has the authority to waive or negotiate lower fees and expense for certain Clients
and/or employees and their family members. Generally, such negotiations are memorialized
through side letters between the Fund and the Fund investors. The following is a general
description of fees, compensation, and expenses payable by the Funds.

Management Fees

In exchange for its investment advisory services, the Firm or its affiliates are entitled to a
management fee from each Fund (the “Management Fee”). Management Fees owed for
each Fund are set out in each Fund’s Governing Documents, but generally range from 1-
2% of the investor’s capital account, total asset value, or invested amount. The Fees are
calculated monthly in arrears at the end of each month.

Performance Allocation

The Firm is eligible to receive performance-based compensation on an ongoing basis (the
“Performance Allocation”). Generally, each Fund’s net profits are allocated to the
respective general partner at a rate of 20-25% per annum but only if (i) a Fund’s net
profit exceeds a specified hurdle rate of return (as set out in the respective Fund’s
Governing Documents) and (ii) any prior losses have been recovered. The net profit of a
Fund and the hurdle rate are calculated net of the Management Fee, but before the
Performance Allocation, and once the hurdle rate is achieved, the Performance Allocation
is taken only to the extent that the Fund preserves such specified hurdle rate net return
(net of the Performance Allocation). All fees to Revere are netted against any returns to
the investors in the Funds. Performance Allocations may be negotiated from time to time
with the Firm.

Expenses

In addition to the Management Fee and Performance Allocation, Revere passes along all
operational costs and expenses related to the Funds and each Fund’s investment program
to the applicable Funds, including all costs, fees and expenses directly related to
identifying, evaluating, structuring, negotiating, operating and closing of any investments
or prospective investments (whether or not consummated). The Funds may also incur
deal fees for originators, underwriters, brokers and other third-party intermediaries.
Please refer to the respective Funds’ PPM for more detailed information regarding
operational and investment expenses and deal fees. The Funds are also potentially subject
to servicer fees for the negotiation, servicing and workouts of certain non-performing
loans or other Fund investments. Please refer to Item 12, Brokerage Practices, for more
information.

A portion of a Fund’s operating expenses may be shared with other Funds, investment
entities or accounts managed by the Funds’ general partners or the Firm or any of their
affiliates on an equitable basis.

Side Letters

The general partners of each investment portfolio may, in its sole discretion, enter into a
side letter or similar agreement to or with one or more Limited Partners that has the effect
of establishing rights under, or altering or supplementing the terms of, the Limited
Partnership Agreements or of the Subscription Documents (including those relating to the
Management Fee, the Performance Allocation, transparency and withdrawals) with
respect to such limited partner. The general partner of each investment portfolio generally
grants waivers of the Management Fee and the Performance Allocations to the principal
and employees of Revere and its affiliates, as well as their related family members and
affiliates.

Termination of Services

The ability of investors to withdraw from a Fund are usually limited by the terms of the
applicable governing documents and, consequently, the ability of such investors to
terminate the obligation to pay applicable fees will be limited. For a more complete
discussion of the Firm’s compensation and Fund expenses, potential investors should
refer to the applicable Fund governing documents.

Fees Related to Mortgage Loan Sourcing Services

Origination Fee

Revere charges an origination fee on loans closed that were sourced to its client and also
collects a relationship management fee and an exit fee upon full realization of the loans
sourced.

Relationship Management Fee

The client will pay Revere a relationship management fee on a quarterly basis with
respect to each loan sourced by Revere and closed by the client.

Exit Fee

On the occurrence of full relatization of identified mortgage loans sourced by Revere and
closed by the client, the client will pay Revere a portion of any exit fee received.

Item 7 – Types of Clients

Revere provides investment advisory services to private pooled investment vehicles.
Investors are generally expected to be institutional investors, family offices, high net-
worth individuals and other eligible investors that are “accredited investors,” “qualified
clients,” and/or “qualified purchasers,” or "non-U.S. persons,” within the meaning of the
Securities Act, the Advisers Act and the Investment Company Act.

A Fund’s Governing Documents may require a minimum commitment amount for
investors in the Funds. However, the Firm has in the past and may in the future, in its sole
discretion, permit investments below the specified minimum commitment amount.

Revere provides loan sourcing services whereby it identifies potential mortgage loans for
a single client based on selected investment criteria. The client has full discretion and
performs additioinal due diligence before deciding to fund a sourced loan.