Roosevelt Management Company LLC

Fees and Compensation

For its investment advisory services, Roosevelt may receive one or more of the following types of
fees: (i) a fee based on the value of assets under management, a fee based on the amount of
committed capital under management, or a fee based on invested capital in assets under
management, and (ii) performance-based fees.

Fees based on the value of assets under management are generally payable quarterly in arrears and
fees based on the amount of committed or invested capital under management are generally
payable monthly in advance, in each case set forth in the applicable Client’s Governing
Documents. The amount of any investment advisory fees (other than any asset acquisition fees)
may be prorated for periods of less than the full applicable billing cycle.

Roosevelt will also be entitled to certain performance-based fees in the form of carried interest as
set forth in the applicable Client’s Governing Documents. Such carried interest payments will be
based on net realized profits and subject to a related return hurdle.

Fees are negotiable and the type and amount of fees may vary based on the Client and the type and
acquisition date of Real Estate Related Assets in which the Client invests and the nature of the
services provided. Management and incentive or performance fees are agreed to with the Client
at the outset of the advisory relationship or at the initiation of any new investment strategy or
Vehicle and as set forth in the Client’s Governing Documents. Generally, Roosevelt is paid its
fees directly from the related Client’s investment Vehicle or account.

In the event of the termination of its advisory arrangement with Roosevelt, the Client may obtain
a refund of any prepaid fees as set forth in its Governing Documents. Further, in the event of such
termination, Roosevelt or its affiliates or related persons may remain entitled to payment of
performance-based compensation with respect to managed Real Estate Related Assets acquired by
the Client prior to the date of termination as specified in the applicable Client’s Governing
Documents.

Clients also bear, directly or indirectly, other fees and expenses related to the establishment,
administration and dissolution of the Client and Client Vehicles and the acquisition, management,
servicing, disposition and valuation of the Real Estate Related Assets, in each case as set forth in
the Client’s Governing Documents. These fees and expenses typically include, but are not limited
to, (a) Client and Vehicle operating expenses, including transaction-related expenses (i.e.,
brokerage fees, referral agent fees and due diligence expenses), custodial fees, bank service fees,
legal fees, Vehicle and investment fund administrator fees, and trustee fees, (b) costs and expenses
(including due diligence expenses and legal fees) related to potential investments in or sales of
Real Estate Related Assets (whether or not consummated); (c) Client and Vehicle legal,
accounting, insurance and other administrative expenses, including the costs and expenses of any
audit, investigation or governmental inquiry and the costs and expenses of any indemnification or
litigation relating to the activities or operations of the Client and Vehicles and the amount of any
judgments or settlements paid in connection therewith; (d) Client and Vehicle entity-level taxes
(including any tax liabilities relating to the ownership of Real Estate Related Assets); (e) servicer
fees for servicing the Real Estate Related Assets (including direct and indirect (i) servicer fees to
Roosevelt’s Service Affiliates, such as Rocket Mortgage, and (ii) REO management and
disposition fees to Roosevelt’s Service Affiliates, the Xome Entities), and (f) reimbursement of
certain servicer and Roosevelt costs and advances (including costs and advances to Roosevelt’s
Service Affiliates). If a Client leverages and/or hedges its investments, it bears all financing and/or
hedging related costs and expenses related to its investment. For information regarding brokerage
practices, please see “Item 12 – Brokerage Practices” below.

If any of the above expenses or other expenses are incurred jointly for the benefit of more than one of
Roosevelt’s Clients, such expenses will be allocated among the Clients pro rata based on capital
commitments, invested capital, available capital or in such other manner as Roosevelt considers
fair and reasonable and, if applicable, in accordance with the Governing Documents. To the extent
that expenses to be borne by the Clients are paid by Roosevelt or an affiliate thereof (in excess of
its ratable share), the Clients will reimburse Roosevelt or such affiliate for such expenses.

As described in Item 4 above, Roosevelt utilizes, directly or indirectly, the services of various
Service Affiliates to assist in the execution and delivery of ongoing asset management services.
Fees charged by these Service Affiliates are at rates that Roosevelt believes to be at competitive
market levels. Additional disclosure of these services and the potential conflicts of interest can be
found in “Item 10 – Other Financial Industry Activities and Company Affiliations” below.

         Performance-Based Fees and Side-by-Side Management

As described in “Item 5 – Fees and Compensation” above, Roosevelt or its affiliates or related
persons may receive performance- or incentive-based compensation entitling them to a percentage
of net realized profits made by certain Clients in excess of a specified preferred return. The fact
that a portion of Roosevelt’s compensation (and its investment professionals by way of profits
interests and performance-based bonus compensation paid to Roosevelt’s personnel) is directly
tied to performance-based fees payable by Clients may create an incentive for Roosevelt and
Roosevelt’s personnel to recommend investments that are riskier or more speculative or to take
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Types of Clients

Roosevelt provides investment management and advisory services to investment entities, typically
pooled investment vehicles or funds investing primarily in Real Estate Related Assets that are
offered on a private placement basis to large, sophisticated, institutional investment managers and
their managed investment funds or other sophisticated financial institution. Investors in the Client
must be “accredited investors” as determined under Regulation D under the Securities Act of 1933,
as amended, “qualified clients” as defined for purposes of Rule 205-3 under the Advisers Act, and
“qualified purchasers” or “knowledgeable employees” as defined and interpreted for purposes of
Section 3(c)(7) of the Investment Company Act. (see “Item 4 – Advisory Business” for a
description of Roosevelt’s Clients).

Unless otherwise set forth in the applicable Client’s Governing Documents, there is no minimum
capital commitments for investing.

          Methods of Analysis, Investment Strategies and Risk of Loss

General

Roosevelt seeks investments, directly or indirectly, in Real Estate Related Assets, primarily
consisting of MSR Interests, utilizing its experience in the U.S. residential mortgage market,
leveraging Roosevelt’s relationships with mortgage industry participants, including its affiliates
such as Cypress and Rocket Mortgage, and its substantial analytical, asset valuation, risk
management and asset management capabilities to identify, acquire, structure and manage Real
Estate Related Asset investments on behalf of Clients. Roosevelt typically identifies Real Estate
Related Assets available for sale from select relationships with banks, governmental and quasi-
governmental agencies and other financial institutions, including its affiliated mortgage loan
servicers, Cypress and Rocket Mortgage, and other affiliated entities, as well as in certain
circumstances referral agents, and analyzes and values such Real Estate Related Assets using
various quantitative econometric variables and qualitative data internally generated and obtained
from Roosevelt’s operating affiliates and unaffiliated third parties.

Roosevelt performs several functions related to the acquisition of these targeted asset classes,
including analyzing and valuing such Real Estate Related Assets using various quantitative
econometric variables and qualitative data internally generated and obtained from Roosevelt’s
operating affiliates and unaffiliated third parties, performing and coordinating asset level due
diligence, both in conjunction with and/or subsequent to identifying potential investment
opportunities, structuring (in consultation, as necessary, with its outside advisors, including
regulatory and tax counsel) the investment and the Vehicles that will hold the assets, and drafting
and negotiating the related transaction documentation.

Roosevelt seeks to enhance the value of its Clients’ investments in Real Estate Related Assets
through optimal acquisition pricing and successful execution of asset level oversight and
mitigation strategies. By applying the operational expertise of the management team on an asset-
by-asset basis, and overseeing servicing execution, Roosevelt believes it is better able to achieve
Clients’ objectives.

Roosevelt uses various affiliates, third party and/or internally developed models and applications
to support its business activities. These include models and applications that analyze optimal
acquisition pricing of Real Estate Related Assets, analyze and monitor performance of and value
of Real Estate Related Assets, models and applications that analyze and maintain information
related to assets and asset resolution strategies, and applications that communicate information and
decisions to servicers.

In accordance with applicable Governing Documents, Roosevelt may obtain financing of Client
investments on an asset level or Client or Vehicle basis, and may also implement hedging strategies
on an asset level or Client or Vehicle level basis. In such cases, Roosevelt and/or its Service
Affiliates will provide administrative services in connection with any financing and/or hedging
arrangements.

Conflicts related to Investment Strategies

Various potential and actual conflicts of interest will arise from Roosevelt’s overall investment
advisory business, including as a result of the relationships among Roosevelt, Rocket Companies,
Rocket Mortgage, Cypress, the other Service Affiliates and other affiliated entities providing
services to Clients.

Roosevelt has adopted policies and procedures designed to identify and address applicable
conflicts of interest. Conflicts of interest that involve Roosevelt, and/or Roosevelt affiliates on
one hand, and its Clients on the other hand, will be resolved in accordance with Roosevelt’s
policies and the applicable Governing Documents. If any matter arises that Roosevelt determines
in its good faith judgment constitutes an actual conflict of interest, Roosevelt and its affiliates may
take such actions as they determine in good faith may be necessary or appropriate to address the
conflict. There can be no assurance that Roosevelt will identify or resolve all conflicts of interest
in a manner that is favorable to any particular Client.

Generally, Roosevelt does not sell securities to, or purchase securities from, any Client. However,
MSR Interests relating to MSRs owned by Roosevelt’s affiliate, Cypress, are offered to Clients
and Cypress may acquire the MSRs relating to such MSR Interests from unaffiliated third parties
or from Rocket Mortgage or another affiliate. If the MSRs relating to the MSR Interests sold by
Cypress to Roosevelt’s Clients are acquired by Cypress from Rocket Mortgage or another affiliate,
in addition to disclosing its affiliation with Rocket Mortgage or such other affiliate, Roosevelt will
obtain appropriate Client consents as required under applicable law and (to the extent applicable)
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