Sage Residential Management LLC

Item 5: Fees and Compensation

Compensation and Fee Schedules

The fees applicable to each Fund are set forth in detail in each Fund's Governing Documents. A brief
summary is provided below.

Management Fee and Services Fee. As compensation for its investment management services, Sage (or the
applicable affiliated general partner or operating member) charges each Fund a management fee or services
fee (as designated in the applicable Governing Documents) (the “Management Fee”), the rate and
calculation basis of which vary by Fund. The Management Fee is generally payable quarterly in arrears.

Investors should consult the applicable Governing Documents for the precise Management Fee rate,
calculation methodology, fee basis, and payment timing applicable to each Fund.

Incentive Allocation. As described in more detail in Item 6, the general partner of each Fund is generally
entitled to receive an incentive allocation equal to 15% to 20% of net profits above a 9% preferred return
hurdle rate (on an IRR basis), with no general partner catch-up. Performance-based compensation is
contingent on the performance of the underlying investments, and there is no assurance that any Fund will
achieve sufficient returns to generate an incentive allocation.

Fee Waivers; Side Letters. Sage or the applicable general partner may waive, reduce, or otherwise modify
the Management Fee with respect to specific Fund assets or specific investors.

Sage may also waive or reduce the Management Fee and/or incentive allocation for members, partners,
officers, affiliates, or employees of Sage, or their family members or related vehicles. Fees may vary based
on the particular circumstances of the investor, the size and scope of the relationship, or as may otherwise
be agreed.

Deduction of Fees

Management fees are generally charged and deducted directly from the assets of the applicable Fund.

Other Fees and Expenses

In addition to the management fee payable to Sage and the incentive allocation to the applicable general
partner, each Fund (and, indirectly, the investors therein) will bear the expenses disclosed in its Governing
Documents. These include, without limitation: (i) organizational and formation costs of each Fund; (ii)
legal, tax, accounting, audit, fund administration, and compliance-related fees and expenses; (iii) fees and
expenses of third-party mortgage servicers, custodians, fund administrators, independent valuation agents,
and data and analytics providers; (iv) financing costs, interest on borrowings, and fees and expenses
associated with credit facilities, repurchase agreements, and other leverage arrangements; (v) transaction
costs and due diligence expenses associated with the evaluation, negotiation, acquisition, maintenance,
hedging, and disposition of investments (including broken-deal costs for investments not consummated);
(vi) taxes, governmental fees, and regulatory filing fees; (vii) insurance premiums, including directors and
officers, errors and omissions, and cyber liability coverage; (viii) litigation, arbitration, and mediation costs,
including any judgments, settlements, or related professional fees; (ix) tax audit costs and any resulting
refund obligations, penalties, or interest; (x) costs of compliance with applicable laws and regulations,
including data protection and privacy laws; (xi) expenses associated with investor reporting, capital markets
activities (including securitizations), and Fund-level communications; and (xii) extraordinary expenses and

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SAGE RESIDENTIAL MANAGEMENT LLC                             FORM ADV PART 2A — FIRM BROCHURE

wind-down expenses. Investors should review the Governing Documents of the applicable Fund for a
complete description of Fund-level expenses.

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SAGE RESIDENTIAL MANAGEMENT LLC                                       FORM ADV PART 2A — FIRM BROCHURE

Item 7: Types of Clients

Sage provides investment advisory services solely to the Funds. Investors in the Funds may include U.S.
and non-U.S. institutional investors, family offices, trusts, corporations, limited partnerships, limited
liability companies, registered investment companies, certain pension and profit-sharing plans, and high
net worth individuals. All investors must meet the eligibility requirements set forth in the Governing
Documents of the relevant Fund, and are generally required to be both “accredited investors” as defined
under Regulation D promulgated under the Securities Act and “qualified purchasers” as defined under
Section 2(a)(51) of the Investment Company Act.

Minimum Investment Requirements

The minimum investment amounts applicable to each Fund are set forth in the Governing Documents of
that Fund and may vary from Fund to Fund and from investor to investor. Generally, the minimum
commitment for investors is $250,000, although certain investment vehicles may require greater investment
amounts. Sage reserves the right to waive or modify minimum commitment requirements in its discretion,
including for investors who are affiliates of Sage.

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SAGE RESIDENTIAL MANAGEMENT LLC                                        FORM ADV PART 2A — FIRM BROCHURE