Sandlot Partners LLC

ITEM 5: FEES AND COMPENSATION
Sandlot Partners is compensated for its investment advisory services through a combination of
management fees, performance-based compensation, and other fees. These fees are designed to align the
firm’s interests with those of its investors while covering the costs associated with managing and
overseeing the Funds. Compensation arrangements vary by Fund, as outlined in each Fund’s Governing
Documents.
Management and Other Fees
Each Fund pays a management fee to compensate the firm for providing investment and administrative
services to the Fund. the management fee is typically calculated as an annual percentage of the Fund’s
committed capital, net asset value, or invested capital. While the specific rate varies by Fund, it generally
falls within the range of 1-2% per annum. The management fee is payable on a periodic basis, which
may be annually, quarterly, or semi-annually, in advance. The management fee is typically paid from the
Fund’s assets, and any unpaid management fees are generally paid from the Fund’s assets before
distributions are made to investors. Certain Funds required that the Funds pre-pay up to five years of
management fees at the time of the initial capital commitment, although Sandlot Partners has
discontinued this model for new Funds. Certain pre-paid management fees may be subject to a refund if
the Fund is dissolved or the advisory relationship is terminated before the end of the pre-paid period.
The management fees and other fees and performance-based compensation are generally subject to
modification or waiver by Sandlot Partners in its sole discretion. Sandlot Partners may also enter into
Side Letters with certain investors to modify or waive fees or compensation on an investor-by-investor
basis. Certain investors in the Funds that are employees, investors, or affiliates of Sandlot Partners may
receive reduced or waived fees or compensation and frequently pay no advisory fees or performance-
based compensation.
Management fees may be offset by other fees or they may not be offset. Where management fees are not
offset, a full discussion of the fees charged is included in the Governing Documents. Since Sandlot
Partners generally understands the investment terms prior to the formation of a Fund, the fees are
determined in advance and investors have an opportunity to review the fees before making an investment
in the applicable Fund.
Sandlot Partners may charge fees to portfolio companies or other investments held by the Funds, which
may include a broad category of fees, such as monitoring fees, company advisory fees, break-up fees,
director’s fees, consulting fees, property management fees, guarantee fees, acquisition fees, disposition
fees, leasing fees, or other fees. These fees are generally charged to the portfolio company or investment
and are not paid directly by the Fund. All such fees are included in the Fund’s Governing Documents
and are subject to the terms and conditions of the applicable Fund.
As discussed in Item 11: Code of Ethics, from time to time, Sandlot Partners may “warehouse” certain
transactions for the benefit of a Fund and may charge fees to the Fund or to certain Investors in a fund
for such warehousing services. The fees charged for warehousing services are generally included
in the Governing Documents of the applicable Fund and are typically calculated as an interest rate on the
amount of the warehoused transaction.

ITEM 7: TYPES OF CLIENTS
Sandlot Partners provides investment management services to the Funds. Sandlot Partners does not provide
investment advice to Investors in the Funds, on an individual or personalized basis. Investors are expected
to be institutions, family offices, high net-worth individuals and other eligible investors.
The minimum capital commitment for an investor subscribing in a Fund ranges from $10,000-
$250,000 (or more), although capital commitments of lesser amounts may be accepted by the applicable
Manager in its sole discretion.
Each Investor is required to meet the suitability requirements of a Fund before investing in such Fund.
Suitability requires, among other things, (a) that the Investor be an “accredited investor,” as such term is
defined in Rule 501(a) of Regulation D under the Securities Act, and (b) that the Investor be a “qualified
client,” as such term is defined in Rule 205-3 of the Advisers Act.