Sound Point Commercial Real Estate Finance LLC

Item 5.          Fees and Compensation

Management Fees and Performance-Based Compensation

SPCREF provides investment advisory services to Managed Accounts and Private Funds and receives fees
from the Managed Accounts and Private Funds it advises (which are together referred to herein as “Client
Accounts”) and in which it is invested.

SPCREF is generally paid an advisory/management fee, quarterly in arrears, based on a specified percentage
of the average aggregate value of the Client Accounts’ assets over such quarter, where the value of each asset
shall be the value determined in accordance with SPCREF’s valuation policies, or as otherwise agreed upon
with the relevant Client Accounts. SPCREF’s Client Accounts do not pay SPCREF incentive fees based on
achieving certain target returns.

In the event an “origination fee” is offered to Client Accounts in connection with the closing of any Investment,
SPCREF is paid a percentage of such origination fee.

For the Private Fund it advises, SPCREF is entitled to receive or retain for each investment, a percentage of
borrower or issuer paid fees in connection with repayment, in whole or in part, of an investment, including
any deferred commitment fees but excluding any prepayment fees received up to a maximum of 0.50% Exit
Fee with respect to such investment.

SPCREF is also entitled to retain other fees paid by borrowers in connection with an investment made by the
Private Fund it advises, including, but not limited to application, attorneys (including for services performed
by in-house counsel), consent, monitoring, syndication, modification, break-up, amendment, future funding
draw administration, reserve draw administration, collateral release, property consent, re-underwriting, SNDA
review, assignment and assumption, title transfer / beneficial interest, conditional collateral release, defeasance
analysis, and any other reasonable and customary fees paid to lenders in connection with any actual or
contemplated portfolio investment and none of the foregoing amounts will offset or otherwise reduce the
management fee.

SPCREF may, in its discretion, waive, reduce, or rebate any of its advisory fees. SPCREF may enter into side
letters or other agreements granting more favorable rights or terms to certain Private Fund investors and as a
result, different investors in the same Private Fund may be charged different fees.

The fees charged to Client Accounts in the future may be the same as or different from the fees described
herein.

Expenses

Generally, SPCREF bears its own costs and expenses related to its overhead, such as rent and utilities, or
personnel costs for individuals who perform services for SPCREF. However, Client Accounts generally pay
or reimburse SPCREF for certain account expenses under the terms of the relevant investment management
agreements and private placement memorandum. Where appropriate, SPCREF’s portion of certain operating
expenses, including costs associated with shared personnel of Sound Point, is shared equitably with its
Affiliates.

Expenses related to SPCREF investments are generally borne by the borrower.

SPCREF, or its applicable Affiliate, may, in its discretion, agree to limits on and/or to rebate a portion of
the expenses that a Client Account may bear.

As a result of Stone Point’s or Blue Owl’s dynamic roster of portfolio companies and partners, Sound Point
may find after the fact that a third-party service provider it utilizes is directly or indirectly affiliated with Stone
Point or Blue Owl. If a third-party service provider is already deeply imbedded in Sound Point’s infrastructure,
it is virtually impossible for Sound Point to change service providers. Regardless of a service provider’s
affiliation, expenses arising from such relationships are allocated to Client Accounts in accordance with
SPCREF’s expense allocation policy.

If a contemplated third-party service provider is affiliated with Stone Point or Blue Owl, SPCREF will conduct
the same due diligence on such service provider as it would to non-affiliated service providers.

For a further discussion of these and related items, see Item 12 (Brokerage Practices).

Item 7.          Types of Clients

SPCREF provides investment advisory services to Managed Accounts and Private Funds. Certain Client
Accounts are affiliated with SPCREF or AGIHLLC. At times, the same Client Account may have a subset of
its assets managed by SPCREF while another subset managed by the Affiliates. Also, beneficial owners of
certain Client Accounts may be persons or entities associated with SPCREF, Sound Point, or AGIHLLC.