Thorofare LLC

Item 5. Fees and Compensation

Management Fees and Administrative Interests:

As compensation for its advisory services provided to the Fund, Thorofare receives management fees, payable
quarterly in advance, and administrative interest, payable annually, as set forth in the respective Offering Documents
(“Management Fees or Administrative Interest”) of each Fund. These fees are not negotiable, although Thorofare
retains the discretion to waive fees for one or more investors, in whole or in part, and has granted such waivers in
the form of a side letter.

Additional Compensation:

An affiliate of Thorofare is engaged by the Thorofare Funds in connection with the Funds’ loan origination and
underwriting processes and, as compensation, is entitled to receive a certain percentage of origination fees and
expenses. For example, for Fund V, an affiliate retains one hundred percent (100%) of Deferred Origination Charges,
Loan Modification Charges and Origination Charges. And the General Partner receives Fifty percent (50%) of (i)
Deferred Origination Fees, (ii) Loan Modification Fees and (iii) Origination Fees (collectively “Affiliate Fees”). The
exact percentages on investment cash flow retained by an affiliate or paid to the Thorofare Fund are set forth in
each respective Fund’s Offering Documents. The remaining fifty percent (50%) are retained by the Fund.

Thorofare and its affiliates are entitled to receive and retain all Borrower Fees, Borrower Reimbursements,
Disposition Commissions, Property Management Fees, Mortgage Commissions and fees for Fund Services (this
includes any “fee spread” between loan servicing fees received from borrower and loan servicing fees paid to a
third-party loan servicer); provided that, for the avoidance of doubt, any cost or expense reimbursed to Thorofare
or any of its affiliates as a Borrower Reimbursement may not be charged to the Fund as a Fund Expense. The
Funds’ do not retain Investment Related Fees for the portion of loans not allocated to the Fund. After allocating
investments to the Funds, there may be instances where there is additional capacity for a subordinate debt position.
In these instances, Thorofare may syndicate the additional capacity to co-investments and may earn a syndication
fee on that portion of the loan. These syndication fees are compensation earned by Thorofare, that are not allocated
to the Funds.

Affiliates of Thorofare may originate loans that are ineligible for the Thorofare Funds and may refer these deals
to third parties for investment. These are non-advisory transactions where Thorofare may earn an origination
fee for originating the deal, certain asset management fees and exit fees. Additionally, occasionally, an affiliate
of Thorofare may originate or participate in real estate equity transactions (including common equity and
preferred equity) for itself or a third party that are ineligible and outside the investment universe of the Thorofare
Funds. Thorofare and its affiliates may receive profit from its origination or participation in the deals and may be
entitled to additional fees in connection therewith, including origination fees, asset management fees and exit
fees.

Thorofare Lending Fund V Management, LLC and Thorofare Asset Based Lending Fund V, L.P. have entered into a
side letter agreement with a third-party registered investment adviser. Pursuant to the agreement and as set forth

in the Fund subscription agreements provided to the third-party registered investment adviser’s advisory clients, the
advisory clients pay an additional incremental fee of 0.25% per annum (“Advisory Program Fee”) which is calculated
on the same basis as Thorofare’s Management Fees. For avoidance of doubt, Thorofare collects the Advisory
Program Fee from the third-party registered investment adviser’s clients and remits the Advisory Program Fee to
the third-party registered investment adviser. Thorofare does not retain any portion of the Advisory Program Fee.
As a result of the Advisory Program Fee, the third-party registered investment adviser’s advisory clients’ net Fund
returns will be lower than other investors who do not incur an additional Advisory Program Fee.

Fund Expenses:

In addition to the management fee, investors in the Funds bear their share of allocable expenses associated with
the operations of the Funds as set forth in the Offering Documents. These include, among others, all organization
expenses incurred by Thorofare and its affiliates in connection with the formation and organization of the Funds (up
to the limits as specified in the applicable Funds’ Offering Documents.      Other expenses may include, without
limitation: the cost and expenses of sourcing (including, subscriptions to industry publications, business
development, travel, conference attendance, and reasonable gifts/entertainment expenses relating to research and
sourcing investment opportunities), evaluating, originating, negotiating, consummating, servicing, managing and
disposing of investments; the organization and ongoing expenses related to any investment structuring vehicles (e.g.
special purpose vehicles such as REITSs); legal, accounting and other service provider fees (including, without
limitation, legal fees payable to the General Counsel of Thorofare or any Affiliate for services that would otherwise
be performed by outside counsel to the Fund); interest on indebtedness; insurance premiums (including E&O and
or D&O for Thorofare, the General Partner including the members, officers and employees of such and LP Advisory
Board and third party insurance services); foreclosure, litigation and indemnification expenses; out-of-pocket
expenses of the LP Advisory Board (including travel to meetings); taxes and governmental fees and the costs of
reporting to the limited partners. To the extent such fees are incurred jointly by the Funds, such may be allocated in
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Item 7. Types of Clients

Thorofare provides discretionary investment advisory services to each Thorofare Fund which are operating as limited
partnerships exempt from registration as an investment company pursuant to Section 3(c)(5) of the Investment
Company Act. Thorofare Fund investors are accredited investors, qualified clients, and/or qualified purchasers. Some
of Thorofare’s employees have investments in Thorofare Funds.