Unison Investment Management LLC

Item 5 – Fees and Compensation

Management Fees

As compensation for services rendered in the management of the Funds, Unison IM receives a
management fee and/or an asset management fee from the Funds. The precise amount and
calculation of these fees is detailed in the Governing Documents of the Funds. Different Funds are
subject to different management fee formulas. The percentage charged or the amount upon which
the percentage is charged may vary, including based on whether the management fee is being paid
during or after the investment period of a Fund. For example, the management fee is payable
quarterly in advance for Odin Residential Real Estate Fund LP and Unison Midgard Fund LP. The
management fee is payable quarterly in arrears for Odin New Horizon Real Estate Fund LP. Quarterly
payments of management fees are pro-rated for periods less than a full quarter and, in cases where
the management fees are paid in advance, the amount of such management fees for a period after
termination of the advisory relationship will be refunded. In addition to the management fee
described above, Unison IM also receives a REIT management fee and a disposition fee directly or
indirectly by certain Funds. The calculation methodology for these fees is outlined within the
Governing Documents for such Funds.

Please refer to the Governing Documents of each of the Funds for complete information on
management fee, asset management fee, REIT management fee, and disposition fee payments,
including timing considerations.

Management fees (and other fees described herein) are generally subject to modification, waiver or
reduction by Unison IM in its sole discretion, both voluntarily and on a negotiated basis with selected
investors via side letter or other arrangement, which may not be required to be disclosed to other
investors in the same Fund. To the extent Unison IM elects to waive management or other fees, such
election may not permanently waive Unison IM’s ability to receive such fees.

Other Fees

As more fully described in the Governing Documents for each Fund, if a Unison Agreement held by a
Fund is sold at a price that exceeds the Unison Agreement Purchase Price (including, without
limitation, in connection with a sale of a Unison Agreement to the issuer of a securitization or an
affiliate of such issuer), the Investment Manager may be entitled to receive a performance fee in

Form ADV Part 2A: Unison IM Brochure

connection with such sale (“Performance Fee”) equal to 2.5% of an amount equal to (1) the proceeds
received from the purchaser from such sale minus (2) the Unison Agreement Purchase Price of such
Unison Agreement.

“Unison Agreement Purchase Price” means, with respect to any Unison Agreement, the Intrinsic
Value of such Unison Agreement at the time of the initial investment of such Unison Agreement.

“Intrinsic Value” means, with respect to any Unison Agreement as of any date of determination, the
total amount that would be payable to the holder of such Unison Agreement by the owner of
the related Property pursuant to the terms of the contract of such Unison Agreement if it were to
be exercised as of such date of determination, based on the estimated fair value of the home
as of such date of determination.

If a Fund owns a subsidiary that is organized as a real estate investment trust (such subsidiary, a
“REIT”), the Investment Manager will generally be entitled to receive a quarterly management fee
from the REIT (the “REIT Management Fee”) equal to a percentage of the beginning net asset value
of the assets of REIT for such fiscal quarter.

If a Fund enters into a securitization, the Investment Manager may be entitled to receive fees
(including, without limitation, servicing fees, management fees and disposition fees) and expense
reimbursements from the issuer of such securitization in accordance with the transaction documents
of such securitization. The Fund will not be obligated to pay the Investment Manager for any such
fees and expense reimbursements that are payable by the issuer of a securitization.

Formation and Operating Expenses

As more fully described in the Governing Documents for each Fund, each Fund generally bears
associated formation and organizational expenses up to a specified maximum amount, which may
include, but are not limited to, expenses incurred in the formation and organization of the relevant
entities, the offering of interests in the Funds, and associated legal, travel, accounting and other
expenses. In addition, as more fully described in the Governing Documents for each Fund, each Fund
bears its own operating and other expenses, or is required to reimburse Unison IM, REX and/or
Unison for such expenses, including, without limitation, (1) reorganizational expenses, (2) all fees,
expenses and other amounts payable by the Fund and its subsidiaries under or in connection with
credit facilities in which the Fund or its subsidiary is a borrower or guarantor; (3) management fees
and performance fees payable by the Fund and its subsidiaries (including, without limitation, REIT
Management Fees); (4) fees and expenses related to valuation of the assets of the Fund and its
subsidiaries, (5) fees and expenses related to acquisition and maintenance of appraisal and/or
automated valuation models (“AVMs”); (6) fees and expenses related to the research, due diligence,
monitoring, acquisition, maintenance and holding of actual and prospective investments whether or
not consummated (including, without limitation, third-party investment sourcing fees, fees and
expenses related to acquisition and maintenance of research and market data, due diligence

Form ADV Part 2A: Unison IM Brochure

expenses, commissions and expenses, expenses relating to reorganizations, restructurings and
workouts, custodial fees and expenses; bank service fees, interest expenses and fees related to
financings or refinancings and fees and expenses of third-party professionals such as consultants,
...

Item 7 – Types of Clients

Unison IM currently provides investment advisory services to the Funds. Investment advice is
provided directly to the Funds and not individually to investors in the Funds. The investors
participating in the Funds are typically institutional investors, high net worth individuals and may
include university endowments, pension plans (government and corporate), foundations, sovereign
wealth funds, and other large institutional investors.

If applicable, the offering documents of each Fund set forth any minimum amounts for investment
by prospective investors. These minimum amounts (if any) in general may be waived by Unison IM.
The Funds are offered pursuant to applicable exemptions under the Securities Act and 1940 Act. Each
investor is an accredited investor as such term is defined in the Securities Act.