Virtus Real Estate LLC

Item 5:      Fees and Compensation
A. Methods of Compensation and Fee Schedule
VRE receives management and performance fees as described in the applicable Offering Documents.
B. Client Expenses
The Funds are each responsible for their own fees and expenses, such as audit expense, tax accounting and preparation,
K-1 reporting, real estate brokerage, legal fees, and other fund operating expenses.
The CCO will periodically review the method by which the Firm allocates expenses among Funds (or if applicable, among
Investor classes of Funds) to ensure such allocation is consistent with each Fund’s governing documents and offering
documents. During such reviews, the CCO will also confirm whether any expense cap imposed on a Fund is adhered to. In
such reviews, the CCO may utilize expense-related documentation provided by the Fund’s administrator.
C. Additional Client Fees Charged
VRE does and may continue to receive additional fees in the normal course of business for services rendered to a Fund,
such as mortgage placement fees. Any such fees must be at market rates or lower and must be consistent with the Fund’s
governing and offering documents. In the case of a third-party loan made, VRE or an affiliate has received, and may receive
in the future, an arrangement fee paid by the borrower for any loan made by VRE or any related entities. As may be
described in a given Fund’s Offering Documents, a Fund may engage an affiliate of VRE to provide development services
to the Fund for compensation.

Item 7:      Types of Clients
Our only clients are the Funds.

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