Wellings Capital Management LLC

ITEM 5 – Fees and Compensation

    A. Management Fee

The specific manner in which fees are charged by Wellings to an investment vehicle is disclosed in each operating
agreement or limited partnership agreement. By way of example, an investor in Wellings Income Fund I, LLC,
will pay the Fund’s manager an annual “Management Fee” of 1.0% of deployed equity, as described in detail in
the Fund’s confidential private placement offering memorandum.

    B. Performance Fee – Wellings’ Profits Share (“Carried Interest”)

Each investment vehicle is subject to the terms and conditions of its operating agreement or limited partnership
agreement regarding these fees and the discussion in this Item 5 is only meant to be illustrative. By way of
example, we will again refer to Wellings Income Fund I, LLC. Investors receive prioritized cash flow
distributions with a nine percent (9%) cumulative preferred return. Cash flow above preferred return will be
distributed eighty percent (80%) to investors and twenty percent (20%) to Wellings. These distributions made to
Wellings are generally referred to as the “Carried Interest”.

    C. Other Fees and Expenses – Capital Placement Fee

Each investment vehicle is subject to the terms and conditions of its operating agreement or limited partnership
agreement regarding these fees, and this discussion in this Item 5 is only meant to be illustrative. Using the same
example of Wellings Income Fund I, LLC, investors paid a capital placement fee of 1%.

    D. Wellings Real Estate Income Fund Fees

The WREIF operated as a business development company (“BDC”) until July 25, 2025. At that time, it converted
to a private fund relying on the Investment Company Act’s 3(c)5(C) exemption available to funds primarily
invested in real estate. The fees associated with the WREIF are as follows:

    a. An asset management fee of 1.25% based on capital deployed; and
    b. The portion of the incentive fee based on income is determined and paid quarterly in arrears and equals
       20% of the pre-incentive fee net investment income in excess of a 2.5% quarterly (or 10% annually)
       “hurdle rate.” There are no catch-up provisions applicable to income-based incentive fees under the
       Advisory Agreement; and
    c. The portion of the incentive fee based on capital-gains is payable at the end of each calendar year in
       arrears, equals 20% of cumulative realized capital gains to the end of each calendar year, less cumulative
       net realized capital losses and unrealized capital depreciation.

    E. Sidecar Fees

For each of the Sidecars the fees for investors are as follows:

    a. An annual asset management fee ranging from 1.00%-1.50% based on capital committed which is paid
       monthly;
    b. A targeted preferred return range for each of the Sidecars of 7-10%, which, if achieved, permits
       additional income to be paid in a waterfall arrangement that provides 75% of any additional income to
       be paid to limited partners while 25% is paid to Wellings; and
    c. An administrative fee of 1.25% of capital committed is paid by each of the investors at the time they
       make their investment in MWG or Nord while the administrative fee for Icarus, Altus, and Six Rock is
       1.5%.

ITEM 7 – Types of Clients

The Adviser provides investment advisory and administrative services to fourteen private real estate investment
vehicles. As discussed in Item 4, the Adviser may, subject to any limitations described in the Advisory
Agreements, advise other registered investment companies, private investment funds, institutional investors or
other persons or entities in the future.