Ann: Net Tangible Asset Backing, page-9

This was in the prospectus (I copied and pasted from a post VOLF made several months ago regarding the fee structure). 

Additional Fees to the above:

Direct Property Assets that are Passive:
- Base Fee = 0.75% of Gross Asset Value (Including Debt)
- Performance Fee = 20% of performance over 8% hurdle

Direct Property Assets that are Active/Development phase:
- Project Management Fee = 5% of development costs
- Performance Fee = 30% of performance over an 8% hurdle and 50% performance over an 14% hurdle

All Direct Property Assets
- Purchase Fee = 0.75% of purchase price of the property
- Leasing Fees = not clear what they charge for this
- Debt Fee = 0.45% of debt raised ( would likely be incurred every 3 years with each new debt facility)