Aquarian Holdings Investment Management LLC

ITEM 5.          FEES AND COMPENSATION

Management Fees

The Adviser charges Clients a management fee as set forth in the Client’s Governing Documents, generally
payable quarterly in arrears and calculated on a monthly basis equal to a percentage of the capital
contributions or assets under management (subject to certain exclusions, including the exclusion of
investments that have been liquidated, distributed in-kind, or permanently written-down or written-off, as
described in the applicable Client’s Governing Documents) of the particular Client (“Management Fee”).
The percentage rate varies from 0.25% to 2.0% per annum.

With respect to CLOs, the Adviser typically charges Management Fees payable quarterly in arrears based
on the CLO’s total portfolio collateral. Typical Management Fees include both senior and subordinated fee
components. Furthermore, such fees will generally include: (i) a senior, base collateral management fee,
(ii) an additional subordinated collateral management fee, and (iii) a contingent incentive collateral
management fee, described in more detail in Item 6 – Performance Fees and Side-by-Side Management
below. All fees are negotiated as part of the CLO structuring process – said fees are set, however, upon the
closing of each CLO securitization. The offering circular for each CLO describes in detail all collateral
management fees, rates, payment terms, conditions, and termination provisions, among other things, which
varies from transaction to transaction.

Where Governing Documents calculate the Management Fee based on the amount of capital contributions
or commitments, the amount of Management Fees will not be reduced based on reductions in investment
value, except where specified by the relevant Client’s Governing Documents. Management Fees will be
payable during term extensions unless otherwise explicitly set forth in the Client’s Governing Documents.
In addition, because in certain situations Management Fees are calculated taking into account the value of
investments, the Adviser has an incentive to (i) hold investments for longer periods, or retain and not
distribute proceeds, and/or (ii) postpone the decision to dispose of, write off or permanently write down the
value of an investment.

The terms of any such Management Fee are typically agreed upon at the beginning of the management
relationship in respect of the Clients and are deducted from amounts that would otherwise be retained by
the Clients. Specific details regarding such fees and compensation, including their method of calculation,
are set forth in the relevant Client’s Governing Documents.

Performance-Based Compensation

For some Clients, the Adviser charges a performance or incentive fee, in addition to the Management Fees
mentioned above, that is based on profits or gains, or a percentage of residual proceeds or excess
distributions available upon achieving a certain internal rate of return, or similar measure, as agreed between
the Adviser and a Client (each, a “Performance Fee”). For example, certain of the Adviser’s affiliates serve
as the general partners or managers (as applicable) of Clients (the “General Partners”) and have entered
into performance‐based fee arrangements with such Clients that entitle a General Partner to a share of the
capital appreciation of the Client’s assets, contingent on achieving certain investment performance hurdles.
In such cases, the Performance Fee generally equals 20% of profits on distributions derived from the
disposition of investments or securities (after a preferred rate of return of 8% to the investors followed by

a catch-up of 20% of such distributed profits). Certain other Clients are charged an annual incentive fee
calculated as a percentage of realized net distributions above a minimum net distribution yield. Performance
Fees are subject to individualized negotiation with each Client and the underlying investors in each Client,
as set forth in the respective Client’s Governing Documents.

For CLOs, the Adviser is generally permitted to receive performance-based incentive collateral
management fees as described in the offering circular for each CLO (once certain performance parameters
have been achieved). Such incentive fees are generally 15-30% of what otherwise would be a CLO’s
subordinated note distributions, after delivering a certain predetermined return to the subordinated notes,
depending on the CLO.

Please refer to Item 6 – Performance Fees and Side-by-Side Management for additional information
regarding Performance Fees.

Subject to the relevant Governing Documents, the Adviser has waived, and may in the future in its sole
discretion waive, all or any portion of the Management Fee and/or Performance Fees with respect to any
Client or investor in a Client including, but not limited to, the Adviser, its affiliates and any of their
respective current or former principals, members, directors, officers, partners, employees, the family
members of any of the foregoing and any trusts or other vehicles for the benefit of such persons and any
charitable trust, foundation or similar entity established by any such persons.

Other Fees

The Adviser and its affiliates receive fees, commissions, remuneration, or profits made in certain
transactions involving affiliated entities (including structuring fees) in addition to any Management and
Performance Fees. For more information on transactions involving affiliated entities, please see Item 11 –
Code of Ethics, Participation or Interest in Client Transactions and Personal Trading.

Additionally, from time to time, the Adviser and/or one of its affiliates will serve as administrative agent
to certain loans held by Clients, for which it will receive an additional fee. This fee will be in addition to
any Management Fee or Performance Fee paid to the Adviser or its affiliates and will not offset such
compensation unless otherwise explicitly set forth in the Governing Documents of the relevant Client. In
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ITEM 7.           TYPES OF CLIENTS

As disclosed in Item 4 – Advisory Business, the Adviser provides investment advisory services to certain
pooled investment vehicles, including, among others, private credit funds, private equity funds, CLOs,
special purpose vehicles, and/or alternative investment vehicles, and SMAs and institutional clients. Certain
Clients are affiliates of the Adviser. Interests in Funds managed by the Adviser are typically offered
pursuant to applicable exemptions from registration under the Securities Act of 1933, as amended (the
“Securities Act”) and the Investment Company Act of 1940, as amended (the “1940 Act”), and each such
Fund typically requires that each third-party investor be an “accredited investor” as defined in Regulation
D under the Securities Act or a “knowledgeable employee” of the Adviser as defined under the 1940 Act,
a “qualified purchaser” as defined in the 1940 Act, and a “qualified client” within the meaning of Rule 205-
3 under the Advisers Act.