Arcadia Funds LLC

Item 5. Fees and Compensation
 As compensation for investment advisory services provided to the Funds, Arcadia Funds bills the
 Funds and receives a monthly investment management fee. Management fees are deducted
 directly from the clients’ accounts and paid directly to Arcadia Funds. Arcadia Funds may enter
 into different fee arrangements on a client-by-client basis pursuant to side letters or otherwise.

 Management Fee
 The fees and expenses with each separate account are negotiated with each separate account and
 will be described in detail in each separate account’s investment management agreement.

 The precise amount, and the manner and calculation of, the management fee for each Fund will
 be established by Arcadia Funds and set forth in the applicable Advisory Agreement, limited

Arcadia Funds – March 2026

 partnership agreement (or analogous organizational document) and/or other documentation
 received by each investor prior to investing in a Fund. Fees may differ from one Fund to another
 and there may be waivers or reductions for certain investor accounts.

 Upon the termination of an Advisory Agreement, appropriate treatment, including, where
 applicable, returning prepaid management fees on a prorated basis, will be given to all
 management fees collected in advance.

 Arcadia Funds may, in its sole and absolute discretion and from time to time, agree to waive or
 rebate all or a portion of a management fee, or, with the consent of the affected limited partner,
 charge a Management Fee on a different basis or at a different rate, all without the consent or
 approval of, or notice to, any limited partner. Any management fees payable by the partnership
 will be reduced by 100% of any placement fees paid by the partnership, such reduction to be
 applied from time to time against the aggregate installments of management fees to the extent
 that any items of placement fees paid by the partnership have not been previously applied to
 reduce prior management fee payments.

 Arcadia Funds and the General Partner of the Cirrix Funds, Cirrix Management GP, LLC, and AFSP,
 GP, LLC , General Partner of AF Specialty Partners, LP, are entitled to receive consulting fees,
 advisory fees, or any other fees for service paid to the General Partner or its affiliates by any party
 in connection with the facilitation, completion, management, holding, disposition, termination,
 cancellation, or abandonment of any consummated or proposed investment or other transaction
 by the partnership, as determined by the General Partner in its sole discretion; provided that any
 such fees or compensation will be on customary terms and at competitive market rates for
 comparable services, as determined by the General Partner in its reasonable discretion. These fees
 will not offset or otherwise reduce the Management Fee payable by the partnership.

 Other Fees
 Arcadia Funds has entered into arrangements pursuant to which it compensates third
 parties/wholesalers for gathering assets into the Funds. Any fees charged to, or expenses incurred
 by Arcadia Funds in connection with these arrangements will be charged to the investors in the
 Funds.

 Arcadia Funds has also entered into an agreement pursuant to which it compensates a third party
 for soliciting clients to invest with Arcadia Funds through individual investment management or
 investment advisory accounts.

 Although Arcadia Funds does not intend to generally utilize the services of broker-dealers for
 transaction related services, in the event that it chooses to use a broker-dealer for limited
 purposes relating to a particular Fund, the Fund will incur brokerage and other transaction costs.
 For additional information regarding brokerage practices, please see Item 12 below.

 Expenses
 All Fund expenses not covered by Arcadia Funds or the General Partner are borne by the

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 partnership or Fund, as applicable (“Expenses”), including: (i) the reasonable costs and expenses,
 including legal and accounting fees, incurred in the investigation, diligence, negotiation, purchase,
 holding, trading, management, administration, sale, or exchange of securities or underwriting
 commitment, as applicable, acquired or proposed to be acquired, arranged, or financed by the
 partnership or Fund, including without limitation proposed but unconsummated transactions
 (whether the partnership or Fund has submitted a term sheet, executed a letter of intent, or
 otherwise formally expressed an interest therein); (ii) agency, intermediary, or brokerage fees, and
 commissions; (iii) organizational expenses and the fees and expenses (including legal and
 accounting) incurred in connection with the operation, dissolution, and liquidation of the
 partnership; (iv) interest on borrowed money or margin accounts of the partnership or Fund (but
 not of any portfolio company); (v) real property or personal property taxes on investments or taxes
 applicable to the partnership or Fund on account of operations; (vi) fees incurred in connection
 with the maintenance of bank or custodian accounts; (vii) expenses incurred in connection with
 the registration of securities acquired by the partnership under the Securities Act or other
 applicable securities laws or regulations; (viii) expenses incurred in connection with the financing
 or arrangement of any guarantees, security arrangements, or underwriting commitments (but
 excluding any finder’s fees); (ix) all expenses incurred in connection with the resolutions of claims
 or disputes involving existing or potential portfolio securities, to the extent such expenses are not
 paid by the issuers of securities or shared with other investors; (x) expenses associated with the
 preparation of the partnership’s financial statements and tax returns and the annual audit of the
 partnership’s books and records; (xi) the cost of directors and officers, professional liability, and
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Item 7. Types of Clients
 As stated in Item 4 above, Arcadia Funds provides investment advisory and sub-advisory services
 to private funds for sophisticated, accredited and qualified investors, including high net worth
 individuals, funds of funds, family offices, endowments and other institutions and provides
 advisory services through separately managed accounts.

 Fund documents may include certain stated minimum investment amounts, although Arcadia
 Funds may accept investments in a lesser amount at its sole discretion.

 Item 8. Method of Analysis, Investment Strategies and Risk of Loss
 Investment Strategy
 Arcadia Funds’ goal is to maximize return on its investments within the insurance, consumer and
 business lending and other financial service industries. To achieve this, Arcadia Funds applies a
 private equity mindset with extensive insurance underwriting and financial services expertise,
 bringing together a group of professionals who possess complementary skill sets, strategic
 relationships and operating expertise that, in combination, seek to deliver value added capabilities,
 a broad network of resources and deal sourcing capabilities. Arcadia Funds uses a three-pronged
 approach:

 1.     Assembling an internal team of senior executives with a range of professional experience
        including private equity investing, creating and building insurance/financial services
        companies and applying proven underwriting strategies;
 2.     Leveraging an advisory group of insurance and financial services executives who have led
        in critical areas of insurance operations, including underwriting, policy construction, claims
        management and catastrophe modeling, and on the financial services side have managed
        risk management, credit policy, underwriting, business development and mergers &
        acquisitions (“Industry Advisors”); and

 The Funds typically invest in credit opportunities through SPEs. This structure allows the Funds to
 commit a discrete amount of equity capital to a given SPE. It also accommodates the utilization of
 debt by permitting the assets of the SPE to be isolated from the other SPEs and to be pledged as
 collateral for the SPE’s debt obligations. Debt at the SPE level is used to increase the expected

Arcadia Funds – March 2026

 return on the SPE while limiting the risk of the specific investment program undertaken by the SPE
 to the amount of equity that the Funds invest in the SPE.

 For each SPE, the Funds will contribute equity capital, and, where appropriate, arrange for the SPE
 to borrow additional funds to help enhance the investment return of an SPE. The Funds will
 maintain equity capital in each SPE of at least the minimum amount required under any debt
 facilities utilized by the SPE. Debt may be obtained from banks or other lenders in the form of term
 or revolving loan facilities, or through the issuance of debt securities issued in compliance with
 applicable securities regulations. The general objective of the Funds in arranging debt facilities for
 the SPEs will be to achieve the lowest cost of capital reasonably possible under the circumstances
 at any given point in time in order to enhance the SPE’s returns.

 The Funds may consider and opportunistically implement facilities to mitigate the credit risk
 associated with the investments made by a given Portfolio Company if such facilities are available
 and are deemed by the Funds to be cost effective. The SPE will be able to draw on this credit
 enhancement program to the extent that actual credit losses exceed a defined threshold.

 Risks
 An investment in the Funds and other investment vehicles (collectively the “investments”)
 managed by Arcadia Funds can involve a significant degree of risk. There can be no assurance that
 the investments’ objectives will be achieved or that there will be any return of capital. Past
 performance provides no assurance of future success. The environment for the type of
 investments that the investments are seeking to make is increasingly competitive and an investor
 should only invest if the investor can withstand a total loss of its investment. The following are the
 risks related to Arcadia Funds’ investment activities and to Arcadia Funds. The risks associated with
 a particular Fund are detailed in each Fund’s offering documents.

 Risks Associated with Arcadia Funds
 Reliance on Management of the Investment Adviser
 The Funds and separate accounts are dependent on the activities of the key persons at the General
 Partner (as applicable) and Arcadia Funds. Should one or more of the key persons become
 incapacitated or in some way cease to participate in Arcadia Funds or the General Partner, the
 Funds’ and separate accounts’ performance could be adversely affected. No assurances can be
 given that each of Arcadia Funds’ principals will continue to be affiliated with the firm.
 Notwithstanding any prior experience that members of the General Partner or Arcadia Funds may
 have in making investments of the type expected to be made by the Funds and separate accounts,
 any such prior experience necessarily was obtained under different market conditions and with
 different technologies at the forefront of development. There can be no assurance that Arcadia
 Funds or the General Partner will be able to duplicate prior levels of success.

 Potential Liabilities
 The Funds will indemnify the General Partner (as applicable) and the managing directors of Arcadia
 Funds, among others, for liabilities incurred in connection with operations of the Funds. Such
 indemnification obligations and other liabilities could be substantial.

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 Tax Laws and Foreign Investor Considerations
 Arcadia Funds will attempt to structure the Funds in a manner that is tax-efficient for U.S.
 investors. However, there can be no assurance that such structure will be tax-efficient for any
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