Benefit Street Partners Limited

Item 5. Fees and Compensation

BSP Ltd. or its affiliates generally receive a management fee or a sub-advisory fee (collectively
“Advisory Fees”) and, in certain cases, an Incentive Allocation (as defined below) or similar
performance-based remuneration from each Client. A Client and/or its portfolio companies may
also make other payments to the Adviser or its affiliates for services provided to the portfolio
companies which, in certain circumstances, may reduce the Advisory Fees payable to the
Adviser. Additionally, consistent with the organizational documents of a private fund Client, such
Client typically bears certain out-of-pocket expenses incurred by the Adviser in connection with
the services provided to such Client and/or the portfolio companies. Further details about certain
common fees and expenses are set forth below. Generally, BSP Ltd.’s fees are dependent on the
strategy that the account follows. Investors in BSP Ltd.’s private funds should refer to the
applicable fund’s offering materials for a complete description of BSP Ltd.’s fees.
Advisory Fees
In respect of each private fund Client, the Adviser is typically paid a quarterly or monthly
Advisory Fee, which is paid either in advance or in arrears, in accordance with each such Client’s
organizational documents or the applicable advisory or sub-advisory agreement, by such Client.
Advisory Fees paid by a private fund Client may also be reduced by other fees or compensation
received by the Adviser or its affiliates that relate to such Client’s activities and investments, or
by certain organization or other expenses borne by such Client, as described in more detail below.
Consistent with the organizational documents, advisory agreements, and/or sub-advisory
agreements for each of the private fund Clients, Advisory Fees are either deducted from capital
accounts or billed and, in either case, are generally indirectly borne by investors in such private
fund Clients, including any Feeder Funds that invest in such private fund Clients. BSP Ltd. does
not receive a separate Advisory Fee directly from such Feeder Funds if the fee is borne directly
by the corresponding private fund Client. Advisory agreements with the private fund Clients are
generally terminable by the private fund Clients, subject, in some cases, to an applicable notice
period or the occurrence of certain conditions or events. Sub-advisory agreements with the private
fund Clients are generally terminable by the primary investment adviser, the Adviser and/or the
private fund Client. Upon termination of a relevant advisory or sub-advisory agreement, Advisory
Fees that have been prepaid are returned on a prorated basis. The precise amount of, and the
manner and calculation of, the Advisory Fees for each private fund Client, if any, is disclosed in
the organizational and offering documents of such private fund Client at the time each investor
invests in the private fund Client, or in the relevant advisory or sub-advisory agreements. Fees are
not generally negotiable, though they may be waived or deferred at the discretion of the private
fund Client in accordance with such Client’s offering materials. Such Advisory Fees are subject
to waiver or reduction by the Adviser for certain investors within a private fund Client. For
example, the Adviser, its affiliates, certain of its principals and employees, and their family
members and related vehicles may invest in certain of the private fund Clients, and Advisory Fees
assessed on such investments are typically substantially reduced or waived entirely. Certain large
or strategic investors may also be eligible for a reduction or waiver of their fees. Such waivers
and deferrals will cause some Clients or groups of Clients to pay fees that are different from the
basic fee schedules disclosed in fund offering materials. Please see the applicable private fund’s
offering materials for further information regarding fees. In addition, BSP Ltd. may enter into

Benefit Street Partners Limited                                                Form ADV Part 2A

side letter agreements with certain investors in Clients providing such investors with different or
preferential rights or terms, including but not limited to different fee structures and co-investment
rights.
Except as otherwise set forth in the organizational documents or applicable advisory or sub-
advisory agreement of a private fund Client, the Advisory Fees paid by a private fund Client will
generally be reduced by a percentage of certain Other Fees (as defined below) received by the
Adviser or its affiliates. The amount and manner of such reduction, if any, is set forth in the
advisory agreement, sub-advisory agreement, and/or organizational documents of the applicable
private fund Client. To the extent that an Other Fee relates to more than one private fund Client,
the Adviser will generally allocate the resulting Advisory Fee reduction among the applicable
private fund Client(s) in proportion to their interest (or prospective interest) in the portfolio
company. As applicable, private fund Clients that do not pay Advisory Fees will not benefit from
any such reduction. Generally, the portion of Other Fees allocable to capital invested by a private
fund Client or third-party investor that does not pay Advisory Fees will be retained by the Adviser
and such amounts will not offset any management fees.
BSP Ltd. provides investment advisory separate account services for an Advisory Fee. This
Advisory Fee is typically charged as a percentage of an account’s assets under BSP Ltd.’s
management. While this fee is typically expressed as an annual percentage, it is calculated based
on average daily, month end, or quarter end net assets, typically includes accrued income and
typically charges to a Client’s account on a monthly or quarterly basis, in arrears. BSP Ltd. also
offers accounts with base and performance fees. A Client may select an automatic fee deduction
...

Item 7. Types of Clients

BSP Ltd. provides investment advisory services to the Clients, including the sub-advised Clients.
With respect to private fund Clients, investment advice is provided directly to such private fund
Clients and not individually to the investors in such private fund Clients. Investors in the private
fund Clients may include, among others, individuals, banks, pensions, insurance companies, trusts,
estates, charitable organizations, university endowments, corporations, sovereign wealth funds,
limited partnerships and limited liability companies. Each Client is required to execute a written
agreement with BSP Ltd., granting BSP Ltd. authority to manage its assets and setting out
minimum and ongoing investment requirements. All such terms are subject to negotiation. The
private fund Clients do not have a minimum size, but minimum investment commitments are
generally established for investors in certain of the private fund Clients.
The general partner or board of directors of each private fund Client generally may, in their sole
discretion, permit investments below the minimum amounts set forth in the offering documents of
such private fund Client. Please refer to the offering and subscription documents of such private
fund Clients for more specific information.

Benefit Street Partners Limited                                                 Form ADV Part 2A