Benefit Street Partners LLC

Item 5.    Fees and Compensation

The Adviser 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 Main Fund. A Main Fund, 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
Fund, the Fund typically bears certain out-of-pocket expenses incurred by the Adviser in
connection with the services provided to the Fund and/or the portfolio companies. Further details
about certain common fees and expenses are set forth below.

Advisory Fees

In respect of each Main Fund, 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 Main Fund’s
organizational documents or the applicable advisory or sub-advisory agreement, by such Main
Fund. Advisory Fees paid by a Main Fund may also be reduced by other fees or compensation
received by the Adviser or its affiliates that relate to such Main Fund’s activities and investments,
or by certain organization or other expenses borne by such Main Fund, as described in more detail
below.

Consistent with the organizational documents, advisory agreements, and/or sub-advisory
agreements for each of the Main Funds, Advisory Fees paid by the Main Funds are either
deducted from capital accounts or billed and, in either case, are generally indirectly borne by
investors in the Main Funds, including any Feeder Funds that invest in such Main Funds. The
Adviser does not receive a separate Advisory Fee directly from such Feeder Funds if the fee is
borne directly by the corresponding Main Fund. Advisory agreements with the Funds are
generally terminable by the Funds, subject, in some cases, to an applicable notice period or the
occurrence of certain conditions or events. Sub-advisory agreements with the Funds are generally
terminable by the primary investment adviser, the Adviser and/or the Fund. 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 Fund, if
any, is disclosed in the organizational and offering documents of such Fund at the time each
investor invests in the Fund, or in the relevant advisory or sub-advisory agreements. Such
Advisory Fees are subject to waiver or reduction by the Adviser for certain investors within a
Fund. 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 Funds, and Advisory Fees
assessed on such investments are typically substantially reduced or waived entirely. In addition,
all or a portion of such persons’ capital subscriptions may be made through reductions in or
waiver of the Advisory Fee payable to the Adviser by such Fund in lieu of capital contributions.
Certain large or strategic investors may also be eligible for a reduction, rebate, or waiver of their
fees.

BENEFIT STREET PARTNERS L.L.C.                                                 Form ADV Part 2A

Except as otherwise set forth in the organizational documents or applicable advisory or sub-
advisory agreement of a Fund, the Advisory Fees paid by a Fund will generally be reduced by
a percentage of: (1) the fees incurred by the Adviser in connection with the organization of such
Fund that exceeds a limit specified in such Fund’s organizational documents and/or (2) 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 Fund. To the extent that an Other Fee relates to more
than one Fund, the Adviser will generally allocate the resulting Advisory Fee reduction among
the applicable Fund(s) in proportion to their interest (or prospective interest) in the portfolio
company. As applicable, Funds 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 Fund, co-
investment vehicle 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.

Other Fees and Expenses

With respect to the non-1940 Act Funds, generally, and except as otherwise set forth in the
organizational documents of a Fund, the Adviser, or, in the case of a Sub-Advised Fund, the Sub-
Advised Fund’s adviser, will ultimately bear all fees and out-of-pocket expenses of any
placement agent that solicits investors for the Funds. Such Funds will generally bear all legal and
other expenses, including the out-of-pocket expenses of any applicable general partner, incurred
in the formation of the Funds up to an amount, if any, specified in the organizational documents
of the applicable Fund. Organizational expenses in excess of any such amount specified are
typically ultimately borne by the Adviser or, in the case of a Sub-Advised Fund, the Sub-Advised
Fund’s adviser.

Generally, and except as set forth in the organizational documents and/or advisory or sub-
advisory agreements of the applicable Fund, a Fund (other than certain separate account clients,
single-investor funds, tailored funds or 1940 Act Funds) will pay:

(i) printing, legal, accounting, marketing, administrative, custodial, recordkeeping and third-party
consulting fees and expenses for services (including, but not limited to, fees, costs, and expenses
incurred in negotiating and entering into any depository agreement) rendered to or for the benefit
...

Item 7.    Types of Clients

The Adviser provides investment advisory services to the Funds, including the Sub-Advised
Funds. Investment advice is provided directly to the Funds and not individually to the investors
in the Funds. Investors in the Funds may include, among others, individuals, banks, thrift
institutions, pension and profit sharing plans, trusts, estates, charitable organizations, university
endowments, corporations, sovereign wealth funds, limited partnerships and limited liability
companies.

The Funds do not have a minimum size, but minimum investment commitments are generally
established for investors in certain of the Funds. The general partner or board of directors of each
Fund generally may, in their sole discretion, permit investments below the minimum amounts set
forth in the offering documents of such Fund.

BENEFIT STREET PARTNERS L.L.C.                                                Form ADV Part 2A