BlueArc Capital Management LLC

ITEM 5: FEES AND COMPENSATION

Fund Investors are generally qualified purchasers, as defined in the Investment Company Act. As such, a
detailed fee schedule is not included in this brochure. However, most Fund Investors pay one or more of the
following fees:

        Private Funds

        Pursuant to the Offering Documents of each BlueArc Fund, BACM typically charges annual asset
        management fees. Management fees are generally charged monthly or quarterly in accordance with
        the parameters established in the offering memorandum for each fund and are deducted in advance
        from investor account balances by the fund administrator. Asset management fees generally range
        from 50 to 150 basis points and are earned on the value of invested capital of the BlueArc Fund or
        the capital committed or net asset value of the Fund Investor.

        On certain open-ended funds, BACM also has the ability to charge incentive performance fees in
        addition to the annual asset management fees. In some cases BACM has historically waived these
        incentive performance fees. On specific closed-ended funds, BACM has the ability to charge a
        carried interest in addition to the annual asset management fees. Incentive performance fees and
        carried interest fees generally range from 5% to 20% and are earned on the net profit of the specific
        fund. Carried interest may be subject to certain return hurdles and or waterfall payment provisions,
        as noted the specific BlueArc Fund Offering Documents.

        Annual asset management fees, incentive performance fees, and carried interest fees are negotiable.
        More details about these fees can be found in the BlueArc Funds’ offering documents. Additionally,
        BACM has chosen to waive the management and/or incentive fees charged to Fund Investors who
        are also BACM employees.

        In situations where it is determined that certain BlueArc Funds should hold other BlueArc funds
        that are consistent with the investment objective, the General Partner waives the management fee
        and carried interest for the existing Fund to ensure no “double-dipping” has occurred.

        More detailed information about specific fees and expenses that BlueArc Funds may pay is provided in
        the Offering Documents for each specific fund. With respect to BlueArc Funds, each fund is typically
        responsible for any reasonable, out-of-pocket fees costs and expenses incurred by BACM related to
        the management and administration of the funds, such as the following non-exhaustive list of items:

      • brokerage commissions
      • custodial fees
      • bank service fees
      • administrative expenses
      • valuation and appraisal expenses
      • organizational expenses (including the cost of the offering and ongoing sale of fund interests)
      • costs of winding-up a fund
      • interest expenses
      • financing costs
      • investment-related expenses, including travel and due diligence expenses
      • risk management expenses
      • legal and compliance expenses
      • auditing and tax preparation expenses
      • accounting and operations expenses (including the cost of accounting software packages)
      • extraordinary expenses (including litigation, indemnification and contribution expenses)

BlueArc Capital Management, LLC                                                     IARD/CRD No: 167233
Form ADV Part 2A                                                                   SEC File No.: 802-78353
Firm Brochure                                                                          December 19, 2025
     • taxes
     • expenses related to unconsummated investments
     • third party administrator expenses
     • insurance costs
     • fees and expenses of sub-advisers
     • fees and expenses related to lending arrangements
     • expenses related to the identification, evaluation, due diligence, holding, monitoring, and disposal of
       underlying investments
     • cost of software in connection with investments (including fees of third-party software developers)
     • fees and reimbursable expenses to members of a fund’s Board of Directors
     • expenses associated with Advisory Boards and meetings of the limited partners
     • expenses relating to quantitative analysis and software management services
     • fees and expenses of servicers of specific assets owned by a fund
     • costs of research, information systems, software and hardware
     • permissible overhead expenses, as applicable
     • professional fees relating to investments (including expenses of consultants and experts)
     • expenses associated with the distribution of reports and notices to investors.

       Consulting, Research, and Non-Discretionary Advisory Services

       As stated in Item 4: Advisory Business, BSSCM enters into agreements to provide consulting,
       research, and non-discretionary advisory services only under limited circumstances. The related
       terms and fees are negotiated on a case-by-case basis. Fees under these contracts can take on a
       variety of formats, including flat monthly or annual fee, performance or incentive fees, asset based
       fees, or any combination thereof. Additionally, various expenses, including but not limited to travel,
       data services, and software, may be negotiated into the contracts on an ad hoc basis.

BlueArc Capital Management, LLC                                                  IARD/CRD No: 167233
Form ADV Part 2A                                                                SEC File No.: 802-78353
Firm Brochure                                                                       December 19, 2025

ITEM 7: TYPES OF CLIENTS

As described above in Item 4: Advisory Business, BACM’s clients include private funds. On a separate
basis, BSSCM provides consulting, research, and asset allocation services to single-family offices, multi-
family offices, and institutions. Each BlueArc Fund has a minimum allocation requirement of between
$100,000 and $600,000 (allocations of less than the minimums stated in each Fund’s PPM may be accepted
at BACM’s sole discretion). BACM requires the Fund Investors meet certain qualifications in order to
invest in the BlueArc Funds. In all cases, Fund Investors must be accredited investors and in many cases
must also qualify as qualified clients or qualified purchasers (except for certain BACM personnel who
qualify as “knowledgeable employees” under the Investment Company Act).

BlueArc Capital Management, LLC                                                       IARD/CRD No: 167233
Form ADV Part 2A                                                                     SEC File No.: 802-78353
Firm Brochure                                                                            December 19, 2025