Covalent Partners LLC

Item 5         Fees and Compensation

Covalent provides its investment advisory services to Funds which are not registered investment companies
under the IC Act. These Funds are commingled funds in which only Qualified Purchasers, as defined in
section 2(a)(51)(A) of the IC Act, invest in. Qualified Purchasers are able to invest in the onshore feeder
Fund. Covalent’s compensation from advising these Funds consists of both an asset-based and
performance-based fee or allocation.

The first component is an asset-based fee. The annual asset-based management fee paid will generally be
a percentage of assets under management, depending on the size, nature and term of the Fund, as is set forth
in the particular limited partnership agreements (“Limited Partnership Agreement” or “Agreement(s)”), or
other operating agreements, offering memorandums or advisory agreements (collectively, the “Offering
Documents”) of the particular Fund. In certain Funds, the general partner, an affiliate of Covalent, in its
sole discretion, may waive any or all fees and terms specified in the Offering Documents. Depending on
the terms” of the particular Offering Documents, such asset-based fee may be charged monthly, in arrears
or in advance. For Funds that are billed in advance, Covalent will provide, upon the effective date of
termination, a pro rata refund of fees paid in advance. The termination rights with respect to a particular
Fund are set forth in the Offering Documents with respect to such Fund. The second component is a
performance-based fee or allocation of profits as described in Item 6 below.

Funds will bear their own expenses including, but not limited to, the management fees, administration fees,
its proportionate share of a master Fund’s investment expenses (i.e., expenses related to the investment of
a master Fund’s assets, including, without limitation, brokerage commissions, research, custody fees,
interest and borrowing charges, and other expenses reasonably related to the investment decision and
monitoring process), taxes, insurance premiums, legal expenses, regulatory expenses, the costs of brokerage
services and research (including, without limitation, news, quotation, statistics and pricing services,
analytical software, and certain data and other services utilized in the investment management and
administration process), accounting, audit and tax preparation expenses, other expenses associated with the
operation of a Fund, organizational expenses, and all extraordinary expenses.

NOTE: Investors should refer to each Fund’s Offering Memorandum, Subscription Agreement, Limited
Partnership Agreement and other Offering Documents (collectively, the “Offering Materials”) for additional
supplementary information regarding the Funds as well as the fees and expenses paid by the Funds.
Covalent reserves the right to negotiate feesand investment minimums.

                                           Covalent Partners LLC
                                            Form ADV Part 2A
                                               March 2026

Item 7         Types of Clients

Covalent provides its investment advisory services to Funds which are not registered investment companies
under the IC Act. These Funds generally comprise both domestic and foreign investors, and may include
institutional investors, trusts, charitable organizations, endowments, foundations, pensions, sovereign
wealth funds, high net worth individuals, profit sharing plans, estates, bank or thrift institutions and other
U.S. and non-U.S. institutional investors and individual high-net-worth clients. Covalent has a $5,000,000
minimum investment for each investment into the Funds it advises. The general partner of the Fund reserves
the right to negotiate or waive the fees and investment minimum.