Fees and Compensation
A. As compensation for its services, CBIM will receive an annual management fee (the “Management
Fee”) based on a percentage of a Fund’s net asset value (“NAV”). Typically, the Management Fee will be 0.5-
2.0% of a Fund’s NAV dependent upon the class of the non-voting participating shares in the Fund offered
pursuant to the applicable Governing Documents. The Firm or an affiliate is also eligible to receive incentive-
based compensation (“Performance Fee”) based on realized gains from investments from investors meeting
the definition of a qualified client, as defined by the Investment Advisers Act of 1940, as amended.
B. The Firm and/or its affiliate deducts the Management Fee and Performance Fee directly from the
Funds.
C. CBIM and the Funds generally bear their own expenses. Expenses are allocated on a case by case basis
in accordance with the Governing Documents. Expenses the Funds may incur generally include, but are not
limited to, all costs and expenses relating to each Fund’s activities (to the extent not reimbursed by a portfolio
company), including: administrative costs (including but not limited to the cost of printing and distributing
periodic reports and statements), interest on borrowed funds, auditing expenses, legal expenses, insurance,
licensing, accounting, brokerage and other commissions, margin, premium and interest expenses, fees and
disbursements of transfer agents, registrars, arrangers, custodians, sub-custodians and escrow agents, any
expense or professional fees incurred in connection with structuring the acquisition or disposition of Fund
assets, fees payable in the British Virgin Islands on increases in the share capital of the Fund, the annual
registration fee payable in the British Virgin Islands for the Fund and its directors, and all other investment
related expenses. The Funds also pay all extraordinary expenses relating to the operation of the Fund including,
without limitation, litigation or extraordinary regulatory expenses. No reimbursement shall be made to the Firm
for any expenses incurred with providing investment management services such as communication, travel,
office rent and research.
D. Typically, the Management Fee is paid in quarterly arrears, as described in each respective Fund’s
Governing Documents. Performance Fees are typically calculated and accrued monthly and paid quarterly. The
calculation of the Management Fee is based on a Fund’s NAV after any adjustments related to the profits,
losses and expenses of hedging transactions, if any and are payable quarterly in arrears, taking into account the
class of shares issued.
E. Neither the Firm nor any of its supervised persons receive, directly or indirectly, any compensation
from the sale of securities. The Firm or its affiliate may, however, receive arranger fees or remuneration from
a Fund and/or other co-investors in connection with syndication of certain loans.