Granite State Capital Management LP

Item 5 – Fees and Compensation
             2B

Amount of Our Fees

       Our annual standard management fee for the Funds is 1.5% of the assets managed for the
Funds. In addition to our management fee, we also collect up to 17.5% of the profits generated by
the Funds (also called a “carried interest”). These fees are negotiable. Some underlying investors
may pay more or less than others depending on certain factors, including the type and size of the
account and the total amount of assets managed for a group of related investors.

       For our investment advisory services provided to the Senior Credit Funds, we will typically
receive a management fee, which will be a percentage of the gross value of assets held by the
Senior Credit Funds, pursuant to the relevant governing documents (“Governing Documents”).
Fees for the Senior Credit Funds are outlined in the respective collateral management agreement,
to which each is a party, and the Governing Documents.

Payment of Our Fees

       Our management fee is paid quarterly in advance at the beginning of each quarter and is
deducted from the Funds’ assets. Our management fee is based on the amount of each limited
partners’ capital commitment. We do not make adjustments to the quarterly fee due to assets added
or withdrawn during a quarter. If our advisory agreement begins during a quarter, we will prorate
the fee for the initial partial quarter, based on the number of days from the beginning of the
agreement until the end of the initial quarter. If there is not enough cash in the account to pay our
fee, we may call capital from our investors.

       We may collect the carried interest, if due, when the Funds make distributions to investors,
upon the dissolution of a Fund, or for tax purposes, as provided in the relevant Fund’s offering
memorandum.

        Our advisory agreement with the Funds may be terminated on 30 days’ written notice by
us or the Fund’s General Partner. If the agreement with us terminates during a quarter, we will
refund a pro rata portion of the fee paid for that quarter, based on the number of days between the
end of the 30-day notice period and the end of the quarter. We receive a management fee for
providing advisory services to the Senior Credit Funds on a quarterly basis.

Other Fees

       Fees in addition to our fees will be incurred by the Clients, and indirectly borne by
investors. For example, the Funds will incur costs related to an annual audit and fees payable to a
custodian that holds client assets. These fees and expenses are not shared with us. We evaluate

Granite State Capital Management, LP Form
ADV Part 2A – Disclosure Brochure                5                                       March 31, 2026

the relative annual costs of other service providers as a part of our decision making process.
Investors should review the fees charged by these other service providers and our fees to fully
understand the total amount of fees paid and to evaluate the advisory services we provide.

         The Funds may also incur transaction costs, as discussed below in Item 12.

       Additionally, we are responsible for the ordinary expenses incurred in the performance of
our obligations to the Senior Credit Funds pursuant to the collateral management agreements.
However, any extraordinary expenses incurred in the performance of our obligations to the Senior
Credit Funds will be reimbursed by the Senior Credit Funds.

Compensation from Sales of Securities
         We do not accept compensation for the sale of securities or other investment products.

Types of Clients

       We generally provide asset management services and advice to private investment funds,
including the Funds and the Senior Credit Funds.

Minimum Account Size

      We generally impose on the Funds’ investors a minimum $5 million capital commitment.
We reserve the right to waive minimum account size requirements at our discretion.

       We currently do not impose a minimum account size with regard to the Senior Credit
Funds, however, any such minimum will be disclosed in the Governing Documents, which will be
made available to each potential investor prior to investment.