Kennedy Lewis Loan Management LLC

Item 5.        Fees and Compensation

Advisory Fees and Compensation.

The Adviser charges a management fee and is entitled to performance-based compensation in
accordance with the respective CLO’s governing documents. The information provided in this
brochure regarding fees and expenses is not intended to be complete or final and is qualified in its
entirety by the governing documents. Prospective investors should read and review the governing
documents of the respective CLO to fully understand the types of fees and expenses that are borne
by the CLOs.

The Adviser generally receives an annual management fee of between 25-42 basis points from the
investors in the debt and equity tranches of each CLO, paid quarterly in arrears, based on the
applicable asset amount on the relevant quarterly cut-off date for such CLO. The management fee
usually comprises a “senior management fee” and a “subordinated management fee,” each of
which are paid in accordance with a priority of payments.

In addition, the Adviser is entitled to receive an incentive fee that accumulates on each quarterly
payment date. The incentive fee is generally at a rate equal to 20.0% of any remaining proceeds
after the most subordinated CLO Securities (as defined below) have realized an internal rate of
return of at least 12.0% per annum.

Expenses.

Each CLO bears its organizational ordinary operating expenses and other fees and expenses
incurred in relation to the CLO, other than the operating expenses of the Adviser all as further
described in the CLO’s offering documents; provided, however, that the following expenses shall
generally be reimbursed by the CLOs, subject to the limitations contained in the Priority of
Payments (i) annual software licensing fees incurred by the Adviser in the performance of its
obligations, (ii) any expenses (including legal fees) incurred by the Adviser in connection with the
evaluation, acquisition, holding, monitoring, marking-to-market, enforcement, amendment,
default, evaluation, transfer, workout, restructuring, bankruptcy, enforcing or disposition of any
loan or non-loan assets in which the CLOs invest (the “Collateral Obligations”), with the
evaluation of the eligibility of any Collateral Obligation, with the creation of any issuer subsidiary,
the transfer of any Collateral Obligation to or from any issuer subsidiary including, without
limitation, any and all rating agency expenses, news and quotation subscription expenses, travel
costs and expenses incurred by the Adviser, the liquidation of any issuer subsidiary, and with any
amendments, consents, waivers or modifications of any of the CLO’s transaction documents, (iii)
any reasonable travel expenses (airfare, meals, lodging and other transportation) undertaken in the
performance by the Adviser of its obligations hereunder (including any reasonable expenses
incurred by it to employ outside lawyers or consultants reasonably necessary in connection with
the restructuring of any Collateral Obligation or Eligible Investment), (iv) any third party fees for
bookkeeping, accounting, calculation agency or record keeping services obtained on behalf of the
CLO, (v) any expenses incurred in obtaining advice from counsel with respect to its obligations
under the Indenture, (vi) fees and expenses incurred in connection with the performance by the
Adviser of any action, to the extent required by the Indenture as then in effect, (vii) any and all
third party costs, fees and expenses incurred in connection with the Adviser’s communications

FORM ADV PART 2A             Kennedy Lewis Loan Management LLC                 March 31, 2026

with the holders of notes reflecting an interest in CLO debt (“CLO Notes”) and CLO equity
tranches (collectively with CLO Notes, “CLO Securities”) (including charges related to annual
meetings), (viii) any and all third party expenses incurred to comply with any law or regulation
related to the Collateral Obligations or the activities of the CLO and (ix) any extraordinary
expenses incurred by the Adviser in the performance of its obligations under the CLO transaction
documents. If the Adviser determines in its reasonable discretion that a cost or expense incurred
by it and reimbursable above is attributable to the CLO and one or more other clients of the
Adviser, the Adviser shall allocate such cost or expense to the CLO and such other client or clients
in a manner that it believes is fair and equitable.

Pooled investment vehicles managed by an Affiliated Advisor (as defined in Item 10) of KLLM
from time to time invest in the equity and debt tranches of one or more CLOs to which KLLM serves
as collateral manager. Such investors will be obligated to bear their respective proportionate share
of KLLM CLO-level administrative expenses, but will not pay management fees or performance
compensation with respect to the investments in the KLLM CLOs.

The allocation of expenses by KLLM between it and any CLO and among the CLOs represents a
conflict of interest for KLLM. To address this conflict, KLLM has adopted and implemented
policies and procedures for the allocation of expenses. KLLM allocates expenses to each CLO in
accordance with the CLOs’ arrangements with KLLM (including applicable client disclosures). If
a particular expense relates to one or more CLOs or the Adviser, the Adviser will allocate the
expense in a manner it considers equitable to all accounts and in accordance with its allocation
policy and the governing documents of the respective CLOs. KLLM seeks to allocate shared
expenses for products and services benefitting KLLM and the CLO and not covered in the CLO’s
arrangements in a fair and reasonable manner, in accordance with the Adviser’s allocation policy.

Additional Compensation and Conflicts of Interest.

Supervised persons of KLLM may receive compensation indirectly in connection with the sale of
securities or other investment products through their interest in the Kennedy Lewis Broker-Dealer
...

Item 7.        Types of Clients

KLLM provides investment advice to the CLOs. Underlying investors in the CLOs may include,
but are not limited to, institutional investors such as trusts, endowments, foundations, corporates,
sovereign wealth CLOs, pension and profit-sharing plans, as well as to high net worth investors.
All investors, among other requirements, must be: (i) accredited investors as defined in Rule 501(a)
of Regulation D under the Securities Act of 1933; and (ii) either qualified purchasers as defined in
Section 2(a)(51) of the Investment Company Act, or knowledgeable employees as defined in Rule
3c-5 under the Investment Company Act.

An investor in the CLOs must be a “qualified purchaser” within the meaning of the Investment
Company Act of 1940 and an “accredited investor” within the meaning of Regulation D of the
Securities Act of 1933. The CLOs impose minimum investment limits upon investors that can be
waived in certain circumstances, as set forth in the CLO Documents.

FORM ADV PART 2A              Kennedy Lewis Loan Management LLC                  March 31, 2026