Mount Logan Management LLC

Item 5.       Fees and Compensation

Clients and investors should review the relevant Governing Documents to fully understand the
total amount of fees and expenses that may be paid. Compensation received by MLM is negotiated
on a case-by-case basis and/or established in connection with the formation of each Client.

MLM Private Funds

Each MLM Private Fund is governed by an LPA and/or other Governing Document that sets forth
in detail the fee structure relevant to that MLM Private Fund. The terms of the LPAs are established
during the formation and fundraising period of the applicable MLM Private Fund. Management
fees, performance-based compensation (which may be in the form of an incentive allocation or
carried interest) (collectively, “Carried Interest”), and expenses borne by each Client are generally
negotiated with prospective investors during the fundraising period. The following description of
fees and expenses borne by the MLM Private Funds is not intended to be exhaustive. Prospective
and existing investors are advised to review the applicable MLM Private Fund offering documents,
LPA and other Governing Documents for further information regarding the fees and expenses
associated with an investment in the MLM Private Funds.

Management Fees. Pursuant to a MLM Private Fund’s LPA or other Governing Documents,
compensation paid to MLM in consideration of its investment advisory services is generally
comprised of a management fee (a “MLM Private Fund Management Fee”) based on a
percentage of the MLM Private Fund’s capital commitments during the investment period (i.e.,
the period during which a MLM Private Fund may make new investments), and thereafter based
on a percentage of capital invested. Management fees payable in relation to a particular MLM
Private Fund may also be based on (i) a blended percentage of capital commitments and capital
invested, (ii) on the net asset value of the applicable MLM Private Fund, or (iii) a percentage of
the net assets as of the period end date specified in the Governing Documents and the capital
contributions made during an interim period following such period end date with adjustments for
accrued but unpaid corporate tax expenses.

Performance-Based Fees. Pursuant to a MLM Private Fund’s LPA or other Governing Documents,
MLM affiliates, in their role as General Partners or Managing Members, can be eligible to receive
Carried Interest, with respect to realized investments, which is generally determined as a

  The Registrant provides investment advisory services to Mount Logan Middle Market Funding II LP and Mount
Logan Middle Market Fund II A LP (together, "LF II"). Registrant also serves as collateral manager to a collateralized
loan obligation, Mount Logan MML CLO 2019-1 LP (the “2019-1”), which is consolidated into the financials of LF
II. In addition, Ability Investment Company (“Ability”) is the holder of the loan tranches for the collateralized loan
obligations Cornhusker Fund 1A LLC, Cornhusker Funding 1B LLC, and Cornhusker 1C LLC (the “Cornhusker
CLOs”). For purposes of this Brochure, the Registrant separately reports the assets of each of LF II, 2019-1, Ability
and the Cornhusker CLOs.

    For clients that are CLOs, regulatory assets under management is equal to fair market value of assets.

percentage of profits derived from the disposition of all investments (after taking into account
expenses of the MLM Private Fund, including management fees, following a preferred return to
investors). If the payment of the Carried Interest results in a distribution in excess of the amount
of Carried Interest contemplated in the Governing Documents to the applicable MLM Private
Fund’s General Partner or Managing Member, such General Partner or Managing Member is
generally subject to a “claw back” arrangement in which instance the excess amounts are returned
to the MLM Private Fund. Performance-based fees payable in relation to a particular MLM Private
Fund may also be structured as an incentive fee based on a percentage of income attributable to
the MLM Private Fund’s investments (after taking into account expenses of the MLM Private
Fund, including management fees).

The Insurance Company

The Insurance Company pays MLM certain management fees (the “Insurance Company
Management Fee”) and performance-based incentive fees, as set forth in its Governing
Documents.

Closed-End Funds

Each Closed-End Fund is governed by its Governing Documents that sets forth in detail the fee
structure relevant to the Closed-End Fund. Management fees, performance-based compensation
(if applicable), and expenses borne by each investor are generally described in the applicable
Governing Documents. The following description of fees and expenses borne by the Closed-End
Funds is not intended to be exhaustive. Prospective and existing investors are advised to review
the applicable Closed-End Fund prospectus and other Governing Documents for further
information regarding the fees and expenses associated with an investment in a Closed-End Fund.

Management Fees. For the Advised Closed-End Fund, pursuant to its Governing Documents,
compensation paid to MLM in consideration of its investment advisory services is generally
comprised of a management fee (an “Advised Closed-End Fund Management Fee”), which will
generally be based on a percentage of the Advised Closed-End Fund’s gross assets. The
management fee will generally be payable monthly in arrears and calculated based on the average
daily value of the Advised Closed-End Fund’s gross assets during such period.

For the Sub-Advised Closed-End Fund, pursuant to its Governing Documents, compensation paid
to MLM in consideration of its investment advisory services is generally comprised of a
management fee (a “Sub-Advised Closed-End Fund Management Fee” and, together with MLM
Private Fund Management Fees, the Insurance Company Management Fee, and the Advised
...

Item 7.   Types of Clients

We provide investment advisory services to the MLM Private Funds, the Insurance Company, and
the Closed-End Funds, and collateral management services to CLOs. In general, a CLO is a pooled
investment vehicle that has a tiered capital structure, issuing secured notes and subordinated notes
(together, “CLO Securities”). The CLOs are excepted from the definition of an “investment
company” and the CLO Securities are exempt from registration under the Securities Act of 1933,
as amended. CLO Securities are offered and sold in private placement transactions only to
institutional investors. Additional details concerning applicable investor suitability criteria are
provided in each CLO’s Governing Documents.

MLM and/or the relevant General Partner or Managing Member may enter into separate
agreements, commonly referred to as “side letters”, with certain investors in the MLM Private
Funds, which may have the effect of establishing preferential rights under, altering, or
supplementing the terms of, the LPA (or other Governing Documents) of the applicable MLM
Private Fund with respect to such investor, in a manner more favorable to such investor than those
applicable to other investors in such MLM Private Fund. Such rights or terms pursuant to such
side letters may include, for example (and without limitation), fee arrangements or hurdle rates
with respect to an investor, reporting obligations, waiver of certain confidentiality obligations,
consent to certain transfers or withdrawals by an investor, or rights or terms necessary in light of
particular legal, regulatory, or tax requirements or concerns of an investor. The provisions set forth
in any such side letter are generally available for review (but not necessarily adoption) by all of
the investors in the relevant MLM Private Fund that have entered into side letters.