Nassau Global Credit LLC

Item 5.      Fees and Compensation
             A. Compensation

Compensation to the Firm for investment advisory services and investment management services is based
on a percentage of the assets managed by the Firm on behalf of a client and through performance-based
compensation.

Compensation to the Firm for services provided to NAM and to SMAs takes the form of management fees.

Compensation to the Firm for services provided to the USD CLOs takes the form of management fees and
an incentive fee, while compensation to the Firm for services provided to the Funds takes the form of
management fees and carried interest.

Generally, the Firm does not receive compensation for investment advisory services provide to Warehouse
Facilities.

The Firm does not receive compensation for providing services to the Nassau EUR CLOs.

It is anticipated that compensation to the Firm for services provided to other clients in the future may take
the form of management fees based on a percentage of assets under management or performance fees,
carried interest or other incentive-based compensation related to the performance of such other client
accounts. Such compensation may be paid to the Firm or an affiliate of the Firm. The Firm is permitted to
enter (and has entered) into various fee sharing, rebate or other arrangements with one or more investors in
USD CLOs. The Firm is also permitted to waive, reduce or otherwise modify the management fee and/or
performance fee, carried interest or other incentive-based compensation for any investor in a Fund, and has
done so for affiliates of the Firm. In addition, the Firm occasionally enters into side letter arrangements
with certain Fund investors, pursuant to which the Firm has granted such investors preferential terms.

             B. Payment of Fees

Management fees paid by NAM are based on the book value of the assets managed by the Firm less certain
liabilities and are paid quarterly in arrears. Typically, management fees paid by SMAs are based on the
gross asset value of the assets managed by the Firm and are paid quarterly in advance.

 Nassau Global Credit                                      5                                     March 30, 2026
 Form ADV Part 2A: Firm Brochure

Typically, management fees paid by the Funds are based on the aggregate adjusted book value or fair market
value of the assets owned by the Funds and paid quarterly in advance. Incentive fees paid by the Funds will
be payable later in the Funds’ lives after investors have received a specified preferred return.

Management fees paid by the USD CLOs are based on the cash and principal value of the assets held within
each USD CLO and are paid quarterly in arrears. Incentive fees paid by the USD CLOs will be payable
later in the USD CLOs’ lives after investors have received a specified target return.

Management fees and incentive fees paid by other Firm clients are tailored for each such other client, but
generally for other clients, management fees are expected to be paid quarterly in arrears by either (i)
managed account clients based on the fair market value of the assets within their account or (ii) CLOs based
on the cash and principal value of the assets held within each CLO. It is anticipated that performance fees
paid by CLOs will be paid later in each CLO’s lifespan.

Although the foregoing is a brief summary of the management fee, performance fee, and incentive
compensation arrangements applicable to each of the Firm’s clients, please note that this brief summary is
not a substitute for the detailed terms provided in the advisory agreement, offering document, organizational
agreement or other governing documents of the Firm’s clients. Clients, prospective clients, Fund investors,
prospective Fund investors, CLO investors and prospective CLO investors should therefore review the
applicable advisory agreement, offering document, organizational agreement or other governing documents
carefully because such documents, and not the summary in this brochure, describe more specifically the
fees such client will pay.

            C. Additional Expenses

The expenses paid by the Firm’s clients are set forth in detail in the advisory agreement, offering document,
organizational agreement or other governing documents of the relevant client. Such expenses may differ
among clients and within clients. Thus, although the following is a summary of expenses the Firm’s clients
may generally bear, it is not an exhaustive or complete list with respect to all clients. Clients, prospective
clients, Fund investors, prospective Fund investors, CLO investors and prospective CLO investors should,
therefore, review the applicable advisory agreement, offering document, organizational agreement or other
governing documents carefully because such documents, and not the summary in this brochure, describe
more specifically the expenses such client will bear.

Generally, each of the Firm’s clients will bear its own operating and other expenses, which may include,
but not be limited to:

           Management fees and performance-based compensation paid to the Firm;
           Expenses and fees related to the evaluation and development of investments (e.g., investment-
            related travel and lodging expenses, quotation service expenses, appraisal fees, consulting fees,
            rating agency expenses, and pricing and valuation fees, and other due diligence expenses),
            regardless of whether a transaction for such investment is consummated;
           Expenses and fees related to the acquisition, hedging and disposition of investments (e.g.,
            private placement fees, arranger fees, syndication fees, private placement fees, investment
            banking fees, commitment fees, servicing fees, brokerage fees, commissions, mark-ups or
            mark-downs, settlement fees, breakup fees, and other transaction fees);
...

Item 7.      Types of Clients

The Firm’s primary activity is to provide investment advisory services to Funds and USD CLOs, each of
which is a pooled investment vehicle generally offered to investors that are, in the case of U.S. investors,
“qualified purchasers” as defined in the Investment Company Act of 1940 (the “Company Act”) and/or
“qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 (the “Securities
Act”). The Firm also advises (i) USD Warehouse Facilities; (ii) indirectly via a portfolio sub-management
agreement with NGC-UK, the EUR CLOs and EUR Warehouse Facilities; and (iii) indirectly via a
subadvisory agreement with its parent entity, insurance companies with which the Firm is affiliated.

It is expected that the Firm will generally provide investment advice to its clients (including the Funds and
USD CLOs), and not individually to the investors in the Funds and CLOs. The Firm provides investment
advice to its SMA clients that is tailored to the needs of the SMA owner.

With respect to any client that is a Fund, CLO or other pooled investment vehicle, minimum subscription
or investment amounts will be disclosed in the relevant offering memorandum.