Silver Rock Financial LP

Item 5. Fees and Compensation

Except as otherwise described below, the Firm typically charges fees (1) equal to a set percentage of assets
under management and (2) for performance. Set forth below are summaries of the fees payable by Clients,
qualified in all respects by the Clients’ Governing Documents. Detailed disclosure about fees and expenses
is provided in the relevant Client’s Governing Documents, which should be carefully reviewed prior to
making an investment.

Funds

Management Fees. Except as noted below, Silver Rock receives management fees based on the value of
the Fund’s assets as of the last day of each calendar month or quarter. Such fees are assessed monthly or
quarterly, as the case may be, and deducted from the Fund’s assets. Silver Rock receives a management fee
for “add-on features” that is separate but incremental to that already paid by an investor through the
investor’s primary Fund investment. Management fees are adjusted for contributions and withdrawals (or
distributions, as applicable) made during the management fee period. Silver Rock does not charge a
management fee on undrawn capital commitments until such capital is actually contributed at which point
the management fee is calculated at the applicable rate.

Performance Compensation. Except as noted below, for Public Credit Funds, an affiliate of Silver Rock
will receive an annual performance reallocation per annum of the net profits allocated to each limited
partner’s capital account. For Private Credit Funds, an affiliate of Silver Rock will receive carried interest
subject to a preferred return. Compensation is more fully described in the Funds’ respective Governing
Documents.

Silver Rock reserves the right to vary the management and performance-based fees as to particular limited
partners in the Funds by separate agreement and to reduce or waive any fees at any time. Silver Rock
charges a reduced fee for the capital of the Funds’ respective general partners, seed investors, and certain
of its and their affiliates, employees, and family members.

In addition, Silver Rock may in the future form and/or manage other private funds or collective investment
vehicles for similar or other strategies with or for individual investors. The management and incentive fees
and expense reimbursement provisions for such other funds or collective investment vehicles are
individually negotiated and may be dependent on the nature of the advisory relationship and, therefore, fees
and expenses charged to such fund or vehicle may be higher or lower than the fees and expenses charged
to Silver Rock’s existing Funds.

FORM ADV PART 2A                           SILVER ROCK FINANCIAL LP                           MARCH 30, 2026

Expenses. In addition to the fees noted above, the limited partners in the Funds also indirectly bear the
costs and expenses charged to the Funds. The Funds bear certain costs in connection with their organization,
as more particularly described in the Governing Documents of each Fund.

Silver Rock is responsible for its own general operating and overhead costs including salaries, employee
benefits, office rent and other general overhead costs. The Funds, however, generally bear their own
operating costs. Such fees and expenses vary but generally include the following: brokerage commissions
and other transaction-related compensation and charges (discussed further in the Brokerage Practices
section); interest, margin and other borrowing costs related to investments, including securities sold short;
custodial and bank service fees; costs of systems, facilities, and third-party services for order placement
and order management; cost of third-party services for clearance and settlement functions; costs incurred
researching and potentially acquiring or disposing of investments in connection with structuring or
restructuring an issuer’s capital structure or to otherwise participate in a restructuring effort (including
professional services fees, due-diligence-related travel expenses, third-party investigative services,
membership on creditors’ or equity-holders’ committees and out-of-pocket expenses associated with any
potential investment that is ultimately not consummated (i.e., a “broken deal” expenses)); costs related to
the researching, acquiring, holding, valuing and/or monitoring investments and potential investments
(including third party analytical, valuation and/or reporting services, systems and services for portfolio
modeling, testing and other risk analysis, systems and services that facilitate conducting and managing
investment research, analysis and investment decision-making and costs of attending symposia and
conferences and participating in deliberations and negotiations regarding investments); travel and lodging
costs related to investment activities; costs of quotation, computerized news, pricing and/or statistical
services/software; audit, accounting, tax preparing and reporting (including tax planning), valuation, third-
party administration, external bookkeeping, legal, valuation and other professional fees (including fees paid
to Silver Rock’s external counsel for services for the Funds’ benefit); fees and costs in connection with
litigation or potential litigation; transfer, withholding, income, stamp, and other taxes and duties; costs of
reporting to limited partners; costs of Fund meetings and other governance activities; reimbursable expenses
of the members of any Advisory or Governance Committee; registration, filings, and licensing costs by
governmental and self-regulatory organizations and costs of compliance with regulatory or reporting
requirements applicable to a Fund (including Schedules 13D or 13G, Forms D, and Forms 3 and 4 and
filings relating to a Fund required by non-US jurisdictions or applicable law); a Fund’s allocable share of
the costs of directors and officers, errors and omissions, and other types of insurance maintained by Silver
...

Item 7. Types of Clients

As described in Item 4 (Advisory Business), the Firm provides investment advice to private investment
funds and separately managed accounts and provides collateral management services to CLOs and acts as
collateral manager for loan accumulation activity conducted prior to the closing of such CLOs through a
CLO warehouse arrangement.

Investors in the Funds and Managed Accounts include institutional investors, such as pension and U.S. tax-
exempt organizations, endowments & foundations, sovereign wealth funds, entities owned by high net
worth individuals, insurance companies, family investment vehicles and others.

Shares or limited partnership interests in private funds formed by Silver Rock or its affiliates are not
registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”); nor are they registered
under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Accordingly,
interests or shares in such private funds are offered and sold exclusively to limited partners satisfying the
applicable eligibility and suitability requirements, either in private transactions within the United States or
in offshore transactions.

A limited partner in a Fund or in a Managed Account that is a private fund must be a “qualified purchaser”
within the meaning of the Investment Company Act and an “accredited investor” within the meaning of
Regulation D of the Securities Act of 1933. Silver Rock delivers this brochure only to qualified purchasers
as defined in the Investment Company Act.

Certain Clients have set minimum amounts for investment by prospective investors in, or holders of
interests in, such Clients, as described in their respective Governing Documents, which may be, and have
been, reduced or waived.

FORM ADV PART 2A                          SILVER ROCK FINANCIAL LP                           MARCH 30, 2026