Steel Canyon Capital LLC

Item 5: Fees and Compensation

C. Additional Client Fees Charged
Management fees for the Funds as well as accounting, tax, audit, legal and other fees are
disclosed in separate written agreements with the applicable fund issuer.
In addition to the management fee payable to SCC and performance-based fees payable to SCC
affiliates, the Funds and Fund investors will bear certain Fund expenses as set forth in each
Fund’s operating documents or partnership or limited liability company agreement. Each Fund
may bear all expenses incurred in connection with the management, operations, or liquidation
of the Fund including, but not limited to, the following:
   ▪   Third-party legal, audit, tax and accounting fees and expenses
   ▪   Third-party administrator fees and expenses
   ▪   Trading commissions
   ▪   Interest on margin accounts
   ▪   Custodial fees
   ▪   Any other expenses reasonably related to the purchase, sale, or transmittal of Fund
       assets

D. Prepayment of Client Fees
SCC requires the prepayment of its management fees. All management fees are governed under
a separate management services agreement with the Fund issuer. Fees that are collected in
advance will be refunded based on the prorated amount of work completed at the point of
termination and the total days during the billing period. Performance-based fees that may be
earned by SCC affiliates are not eligible for prepayment.

E. External Compensation for the Sale of Securities to Clients
 Although SCC is not paid any sales, service, or administrative fees for the sale of mutual funds
or any other investment products, the firm or its affiliates may be paid management fees and
performance-based fees. Such performance-based fees create an economic incentive for the
investment manager to take additional risks in the management of a client portfolio that may be
in conflict with the client’s current investment objectives and tolerance for risk. Please refer to

Item 7: Types of Clients
SCC provides portfolio management only to its affiliate Funds. SCC and its affiliates will provide
investment advice to Funds, which will be investment partnerships or limited liability companies
formed under domestic laws and operated as investment pools exempt from registration under
the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”). The
investors participating in the Funds may include institutional investors, family offices, and high-
net-worth individuals. Investors may also include SCC’s principals, direct or indirect, and other
employees of SCC and its affiliates.
Generally, the minimum investment that a Fund will accept is disclosed in the applicable Fund’s
confidential operating documents. The minimum investment for SCP, LP, is $1,000,000. BHBL,
LLC is a private funds created for a specific, limited group of investors and is not open to
investment by non-affiliated parties. The Fund’s General Partner or Managing Member may
waive the minimum investment requirement for a particular investor at its discretion. Prior to
investing in a Fund, an investor must complete a subscription agreement and investor
qualification statement containing representations needed to establish the investor’s eligibility
to invest in the Fund.

                       Part 2A of Form ADV: Steel Canyon Capital, LLC, Brochure