Stone Ridge Asset Management LLC

Item 5: Fees and Compensation

The fees and expenses applicable to each Client are set forth in detail in that Client’s Relevant
Documents. The fees that Stone Ridge charges to Fund Clients are non-negotiable. The fees Stone
Ridge charges to Managed Account Clients are individually negotiated. Stone Ridge’s current

  Certain assets are included in both “discretionary assets under management” and “non-discretionary assets under
management” or included twice in “discretionary assets under management” in cases where the relevant Client has
invested in other vehicles managed or advised by Stone Ridge. If assets under management had been calculated
such that assets invested in other vehicles managed or advised by Stone Ridge were deducted from the total assets
within such other vehicles, total assets under management as of December 31, 2025 would have been
approximately $29.2 billion.

practice is to bill fees to Registered Fund Clients on a monthly basis, to deduct fees from Private
Fund Clients from time to time and to bill fees to Managed Account Clients’ assets on a monthly
or quarterly basis. Clients also incur other fees and expenses, such as custodial fees and expenses,
audit fees and expenses, transfer agency fees and expenses and fund accounting fees and
expenses, as applicable. Clients may incur brokerage and other transaction costs as described
under Item 12 herein. A brief summary of fees and expenses is provided below.

Registered Funds

Stone Ridge’s investment advisory and other fees, if any, together with the expenses applicable
to each Registered Fund are described in detail in the Prospectus for that Registered Fund.

Private Funds and Managed Accounts

Stone Ridge’s investment advisory and other fees, if any, together with the expenses applicable
to each Private Fund, are set forth in the Relevant Documents for each Private Fund. The specific
fees payable to Stone Ridge and the specific expenses a Managed Account will bear are agreed
upon by the parties and set forth in the Relevant Documents for that Managed Account.

Item 7: Types of Clients

Stone Ridge’s Clients are currently Registered Funds, Private Funds, Longtail Holdings and its
affiliates and investors in Managed Accounts.

Please refer to the Relevant Documents for detailed information on the requirements for investing
in a Registered Fund, Private Fund or Managed Account.