Travis Rachal

Carr's Hill does not directly manage investments for individual investors. They manage investments for pooled investment vehicles (Funds). As compensation for investment supervisory services rendered to the Funds, Carr’s Hill receives from the Funds an advisory fee. The Adviser in some cases receives an upfront fee in the form of subordinated equity in connection with services provided to or on behalf of the Funds and Portfolio Companies, including the due diligence for the acquisition of a Portfolio Company and obtaining and negotiating the terms of the debt financing for such acquisition as well as ongoing advisory services. Generally, the Adviser receives annual fees in the form of either: a.) up to 2% of the committed capital of a fund or b.) from the Portfolio Company ranging from two (2%) to five percent (5%) of adjusted pro-forma EBITDA of the Portfolio Company on a consolidated basis, with certain minimums and maximums in both cases.