Hildene Capital Management LLC

ITEM 5: FEES AND COMPENSATION

HCM generally charges a management fee to clients, which is based on a percentage of assets the client has
supervised by HCM. The standard management fees charged to clients range from 0.5% per annum to 2%
per annum. Management fees are generally deducted from the assets managed by HCM on behalf of a
client on a quarterly basis, in advance; provided that certain separately managed account clients pay
management fees on a less frequent basis and/or in arrears. Management fees are negotiable depending
on the size of the client’s investment and/or the client’s investment strategy. Certain clients may not be
charged a management fee, and HCM may also elect to waive any management fees payable by any
investor or client or may elect to rebate management fees received to a client. Management fees are typically
non-refundable once paid, though Hildene may negotiate with a client to refund a pro rata portion of
management fees paid in advance in respect of certain separately managed accounts in the event such
account is terminated during the applicable fee period. As discussed in Item 6, HCM also typically receives
an incentive fee or allocation based on the performance of each account for which it provides investment
management services, subject to a high-water mark or preferred return, including to certain clients that do
not pay a management fee.

HCMC receives base collateral management fees equal to between 0.03% to 0.25% per annum of the
collateral balance of each CDO it manages. However, some portions of HCMC’s fees may be payable only
after certain levels of payments have been made to the holders of securities issued by the CDO. In addition,
HCMC may receive a subordinated collateral management fee of between 0.10% and 0.20% per annum of
the collateral balance of the CDO, including any previously accrued but unpaid subordinated collateral
management fees, and may also receive performance fees as discussed in Item 6 below.

All fees attributable to the HCMC CDOs are paid quarterly (or, for some Trapeza CDOs, biannually) to
HCMC by an independent trustee for the CDO in accordance with the terms of the applicable indenture.
Management fees attributable to the HCMC CDOs are calculated by the trustee and confirmed by HCMC.
HCMC does not require the CDOs to pay fees in advance.

Prior to March 19, 2026, HSA waived all base or subordinated collateral management fees in connection
with securitization transactions for which it served as collateral manager or collateral servicer. HSA has
since implemented changes to its fee practices and now receives collateral management and/or related fees
with respect to certain HSA CDOs to the extent that the investments in such HSA CDOs are not managed
by Hildene, as provided in the applicable governing documents. In connection with these changes,
investors for which HSA was previously waiving fees, including but not limited to accounts in which
Hildene principals, employees, or affiliates have an ownership or economic interest, may receive rebates,
offsets, or other reductions of such fees.

Beginning March 19, 2026, with respect to the HITR CDOs and HCOMF, HSA receives subordinated
collateral management fees equal to 0.30% per annum of the collateral balance of the CDO, including any
previously accrued but unpaid subordinated collateral management fees, and may also receive
performance fees as discussed in Item 6 below.

All fees attributable to the HSA CDOs are paid quarterly to HSA by an independent trustee for the CDO
in accordance with the terms of the applicable indenture. Management fees attributable to the HSA CDOs
are calculated by the trustee and confirmed by HSA. HSA does not require the CDOs to pay fees in
advance.

Neither HCM nor any of its relying advisers or supervised persons accept compensation for the sale of
securities or other investment products.

Other than management fees and the incentive fees discussed above and in Item 6 below, neither HCM nor
its relying advisers receive any additional fees from clients for its services.

In addition to management fees and incentive fees, funds and separate accounts managed by HCM and its
relying advisers incur certain fees and expenses in connection with the provision of investment advisory
services. As provided in a client’s account documents, clients may bear expenses such as administrator
fees, custodian/settlement agent fees, insurance, research, organizational expenses, accounting/audit fees,
taxes, legal fees and transaction costs.

Expenses incurred by a client are generally paid directly by the client, but Hildene may pay the expenses
directly and seek reimbursement from the applicable client. Certain costs and expenses may be incurred
for the benefit of, or be shared by, multiple clients, including clients which are not eligible to bear such
costs and expenses. Such shared expenses generally will be allocated across the applicable clients on a pro
rata basis based on relative assets under management or in such other manner as Hildene deems
appropriate. Hildene will bear the portion of such shared costs and expenses otherwise allocable to clients
who benefit from, but are not eligible to pay, such shared costs and expenses.

From time to time, entities affiliated with HCM (each, an “Affiliated Entity”) may provide services
(“Affiliate Services”) to, and in turn, receive compensation for such Affiliate Services from, an HCM client.
In addition, from time to time, HCM may provide services to a client or share its personnel and/or facilities
in a manner that is outside the scope of its investment management duties (“Shared Services”), and receive
compensation for such Shared Services from such client, which compensation shall be in addition to its
investment management fee. Affiliate Services and Shared Services may include providing consulting,
actuarial, financial and other services to HCM clients and/or its clients’ portfolio companies. For more
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ITEM 7: TYPES OF CLIENTS

HCM offers discretionary investment management services to private funds and separate accounts.
Investors are generally institutional clients, such as financial institutions, insurance companies, pension
funds, corporations and other business entities, as well as family offices, endowments, trusts and high net
worth individuals through private funds.

HCM generally requires a minimum investment of $1,000,000 from investors in its private funds and a
minimum investment of $50,000,000 from separate account clients. From time to time, investments less
than these amounts are accepted by HCM from “friends and family” and other investors and clients, as
determined by HCM in its discretion. Prospective investors should refer to the appropriate fund offering
documents or separate account advisory contract, as the case may be, for additional qualification
requirements for investment.

HCMC provides portfolio and collateral management services to the HCMC CDOs. Certain private funds
and separate accounts managed by HCM are also investors in the HCMC CDOs managed by HCMC.

HSA provides portfolio and collateral management services to the HSA CDOs. Certain private funds and
separate accounts managed by HCM are also investors in the HSA CDOs managed by HSA.