Tree Line Capital Partners LLC

ITEM 5.             FEES AND COMPENSATION

General Information Regarding Fees and Expenses

Tree Line receives management fees in connection with the investment management it provides to
its Clients and may also receive carried interest allocations and other performance-based fees, as
detailed in Item 6 Performance-Based Fees and Side-by-Side Management. Each Client’s fee
structure is fully described in such Client’s governing document. Tree Line pays all normal
operating expenses such as compensation and benefits of Tree Line officers, directors and
employees, rent, utilities, insurance (other than premiums for insurance covering indemnified
parties), office supplies, office equipment and other normal operating expenses that relate to the
operation of Tree Line.

Management Fees

Separately Managed Accounts

The SMAs pay Tree Line an annual management fee, payable quarterly in arrears, and is based on
each account’s net asset value or fair market value, as applicable. The specifics of the management
fee were negotiated prior to the execution of each SMA’s investment advisory agreement. Tree
Line invoices the SMAs for management fees due, which are wired into an account held in
Registrant’s name. The management fees paid by the SMAs do not include custodial fees or certain
accounting or legal fees associated with the maintenance of the account. There are no brokerage
or mutual fund fees associated with the SMAs.

The Funds (excluding the SBIC Funds)

The Funds pay Tree Line an annual management fee, payable quarterly either in arrears or in
advance depending on a Fund’s governing documentation and is based on either the gross asset
value or net capital contributions of the respective Fund’s investments. The specifics of the
management fee were negotiated prior to the execution of each Fund’s limited partnership
agreement. In accordance with and as detailed in each Fund’s limited partnership agreement,
management fees are deducted directly from such Fund’s operating account. The management fees
paid by the Funds do not include custodial fees or certain accounting or legal fees associated with
the maintenance of any Fund. There are no brokerage or mutual fund fees associated with the
Funds.

SBIC Funds

Enhanced SBIC II pays Tree Line an annual management fee, payable in quarterly installments in
advance equal the cost of investments. TL SBIC pays Tree Line an annual management fee,
payable in quarterly installments in advance, equal to a percentage of the sum of the (1) TL SBIC’s
unfunded and funded capital commitments plus distributions made pursuant to the SBIC Law, as
detailed in TL SBIC’s limited partnership agreement and (2) TL SBIC’s drawn SBA leverage (i.e.,
the total amount of outstanding securities issued by TL SBIC that qualifies as leverage and has not
been redeemed or repaid as provided in the SBIC Law). The management fees paid by Enhanced

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Tree Line Capital Partners                                                     Form ADV - Part 2A
                                                                               March 2026

SBIC II and TL SBIC do not include custodial fees or certain accounting or legal fees associated
with the maintenance of Enhanced SBIC II or TL SBIC. There are no brokerage or mutual fund
fees associated with Enhanced SBIC II or TL SBIC. In accordance with and as detailed in both
Enhanced SBIC II’s and TL SBIC’s respective limited partnership agreement, management fees
are deducted directly from its operating account.

Pursuant to the SBIC Law, Enhanced SBIC II and TL SBIC can be leveraged up to 2:1 and each
pay financing fees in connection with incurring leverage through the SBA. The SBA financing
fees include a nonrefundable “commitment reservation fee,” equal to 1% of the face amount of
leverage commitment reserved by the SBA for issuance by Enhanced SBIC II and TL SBIC. The
SBA financing fees also include draw fees calculated as 2.435% of the face amount of each
leverage takedown request. As of December 31, 2025, Enhanced SBIC II paid a commitment
reservation fee of $0 and draw fees of $0 and TL SBIC paid a commitment reservation fee of $0
and draw fees of approximately $1.071,400.

Expenses

Certain expenses are born by the Funds, including, but not be limited to, legal, accounting, tax,
consulting, research, due diligence, expenses incurred with respect to investment transactions not
consummated (to the extent that such expenses are not reimbursed by the portfolio companies in
which the Funds invest or proposes to invest), and custody. The SMAs’ respective investment
advisory agreement detail what expenses will be borne by a particular SMA. Expenses borne by a
Fund or the SMAs are allocated to such Fund or SMA, on a pro rata basis, as applicable. With
respect to co-investments with the Funds and the SMAs, Registrant will bear the SMA’s pro rata
cost of any expense allowed pursuant to a Fund’s limited partnership agreement that is not allowed
by the SMAs’ investment advisory agreement. No Fund in a co-investment with an SMA will bear
the expenses prohibited by an SMA investment advisory agreement. Investors are referred to their
respective limited partnership agreement or investment advisory agreement for a complete
description of all expenses that may be incurred.

ITEM 7.             TYPES OF CLIENTS

Tree Line provides investment advisory services directly to the Clients, subject to the direction
and control of a board of managers or general partner of a Fund.

Investments in the Funds are only available to institutional investors and certain high net worth
investors that are “accredited investors” (as defined in Rule 501 of Regulation D promulgated
under the U.S. Securities Act of 1933, as amended) and “qualified purchasers” within the meaning
of the U.S. Investment Company Act of 1940, as amended, including, but not limited to pension
funds, funds of funds, banks, corporate investors, high net worth individuals, private equity and
venture capital firms, family offices and charitable endowment accounts. As of the date of this
Brochure, all of the Fund Clients, with the exception of TLCS, which is an evergreen fund, are
closed to new investor commitments.

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Tree Line Capital Partners                                                        Form ADV - Part 2A
                                                                                  March 2026